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Money and Finances
Reply to "Can I afford a 1.8M house?"
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[quote=Anonymous]Actually, have her pay the children's private school tuition directly to the school, which circumvents the gift tax exclusion. She can then also give you a cash gift up to $15k each if she wants to transfer more wealth. I'm not sure you can afford it or not. Do you track your spending? Are you saving 15-20% gross income for retirement outside of employer matches? I can't tell how old you are, but guessing late 30s-early 40s based on kids' ages. In my early 30s when I decided I wanted DD to go to PK-8 private school and we are much lower income than you guys, I created a zero-based budget and assigned every single dollar of income a job. That enabled me to see what we could afford and what we could not. I recommend this exercise because it is the only way to tell if you can afford something and that your spending aligns with your priorities. Put your spending in priority order and see where the money runs out.[/quote]
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