Reply to How can middle class families send their kids to good private school (middle and high)?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Most people with your income and multiple children at private schools have a lot of family $$$ help.[/quote]

Correct.  I make 250K flat all in.  Wife stays at home.  I have 3 kids at a cheaper K to 8 school.  My mother who is a doctor pays.  My father is dead.  We are struggling to decide how to pay for big 3 type school (cost x 3) with my mother who will likely retire soon.

My net worth is 1.4 Million but not really liquid to burn through savings.  We drive two expensive German SUVs.  Have credit card debt.  Eat out.  Live above our means.  
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Can you cut back? Do it now before kids get too spoiled. Be frank & honest. If you talk to any life insurance rep in this area, they will tell you that you are not alone. So many people here live above their means - but it is a nasty deck of cards to deal with.[/quote]

That is has been numerous separate threads in the Money and Finances forum.  Long and Short, we have been trying for years.  My wife and I can't seem to do it.  My view is my car payments are $1940 (both leased).  Most people on two cars would spend 1,000 to 1,200.  Why not give yourself a little happiness.  Especially, when you are a millionaire (being sarcastic because we know 1.4 million is chump change in DC).  The view is with the private schools also comes certain keeping up with the joness.  Cars, Vacations.  Mom pays for the majority of those as well because they are for grand kids.  My concern is when the music stops and my mother can't work, there is no way to keep up with vacations and private school.  I have talked to financial advisers, therapists, nothing seems to work.  I have scaled back my eating out every night.  That is benefiting the wallet and the waist.

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Well, your problem is equating happiness with luxury goods (i.e., leasing SUVs) and the inability to avoid peer pressure than finances. Why think that leasing SUVs is more important than sending your kids to private school. You also seem to think that private school means keeping up with the Jones. That's not true. You have to be secure in who you are. Our HHI is in the low seven figures, and we drive a Prius and a Honda minivan. We take vacations to see family, but they are not luxurious. (Although, when the kids are in late elementary/early middle school, we probably will start taking trips overseas when we feel they will benefit from the experience.) We have a house that is worth under $1M, in an upper NW neighborhood.

What values do you want to pass onto your kids? I want our kids to understand that they are already very, very fortunate to have the lives that they have, and that fancy cars and fancy vacations really don't make someone a better--or a happier--person. It's a fine line to walk, but I think that you know when you've crossed the line.[/quote]

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