If you made $1MM annually, would you send your kids to private?

[Anonymous]

Anonymous wrote:

Anonymous wrote:We chose independent school because of the excellent academics and less “bad” things (troublemaker kids even in a $$$ school zone, excessive screentime, etc.) but may go back to public because of the logistics. Having the school be 20 minutes away instead of 5 is making life complicated! I wish public schools were better…

People around here don’t know what great publics are. They exist, but generally only in small township-based school districts. Many outstanding ones in the NY/NJ/CT tristate area, Boston suburbs, Chicago suburbs & Philly main line.

I don’t know if it’s geography or time though. I grew up in the tristate area and felt like I had excellent public schooling that prepared me well for my HYP undergrad. Would I still feel that way today?

[Anonymous]

Anonymous wrote:

Anonymous wrote:The thing with making $1M a year is that it is often non stable. In theory I will make about $1M this year, but I don't actually get about half of that money until I get my bonus and my stock vests a few years from now. So what I am living on is less than half that. And I could be laid off at any time. So I keep my kids in public schools, which tutoring and enrichment and a lot of parental involvement.

I am also worried about where society is headed with all this inequality and AI and part of me thinks the best thing I can do is just bank a ton of money for my kids that they can have starting in their mid-30s. I take the $90K that I would otherwise spend on private school plus my bonuses and save it for them.

If one of them had special needs or wasn't doing well in public I would switch to private but that is not the case.

+1000

Unless your kids have a real need for private school (is struggling in public), your kids will come out much further ahead with this plan. Match your kid's Roth IRA and 401K contributions from time they start working until age30. They will likely be set to have $2M+ at retirement just from that (possibly more). Help them with their first home downpayment Much more beneficial long term than $45K/year for tuition in MS/HS. Smart kids will do well no matter where they go to HS and the largest impact is the HOME environment for education.

To each his own. I’d rather give my kids the best education I can and launch them well. Don’t need to infantilize them by funding their lives. They can work hard like DH and I did.

(I mean TBH, I can afford to do both. But I have no intention of setting expectations of $$$ that early in their lives before they’ve even proven themselves)

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:The thing with making $1M a year is that it is often non stable. In theory I will make about $1M this year, but I don't actually get about half of that money until I get my bonus and my stock vests a few years from now. So what I am living on is less than half that. And I could be laid off at any time. So I keep my kids in public schools, which tutoring and enrichment and a lot of parental involvement.

I am also worried about where society is headed with all this inequality and AI and part of me thinks the best thing I can do is just bank a ton of money for my kids that they can have starting in their mid-30s. I take the $90K that I would otherwise spend on private school plus my bonuses and save it for them.

If one of them had special needs or wasn't doing well in public I would switch to private but that is not the case.

+1000

Unless your kids have a real need for private school (is struggling in public), your kids will come out much further ahead with this plan. Match your kid's Roth IRA and 401K contributions from time they start working until age30. They will likely be set to have $2M+ at retirement just from that (possibly more). Help them with their first home downpayment Much more beneficial long term than $45K/year for tuition in MS/HS. Smart kids will do well no matter where they go to HS and the largest impact is the HOME environment for education.

To each his own. I’d rather give my kids the best education I can and launch them well. Don’t need to infantilize them by funding their lives. They can work hard like DH and I did.

(I mean TBH, I can afford to do both. But I have no intention of setting expectations of $$$ that early in their lives before they’ve even proven themselves)

Many of us feel our kids are getting as good if not better education at the local public schools. No reason to waste money. So We did give our kids the best education we could. Both are hard workers and at top schools for them. Not every kid is cut out to apply to T20 schools and no amount of private school would change that---instead we focused on the private therapy and tutoring specific to there needs 2-3 days/week. The private schools out there are not providing that. My other kid is at a T25 school, so not much more we could ask for with their education.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:The thing with making $1M a year is that it is often non stable. In theory I will make about $1M this year, but I don't actually get about half of that money until I get my bonus and my stock vests a few years from now. So what I am living on is less than half that. And I could be laid off at any time. So I keep my kids in public schools, which tutoring and enrichment and a lot of parental involvement.

I am also worried about where society is headed with all this inequality and AI and part of me thinks the best thing I can do is just bank a ton of money for my kids that they can have starting in their mid-30s. I take the $90K that I would otherwise spend on private school plus my bonuses and save it for them.

If one of them had special needs or wasn't doing well in public I would switch to private but that is not the case.

+1000

Unless your kids have a real need for private school (is struggling in public), your kids will come out much further ahead with this plan. Match your kid's Roth IRA and 401K contributions from time they start working until age30. They will likely be set to have $2M+ at retirement just from that (possibly more). Help them with their first home downpayment Much more beneficial long term than $45K/year for tuition in MS/HS. Smart kids will do well no matter where they go to HS and the largest impact is the HOME environment for education.

To each his own. I’d rather give my kids the best education I can and launch them well. Don’t need to infantilize them by funding their lives. They can work hard like DH and I did.

(I mean TBH, I can afford to do both. But I have no intention of setting expectations of $$$ that early in their lives before they’ve even proven themselves)

Many of us feel our kids are getting as good if not better education at the local public schools. No reason to waste money. So We did give our kids the best education we could. Both are hard workers and at top schools for them. Not every kid is cut out to apply to T20 schools and no amount of private school would change that---instead we focused on the private therapy and tutoring specific to there needs 2-3 days/week. The private schools out there are not providing that. My other kid is at a T25 school, so not much more we could ask for with their education.

Okay… not sure what the point of this is. I was responding to PPs who are saving money to fund their adult kids out of fear they can’t hack it in a post-AI job market. I said I would rather spend money now to prepare them for the future. You are doing basically the same thing as me, just on therapy instead of private school. My kids wouldn’t benefit from therapy, but I believe they do benefit from the small class sizes and other extras at our private school.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:The thing with making $1M a year is that it is often non stable. In theory I will make about $1M this year, but I don't actually get about half of that money until I get my bonus and my stock vests a few years from now. So what I am living on is less than half that. And I could be laid off at any time. So I keep my kids in public schools, which tutoring and enrichment and a lot of parental involvement.

I am also worried about where society is headed with all this inequality and AI and part of me thinks the best thing I can do is just bank a ton of money for my kids that they can have starting in their mid-30s. I take the $90K that I would otherwise spend on private school plus my bonuses and save it for them.

If one of them had special needs or wasn't doing well in public I would switch to private but that is not the case.

+1000

Unless your kids have a real need for private school (is struggling in public), your kids will come out much further ahead with this plan. Match your kid's Roth IRA and 401K contributions from time they start working until age30. They will likely be set to have $2M+ at retirement just from that (possibly more). Help them with their first home downpayment Much more beneficial long term than $45K/year for tuition in MS/HS. Smart kids will do well no matter where they go to HS and the largest impact is the HOME environment for education.

To each his own. I’d rather give my kids the best education I can and launch them well. Don’t need to infantilize them by funding their lives. They can work hard like DH and I did.

(I mean TBH, I can afford to do both. But I have no intention of setting expectations of $$$ that early in their lives before they’ve even proven themselves)

Many of us feel our kids are getting as good if not better education at the local public schools. No reason to waste money. So We did give our kids the best education we could. Both are hard workers and at top schools for them. Not every kid is cut out to apply to T20 schools and no amount of private school would change that---instead we focused on the private therapy and tutoring specific to there needs 2-3 days/week. The private schools out there are not providing that. My other kid is at a T25 school, so not much more we could ask for with their education.

Okay… not sure what the point of this is. I was responding to PPs who are saving money to fund their adult kids out of fear they can’t hack it in a post-AI job market. I said I would rather spend money now to prepare them for the future. You are doing basically the same thing as me, just on therapy instead of private school. My kids wouldn’t benefit from therapy, but I believe they do benefit from the small class sizes and other extras at our private school.

I'm the PP you are quoting who is saving money in case "my kids can't hack it in a post-AI job market." My kids are doing well in public school - I honestly think they will be more likely to attend a top college staying in the language immersion program in their public school vs switching to private. And they have no idea how much we have saved for them - nor will they know. We live like GS-14s. I wouldn't give them money until they are older and launched but I do worry about the way society is headed - I am just not sure that private school is the right solution. Plus I am worried about my own job. If I get laid off at 50 and have trouble finding a reasonably well paying job, I will need the money I am saving.

I am not saying their is anything wrong with spending on private schools - there are definitely days I question my decision and we may send one of our kids to boarding school for part of high school due to some unique circumstances. I am just always surprised that more people who do private aren't worried about getting laid off (or do they all already have enough of a cushion that they would be fine if they were laid off)? Or do other people just not worry about getting laid off or all they all surgeons where that is less of a concern?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:The thing with making $1M a year is that it is often non stable. In theory I will make about $1M this year, but I don't actually get about half of that money until I get my bonus and my stock vests a few years from now. So what I am living on is less than half that. And I could be laid off at any time. So I keep my kids in public schools, which tutoring and enrichment and a lot of parental involvement.

I am also worried about where society is headed with all this inequality and AI and part of me thinks the best thing I can do is just bank a ton of money for my kids that they can have starting in their mid-30s. I take the $90K that I would otherwise spend on private school plus my bonuses and save it for them.

If one of them had special needs or wasn't doing well in public I would switch to private but that is not the case.

+1000

Unless your kids have a real need for private school (is struggling in public), your kids will come out much further ahead with this plan. Match your kid's Roth IRA and 401K contributions from time they start working until age30. They will likely be set to have $2M+ at retirement just from that (possibly more). Help them with their first home downpayment Much more beneficial long term than $45K/year for tuition in MS/HS. Smart kids will do well no matter where they go to HS and the largest impact is the HOME environment for education.

To each his own. I’d rather give my kids the best education I can and launch them well. Don’t need to infantilize them by funding their lives. They can work hard like DH and I did.

(I mean TBH, I can afford to do both. But I have no intention of setting expectations of $$$ that early in their lives before they’ve even proven themselves)

Many of us feel our kids are getting as good if not better education at the local public schools. No reason to waste money. So We did give our kids the best education we could. Both are hard workers and at top schools for them. Not every kid is cut out to apply to T20 schools and no amount of private school would change that---instead we focused on the private therapy and tutoring specific to there needs 2-3 days/week. The private schools out there are not providing that. My other kid is at a T25 school, so not much more we could ask for with their education.

Okay… not sure what the point of this is. I was responding to PPs who are saving money to fund their adult kids out of fear they can’t hack it in a post-AI job market. I said I would rather spend money now to prepare them for the future. You are doing basically the same thing as me, just on therapy instead of private school. My kids wouldn’t benefit from therapy, but I believe they do benefit from the small class sizes and other extras at our private school.

I'm the PP you are quoting who is saving money in case "my kids can't hack it in a post-AI job market." My kids are doing well in public school - I honestly think they will be more likely to attend a top college staying in the language immersion program in their public school vs switching to private. And they have no idea how much we have saved for them - nor will they know. We live like GS-14s. I wouldn't give them money until they are older and launched but I do worry about the way society is headed - I am just not sure that private school is the right solution. Plus I am worried about my own job. If I get laid off at 50 and have trouble finding a reasonably well paying job, I will need the money I am saving.

I am not saying their is anything wrong with spending on private schools - there are definitely days I question my decision and we may send one of our kids to boarding school for part of high school due to some unique circumstances. I am just always surprised that more people who do private aren't worried about getting laid off (or do they all already have enough of a cushion that they would be fine if they were laid off)? Or do other people just not worry about getting laid off or all they all surgeons where that is less of a concern?

Probably a combo of greater cash cushion + lower levels of anxiety than you