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College and University Discussion
Reply to "How does most of America pay for these elite schools?"
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[quote=Anonymous]Not taking Euro vacations or buying expensive handbags isn't going to enable you to save $320K for each kid's college fund. It also won't enable you to pay for private high school in the DMV region. And driving an old car won't do it either. (BTW- Buying a 2-yr-old car and selling it after 3-4 years when its warranty runs out is almost always cheaper than driving a brand new car for 10 years once you factor in maintenance and repairs.) In order to save $320K in an average market over 16 years, you have to put a lot more money in monthly, or you have to front load at the same time that you're paying childcare costs. Oh, and you most likely need two incomes that total about $300K. And not have your own student loans. Or else get lucky and buy a very affordable house, which I don't think is possible around here anymore.[/quote]
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