Six figure salary

[mlschop]

Originally Posted by badger

$20k/ year for schooling? I think someone who can afford $20,000 for a private school is rich.

man, i thought i was the only one that thought this...and decided not to comment at first!

i agree it's a choice you make (private vs. public), but at the same time...your spending 20% of your salary (maybe less, dunno ur ACTUAL 6-fig salary) on school...

also...what ever happened to having kids fend for themselves in college? all i hear about it how people are saving up for their kids college...my parents didn't do that! if i have the money, and I can help them out, I surely will...but why do people nowadays feel their kids shouldn't have to deal with $50,000-$100,000 loans like I did (i would say "like we did"...but who knows - maybe you all came from rich families that didn't have to take out loans).

[Gene Yuss]

Originally Posted by badger

$20k/ year for schooling? I think someone who can afford $20,000 for a private school is rich.

My older son is in kindergarten. We considered sending him to private school, but the costs in the NYC area are insane. You are talking between $20K and $25K each year beginning with kindergarten. Heck, two years of pre-school at one of these places costs more than my 4 years of college cost (of course, college was a long time ago, but still that's nutty).
Luckily for us, the public school in my neighborhood, which used to be not so good, has become excellent and my son loves it there.

Many of our friends do send their kids to private school, but I wouldn't classify them all as rich. Some of them, yes (like the friends who just moved back from England, are renting an apartment for over $7,000/month and are now sending two kids to private school - about $120,000 annual out of pocket expense), but not all. Believe it or not, there are some people who can't really afford it but do it anyway because they think it confers some sort of elite status on them.

BTW, I'm surprised Salzmann decided to send her son to private school. I thought one of the perks to living in NJ was that the public schools in most towns are very good. (oh, never mind I just saw her message about the public school failing him)

[micaelagb]

Originally Posted by Gene Yuss

...BTW, I'm surprised Salzmann decided to send her son to private school. I thought one of the perks to living in NJ was that the public schools in most towns are very good. (oh, never mind I just saw her message about the public school failing him)

When we were house shopping 2 yrs. ago we quickly found that good school system=much higher house prices. Our kids are going to private school in a town 5 miles away rather than public school in our town.

[Westley]

Originally Posted by badger

$20k/ year for schooling? I think someone who can afford $20,000 for a private school is rich.

michaelagb hit it on the head. In NNJ, somebody who pays 20k for private school can't afford to live in a neighborhood with with good schools. Making $100k in NNJ is not rich, and not even close.

[JohnGalt]

Originally Posted by mlschop

also...what ever happened to having kids fend for themselves in college? all i hear about it how people are saving up for their kids college...my parents didn't do that! if i have the money, and I can help them out, I surely will...but why do people nowadays feel their kids shouldn't have to deal with $50,000-$100,000 loans like I did (i would say "like we did"...but who knows - maybe you all came from rich families that didn't have to take out loans).

I agree with you 100%...much to my wife's chagrin.

[GefilteFish144]

My mother tried to get a loan for me, but we were turned down. Was a real sacrifice, but made it. Seems to me that the responsible families who save up for their kids college are the ones denied for financial aid, while the families who don't save are the ones getting the loans, scholarships, etc.

[mlschop]

Originally Posted by JohnGalt

I agree with you 100%...much to my wife's chagrin.

and i'm not saying my parents didn't help me out (cuz they did my freshman year...and that year only)...but there was nothing that was like "Mark's College fund." just like the private schooling topic...if you are going either of these routes - more power to you...but I hate reading this, and then reading "$100K gets you nowhere!" it's just not true (in general). maybe for your case and the personal choices you've made for your family it is true.

I think the problem is people rush into stuff too quickly as well. "Oh man! I'm makin 6-figs now, i can buy that $500,000 house!" as long as you know what your doing, you can live fairly comfortably on $100,000 salary between a couple and one kid (remembering that you DON'T have to own that $500,000 house, two BMWs/Benzs).

[mlschop]

Originally Posted by GefilteFish144

Seems to me that the responsible families who save up for their kids college...

why do families that don't save up for college have to be "not responsible?" and your statement only make sense...the more capital you have (combined parents and child), the less you will qualify for...and isn't that only fair?

[Westley]

Originally Posted by GefilteFish144

My mother tried to get a loan for me, but we were turned down. Was a real sacrifice, but made it. Seems to me that the responsible families who save up for their kids college are the ones denied for financial aid, while the families who don't save are the ones getting the loans, scholarships, etc.

Which is an important point - if I had wanted to go to Harvard, I would have gotten no financial aid - not even loans - and my parents would not have paid for it. While my best friend in HS would have gotten all of the aid he needed - some loans, some gifts - due to his parents' financial situation.

So, if I want my kids to go to a good (expensive) school, I have to save, because the government won't help us out, even though they will gladly help out a student with less achievement, just because he comes from a poorer family.

So, I save, so that they can go there, if they want to/need to.

[Westley]

Originally Posted by mlschop

why do families that don't save up for college have to be "not responsible?" and your statement only make sense...the more capital you have (combined parents and child), the less you will qualify for...and isn't that only fair?

So, from each according to his ability, and to each according to his need?