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[quote=Anonymous]Our family income is about $300k and 1 private school tuition is not hard at all. We will be at 2 in a few years. We both started saving for retirement very young, and we also paid off our mortgage after about 10 years. People should by all means try to maximize their retirement and college savings, but this talk about maximizing the inheritance to the kids is not advisable. Inheritances are taxed at quite a high rate and usually are not going to the children until they are in their 40s or 50s or more. Most older parents try pretty hard to parcel out the money so it's useful to their kids before they die (and not taxed so high) by doing things like funding education.

I think about these decisions in terms of long-term desires. In 30 years, will it matter to my child that they lived in a 1500-sq-foot house instead of a 3000-sq-foot-house? Will it matter if we had an old Honda or a new Mercedes? Probably not. It's really a case by case basis whether it will matter to them that they went to a private school; it all depends on the school. They will probably also still remember travel or other enriching activities that money could buy. So that's how we prioritize what to spend.[/quote]

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