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

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[quote=Anonymous]OP here again. Thanks for all of the financial advice. Even if unsolicited, it’s interesting. Last year was our first full year making our current income and we saved about $150k - before that income was almost half and a few years before that closer to $250-300k because my spouse worked on starting a business for 2 years and made zero during that time. So everything we saved was for retirement and a house. It looks like many people in our current income bracket have been making more money for longer than us, and have significantly higher savings. This explains why so many of our peers don’t seem hesitant about private school tuition. Point is well taken that spending the next few years saving instead of paying tuition would be wise.

To the question about biglaw partnership, yes one of us is a senior associate in biglaw up for partner in 1-2 years. Prospects appear to be very good according to partners in practice and firm managing partner, but of course there are no guarantees. Income would increase materially if that happened, but practice isn’t the most profitable at the firm, so it still wouldn’t be sky high (and never will be).[/quote]

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