Reply to Where do private schools really get you in life?

Forum Index » Private & Independent Schools

Reply to "Where do private schools really get you in life?"

Subject:

Emoticons





More smilies

Text Color: Font: Close Marks

[quote=Anonymous][quote=Anonymous]
But you really have to have a lot of money not to stretch for it.  The top privates in this area costs more than 50k in after tax dollars, so you're having to gross, what, 75k per year per kid for that?  When I was a partner in Biglaw I knew many partners who were spending $150k-$200k a year in after tax dollars for literally decades to educate their families from K through college.  Quite literally millions of dollars in pre-tax earnings.  That's a stretch even for wealthy people.  Yes, in the end this resulted in more frequent admissions to top private colleges (not always Ivy, though), but adulthood really is the great equalizer.  We went the public school and state college route, and as a result I was able to retire 15 years early.  On top of that, the younger children of the partners I used to work with now reach out to my highly successful kids to network in the same fields.[/quote]

A lot of these schoosl start at 3rd grade so that's 10 years * $50k = $500k in present-day money. Add college at $50k*4 = $700k total.

Can you earn $700k over 14 years? (Ok I ignored present value for simplicity).

There's a decent chance an older relative or your parents will pass away during that time -- there's one source of funding. In our case, they feel strongly about education and we pointed out why wait until they have passed away to give that to our kids, so they are pre-funding 529s now in our kids names to cover it.[/quote]

Options

	Disable HTML in this message
	Disable BB Code in this message
	Disable smilies in this message

Review message

Search Recent Topics Hottest Topics