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we are worth three million dollars and our hhi is 500k. we are too poor for private schools in manhattan, right?
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yes and yet private school in manhattan would not be a no brainer for us. it is not like we are mega rich.
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because i don't know if have enough money to even consider private school in manhattan? do you realize what 30k a year from k-12 if invested could do for a person?
[ Reply | Options ]is this a problem with economics or language?? Yes, the money could be spent in many other ways, but the point is that the money exists--you can afford it.
[ Reply | Options ]yeah and i can afford to go and buy a thousand pairs of jimmy choo shoes too, doesn't mean that i am wealthy enough for it to be a good idea.
[ Reply | Options ]if private school isn't worth it to you, I'm not going to argue or tell you you're making a bad decision--it's not my business. But don't poor-mouth, b/c it's offensive.
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smack yourself. You asked if you have enough for private school. Yea, you do. now shut up.
[ Reply | Options ]no i asked if i was too poor for private school in manhattan. no wonder why you have issues with money, you don't understand what it means to make a smart financial decision.
[ Reply | Options ]Waaaait...who said I have issues with money?! Lol, definitly no issues there! I'm private school educated myself, and my parents definitly made it work on less than you're throwing around. If you feel that sending your kids to private school is akin to buying Jimmy Choo's then by all means, keep them away from civilized company, and send them to a nice school in harlem or something
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yes, but you can well afford the expense. Now, perhaps it's not feasible with your current expenditures--maybe you have a huge mortgage--but that's your decision. If you make private school a priority, you can afford it and still have ample food and clothing and more than adequate shelter, as well as everything else you need. Having to make a few lifestyle changes is not the same as not being able to afford something.
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you can afford to open your own private school! again...shut up. and don't talk again until you have some real problems
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np- Do any of you know ANYTHING about money? She didn't say her 3mm was liquid, it is probably equity in her house.
[ Reply | Options ]np: i do know that 500K a year is about 5x what i make a year...and i don't have any equity in a house, either
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if she has $3M equity in her home and the home still isn't yet paid off, then she has too much real estate to be complaining about not being able to afford things (yes, even in Manhattan!). If she has $3M in equity in her house and the house IS paid off, then the sum total of her housing expenses would be property taxes and maintenance, which though not insignificant, means that there's a whole lot of free-floating money in her budget that in a lot of other $500K households would be going toward a mortgage. Either way, she can afford private school if she wants it.
[ Reply | Options ]there is a difference between affording something and having it be a practical financial decision
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I don't know why you are getting flamed. I wouldn't send dcs to private on that income unless it was absolutely necessary.
[ Reply | Options ]We also decided not to do private, because of the money, with a higher hhi than that. It's not just $30k. That's $30k after tax, and doesn't include anything after school, or anything in the summer. For 2 kids, if you want to put it on a "pre-tax" basis (so comparable with income), you're looking at well north of $100k. I'm frankly stunned at how people with less money decide to go private so easily - its an enormous sacrifice. (in retirement savings and other.)
[ Reply | Options ]And I am stunned how many people on UB seem to think that their way is the only way. Some people really prioritize education, and/or believe their kids need private school to thrive. It is their choice to make.
[ Reply | Options ]You're right. But I really do prioritize education. I went to 2 ivy leagues, one for grad school, but after touring privates and good NYC publics, I just cant in good faith say that the private option in most cases is worth the $30+k a year UNLESS $30k a year is almost meaningless to ones budget. Which, IMO, would happen at household incomes well well above $1 million/year.
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To those pathetic few who post "BPP" whenever somone else disagrees: nothing could possible make you sound more uneducated, desperate and all around hag-like. Please, stop embarrassing yourselves, and get off the NYC boards. You are clearly not New Yorkers.
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