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Reply to "HHI to send 2 kids to private w/o FA?"
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[quote=Anonymous]We have a HHI of $335K with 3 kids in NW DC. $3k mortgage, 2 retirement accounts, save for college, etc. Kids do activities, summer camp (because we work), etc. We scrutinized our budget a few weeks ago (literally down to the dollar we spend each year on things like contact lenses, pool membership, rec soccer fees, etc, etc. etc. ) We live a decent but not extravagant lifestyle. We spend in some ways (one kid does a travel sport, we budget $12k/year for vacation, our kids take piano lessons and foreign language lessons at school). But we are frugal in many others--clothing from Old Navy and the Gap on sale, non-luxury cars, no organic food, rarely eat out. Anyway, the upshot of this exercise what that we found we have about $30K-35K a year that we could comfortably spend on a private school tuition. Spending this would mean we wouldn't have to cut back any of our current spending but we wouldn't have the cushion (out of what we make weekly) to spontaneously take other trips or buy new furniture, or do home renovations, etc. If we were trying to pay tuition for 2 kids ($70k) we'd need an income of about $400K. [/quote]
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