> Good luck finding sympathy for how those rich people chose to spend their money instead of saving for their child's education.
Sounds to me like a rich person saying “works on my machine.”
This is pretty unrealistic for a family making $130k at the time the first kid hits college to tell them they should have saved more. Especially since tuition is growing faster than inflation or average market returns.
For example, if a family was prescient and knew their kid would get into harvard from conception, and they would have 18 years to save that $200k. If they already made $130k and are fortunate to keep a job all 18 years and if their income grew at the average rate, that’s $15k/year or, assuming they live in NY or CA, about 20% of their net income.
That’s if they only have one kid.
Asking middle class families to forego retirement while 15% of students are in the US 1% is callous.
A $130K household would pay no more than 10% of the sticker price, less if they had other kids. A family paying the full rate would probably have triple that income.
> For example, if a family was prescient and knew their kid would get into harvard from conception
They wouldn’t have to know they’d get into Harvard but they’d hope their child would go somewhere and at their income level Harvard would be cheaper than many state schools.
Sounds to me like a rich person saying “works on my machine.”
This is pretty unrealistic for a family making $130k at the time the first kid hits college to tell them they should have saved more. Especially since tuition is growing faster than inflation or average market returns.
For example, if a family was prescient and knew their kid would get into harvard from conception, and they would have 18 years to save that $200k. If they already made $130k and are fortunate to keep a job all 18 years and if their income grew at the average rate, that’s $15k/year or, assuming they live in NY or CA, about 20% of their net income.
That’s if they only have one kid.
Asking middle class families to forego retirement while 15% of students are in the US 1% is callous.