Reply to Do you make $400,000 a year but feel broke?

Forum Index » Money and Finances

Reply to "Do you make $400,000 a year but feel broke?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]I feel the same way, but I don't want to send my kids to private school. I want a boat.

People making $400K should be entitled to a discount on boats. After maxing out retirement savings and 529s, paying student loans and mortgage, and eating out (only 1-2x per week), there simply isn't enough left to pay for a boat.

I deserve a boat. I should get a discount so I can have one.[/quote]
By equating independent schools with buying a boat, you're intentionally attempting to perpetuate an exclusionary system where wealthy/legacy children are entitled to exclusive opportunities regardless of merit.  According to the National Association of Independent Schools, financial aid "supports the drive to provide opportunity to the best and brightest, regardless of their economic circumstances."

I realize it's a controversial stance to suggest that every family should have an opportunity to [b]rationally afford[/b] independent schools, but that's my position.[/quote]

the key is rationally afford.  i believe someone with 400k can rationally afford private school if that is their priority.[/quote]
Yes, that is the key.  As noted multiple times, there's unanimous agreement that a family on $400k HHI can afford one private school tuition, full stop.  However, if you flip to an example of four kids, with earning power being a recent phenomenon and no real wealth/savings/equity backing it up, it's definitely conceivable that a family on $400k could not rationally afford $120k full freight.[/quote]

would a private school really give FA in this case?  seems like a stretch to me.[/quote]
The debate isn't necessarily whether they would, but whether they should.

Again, if you assume hypothetically that a family in that situation, living modestly, has an ability to save $120k, my position the system should given them some small award - let's say $2,500 to $5,000 per kid.  I think a family devoting $100-110k of a total $120k availability is being asked to do more than enough, and should not be asked to pay the exact same amount as a similar family making $1M (who can afford $120k and still save 80% of their available disposable income).

Similarly, for the poster earlier who was paying full freight with one kid on $150k HHI, I'd construct the system to give them some level of aid as well, as even paying 80% of full freight on 150k is a hundred times more burdensome than paying 100% full freight to a family making $600k-$1M.

If you take the Republican idea of reforming the tax code into two marginal tax brackets, that's basically what you have right now in the financial aid system.  It's much less progressive than the tax code.[/quote]

wait wait wait wait - you want a financial reward, for being rich enough to save $120k per year? isn't being able to save $120k per year the financial reward?[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics