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re: Do you pay multiple private school tuition?
Posted on 8/9/16 at 7:33 pm to Serraneaux
Posted on 8/9/16 at 7:33 pm to Serraneaux
quote:
Need more than 150k to do this. Someone else is paying for it.
Negative.
1
Posted on 8/9/16 at 7:37 pm to notiger1997
I have 3 kids. They go to public school even though we make good money. We bought a house in the best elementary public school district for our parish for a reason.
Posted on 8/9/16 at 7:55 pm to notiger1997
You talking $150k before or after taxes?
Posted on 8/9/16 at 8:17 pm to Janky
Need more then 150k for this 100%. We make 165k and both kids in public school, 300k house and take some vacation (specially to Disney since we own a timeshare) but by no means are we wealthy
This post was edited on 8/9/16 at 8:19 pm
Posted on 8/9/16 at 9:10 pm to Boo Krewe
Maybe I am missing something, but Tuition on the high end costs what $9K per year? The average is around what $5K?
Thats not all that much if you are relatively debt free.....
I mean, $750 a month isn't hard to swing on $100K much less $150K.
Thats not all that much if you are relatively debt free.....
I mean, $750 a month isn't hard to swing on $100K much less $150K.
Posted on 8/9/16 at 9:11 pm to notiger1997
quote:
And to further other points, these people in general are probably making much more money than you realize and their parents and grand parents did what most great families do, which is passing wealth down to them
This.
Going through high school, college I had acquaintances and friends with such family values. Generation after generation your goal is to provide a better life than the one you had. Then I get into the work world and over ten years I come across people who could not care less about their children or have the attitude of, "I did not have that so neither will they." I came across one person who had his retirement planned out that he would enjoy all money earned and die with nothing in the bank and leave nothing to his kids.
You will be surprised at how many families are scraping by to sacrifice and put their children through private school. In LA, I would argue that it is more important to fund private school than college, and hope that they earn scholarships or take out student loans.. It elevates the child in their developmental stages and gives them a more likely chance that they will succeed in college and life in general. Its not to say that public schools do not provide opportunity, but to me it's all about risk/reward. You have less risk with private school.
I constantly get asked at work (workers are from other states) if I am truly from Louisiana and am really a transplant, and I think it's because my family did all they could to put me through private school. Now I am seeing the benefits, and will do all that I can for my children.
This post was edited on 8/9/16 at 9:22 pm
Posted on 8/9/16 at 9:15 pm to JayDeerTay84
quote:
Maybe I am missing something, but Tuition on the high end costs what $9K per year?
. I pay around $1300/month for two kids and that is with a discount because my wife now teaches there.Posted on 8/9/16 at 9:17 pm to Janky
quote:
. I pay around $1300/month for two kids and that is with a discount because my wife now teaches there.
My numbers were per kid so assuming you are
for something else? Also, this is in relation to BR area tuition I believe. Edit: Even still $1300 is not that much if you make $100K and aren't loaded with debt.
This post was edited on 8/9/16 at 9:18 pm
Posted on 8/9/16 at 9:21 pm to JayDeerTay84
Again? Before taxes or after?
Posted on 8/9/16 at 9:24 pm to Janky
quote:
Again? Before taxes or after?
Either.
Even if the take home was $60K, thats $5K a month. More than doable for your kids future of you aren't saddled with debt.
Posted on 8/9/16 at 9:24 pm to Janky
Here's how fast 150k goes (assumes two kids in daycare/private school):
18,000 Taxes (assumes 12% effective tax
15,000 401k @10%
24,000 mortgage (assumes $350k mortgage (P&T+Taxes)
30,000 daycare for 2 (2500 per month in Nashville)
6,000 1 car payment ($500 per month)
9,600 water, electric, cable, internet, cell phone, car insurance
7,200 (IRAs two roths and education 1 education IRA at $200 each)
3,600 Gas for the year
9,600 Groceries ($800/month)
3,000 Eating out ($250/month
3,000 Vacation (week at the beach + food, etc
5,000 Healthcare Premiums for family
1,000 Life Insurance Premiums
2,000 Summer camps, babysitters throughout the year
2,000 Misc sports (season tickets or a few games or weekend trips)
5,000 Misc repairs for AC, care, house, roof, plumbing, new tires, etc.
1,200 HOA dues
4,800 School supplies, computers, cell phone, clothes, Christmas, Birthdays, Furniture, etc.
There isn't much room for anything to go wrong or to really buy anything and that's being really tight on groceries and eating out. Also, assumes no other debt besides house and car. I pay $2500 per month for daycare on Nashville. Private schools are $20k+ per year per kid. Between daycare and a private high school for 3 kids, I'd pay over $800 easily. No way I am doing that for a high school education.
Trust me, other people are paying or someone else is paying for vacations, season tickets, or they are not saving a dime for retirement or college if they are only making $150k and sending their kids to private school.
18,000 Taxes (assumes 12% effective tax
15,000 401k @10%
24,000 mortgage (assumes $350k mortgage (P&T+Taxes)
30,000 daycare for 2 (2500 per month in Nashville)
6,000 1 car payment ($500 per month)
9,600 water, electric, cable, internet, cell phone, car insurance
7,200 (IRAs two roths and education 1 education IRA at $200 each)
3,600 Gas for the year
9,600 Groceries ($800/month)
3,000 Eating out ($250/month
3,000 Vacation (week at the beach + food, etc
5,000 Healthcare Premiums for family
1,000 Life Insurance Premiums
2,000 Summer camps, babysitters throughout the year
2,000 Misc sports (season tickets or a few games or weekend trips)
5,000 Misc repairs for AC, care, house, roof, plumbing, new tires, etc.
1,200 HOA dues
4,800 School supplies, computers, cell phone, clothes, Christmas, Birthdays, Furniture, etc.
There isn't much room for anything to go wrong or to really buy anything and that's being really tight on groceries and eating out. Also, assumes no other debt besides house and car. I pay $2500 per month for daycare on Nashville. Private schools are $20k+ per year per kid. Between daycare and a private high school for 3 kids, I'd pay over $800 easily. No way I am doing that for a high school education.
Trust me, other people are paying or someone else is paying for vacations, season tickets, or they are not saving a dime for retirement or college if they are only making $150k and sending their kids to private school.
This post was edited on 8/9/16 at 9:33 pm
Posted on 8/9/16 at 9:27 pm to Serraneaux
quote:
Here's how fast 150k goes (assumes two kids in daycare/private school):
18,000 Taxes (assumes 12% effective tax
15,000 401k @10%
24,000 mortgage (assumes $350k mortgage (P&T+Taxes)
30,000 daycare for 2 (2500 per month in Nashville)
6,000 1 car payment ($500 per month)
9,600 water, electric, cable, internet, cell phone, car insurance
7,200 IRAs two roths and education 1 education IRA at $200 each)
3,600 Gas for the year
9,600 Groceries ($800/month)
3,000 Eating out ($250/month
3,000 Vacation (week at the beach + food, etc
5,000 Healthcare Premiums
1,000 Life Insurance Premiums
2,000 Summer camps, babysitters throughout the year
2,000 Misc sports (season tickets or a few games or weekend trips)
5,000 Misc repairs for AC, care, house, roof, plumbing, new tires, etc.
1,200 HOA dues
4,800 School supplies, computers, cell phone, clothes, Christmas, Birthdays, Furniture, etc.
There isn't much room for anything to go wrong or to really buy anything and that's being really tight on groceries and eating out. I pay $2500 per month for daycare on Nashville. Private schools are $20k+ per year. Between daycare and a private high school for 3 kids, I'd pay over $800 easily. No way I am doing that for a high school education.
Trust me, other people are paying or someone else is paying for vacations, season tickets, or they are not saving a dime for retirement or college if they are only making $150k and sending their kids to private school.
The fact that you include all your selfish activities in no way means a family making less cannot afford private school for their kid on their own.
This post was edited on 8/9/16 at 9:27 pm
Posted on 8/9/16 at 9:27 pm to JayDeerTay84
Good luck dude.
Posted on 8/9/16 at 9:29 pm to JayDeerTay84
quote:
The fact that you include all your selfish activities in no way means a family making less cannot afford private school for their kid on their own.
What is selfish? $2k for season tickets or taking your kids to a few games? There is literally nothing selfish in there. No gym memberships, no bowling leagues, no golf, etc.
Posted on 8/9/16 at 9:30 pm to Janky
quote:
Good luck dude.
No luck needed. Just very little debt. Money goes a long way when you dont have it tied to debt......
Posted on 8/9/16 at 9:31 pm to JayDeerTay84
quote:
No luck needed. Just very little debt. Money goes a long way when you dont have it tied to debt......
House and 1 car payment are only debt in the scenario above :)
Posted on 8/9/16 at 9:31 pm to JayDeerTay84
Cool, good luck. I am sure you know more than everyone.
Posted on 8/9/16 at 9:32 pm to Serraneaux
quote:
What is selfish? $2k for season tickets or taking your kids to a few games? There is literally nothing selfish in there. No gym memberships, no bowling leagues, no golf, etc.
No car and stop eating out as much and you save $9K a year. That just from those 2 things.
Posted on 8/9/16 at 9:33 pm to Janky
quote:
Cool, good luck. I am sure you know more than everyone.
Never said that. I said its possible and it is for BR.....
How many private schools in BR are $20K a year per kid?
Posted on 8/9/16 at 9:34 pm to JayDeerTay84
Dunham, episcopal...
But is being selfish to send them to the best.
But is being selfish to send them to the best.
This post was edited on 8/9/16 at 9:36 pm
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