Reply to Does everyone on here with kids applying to top 50 schools really have the $80K per year to spend?

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[quote=Anonymous]HHI about 200k.

We have a fully paid off home that's worth about 1.8mm.

We have about 800k in a taxable vanguard account.

We have about 1.4mm in retirement.

We have about 150k in two 529s (each)

We didn't get FA for #1 and won't get it for #2.  Sure, we can pay. And while 700k for two kids would take a huge bite out of the above, the truth is (historically) our total assets climb enough annually that would could potentially be flat after college, minus wiping out 529s, as planned. Maybe down 100k or so.

But it's 700k aftertax dollars going to out the door. We're not rich rich and we don't plan on supporting our kids far into adulthood. Our financial security and peace of mind is rooted in the fact that we bought a place in our 20s (and traded up two more times in our late 20s and 30s).

I don't see the point of saving for 15 years so my kids can work for 15 years before they can put down a downpayment on a place. Read the news: young adults can't afford to buy a place -and it's not just interest rates. Our first mortgage was 7% too.

So my first kid (1560 SAT, same great resume as all UMC kids) went abroad. My second likely will because #1 is such a super fan of their school. And we're leaving 100k in their 529s for grad school (or to move into a roth or save it for their own kids). And we'll have money to help with a down payment.

In the last few years, when I see comfortable but not rich rich families paying 90k a year I have the same feeling I had when I saw UMC people paying 100k for their wedding. Why?

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