Reply to If your parents scrimped and saved to send you to private school, do you appreciate it now?

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[quote=Anonymous][quote=Anonymous]My parents scrimped and saved to send me and my brother to private school.  I appreciate the fact that they were trying to do what they thought was best at the time, but I think it was a very poor decision all around.  They 100% compromised their ability to retire (ditto to PPs who have pointed out that this can and DOES happen to working professionals).  Health issues cropped up in one of my parents when I was about 16 and my sister was 11, and neither of my parents were able to take their foot off the gas pedal at work to deal with what they needed to deal with.  It was absolutely horrible and the stress made the medical issues worse.  Today, they are in debt up to their eyeballs and they still make poor financial decisions.  It is stressful, because I feel responsible for it all, even though I would have made very different decisions.  The money would have been better spent enjoying life a bit more - dinners out as a family and vacations, which we were never able to take.  For my own family, we are doing public.  We purchased in a 1300 sq foot place, in a top shelf, close-in suburb so we can take advantage of the schools while building equity.  I wished my parents planned better and got into a good school district early on in the game where they could have done the same.

[b]In this area, I see a lot of parents sending their completely average children to private school, where they are told they are something special.[/b]  I think that sort of thing sets your kid up for needing a BIG wake up call once they enter the workforce.  Frankly, it will be interesting to see exactly where these run of the mill private school kids end up in 20 years.  I loved the PP upthread who makes seven figures and is setting up a trust for their kids instead of sending them to private.  She is right - most kids would rather do a great public + be given $500,000 at the age of 25 (and therefore, probably never have a mortgage - think of all that financial freedom, what a beautiful gift!) than go to private school.  If you have to ask if you can afford it, you can't.  Private school, when great public options are available, is for special needs kids or people who have enough money to light on fire.  And you don't.  Another thing to keep in mind is that your kids will be encouraged to aim for very expensive colleges, which might do a number on your finances when your health and earning potential might be less of a sure thing.

At some point and in some way, you and or your kids are going to have to face reality.  Better sooner than later.[/quote]

Completely agree. Save for a handful of private schools in the DC area, the majority are essentially public schools that you pay through the nose for. But if some people pay for private just to say that their kids go to private, by all means. I just don't personally see the point.[/quote]

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