Reply to Do most people pay for college out of pocket?

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]There are millions of parents earning in the Top 3% and above. Millions. Executives, lawyers, SWE’s in the tech field, doctors, investment bankers. 
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or someone who may have been driving a beat up car just to save for ivy education for their kids[/quote]

:roll:  Like the rest of us are rolling around in 90k cars. Sticker price on my vehicle is less than one semester at ivy league. [/quote]

But do you drive that $45K vehicle for 10-12 years? Or do you replace it every 5-6 years?  For "donut hole families" that can make the difference in. what you can afford for your kid (that and other similar cost saving choices you make along the way)[/quote]

I have one 14 year old car and one newer 30k car (because our ancient car died) car and that's a drop in the ocean of college costs for two kids if we were to pay full pay for a private college. It's really not comparable at all in terms of cost. [/quote]

It's comparable in terms of mindset for saving for college (and retirement and other aspects of life).  Many buy new cars every 4-5 years and that mindset carries over to most other aspects of life---they spend money they dont' need to spend and then wonder why they haven't been able to save.

Us personally, our last car loan was when we were 26 (Honda Civic).  Drove that car for 8 years, once it was paid off (in 3 years) kept saving the monthly payment so that we had over $26 K in the "auto savings".  Then sold the car for $5K and had $31K to put towards a new vehicle.  We added in 6K and paid cash for a luxury vehicle.  And never looked back.  Kept that car for 11 years before we gave it to a family member.

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I have to laugh when you act like a car is 8 years old.  We keep our cars 12-20 years (that one was totaled or we'd still have it).  Norm for us is 16 years.  We drive them till they are not safe or not worth fixing.  And, then we buy new.  However my last car was $50K as we could afford it in cash so I don't get how people scream poverty on more money.  Our next car will be that much too but cash.  I cannot even imagine keeping a car 8-11 years.[/quote]

DP here.  So true.  But then people like us do not have the option of tapping family members (or even rich friends, because I have seen it) for any expenses - and especially any expenses like private school or cars or college!

If you did not plan and save for college, you go to the college you can afford. Period. [/quote]

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