Reply to Just bought an $800,000 house on a $186,000 salary and now I'm panicking....

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Reply to "Just bought an $800,000 house on a $186,000 salary and now I'm panicking...."

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Is your income after a 401k contribution, and if so how much?

And how much emergency fund do you have?

And are any of your kids in paid child care or private school?[/quote]

OP again - yes, income is after 401k contributions (we each contribute 5%, and get a 5% match), and DW is a fed who will qualify for a pension.
We are done with paid child care, kids are in public school,[b] and will attend in-state public college[/b].[/quote]

do they know this? [/quote]
They can tell their children that they will pay for the equivalent of in-state public college.  Kids can then make the decision if they would like to pay for / take loans out for any remaining tuition as a result of making a different choice.  I have a similar agreement with my children.  [/quote]

I bet you haven’t had to cross that bridge yet. It’s not that easy. It’s not that simple.[/quote]
So, I am about a year out from having #1 go to college.  He has been aware of our position on this since he was a small child. I believe it is my responsibility to ensure he gets an education, but that doesn't mean he gets to go anywhere he desires with me footing the bill.  Life is made up of hard choices and this is the first one he'll have to make.  Also - having your parents foot the bill for state college is a LUXURY, and one that most kids don't get.  [/quote]

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