Reply to Private school -- what portion of income are people spending?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]This is OP.  Our gross annual is ~$850k including bonuses, and I forgot ~$70k in cash, though doubt that moves the needle on most peoples' opinions.  Thanks for the input so far.[/quote]

Of course you can afford it but you clearly have a spending issue.[/quote]

+1. Have your incomes more than doubled in the past 1-2 years? Otherwise your lack of savings are baffling. [/quote]

Yes, income essentially doubled in 2020 when we moved here for my spouse’s job. We moved from a much higher cost of living market, so despite aggressively saving what we could, housing, taxes and childcare costs all made it difficult. We ended up buying a more expensive house here than we were planning to because the market was going up so quickly (and we have an elderly parent who will likely live with us soon and so needed more space for that). Nevertheless, I’m 31 and my spouse is 36 and until these responses, I felt pretty good about our savings :).

To the other poster asking about student loans, these are law school loans and the conventional wisdom I’ve heard is it makes more sense to invest the money than pay these off since the interest rate is &lt;3% and we’ve been able to invest for better returns.

For the time being, tuition would come out of the $100k (after tax) in bonuses, which aren’t included in the monthly $25k, and are essentially guaranteed. Eventually if we phased out the nanny it would come from there. In the meantime we’d still be saving/investing roughly $60-80k/year.[/quote]

You will be fine, OP. [/quote]

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