Originally Posted by Sam
I forgot to mention one thing about your book, WLLM.* Somewhere in the first portion of the book, you mention "private schooling".* Sounds like you're saying that sending young kids to private schools is a waste of money, a way to keep up with the Joneses.
With due respect, I totally disagree with you on that logic.* When my kids were in elementary school, I made a promise to myself that I would work hard, save money, live below my mean, in order to be able to send them to reputable, challenging, demanding private schools before they reach the sixth grade.* I chose the school based on tangible data:* Average SAT score, graduation percentage, % going to college, and most importantly which colleges graduates end up going to.* The cost of sending my two kids to private school is about 25% of my gross annual income, and there is no tax advantage.* I have no regret yet.
So, your view on private school might be valid in some cases, but not in all cases.
Other than that, I like your book a lot.
OK, I don't have kids, but I am wondering if the pay off is really there.
My partner of 18 years went to private school her entire life - grade school through college. *I went to public school my entire life - grade school through college. *We both have four year degrees. *For the last 18 years, I have made at least 50% more money than she has. *She has a degree in English (thank God because I can't spell) and I have a degree in Business MIS (IT).
My parents were able to set up trust funds for my brother's kids' education at state colleges. *Her parents have not been able to fund any of their grand children's college.
In addition, by brother is 18 months older than I am. *We both work in the IT field. *He has a 2 year degree and I have a 4 year degree yet we have always been very close in salary. *My point is that the degree itself may help get the first job, but after that I'm not sure how much it matters. *I have always felt that he has a genius for figuring out how things work. He is also very introverted which lends itself well to computer programming and I am very extroverted.
The book, "Emotional Intelligence", *explains the theory that people skills are a better predicator for getting jobs and promotions than IQ and perhaps formal education. *There are also genetics and natural skills involved.
I spoke to a good friend at work who was sending his grade school children to private schools but couldn't afford to save for their college because of it. *I pointed out that a college degree might be more important and have a bigger impact then where they went from K - 12. *Maybe it would be better to send the kids to public schools and pay a tutor for the subjects the kids are having difficulty with ? *This might stretch the dollars farther than sending them to private schools.
I guess I would say, if you can afford private schools and still fund your own retirement then great. *But I think of our family doctor (and a few coworkers who are financially struggling to send the grade schoolers to private school), who put three kids through private school K - Ivy league college. *Two of the three kids decided to be stay at home parents. *Our family doctor is flat out broke (not just because of the private schools) and is retired for health reasons.
I guess my point is that there are many predicators for having a successful career and education and the money spent on it is only one of them.
It's an interesting debate.