Reply to household income of 250K to send kids to private school

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[quote=Anonymous]We are not in DC and where we live the top prep schools are at $30k, which makes them more manageable. We were privately educated and would like to provide the same for our two kids. But even so spending 60k in tuition out of an 250k income is a topic that comes up a lot in our household as the oldest enters k in 2019. Do we apply to private schools this fall for 2019 k entry or go the very good neighborhood public elementary school route and defer private for 6th? We're lucky we have that option. But middle / high school options are not so great.

Ideally I'd love to have kids enter private from k onward as I did as a child, and we could do it and still afford the mortgage, healthy savings and investments and still have a nice trip every year or so, especially as we're quite frugal on day to day expenditures. We don't eat out often and have a firm control on discretionary spending that seems to eat up so many people's incomes. But, and this is the big but, life has a tendency to throw nasty curveballs every now and then. I've recently been diagnosed with badly receding gums and the treatment will probably cost $30k. Who knows what issues will come up in our older house? Then there's college savings. It's become increasingly clear to me the genuine advantage of having very healthy savings and investment portfolios to mitigate the shock surprises of life.

So what we'll probably do is to enroll the kids at the neighborhood elementary and defer private till 6th grade. We'll put aside the money we'd have spent on tuition into our savings and investment accounts and use that to defray the cost of private schools from 6-12 when hopefully our incomes will be larger too. Interestingly enough I've talked recently to several of our older neighbors who have said that up through 2005 or so, the neighborhood was solidly private school territory, but now so many of the young families are going through the public school route for elementary and waiting till 6th and even 9th grade for private schools, and they've pointed out that the lower school divisions of the surrounding private schools have declined in size while their middle and upper schools are very robust. This is just the new reality for those of us in the 200-300k income bracket as educational costs have seriously outpaced inflation. [/quote]

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