by a guest blogger
a Father of four
Last year, I was a 45-year-old married father of four children, a member of a large American Modern Orthodox Jewish community, and I didn’t have a penny saved in the bank. I decided to get serious about my finances and sit down with a financial planner. He told me that in order for me to be able to pay for my four children to go to college, and to have any semblance of a retirement for myself and my wife, we would need to save 50 percent of our net income for the next 20 years. We began to itemize my family’s major expenses:
Day school tuition– approximately $80,000 post tax dollars a year. Currently consuming nearly 50% of our post tax annual take home pay.