Reply to What percentage of your net income goes to tuition?

Forum Index » Private & Independent Schools

Reply to "What percentage of your net income goes to tuition?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]3 kids, 37% of take-home pay. Mortgage is 25% of take-home. Ouch.[/quote]

You simply cannot afford private school!  My god, look out for your financial future and stop this foolishness.[/quote]

You don't know this poster's full financial picture.  Tuition is approximately 33% of our take-home pay (after retirement deductions, etc.).  Our mortgage is approx 24%.  However, we have close to $2M in savings and home equity.  Our HHI is just part of the picture.  [/quote]

The "ouch" sums up whether or not this PP could afford it.  BTW, I'd say that even with $2m in savings and home equity, you also cannot afford it at these percentages.  Home equity is not fixed (the last few years should have proven that to everyone) and depending on your age that amount [b]won't sustain your ability to pay for college and safely fund a retirement[/b].

Our savings is about what you claim your is but I would not put kids in private if it meant 33% of take home pay.  That's just nuts.[/quote]

Our kids' college educations are already fully funded (and there should be leftover to help fund grad school) and we both have about 30 years of working to fully fund retirement (and retirement savings are not included in our net income).  I think we're doing perfectly okay and don't feel like tuition puts us in a pinch at all.[/quote]

Then, why the "ouch" statement?  People who can really afford something rarely say ouch.  BTW, one never knows what situations are around the corner.  You may well have 30 years of working to fully fund your retirement or you may not.  Many things can happen and the dollars you invest 30 years from now are worth far less than the ones you invest now.  Simple investing strategy.  You probably know you can't really afford it, but if if makes you feel better to say you can afford it, ok.[/quote]

I was not the one that said "ouch," PP said it.  Even after our mortgage, tuition, taxes, insurance and retirement savings, the money we are left with is more than double the median income for Montgomery County, where we live, which is one of the top 10 richest counties in the U.S.  Our financial planner doesn't have a problem with us spending money on private school.  I don't know why you do.[/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