Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:The odds are that your child will not get into any of the Ivy+ schools. So it's not really a problem for 99%.

If your child is on track to go to an elite school and you're earning $250k+, its not that hard. Most folks earning UMC incomes have had a pretty good idea that their children would go to college since before they were born and have steadily put away some money over the past 18 years in preparation. Of all the financial hurdles you face in life, college is probably the most predictable.

At UMC income levels, the choice is yours, just like most financial decisions. How big a house? How nice a car? Not, can I afford a house or a car. Would you rather wait until you die to give your children money or would you rather see them reap the benefits while you're around? Is giving a down payment on your child's first house closer to your values than the best education you can afford?

We are upper middle class and will be funding neither a down payment on kids' first house nor an Ivy-league education. ~shrug~

+1

Pap (not the middle class one but the other one): you are naive if you think that everyone's life, even those with incomes like you describe, has been in a position to save massive sums all along. Some of us care for relatives, some of us have expensive but invisible health issues. Some of us give bast sums to important causes. Many of us have not always had incomes,like we do now. Some of us finished school relatively recently and owe money back. If you are lucky enough that everything has gone your way all along, I am happy for,you. Know you are not typical.

That money I didn't save that you think I spent on a big house? Well, I spent it on chemo. My son's ok with that choice.

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:The odds are that your child will not get into any of the Ivy+ schools. So it's not really a problem for 99%.

If your child is on track to go to an elite school and you're earning $250k+, its not that hard. Most folks earning UMC incomes have had a pretty good idea that their children would go to college since before they were born and have steadily put away some money over the past 18 years in preparation. Of all the financial hurdles you face in life, college is probably the most predictable.

At UMC income levels, the choice is yours, just like most financial decisions. How big a house? How nice a car? Not, can I afford a house or a car. Would you rather wait until you die to give your children money or would you rather see them reap the benefits while you're around? Is giving a down payment on your child's first house closer to your values than the best education you can afford?

We are upper middle class and will be funding neither a down payment on kids' first house nor an Ivy-league education. ~shrug~

+1

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Wow. I really do not understand the obsession with Ivy League schools. You should be focused on what school is best for your child's area of interest, not some arbitrary athletic conference. My kid, for example, was interested in engineering. I am also an engineer and know what the different schools have to offer. With the exception of Cornell, it would have been mind bogglingly stupid to focus on Ivy League schools because engineering is not their strong suit. Outside of Caltech/MIT/Stanford, the most sought after engineers, at least at my company, come from places like Purdue and U of Illinois. Certainly not Harvard and Yale.

Princeton, Brown and Northwestern have legit engineering departments. You ever been to Purdue? Maybe your son can marry some hillbilly girl. And Illinois? Maybe he can marry a Chinese international girl who can't speak English.

Heh. I would love to see your reaction when I tell you that my daughter, Stanford '12, just got engaged to a public school graduate from suburban Fort Wayne. My daughter was an elite private HS grad, comes from a very wealthy family, etc. and her finance is the child of a cop and a receptionist. She attended Stanford for less than $10,000/year.

Crazy, I know.

My son, on the other hand, went to University of Wisconsin-Madison and is dating a girl from a wealthy/prominent East Coast family. Lots of those at schools like UW-Madison. So...

Anonymous wrote:Why do broke parents and state schools alums have to muddy up every thread about elites? Reeks of carryover from the college confidential parent board. Do you even live in the Beltway? Probably not. We get it, you're average.

Anonymous wrote:We make $200K and have $250K saved so far for our 15 year old. Have been saving for 15 years. If she gets in, we will pay for it. Education is so important IMO.

Anonymous wrote:

Anonymous wrote:you sound selfish pp. Why did you even have kids

You are right, I should not have had children, since I am unwilling to fund elite schools or their house purchases.

Anonymous wrote:you sound selfish pp. Why did you even have kids

Anonymous wrote:

Anonymous wrote:The odds are that your child will not get into any of the Ivy+ schools. So it's not really a problem for 99%.

If your child is on track to go to an elite school and you're earning $250k+, its not that hard. Most folks earning UMC incomes have had a pretty good idea that their children would go to college since before they were born and have steadily put away some money over the past 18 years in preparation. Of all the financial hurdles you face in life, college is probably the most predictable.

At UMC income levels, the choice is yours, just like most financial decisions. How big a house? How nice a car? Not, can I afford a house or a car. Would you rather wait until you die to give your children money or would you rather see them reap the benefits while you're around? Is giving a down payment on your child's first house closer to your values than the best education you can afford?

We are upper middle class and will be funding neither a down payment on kids' first house nor an Ivy-league education. ~shrug~

Anonymous wrote:Why do broke parents and state schools alums have to muddy up every thread about elites? Reeks of carryover from the college confidential parent board. Do you even live in the Beltway? Probably not. We get it, you're average.

Anonymous wrote:The odds are that your child will not get into any of the Ivy+ schools. So it's not really a problem for 99%.

If your child is on track to go to an elite school and you're earning $250k+, its not that hard. Most folks earning UMC incomes have had a pretty good idea that their children would go to college since before they were born and have steadily put away some money over the past 18 years in preparation. Of all the financial hurdles you face in life, college is probably the most predictable.

At UMC income levels, the choice is yours, just like most financial decisions. How big a house? How nice a car? Not, can I afford a house or a car. Would you rather wait until you die to give your children money or would you rather see them reap the benefits while you're around? Is giving a down payment on your child's first house closer to your values than the best education you can afford?

Anonymous wrote:

Anonymous wrote:Wow. I really do not understand the obsession with Ivy League schools. You should be focused on what school is best for your child's area of interest, not some arbitrary athletic conference. My kid, for example, was interested in engineering. I am also an engineer and know what the different schools have to offer. With the exception of Cornell, it would have been mind bogglingly stupid to focus on Ivy League schools because engineering is not their strong suit. Outside of Caltech/MIT/Stanford, the most sought after engineers, at least at my company, come from places like Purdue and U of Illinois. Certainly not Harvard and Yale.

Princeton, Brown and Northwestern have legit engineering departments. You ever been to Purdue? Maybe your son can marry some hillbilly girl. And Illinois? Maybe he can marry a Chinese international girl who can't speak English.