Reply to Can two fed govt job family afford to send two kids to elite private school?

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[quote=Anonymous][quote=Anonymous]We live outside DC, but I would love some help trying to figure out if we can afford (or if it is wise to pay) $60K/year to send our two kids to an elite private school. DH and I both work, and our combined income is 300K (with limited increases in the future --I'm a fed; he's a prof). Our 15-year mortgage (in a school district with poor public schools) is $3K and the other expenses are fairly normal (old cars so no car payments, no cable TV, but we have cell phones and "typical" family expenses, such as dance lessons, the occasional meal out, grocery, utilites, etc.). We have around 100K in savings, [b]and about 150K in retirement/401K accounts, and we are in our late 30s.[/b] (No family money or inherited money in the picture). [/quote]

I'm sorry OP, but you said you are both in your late 30s and only have $150k in retirement (combined)!!!???? :O

NO. You cannot afford private ELEMENTARY school. You need to move to a better school district, start maxing out those 401ks and look into backdoor Roth IRA/conversions. You need to get that retirement fund number UP fast!

Do you expect your childrens elementary/middle/high school education to pay for your retirement in old age? Didn't think so. Wakeup. Once you have retirement funded closer to $1M you can think about private schools that cost 1/5 of your GROSS income per year. bleh.

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