Join Early Retirement Today
Reply
 
Thread Tools Search this Thread Display Modes
Old 02-06-2011, 10:30 AM   #21
Thinks s/he gets paid by the post
 
Join Date: Mar 2009
Location: Pittsburgh, PA suburbs
Posts: 1,769
Easy answer here....NO. Twenty years is a long time. Maybe five years. My son went to public high school and expensive private college. He did extremely well on the college boards and got an academic scholarship, and we supplemented the rest out of savings. He managed to get well-paid summer internships and also tested out of a lot of freshman year classes which meant he was awarded his bachelor's in three years thus further reducing costs.
__________________

__________________
WhoDaresWins is offline   Reply With Quote
Join the #1 Early Retirement and Financial Independence Forum Today - It's Totally Free!

Are you planning to be financially independent as early as possible so you can live life on your own terms? Discuss successful investing strategies, asset allocation models, tax strategies and other related topics in our online forum community. Our members range from young folks just starting their journey to financial independence, military retirees and even multimillionaires. No matter where you fit in you'll find that Early-Retirement.org is a great community to join. Best of all it's totally FREE!

You are currently viewing our boards as a guest so you have limited access to our community. Please take the time to register and you will gain a lot of great new features including; the ability to participate in discussions, network with our members, see fewer ads, upload photographs, create a retirement blog, send private messages and so much, much more!

Old 02-06-2011, 10:48 AM   #22
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
youbet's Avatar
 
Join Date: Mar 2005
Location: Chicago
Posts: 9,965
Quote:
Originally Posted by Texas Proud View Post

Public education is pretty cheap and pretty good... I have not seen studies where they show private schools producing better students...
You sound as though the quality of public eduction is the same from place to place and school district to school district. I have not seen any studies where they show that, not even close. Where did you get that information?

I do agree with you, however, that adding 20 working years to your life plans to pay for a private or partially private education does seem excessive. What went wrong with the parent's education and career that it could take 20 years? Wouldn't you dial in a higher income during those years to compensate? Isn't that ability part of the reason you got that wall full of degrees hanging next to your computer?
__________________

__________________
"I wasn't born blue blood. I was born blue-collar." John Wort Hannam
youbet is offline   Reply With Quote
Old 02-06-2011, 10:51 AM   #23
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
pb4uski's Avatar
 
Join Date: Nov 2010
Location: Vermont & Sarasota, FL
Posts: 16,396
I personally would not have even considered how the decision affected my retirement (at least not explicitly). I would have focused in on what the kids needed.

That said, it seems to me to be very situational and depends in large part on the quality of the public schools where you live (or might move to). We were blessed to live in a town with good public schools.

In some sense, the books are pretty much the same everywhere - meaning that the quality of a child's education depends on a lot of intangibles - the dedication of the teachers, the involvement of the parents and most importantly, the motivation of the student. DD went to public schools, 4 year of college (at my expense, but the way I wanted it) and graduated with no debt and has a good job and is financially independent. DS went to the same school, was less motivated, tried and failed at college and is still figuring out what his calling is (good kid, just less motivated). I don't think an expensive private school would have made a difference.

But if I was in an area with so-so public schools and I believed that a private education would make a difference, I would have bit the bullet and done it.
__________________
pb4uski is offline   Reply With Quote
Old 02-06-2011, 11:00 AM   #24
Full time employment: Posting here.
ronocnikral's Avatar
 
Join Date: Apr 2010
Posts: 852
Quote:
Originally Posted by youbet View Post
You sound as though the quality of public eduction is the same from place to place and school district to school district. I have not seen any studies where they show that, not even close. Where did you get that information? Wouldn't you just dial in a higher income during the appropriate times? Isn't that why you got those degrees?
how does one measure this quality?
__________________
ronocnikral is offline   Reply With Quote
Old 02-06-2011, 11:06 AM   #25
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
youbet's Avatar
 
Join Date: Mar 2005
Location: Chicago
Posts: 9,965
Quote:
Originally Posted by ronocnikral View Post
how does one measure this quality?
Is this a serious question?
__________________
"I wasn't born blue blood. I was born blue-collar." John Wort Hannam
youbet is offline   Reply With Quote
Old 02-06-2011, 11:19 AM   #26
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
youbet's Avatar
 
Join Date: Mar 2005
Location: Chicago
Posts: 9,965
OP, is this question simply hypothetical? Do you have any skin in the game or just trying to get a rise out of folks with some gossip about "your friend?" Do you even have kids?
__________________
"I wasn't born blue blood. I was born blue-collar." John Wort Hannam
youbet is offline   Reply With Quote
Old 02-06-2011, 11:34 AM   #27
Recycles dryer sheets
KM's Avatar
 
Join Date: Jan 2007
Posts: 391
You are assuming they only make $70K and are not putting anything into their 401K or their IRA. Do you know this to be a fact?

If those are the facts, I suspect they will have a hard time doing what you just described. But if they can and they want to - that is their choice. Some people feel very strongly about giving this to their kids. We have friends who will be working a very long time to pay off college bills for their kids. Some are happy they did it. Some, not so happy.

We paid for DS to go to a private high school, DD chose not to. We paid for both of them to go to college, although they both went public (out-of-state). DD worked out well. DS, not so well. I don't regret our decisions, but we were also contributing to our 401Ks and IRAs. Could we have saved more and retired earlier if we sent them in-state? Probably. Wasn't really something I thought about.

When it comes to college - some parents pay everything and pay a lot. Some pay nothing. I really think it is a personal choice each family has to make.
__________________
KM is offline   Reply With Quote
Old 02-06-2011, 11:41 AM   #28
Full time employment: Posting here.
ronocnikral's Avatar
 
Join Date: Apr 2010
Posts: 852
Quote:
Originally Posted by youbet View Post
Is this a serious question?
yes. how is the "quality" measured? cost of school building? graduation rate? salary and number of years employed 10 years down the road? are there factors such as parent involvement which change this?

and who is holding the yardstick? teacher unions? parents? students?

point being, what some of us regard as quality is different than what others think of as quality.

my question was not meant to be malicious.
__________________
ronocnikral is offline   Reply With Quote
Old 02-06-2011, 11:56 AM   #29
Administrator
W2R's Avatar
 
Join Date: Jan 2007
Location: New Orleans
Posts: 38,823
Quote:
Originally Posted by KM View Post
When it comes to college - some parents pay everything and pay a lot. Some pay nothing. I really think it is a personal choice each family has to make.
+1

I had a long answer all typed out, but the above quote really says it all. If they want to spend their money on private school or college, it's their money and they have every right to do so.
__________________
Already we are boldly launched upon the deep; but soon we shall be lost in its unshored, harbourless immensities.

- - H. Melville, 1851
W2R is online now   Reply With Quote
Old 02-06-2011, 12:05 PM   #30
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
youbet's Avatar
 
Join Date: Mar 2005
Location: Chicago
Posts: 9,965
Quote:
Originally Posted by ronocnikral View Post
yes. how is the "quality" measured? cost of school building? graduation rate? salary and number of years employed 10 years down the road? are there factors such as parent involvement which change this?

and who is holding the yardstick? teacher unions? parents? students?

point being, what some of us regard as quality is different than what others think of as quality.

my question was not meant to be malicious.
Your question isn't malicious, it's naive. You couldn't seriously expect me to give you an answer in a few paragraphs on a forum. There's a ton of opinionated literature and theories out there on measuring the quality of education. I was going to Google up a few for ya, but you might as well do it yourself and settle down for a long read.

And, yes, opinions vary from person to person on what constitutes a "quality" education.
__________________
"I wasn't born blue blood. I was born blue-collar." John Wort Hannam
youbet is offline   Reply With Quote
Old 02-06-2011, 12:31 PM   #31
Thinks s/he gets paid by the post
Spanky's Avatar
 
Join Date: Dec 2004
Location: Minneapolis
Posts: 4,046
Quote:
Originally Posted by W2R View Post
+1
I had a long answer all typed out, but the above quote really says it all. If they want to spend their money on private school or college, it's their money and they have every right to do so.
That's a good answer. My older daughter could have attended Standford, MIT, Or CalTech but decided to attend a local state university with full scholarship. However, she plans to attend one of those schools this Fall to pursue a graduate degree in engineering if offered a fellowship stipend. Her chance of receiving one may be touch despite her nearly perfect GPA and GRE scores and internships. My younger daughter is deciding whether to attend the same local state university or a private college. The cost of attending will be similar since the private college offers a sizable scholarship.

IMHO, the reputation of the university attended is not very relevant to one's success in life. Motivation and determination are a lot more important.Many who graduate from top colleges have discovered that are not better off than those who attended their local state universities in terms of pay and career opportunities. They quickly realize that the material they learned in the “ivory tower” has no relevance to the real world. That said, there are some benefits of attending top colleges: exposure to well-known professors that might influence your career decisions, building connections in your career, and surrounding with people who are diligent and driven. Is it worth 20 years of ER? Only you can decide.
__________________
May we live in peace and harmony and be free from all human sufferings.
Spanky is offline   Reply With Quote
Old 02-06-2011, 01:00 PM   #32
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
NW-Bound's Avatar
 
Join Date: Jul 2008
Posts: 19,388
Quote:
Originally Posted by Spanky View Post
IMHO, the reputation of the university attended is not very relevant to one's success in life. Motivation and determination are a lot more important.
+1.

Back on the OP question of whether parents should be working 20 years longer to send their kids to private schools, I will say that I wouldn't, and certainly did not.

It is true that some public high schools are terrible. It may be cheaper to move, even to another state, in order to find a better school. And at college level, state Us are fine, in my view.
__________________
"Old age is the most unexpected of all things that can happen to a man" -- Leon Trotsky
NW-Bound is offline   Reply With Quote
Old 02-06-2011, 01:08 PM   #33
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
youbet's Avatar
 
Join Date: Mar 2005
Location: Chicago
Posts: 9,965
Quote:
Originally Posted by NW-Bound View Post
+1.

Back on the OP question of whether parents should be working 20 years longer to send their kids to private schools, I will say that I wouldn't, and certainly did not.
Wouldn't it be easier to just dial up your income to compensate for the added expense and get on with enjoying life? I don't get this ridiculous "20 extra years" thing. It's like saying that you want a pack of gum for $0.25 and therefore are going to work and delay RE for 25 yrs while you save one penny a year to pay for the gum. What's with OP's "friends" anyway? Or maybe it's OP........ But something is strange in that original post.
__________________
"I wasn't born blue blood. I was born blue-collar." John Wort Hannam
youbet is offline   Reply With Quote
Old 02-06-2011, 01:18 PM   #34
Thinks s/he gets paid by the post
Spanky's Avatar
 
Join Date: Dec 2004
Location: Minneapolis
Posts: 4,046
Quote:
Wouldn't it be easier to just dial up your income to compensate for the added expense and get on with enjoying life?
The cheapest solution is a full-scholarship (full-ride) to a prestigious school.
__________________
May we live in peace and harmony and be free from all human sufferings.
Spanky is offline   Reply With Quote
Old 02-06-2011, 01:23 PM   #35
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
youbet's Avatar
 
Join Date: Mar 2005
Location: Chicago
Posts: 9,965
Quote:
Originally Posted by Spanky View Post
The cheapest solution is a full-scholarship (full-ride) to a prestigious school.
Or receive an inheritance or win a large lottery at an opportune time!

Frankly, I generally plan to be able to lift the load myself........
__________________
"I wasn't born blue blood. I was born blue-collar." John Wort Hannam
youbet is offline   Reply With Quote
Old 02-06-2011, 01:46 PM   #36
Moderator Emeritus
Bestwifeever's Avatar
 
Join Date: Sep 2007
Posts: 16,372
We would and we did.

Agree with above posters re it being a personal choice that each family has to make on its own.
__________________
“Would you like an adventure now, or would you like to have your tea first?” J.M. Barrie, Peter Pan
Bestwifeever is offline   Reply With Quote
Old 02-06-2011, 01:57 PM   #37
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
NW-Bound's Avatar
 
Join Date: Jul 2008
Posts: 19,388
Quote:
Originally Posted by Spanky View Post
The cheapest solution is a full-scholarship (full-ride) to a prestigious school.
Sure. I just couldn't convince my kids to study harder in their high school years. So, I have to be content that they even go to college at all, even if it is at my cost. And I would not pay beyond what our state U charges.

Quote:
Originally Posted by Bestwifeever View Post
Agree with above posters re it being a personal choice that each family has to make on its own.
Of course! It's a free country.

But really? 20 years of extra work? Please tell us it was less than that in your case.
__________________
"Old age is the most unexpected of all things that can happen to a man" -- Leon Trotsky
NW-Bound is offline   Reply With Quote
Old 02-06-2011, 02:00 PM   #38
Moderator Emeritus
Bestwifeever's Avatar
 
Join Date: Sep 2007
Posts: 16,372
Actually no it wasn't 20 years extra--I don't even know if it was five. T'he decision wasn't made based on money anyway. But it was best for our kids, our family. Both kids are grateful beyond words for their high school and college costs. I guess we could have used that money for a second house or an RV or both instead .

Swampwiz, did you choose public schools for your kids?
__________________
“Would you like an adventure now, or would you like to have your tea first?” J.M. Barrie, Peter Pan
Bestwifeever is offline   Reply With Quote
Old 02-06-2011, 02:15 PM   #39
Give me a museum and I'll fill it. (Picasso)
Give me a forum ...
NW-Bound's Avatar
 
Join Date: Jul 2008
Posts: 19,388
Quote:
Originally Posted by Bestwifeever View Post
The decision wasn't made based on money anyway.
In our case, I guess I would also find a way to pay more if we were convinced that the expenses were needed. As it was, we did not see any problem with our local public system.
__________________
"Old age is the most unexpected of all things that can happen to a man" -- Leon Trotsky
NW-Bound is offline   Reply With Quote
Old 02-06-2011, 02:19 PM   #40
Thinks s/he gets paid by the post
Spanky's Avatar
 
Join Date: Dec 2004
Location: Minneapolis
Posts: 4,046
Quote:
Originally Posted by NW-Bound View Post
Sure. I just couldn't convince my kids to study harder in their high school years. So, I have to be content that they even go to college at all, even if it is at my cost. And I would not pay beyond what our state U charges.
Merit scholarship is very difficult to secure, unlike financial aids based on needs. My older DW was fortunate to receive one. She really earned it -- valedictorian, perfect GPA, SAT 2250, national merit scholar, National AP Scholar. My younger, not as gifted, receives two merit scholarships from two separate private colleges, but the cost of attending of the two private colleges will still be more than that of a state university.
__________________

__________________
May we live in peace and harmony and be free from all human sufferings.
Spanky is offline   Reply With Quote
Reply


Currently Active Users Viewing This Thread: 1 (0 members and 1 guests)
 
Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
24 years old going on 25 with no kids, and I want to retire by 45. GhostPepper Hi, I am... 14 12-28-2010 10:51 PM
Education Loans: Stafford-vs-Private wrigley FIRE and Money 1 06-17-2009 09:22 AM
Private sector/no pension FIRE success stories ziggy29 Young Dreamers 25 02-21-2009 06:24 AM
What to do? Lake House or earlier FIRE ? panhead Young Dreamers 29 06-13-2006 11:05 PM
Easier to FIRE with no kids? REWahoo FIRE and Money 44 11-13-2005 09:49 PM

 

 
All times are GMT -6. The time now is 01:47 AM.
 
Powered by vBulletin® Version 3.8.8 Beta 1
Copyright ©2000 - 2017, vBulletin Solutions, Inc.