3 ms·

This is cowardly. If I’m rich enough by the time my kid is in college I’d consider it a duty to pay full price. I got financial aid and it’s pretty sickening

This is cowardly. If I’m rich enough by the time my kid is in college I’d consider it a duty to pay full price. I got financial aid and it’s pretty sickening to see people using a program meant for those who can’t go without the help.

gedy 7y ago
It's not so black and white to call these numbers "rich". $250k sounds like a lot, but a family, mortgage, retirement savings evaporates that to middle class in many parts of the country.
- vkou 7y ago
  If those requirements are stretching a $250k income, how exactly are people making $50k supposed to afford a family and retirement?
  - vlan0 7y ago
    I think you know the answer. They aren’t.
- asdfasgasdgasdg 7y ago
  In Chicago, you really ought to be able to manage on $250k. There are nice houses in just about any neighborhood you want to live in on sale for less than $600k. That's $3000/mo monthly payments, plus say $15k of taxes, for $50k/y of housing costs. Food is, say, $20k, and transport another $10k. So you have $80k spent on necessities. If we assume a 40% average tax rate and an income of exactly $250k, you have $70k/y of slack. (To be clear, I understand people have other expenses, but I also think $600k is a pretty generous housing allowance in Chicago. However, the parents in question inexplicably spent $1.2M.) Sure, it'll be expensive to send four kids to private school . . . so, don't do that? Or pay only part and use loans for the rest? But in reality the financial situation is probably even rosier than this, but they're probably squandering the money.
  - deleted 7y ago
    [deleted]
  - ImprovedSilence 7y ago
    You left out retirement. Assuming a two income household, that’s near $40k for 401k contributions. Assume Roth for sake of convince for tax calculations.) Healthcare likely costs 6-12k/year for a family too. (Premium plus deductibles, and contributions to HSA account.). If any kids are in daycare, that’s 12k per kid, probably closer to $24k near major cities.
- theandrewbailey 7y ago
  $250k/year puts someone into the upper 5%.
ivolimmen 7y ago
I feel the same way. I do not live in America but it is the same in every country around the world. There is always a group of people that has ethics standards we do not have. They are the ones that sink the system.
- keanzu 7y ago
  "Of course, none of us are greedy, it’s only the other fellow who’s greedy." - Milton Friedman

gedy 7y ago

It's not so black and white to call these numbers "rich". $250k sounds like a lot, but a family, mortgage, retirement savings evaporates that to middle class in many parts of the country.

vkou 7y ago
If those requirements are stretching a $250k income, how exactly are people making $50k supposed to afford a family and retirement?
- vlan0 7y ago
  I think you know the answer. They aren’t.
asdfasgasdgasdg 7y ago
In Chicago, you really ought to be able to manage on $250k. There are nice houses in just about any neighborhood you want to live in on sale for less than $600k. That's $3000/mo monthly payments, plus say $15k of taxes, for $50k/y of housing costs. Food is, say, $20k, and transport another $10k. So you have $80k spent on necessities. If we assume a 40% average tax rate and an income of exactly $250k, you have $70k/y of slack. (To be clear, I understand people have other expenses, but I also think $600k is a pretty generous housing allowance in Chicago. However, the parents in question inexplicably spent $1.2M.) Sure, it'll be expensive to send four kids to private school . . . so, don't do that? Or pay only part and use loans for the rest? But in reality the financial situation is probably even rosier than this, but they're probably squandering the money.
- deleted 7y ago
  [deleted]
- ImprovedSilence 7y ago
  You left out retirement. Assuming a two income household, that’s near $40k for 401k contributions. Assume Roth for sake of convince for tax calculations.) Healthcare likely costs 6-12k/year for a family too. (Premium plus deductibles, and contributions to HSA account.). If any kids are in daycare, that’s 12k per kid, probably closer to $24k near major cities.
theandrewbailey 7y ago
$250k/year puts someone into the upper 5%.

ivolimmen 7y ago

I feel the same way. I do not live in America but it is the same in every country around the world. There is always a group of people that has ethics standards we do not have. They are the ones that sink the system.

keanzu 7y ago
"Of course, none of us are greedy, it’s only the other fellow who’s greedy." - Milton Friedman