Reply to How Princeton is Getting Around the Endowment Tax

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Making $400k is $240k after tax. Princeton total COA is $84k. It's downright laughable that some of you think spending 35% of post tax income on one child's tuition is "easy" or a good use of money.

If you do, you either have other sources of income or are terrible with money. [/quote]

Or they understand that you should have been saving in advance instead of trying to cash flow all of it.[/quote]

Some of us have no generational wealth. We were busy paying for our own educations, and deposit on home, childcare etc, and then had to start putting aside something for retirement so we aren’t a burden on our kids or other taxpayers to deal with in a couple of decades. For those of you with elite educations paid for by mommy and daddy and house deposit given by grandparents, and who started your adult lives with no debt, and have a sizable inheritance coming, you can’t possibly understand what life is like for the rest of us.[/quote]

We’re talking about people making $400k so no, sorry, there’s no excuse for not having saved something. Even for people peaking at $400k, they didn’t just suddenly end up there, they had years of making in the $200s and $300s. And for the PP to accuse people who don’t understand of being “terrible with money” is what is so funny, because the people who are truly terrible with money are the ones who can make these amounts and fail to save for their kids’ college.

I know all of this because neither my spouse nor I come from generational wealth nor did we get help on any of the things you mentioned, and our HHI is about $350k, and I know exactly how feasible saving for college is.[/quote]

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