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Make $400k, mortgage is only debt, worth paying $55k for kids' private school
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Date: March 23rd, 2017 1:32 PM Author: Heady theatre gaping (http://www.autoadmit.com/thread.php?thread_id=3561932&forum_id=2#32898200) |
Date: March 23rd, 2017 1:34 PM Author: bateful pearly house tank Nope (http://www.autoadmit.com/thread.php?thread_id=3561932&forum_id=2#32898215) |
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Date: March 23rd, 2017 1:35 PM Author: mind-boggling poppy hairy legs crackhouse lol no. Private schools that cost that much are for $1m net worth and above. (http://www.autoadmit.com/thread.php?thread_id=3561932&forum_id=2#32898227) |
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Date: March 24th, 2017 4:54 AM Author: Purple galvanic pit stain if he makes 400k theres a good chance he has 1m net worth (http://www.autoadmit.com/thread.php?thread_id=3561932&forum_id=2#32904458) |
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Date: March 24th, 2017 4:55 AM Author: gold boltzmann field Are you retarded? Interest rates are very low so net worth means nothing and your salary means everything. (http://www.autoadmit.com/thread.php?thread_id=3561932&forum_id=2#32904459) |
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Date: March 23rd, 2017 1:36 PM Author: Salmon Kitchen Why'd you buy a house and have kids in a bad school district? (http://www.autoadmit.com/thread.php?thread_id=3561932&forum_id=2#32898229) |
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Date: March 23rd, 2017 1:38 PM Author: mind-boggling poppy hairy legs crackhouse cr. School district should play a HUGE roll in where you buy a house. Now OP has to spend $55k/year for the next decade to make up for his fuck up. ljl
But in all seriousness, just send them to public school and get them tutors and shit. Are the schools THAT bad or just mediocre? Having a good, stable home and good tutoring will offset a bad public school (unless the school is dangerous or something) |
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Date: March 23rd, 2017 1:59 PM Author: Amethyst big coffee pot Not sure where OP is, but if truly bad school district. Then it's prob a major city. Not many people have the money to buy into a good school district when they just start out with kids. Same home in a better school district costs $500k-$1m more in la so it's really a wash when compared to private school tuition. (http://www.autoadmit.com/thread.php?thread_id=3561932&forum_id=2#32898403) |
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Date: March 23rd, 2017 2:08 PM Author: Garnet knife legend "Same home in a better school district costs $500k-$1m more in la so it's really a wash when compared to private school tuition."
Not a wash.
$55,000/year in tuition just gone.
$55,000/year in mortgage buys around $1.1 million in extra house, and that house builds equity and provides tax deductions. |
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Date: March 23rd, 2017 2:10 PM Author: effete impressive parlour you arent getting a tax deduction for a lot of that $1 million extra house.
But $55K tuition is absurd. |
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Date: March 23rd, 2017 2:16 PM Author: Garnet knife legend The tax point is fair, but early on, roughly 30% of that $55,000/year ($16,500) will be paying principal and increasing the equity. That's not a small portion, and it goes up over time. (http://www.autoadmit.com/thread.php?thread_id=3561932&forum_id=2#32898539) |
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Date: March 23rd, 2017 2:14 PM Author: Amethyst big coffee pot I don't think you understand that when people buy homes, you don't just get approved for a mortgage for a home costing $1m more simply because you can afford $55k/year on tuition. (http://www.autoadmit.com/thread.php?thread_id=3561932&forum_id=2#32898511) |
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Date: March 23rd, 2017 2:23 PM Author: Garnet knife legend "I don't think you understand"
"simply because"
Yes, just uncharitably assume that I'm a retard who, despite all indications to the contrary, doesn't understand simple consumer finance issues.
Or, maybe, you could do something more useful, like, I don't know, maybe make a reasonable assumption about his current equity and qualification prospects, and work from there. |
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Date: March 23rd, 2017 2:31 PM Author: Amethyst big coffee pot i can assure you that having gone through multiple home mortgage financings and refis on similar stats as OP, i know quite a bit more about his qualification prospects for a home costing $1m more you do. These things are a lot harder to be approved for than you think. (http://www.autoadmit.com/thread.php?thread_id=3561932&forum_id=2#32898671) |
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Date: March 23rd, 2017 2:33 PM Author: Garnet knife legend And yet you still haven't posted a single thing of value.
Not one number.
Explain.
Are you trying to be a shittier version of Rowan?
"Well, on the one hand... It depends..." |
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Date: March 23rd, 2017 2:45 PM Author: Amethyst big coffee pot I don't make blanket statements like "just buy a more expensive home in a better district because it makes financial sense" when real life is a lot more complicated than that. Chances are op is already in a home over $1m if he's in a major city. It's not easy going from a $1m to $2m home on a 30 year fixed. Even if he can get approved, his financial situation can change and I have no idea how stable his income is. Pulling your kids out of private school if things go wrong 5-10 years from now is a lot easier than getting foreclosed upon if he's not in a position to move to a better area. (http://www.autoadmit.com/thread.php?thread_id=3561932&forum_id=2#32898792) |
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Date: March 23rd, 2017 3:10 PM Author: Garnet knife legend "I don't make blanket statements..."
But: "it's really a wash"
With no debt, steady employment, and a sufficient down payment, he could probably get somewhere around a $2.5 million mortgage. $2 million shouldn't be a problem at all, and he might not even need that much.
So it's pretty easy to think of realistic scenarios where it's not a wash.
And your experience with the annoying task of sending in standard mortgage documents to refi your condo doesn't change that. |
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Date: March 24th, 2017 1:35 PM Author: mahogany casino he makes 400K/yr, he will be autoapproved for an 800K mortage (after 20% down payment) also i feel this is life imitating art since i just read an article that they've discovered nutella can cause cancer |
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Date: March 23rd, 2017 2:27 PM Author: razzmatazz elastic band Send them to shitty school, pay out the ass for tutors/activities, and instruct them to "identify" as a minority on college apps (and carefully weave a tale of oppression in their essays). I recommend hispanic. Make sure they participate in hispanic groups during high school and they will be an autoadmit to lots of great universities. (http://www.autoadmit.com/thread.php?thread_id=3561932&forum_id=2#32898644) |
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Date: March 23rd, 2017 2:30 PM Author: Garnet knife legend A reasonable alternative. (http://www.autoadmit.com/thread.php?thread_id=3561932&forum_id=2#32898664) |
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Date: March 23rd, 2017 2:33 PM Author: dead station main people the only cr (http://www.autoadmit.com/thread.php?thread_id=3561932&forum_id=2#32898685) |
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Date: March 24th, 2017 7:07 AM Author: Hideous Soggy Location Ratface (http://www.autoadmit.com/thread.php?thread_id=3561932&forum_id=2#32904541) |
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Date: March 24th, 2017 1:35 PM Author: Bistre turdskin trailer park this will work until your kid runs for office and is outted for claiming AA and some billionaire refers to your kid as "pepe" (http://www.autoadmit.com/thread.php?thread_id=3561932&forum_id=2#32907035) |
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Date: March 24th, 2017 1:33 PM Author: mahogany casino Better Q: why not take advantage of this golden opp, send them to the shit schools, where they can absolutely style on everyone, and if OP happens to have a vaguely ethnic last name, they will get AA like mad and be autoadmit to yale, which they will turn down becasue of its shitlibbery and attend xo princeton instead (http://www.autoadmit.com/thread.php?thread_id=3561932&forum_id=2#32907020) |
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Date: March 23rd, 2017 1:42 PM Author: Garnet knife legend Spend $27,500/year on a house in a better district. That gets you about $450,000 more in house mortgage.
Put $27,500/year in a trust, college fund, whatever. |
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Date: March 23rd, 2017 1:42 PM Author: Umber ungodly hominid menage What age is your kid? I can't see paying $55k/year for pre-K. (http://www.autoadmit.com/thread.php?thread_id=3561932&forum_id=2#32898270) |
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Date: March 23rd, 2017 1:42 PM Author: Heady theatre gaping Can't do it without a long ass commute. (http://www.autoadmit.com/thread.php?thread_id=3561932&forum_id=2#32898271) |
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Date: March 23rd, 2017 1:57 PM Author: Garnet knife legend Where do you live such that half-a-million extra dollars in housing is insufficient to get you into a reasonably close, decent district?
MFH? Bay Area? |
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Date: March 23rd, 2017 2:08 PM Author: Amethyst big coffee pot How bad are we talking? Bad like this:
http://www.greatschools.org/california/venice/2483-Westminster-Avenue-Elementary-School/
Yeah I'd pay for private school.
That area is full of $3m homes too lol. What a joke lausd is. |
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Date: March 23rd, 2017 6:03 PM Author: Comical stage How is that possbile?
No an LAmo, but I'm pretty familiar with that area. You can't buy anything for under $1.5 mil and can't rent a 1 bedroom for less than $2200.
How the fuck do all those mexican familes live within that area? |
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Date: March 24th, 2017 4:40 AM Author: Haunting Bearded Community Account Relevant to my interests (http://www.autoadmit.com/thread.php?thread_id=3561932&forum_id=2#32904449) |
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Date: March 24th, 2017 4:47 AM Author: gold boltzmann field They live 12 to a house. (http://www.autoadmit.com/thread.php?thread_id=3561932&forum_id=2#32904455) |
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Date: March 24th, 2017 5:02 AM Author: Haunting Bearded Community Account This doesn't explain it all. Perhaps no retirement savings, or no savings at all. Also, we (Americans) discount inherited wealth (http://www.autoadmit.com/thread.php?thread_id=3561932&forum_id=2#32904469) |
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Date: March 24th, 2017 7:35 AM Author: Violet Locus Codepig Most of them work under the table, they don't pay tax.collect all the government bennies and like :D stated, live 12 to a house. To which I might add a house that was probably built and is maintained by someone living in it. (http://www.autoadmit.com/thread.php?thread_id=3561932&forum_id=2#32904574) |
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Date: March 25th, 2017 12:43 AM Author: arousing nighttime stage feces LMFAO
Students Studies show that diversity in school leads to long-term benefits for students. Discover why! |
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Date: March 23rd, 2017 2:11 PM Author: Frum abusive plaza sex offender No. That's insane. It's almost insane at double that salary.... (http://www.autoadmit.com/thread.php?thread_id=3561932&forum_id=2#32898485) |
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Date: March 23rd, 2017 2:24 PM Author: light self-absorbed garrison striped hyena How are their IVY placement stats (http://www.autoadmit.com/thread.php?thread_id=3561932&forum_id=2#32898620) |
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Date: March 23rd, 2017 3:29 PM Author: seedy domesticated gay wizard I encourage anyone who wants to part their money as much as you to do so (http://www.autoadmit.com/thread.php?thread_id=3561932&forum_id=2#32899069) |
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Date: March 23rd, 2017 4:58 PM Author: Heady theatre gaping (http://www.autoadmit.com/thread.php?thread_id=3561932&forum_id=2#32899784) |
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Date: March 23rd, 2017 5:10 PM Author: Frum abusive plaza sex offender yeah, assumed it was $27.5k per kid per school...same tuition as my kids. (http://www.autoadmit.com/thread.php?thread_id=3561932&forum_id=2#32899892) |
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Date: March 24th, 2017 10:19 AM Author: Heady theatre gaping (http://www.autoadmit.com/thread.php?thread_id=3561932&forum_id=2#32905399) |
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Date: March 24th, 2017 1:31 PM Author: Lascivious Insecure Black Woman It's like your printing your own money! (http://www.autoadmit.com/thread.php?thread_id=3561932&forum_id=2#32906995) |
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Date: March 23rd, 2017 5:09 PM Author: Thirsty cracking church building Do it. Don't expose them to proles. (http://www.autoadmit.com/thread.php?thread_id=3561932&forum_id=2#32899878) |
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Date: March 23rd, 2017 5:51 PM Author: Disturbing pocket flask pisswyrm Over 70% equity in ~$4 mil worth of properties in the Bay Area here, including our home in a "great schools" 10/10/9 and California API 900+/900+/barely under 900 school district.
I'd only do private if it was something legitimately unique and matched my kid's personality and ability. So, schools like Waldorf near Palo Alto, that kind of shit. Otherwise, you're waaaayyyyy fucking better off doing a good PS district + supplementing with parental involvement in literally anything if their life. So, be involved in helping them with sports, learning in general, etc. Having the wife SAH is also probably 100x more valuable then any private school or tutoring (assuming non-Shrew). And that's for 1 kid. Anything above one and private school is a total scam unless you're drowning in money and just don't care. |
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Date: March 24th, 2017 4:48 AM Author: gold boltzmann field "Having the wife SAH is also probably 100x more valuable then any private school or tutoring (assuming non-Shrew)." Wtf? |
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Date: March 24th, 2017 1:32 PM Author: Umber ungodly hominid menage "Having the wife SAH is also probably 100x more valuable then any private school or tutoring (assuming non-Shrew)."
If we're talking about getting the kid ready for college and such, having a wife with a few shrew traits could be an asset. These sorts of SAHMs are much more likely to want to get the kid into a ton of gunner hobbies, and her shrew striver nature will rub off on the kid too. |
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Date: March 24th, 2017 1:40 PM Author: mahogany casino tbf if you live in a major city and send your kids to great private school, many of their classmates will come back to the city after college and eventually run the city (http://www.autoadmit.com/thread.php?thread_id=3561932&forum_id=2#32907083) |
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Date: March 24th, 2017 4:56 AM Author: gold boltzmann field This is obviously a troll but yes your children's future is certainly worth 14% of your income, dumbass. (http://www.autoadmit.com/thread.php?thread_id=3561932&forum_id=2#32904460) |
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Date: March 24th, 2017 7:36 AM Author: Violet Locus Codepig CR (http://www.autoadmit.com/thread.php?thread_id=3561932&forum_id=2#32904576) |
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Date: March 24th, 2017 7:21 AM Author: Amber Business Firm sounds like you live in an absolute hellhole. you should look into jobs that pay like $200K somewhere normal (http://www.autoadmit.com/thread.php?thread_id=3561932&forum_id=2#32904560) |
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Date: March 24th, 2017 10:21 AM Author: Lascivious Insecure Black Woman This will be me in a few years, there is no fucking way I will pay that much for my kid's school. (http://www.autoadmit.com/thread.php?thread_id=3561932&forum_id=2#32905410) |
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Date: March 24th, 2017 10:22 AM Author: Heady theatre gaping two kids, but I understand. I said the same thing. (http://www.autoadmit.com/thread.php?thread_id=3561932&forum_id=2#32905418) |
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Date: March 24th, 2017 10:24 AM Author: Lascivious Insecure Black Woman Ah okay, well that's slightly less insane. Still I'm going to opt to live somewhere I can send them public and bite the bullet on my commute. I don't think I could justify that cost unless I was making more like twice that much. (http://www.autoadmit.com/thread.php?thread_id=3561932&forum_id=2#32905435) |
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Date: March 24th, 2017 1:41 PM Author: mahogany casino you realize when you "bite the bullet on commute" that's a polite way of saying "fuck actually being a father figure to my children i want to style on proles and then die younger!" (http://www.autoadmit.com/thread.php?thread_id=3561932&forum_id=2#32907096) |
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Date: March 24th, 2017 10:28 AM Author: seedy domesticated gay wizard How did someone capable of earning 400k completely fail to show any long term planning. This is what poors and idiots do. (http://www.autoadmit.com/thread.php?thread_id=3561932&forum_id=2#32905456) |
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Date: March 24th, 2017 10:30 AM Author: Heady theatre gaping Nice house, great neighborhood. Located 10 minutes away from office. Anything in a good school district would be a 45 + minute commute in the burbs. (http://www.autoadmit.com/thread.php?thread_id=3561932&forum_id=2#32905467) |
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Date: March 24th, 2017 10:31 AM Author: seedy domesticated gay wizard Looks like you fucked up then if you had kids or were planning on having kids when you bought. As if this snuck up on you or something (http://www.autoadmit.com/thread.php?thread_id=3561932&forum_id=2#32905482) |
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Date: March 24th, 2017 10:32 AM Author: Lascivious Insecure Black Woman If your kids can't go to the public school it's because of a close proximity to undesirables. (http://www.autoadmit.com/thread.php?thread_id=3561932&forum_id=2#32905486) |
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Date: March 24th, 2017 10:35 AM Author: Crimson Supple International Law Enforcement Agency Every nice neighborhood in a southern city is in very close proximity to undesirables. (http://www.autoadmit.com/thread.php?thread_id=3561932&forum_id=2#32905521) |
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Date: March 24th, 2017 1:30 PM Author: Lascivious Insecure Black Woman Really? Every nice neighborhood is close enough to a bad area that you can't find a single acceptable school district? (http://www.autoadmit.com/thread.php?thread_id=3561932&forum_id=2#32906991) |
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Date: March 25th, 2017 12:12 AM Author: Crimson Supple International Law Enforcement Agency I think the poaster above is right about this for the most part. (http://www.autoadmit.com/thread.php?thread_id=3561932&forum_id=2#32911941) |
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Date: March 24th, 2017 10:34 AM Author: Crimson Supple International Law Enforcement Agency I went to private school. My brother was much better than me at sports and did not. Here is something not considered in this thread. Private school from an educational perspective is 100% not worth it. It just isn't. What makes going to an elite private school in your city worth is the peer group you grow up with. Poasters here probably cannot understand the social benefits of this, but it cannot be overstated. You form bonds with these bros from highly successful families that last a lifetime. My bro's friends from high school did not amount to much at all. (http://www.autoadmit.com/thread.php?thread_id=3561932&forum_id=2#32905511) |
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Date: March 24th, 2017 10:43 AM Author: nudist idiot Actually somewhat credited. (http://www.autoadmit.com/thread.php?thread_id=3561932&forum_id=2#32905589) |
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Date: March 24th, 2017 1:24 PM Author: bat shit crazy fluffy bawdyhouse multi-billionaire That's only actually elite private schools, the kind that if you can get into, you already have those connections and enough money that tuition is nbd. Most private schools are UMC striver class. (http://www.autoadmit.com/thread.php?thread_id=3561932&forum_id=2#32906943) |
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Date: March 25th, 2017 8:54 AM Author: Umber ungodly hominid menage All of those "elite" private schools accept a ton of UMC strivers and smart middle/working class kids (read: minorities) nowadays who ace their placement tests.
Mark Zuckerberg went to Andover. He grew up the son of UMC strivers. His family had means, but were nothing special. |
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Date: March 24th, 2017 1:27 PM Author: Concupiscible masturbator ur brother: a normal person u: poast on xo (http://www.autoadmit.com/thread.php?thread_id=3561932&forum_id=2#32906961) |
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Date: March 24th, 2017 1:36 PM Author: Umber ungodly hominid menage 100% agreed and this is the argument in favor of private schools. The most successful people I know from a sheer monetary standpoint are the people who milked their friends' connections to get set up in business. Maybe a bro or chick from a HNW family will serve as investor, or maybe someone's big family business will serve as the first anchor client for your kid's startup. Or someone's influential parent will serve as a resource.
I know a few of these sorts of families who sent their kid to a public school in a superzip, too.
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Date: March 24th, 2017 1:43 PM Author: sable set Super zip? (http://www.autoadmit.com/thread.php?thread_id=3561932&forum_id=2#32907119) |
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Date: March 24th, 2017 1:44 PM Author: Umber ungodly hominid menage Think McLean, VA or Winnetka, IL or Darien, CT. (http://www.autoadmit.com/thread.php?thread_id=3561932&forum_id=2#32907128) |
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Date: March 24th, 2017 1:46 PM Author: Lascivious Insecure Black Woman You know, like, really asian. (http://www.autoadmit.com/thread.php?thread_id=3561932&forum_id=2#32907134) |
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Date: March 24th, 2017 2:03 PM Author: Umber ungodly hominid menage That would be Princeton, NJ. (http://www.autoadmit.com/thread.php?thread_id=3561932&forum_id=2#32907304) |
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Date: March 24th, 2017 1:42 PM Author: mahogany casino This. Lotta fuckin proles ITT. (http://www.autoadmit.com/thread.php?thread_id=3561932&forum_id=2#32907112) |
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Date: March 25th, 2017 12:10 AM Author: nudist idiot (http://www.autoadmit.com/thread.php?thread_id=3561932&forum_id=2#32911930) |