Reply to Insane to live off savings?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous]You want to cut your income from about 590k a year to about 240k a year. I don’t think you can expect to do this long term without changing your lifestyle. Your kids are young, too. You have many many years of cost ahead of you. Counting on a grandparent to indefinitely fund private school for 24 years is foolish. In my opinion? Sell your house that you agree is too large and expensive for you, and move to a house you can afford on your income, including school costs. Plenty of families live on that salary and you don’t have to save much money anymore if you don’t want to, since your savings are ok if you don’t plan on retiring early. If you don’t like what that looks like for your family, then taking a job that makes a quarter of what you make now isn’t a good plan for you. [/quote]

The point about a grandparent funding school is interesting -- why do you think it's foolish? We obviously didn't raise it or ask.  Grandparent has an enormous amount (even assuming she lives a long time and has 24/7 in home care for a lengthy period of time), half of it is eventually going to my kids, and I'd almost rather them have a luxurious education then a huge trust fund at 21.  [/quote]

It’s always foolish to count on someone else’s money. They could have a change of heart and not want to pay, and then you’re stuck with a school bill or a terrible public option since you didn’t consider school zones when you bought. They could make bad investments and lose it all. They could develop dementia and marry a gold digger. Or a million other things could happen. Using another persons money, or a possible inheritance, as a financial plan is a bad idea. [/quote]

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