Reply to We can’t afford it but she wants it. What do I say?

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Reply to "We can’t afford it but she wants it. What do I say?"

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[quote=Anonymous]While a cash flow discussion may be helpful, there may be more value in running projections which show the impact of this level of spending on your long-term retirement savings/investments.  Modeling your current versus her preferred spending and investing rates, and seeing the impact on when you can retire and with what level of income will probably be eye-opening.

An alternative might be to move to a better public school system, keeping your housing costs similar to what are are presently.  That would allow you to remain on a sound financial footing while also affording your children the benefits of a better preparatory education.  Robbing Peter to pay Paul, i.e., limiting future college options and/or ensuring your children will be burdened with student loans which will impact their future financial independence in favor of private preparatory education seems foolish.

Further, the future financial impact of greatly increased spending now will not only affect the kids' but you and your spouse, by requiring you to work longer before retirement and/or to accept a lower standard of living in retirement.  Recognizing this requires a long-term, strategic perspective which may elude your wife unless you point it out clearly.[/quote]

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