Reply to HHI to send 2 kids to private w/o FA?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]We make about 225k and have a 5k per month mortgage. We can only pull it off with grandparents paying for one tuition and financial aid covering 1/3 of the other (leaves us 2500 per month in tuition payments). We also have almost free healthcare with no insurance premiums. For us to be good to go without help (knowing we have a high mortgage), I'd say we would need to pull in 300k per year. To do it AND save well, 350k per year.[/quote]

First, I get heart palpitations that you pay 5k in mortgage on that HHI. We're a bit lower but with less than half that mortgage and I couldn't imagine going that high. I mean, this isn't a criticism; just me saying that I'm nervous on your behalf!

But if 1/3 of your other tuition is $2500, then the the tuition is $7500? Per month?[/quote]

I'm the poster you are quoting. Yes, the mortgage is quite high on our income. But our jobs are insanely stable and include many benefits that allow us to have virtually zero healthcare costs, college is covered up to 150k and a strong pension. That said, our savings is dismal and we do need to get cracking on that at some point. We bought into a pricey area for good public schools eventually (kids are still young and not at public school age yet). Our real goal is to switch to public for kindergarten, hence the higher mortgage. The financial aid on one tuition is 1/3 and we pay the other 2/3, which is 2k. We then cover aftercare for my other kid at 500 per month.

I think the posters who want to save WELL for both retirement and college and have two in private probably do need 400k plus per year. If you are sacrificing some of that, then really you could do it on less. Personally, I do hope public works out because that is an insane amount of money added up over the years. I think I'd rather be able to save that. Now if we have special needs (one does) that can't be met in public, then it is what it is and we will scramble.

One more point about a high mortgage... To rent a 3 bedroom house in a safe area with reasonable commutes you are still talking a good 3-4K per month, and without a tax benefit to boot. Our house is in a very "hot" area so if we truly felt like it was too much we could sell in a heartbeat. But for now, we are ok.[/quote]

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