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07.12.08, 16:21 PM New York City
35 replies
200K annually rent is 1K and we have 1dc do you think we can afford private school? TIA [ Reply | Watch | Flag ]
New York City 07.12.08, 04:21 PM Flag
 

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where do you live with that rent? [ Reply | More
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General Topics 07.12.08, 04:22 PM Flag
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UWS, own apt that is our maintenance payment [ Reply | More
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General Topics 07.12.08, 04:24 PM Flag
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how do you own the apartment? as in, outright? No mortgage? [ Reply | More
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General Topics 07.12.08, 04:26 PM Flag
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yes saved up bought in cash to keep monthly low [ Reply | More
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General Topics 07.12.08, 04:27 PM Flag
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wait wait wait. how do you save enough to buy an apartment on a 200K annual income in NYC? [ Reply | More
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General Topics 07.12.08, 04:45 PM Flag
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"saving to buy in cash" is code for "daddy bought them the apartment." [ Reply | More
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General Topics 07.12.08, 04:55 PM Flag
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ita [ Reply | More
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General Topics 07.12.08, 04:59 PM Flag
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Its code for we used to make over 600K a year then changes jobs idiot [ Reply | More
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General Topics 07.12.08, 05:18 PM Flag
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Could you not get a mortgage? Or did you not want one? Because at any prime rat in the last ten years , after factoring in tax savings for someone in the top tax bracket, you would be much better off with a mortgage and investing the balance. Yes, even with the stock market where it is now. [ Reply | More
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General Topics 07.12.08, 07:17 PM Flag
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they're going to take into account your past income, your savings, your apartment that you own outright and any other assets you have. so you really don't have a shot. [ Reply | More
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General Topics 07.13.08, 05:30 AM Flag
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Or code for bought a while back. I bought my apartment in the early 90's for a song. I couldn't get financing (yes, the market was that bad) and had to pay cash. [ Reply | More
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General Topics 07.12.08, 07:09 PM Flag
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yup [ Reply | More
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General Topics 07.12.08, 05:09 PM Flag
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can't daddy pay for private school? you can also take out a home equity line to pay for it. [ Reply | More
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General Topics 07.12.08, 05:10 PM Flag
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What is wrong with you all, never heard of savings OR of job changes. Both of us lawyers, now I am at non profit and DH starting his own business. [ Reply | More
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General Topics 07.12.08, 05:16 PM Flag
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...and earning $200k.? Sorry, this doesn't add up. [ Reply | More
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General Topics 07.12.08, 05:20 PM Flag
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ita [ Reply | More
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General Topics 07.12.08, 05:23 PM Flag
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How do you earn $200K at a start-up? [ Reply | More
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General Topics 07.12.08, 07:10 PM Flag
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not on the 200K on our previous salaries [ Reply | More
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General Topics 07.12.08, 05:18 PM Flag
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Yes [ Reply | More
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General Topics 07.12.08, 04:31 PM Flag
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But you will have to make sacrifices. No big vacations, etc. [ Reply | More
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General Topics 07.12.08, 04:40 PM Flag
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omg. I think the above responders are just jealous that you have no mortgage! [ Reply | More
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General Topics 07.12.08, 05:22 PM Flag
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I don't have a mortgage, so I'm not jealous. I just don't understand how they make $200K with one working at a not-for-profit and the other just starting a new business. [ Reply | More
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General Topics 07.12.08, 07:11 PM Flag
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I think you could but it would be tight? But I would apply and see. [ Reply | More
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General Topics 07.12.08, 06:08 PM Flag
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What do you mean "annually rent is 1k"? Do you mean that you maintenance is 1K a month? At any rate, those are cheap housing expenses - you could probably swing it if you don't have student loans. [ Reply | More
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General Topics 07.12.08, 06:32 PM Flag
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i think so. our rent is also 1K, similar situation, but our HHI is $140K. we don't pay for private school but we certainly could w/ an extra $60K [ Reply | More
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General Topics 07.12.08, 06:46 PM Flag
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i thought i responded to this but my reply didn't show up so i'll do it again. i definitely think you could do it. our HHI is $140 and we also have a $900 monthly payment, no mortgage. we're not paying for private school right now but we definitely could with an extra $60K [ Reply | More
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General Topics 07.12.08, 06:51 PM Flag
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It sounds like you're able to produce the tuition; The bigger questions relate to your long term educational and other quality of life goals for your child and family. At a 30k mean average (increasing nearly annually), privates are a big chunk of cash. Will you be able to save for college, have a life enriched by travel and other broadening experiences, be able to maintain a cushion in case of need? It's a lot to think about for a family and the fray of admissions-both private AND public- has become enough to send many scrambling to accept any private spot-at any immediate cost. [ Reply | More
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General Topics 07.12.08, 07:00 PM Flag
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Not if you plan on paying for college too. After taxes, retirement savings, college savings, savings for emergencies, and everything else, you will be very squeezed for private school. Maybe tap the equity in your home? [ Reply | More
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General Topics 07.12.08, 07:15 PM Flag
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why would you ask this? you are capable of making 600k, but aren't smart enough to balance your checkbook? what did you do to make the money? sell drugs? [ Reply | More
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General Topics 07.12.08, 07:16 PM Flag
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She's just bragging. Ignore. [ Reply | More
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General Topics 07.12.08, 07:17 PM Flag
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of course you can. your after tax income is around $135k, after housing costs you still have $123K. Tuition will set you back to $90K, which is $7500/month to spend. Given that you decided to forgo a large income to work at a not-for-profit, I will assume you don't live an extravagant life style, so I'm sure you can manage with one child on even a lot less than $7500/month. [ Reply | More
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General Topics 07.14.08, 06:22 AM Flag
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You forgot about taxes!!! It really about 2 to 3k [ Reply | More
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General Topics 07.14.08, 06:34 AM Flag
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no I didn't. If her income is $200k, her AFTER TAX income is $135K, which is what I said. [ Reply | More
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General Topics 07.14.08, 09:54 AM Flag
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$90k? [ Reply | More
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General Topics 07.14.08, 06:42 AM Flag
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yes, $90k is her income after taxes, housing and tuition. So the question is, can a family of 3 live in NYC on $7500 a month (after taxes, housing and tuition). I think so. [ Reply | More
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General Topics 07.14.08, 09:55 AM Flag
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