Due to job change (from Fed to private sector), our HHI recently bumped up from $280 to $400. (and the $280 was a recent bump-up from more like $220 from just a couple of years ago).

We're in a very good (although also very crowded) school district. So far, only one DD in school (3rd grade) and all is well. She is well-adjusted socially, happy to go to school, appears sufficiently challenged and to be learning at what seems to me a good pace. We very much like her current teacher. DD#2 will start K next year.

At $280 HHI, we absolutely would not have considered private school. We are not spendthrifts but our bump from 220 to 280 meant a difference from not maxing out both of our 401k contributions to doing so. Still, at $280 we were not saving at all for college. Part of the rationale of the move from Fed to private sector was that the new income would go toward college savings. We currently have about $250 combined in our 401ks. We are in our early 40s. We own a very modest 3bd home (bought in 2006 with a jumbo mortage) and two paid-off cars (one of which is 8 yrs old). We have no financial help from any family member. We did have significant school loans which have been paid off.

We do value having money to travel multiple times per year. One of our families lives in the Europe, the other in the US but not close by either.

So, I totally understand how on $300 HHI 2 private school tuitions would be scraping by. Even on $400HHI we have chosen not to consider privates unless down the road we are driven to do so. This even though I truly value my excellent education from a very selective private and do believe that early years' education is just as - even if not more - important.

Anonymous wrote:

Anonymous wrote:Good gravy, there are scads of pricey private schools in the Washington area. If so many people think $300k is not sufficient HHI to have the kids go to these schools, how much is needed? $500k HHI? $1 million?

We make over $400K and would have to seriously change our standard of living to spend an additional $5K a month on private school. We save a bit more than that each month, but who wants to live that close to the line?

I completely agree with you. It is simply crazy to me that people will struggle to pay $60k a year on private school when we live in a region with some of the best public schools in the country. Unless and until something goes wrong at our local public school, or I feel that my child has issues that require private education, I simply can't rationalize that outlay year and after year. Of course, if 60K was nothing but a drop in the bucket because I made 1 mil a year, then paying for private school would be a no-brainer.

Anonymous wrote:We make a similar amount and have a similar mortgage (and no other debt) and there is simply no way in the world I would feel comfortable spending 60K (actually more with annual giving, tuition increases, and the like) a year on private school for the next 12 years. Perhaps your living expenses are lower than ours? I think I would feel like I was living hand to mouth. We are also in our mid-to-late 30s, and I want to feel like I am saving and getting ahead - not treading water.

This.

Anonymous wrote:

Anonymous wrote:Good gravy, there are scads of pricey private schools in the Washington area. If so many people think $300k is not sufficient HHI to have the kids go to these schools, how much is needed? $500k HHI? $1 million?

We make over $400K and would have to seriously change our standard of living to spend an additional $5K a month on private school. We save a bit more than that each month, but who wants to live that close to the line?

Cry me a river. I am so grateful I had parents who made my schooling their priority.

Anonymous wrote:Good gravy, there are scads of pricey private schools in the Washington area. If so many people think $300k is not sufficient HHI to have the kids go to these schools, how much is needed? $500k HHI? $1 million?

We make over $400K and would have to seriously change our standard of living to spend an additional $5K a month on private school. We save a bit more than that each month, but who wants to live that close to the line?

Anonymous wrote:This income level is way beyond my league but will a child from a home with a HHI of $300k be the poor kid at a private school?

It's one thing to be a scholarship kid at Georgetown Day when your unmarried Mom is making $50k but the OP's situation sounds quite different.

I was thinking the same thing. Kids in a 300K household can't be considered "poor." Their parents won't be able to buy a house on the coast of Maine but they'll be renting one for two weeks in August!

we have a HHI of $240K, two kids (on in PS and one in the last year of day care). mortgage +real estate taxes are $3900. we could not afford $60K a year in private school (this is why we bought in a very good school district - 3bd smaller home, the least expensive on the block but perfect for us). also, a word of caution - your kids are young and you do not know what can happen - my old one was a normal bright child until age 4 , where she was diagnosed with a serious condition (had to take unpaid leave of absence on a week notice and then go part time for 3 years), she is fine now, but has ADHD and an IEP a school (her DCPS has been doing an excellent work with her, adn she is doing great). even if you HHI is higher, it sounds like it would bge difficult for you to afford that expense and still pay for retirement, college saving and so on (the risk is that your kids go toa posh private school and then graduate from college with $$$$$$$ of student loans). can you rent your home and move to a better school disctrict?

This income level is way beyond my league but will a child from a home with a HHI of $300k be the poor kid at a private school?

It's one thing to be a scholarship kid at Georgetown Day when your unmarried Mom is making $50k but the OP's situation sounds quite different.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I think you're way behind on saving. Our HHI income is higher but not by much and we have about 650k saved in investments and retirment. Maybe you have a lot equity in your home at least?

Plus don't forget your kids will be the "poor" kids in private school. That will lead to its own set of issues.

I don't know, if anything that could be instructive/ keep them from getting a sense of entitlement. I was the "poor" kid in my private school, on scholarship. (We weren't actually poor but we didn't live in a mansion like many of my classmates.) I didn't mind. In fact I felt superior sometimes. Of course, I didn't go on the lavish vacations or have the brand name clothes that some people had, and I still don't. It was fine. By and large I didn't feel envious or come out with a crazy drive to become a millionaire by age 30 so I could have those things. I was also much more motivated to excel scholastically than many of classmates, who often had an attitude of "my daddy pays for me to go here so you have to give me an A," or "my daddy pays for me to go here so I don't have to pick up my trash, let the janitor do it."

I do not agree that being the poor kid in private school would be constructive. I went to a top tier private school on a full scholarship and it was very difficult for me socially. I couldnt even do basic things like go out with my friends to the mall because that usually involved spending boatloads of money that I didnt have. I also got left out of travel activities...summers in nantucket and maine, etc. I was able to connect with a few people but for the most part felt like I was on the outside looking in.

Interesting. I was the "poor" kid (sort of) and got invited to Maine every year as a kid - and went, what fun! I also don't remember my friends being given a lot of money to spend. Their needs were met, sure, and they had nice clothes and perfect teeth, but no more "mall money" than me.

Anonymous wrote:

Anonymous wrote:I think you're way behind on saving. Our HHI income is higher but not by much and we have about 650k saved in investments and retirment. Maybe you have a lot equity in your home at least?

Plus don't forget your kids will be the "poor" kids in private school. That will lead to its own set of issues.

I don't know, if anything that could be instructive/ keep them from getting a sense of entitlement. I was the "poor" kid in my private school, on scholarship. (We weren't actually poor but we didn't live in a mansion like many of my classmates.) I didn't mind. In fact I felt superior sometimes. Of course, I didn't go on the lavish vacations or have the brand name clothes that some people had, and I still don't. It was fine. By and large I didn't feel envious or come out with a crazy drive to become a millionaire by age 30 so I could have those things. I was also much more motivated to excel scholastically than many of classmates, who often had an attitude of "my daddy pays for me to go here so you have to give me an A," or "my daddy pays for me to go here so I don't have to pick up my trash, let the janitor do it."

I do not agree that being the poor kid in private school would be constructive. I went to a top tier private school on a full scholarship and it was very difficult for me socially. I couldnt even do basic things like go out with my friends to the mall because that usually involved spending boatloads of money that I didnt have. I also got left out of travel activities...summers in nantucket and maine, etc. I was able to connect with a few people but for the most part felt like I was on the outside looking in.

I hate when people still use the word "maid".

Anonymous wrote:

Anonymous wrote:I think you're way behind on saving. Our HHI income is higher but not by much and we have about 650k saved in investments and retirment. Maybe you have a lot equity in your home at least?

Plus don't forget your kids will be the "poor" kids in private school. That will lead to its own set of issues.

I don't know, if anything that could be instructive/ keep them from getting a sense of entitlement. I was the "poor" kid in my private school, on scholarship. (We weren't actually poor but we didn't live in a mansion like many of my classmates.) I didn't mind. In fact I felt superior sometimes. Of course, I didn't go on the lavish vacations or have the brand name clothes that some people had, and I still don't. It was fine. By and large I didn't feel envious or come out with a crazy drive to become a millionaire by age 30 so I could have those things. I was also much more motivated to excel scholastically than many of classmates, who often had an attitude of "my daddy pays for me to go here so you have to give me an A," or "my daddy pays for me to go here so I don't have to pick up my trash, let the janitor do it."

But how will OP's kids feel when they have to support their parents in retirement?

Anonymous wrote:I think you're way behind on saving. Our HHI income is higher but not by much and we have about 650k saved in investments and retirment. Maybe you have a lot equity in your home at least?

Plus don't forget your kids will be the "poor" kids in private school. That will lead to its own set of issues.

I don't know, if anything that could be instructive/ keep them from getting a sense of entitlement. I was the "poor" kid in my private school, on scholarship. (We weren't actually poor but we didn't live in a mansion like many of my classmates.) I didn't mind. In fact I felt superior sometimes. Of course, I didn't go on the lavish vacations or have the brand name clothes that some people had, and I still don't. It was fine. By and large I didn't feel envious or come out with a crazy drive to become a millionaire by age 30 so I could have those things. I was also much more motivated to excel scholastically than many of classmates, who often had an attitude of "my daddy pays for me to go here so you have to give me an A," or "my daddy pays for me to go here so I don't have to pick up my trash, let the janitor do it."

I think you're way behind on saving. Our HHI income is higher but not by much and we have about 650k saved in investments and retirment. Maybe you have a lot equity in your home at least?

Plus don't forget your kids will be the "poor" kids in private school. That will lead to its own set of issues.

Anonymous wrote:

Anonymous wrote:some of these figures stagger me. After our mortgage and is paid for an retirement etc we have less than $3k to spend and I think we're doing WELL! You make 300k a year! That's crazy money to most normal people outside of this board.

1255, what ON EARTH are you spending your money on? Are you aware how out of touch with reallity you are?

Childcare (key expense - 25k for au pair), utilities (Water, gas, electric, cell phones, cable, internet), bi-weekly maid, food, transportation costs (gas, metro, car taxes, car insurance), life insurance, birthday parties/gifts/holidays, basic clothes for two adults and two growing children, basic home items (toilet paper, paper towels, laundry detergent, etc.), basic grooming items, healthcare and dental expenses, random/unexpected car or home expenses, charity, weekend trips or modest vacations, . . . of course, we could cut some of these out but things add up and we don't live an overly lavish lifestyle. Groceries/food alone cost us (3 adults and 2 children) close to 1,000 a month. The above also does not include the cost of furniture or other big ticket items. We moved into a new house a year ago and we have yet to finish furnishing the house. If we spent 60k on schooling we would have very little left over at the end of the year.

Wow! That's a lot of paper towels and laundry detergent. We make about $95k a year and do all the same things as you minus the au pair. And we save.