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

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[quote=Anonymous]Op, people on this forum are all obsessed with savings. People who only have $5M net worth at age 40 wonder why they aren’t doing better.  :roll:

We have 4 kids in private school and tuition this year was $170K. HHI is low seven figures, so this is a significant chunk of our income. DH recently made partner, however, and his firm is sort-of lockstep, so we expect income to go up. We still save a lot of money, since lifestyle is fairly modest other than private school and a large house (we have 4 kids!). As DH’s income goes up, we put all the money into savings.

If you are both in big law and do private school you will continue to need a nanny - there are a lot of days off and vacation in private school and you can’t cobble together childcare with aftercare alone unless you have family who can help out regularly.

For us, private school is more than worth it. We started our oldest two in public and moved them both in early elementary- we are in the Whitman district. But the added value from private school is worth the money. Frankly, education is a huge value for us so why would we not spend money on it if we can (which still being responsible)? I will also add that while I don’t think the private school calendar and social culture is great for households with two working parents, there is much better communication from the admin and teachers so I feel much more knowledgeable about how my kids are doing. [/quote]

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