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The SHOCKING Truth About $70,000 Private School Tuitions · Earn Your Leisure

• 0:00
  Speaker 1: Private school versus public school from a financial standpoint.
• 0:03
  Speaker 2: Let's talk about this because I saw this on CNBC.
• 0:07
  Speaker 1: I thought it was pretty interesting because the average price
• 0:10
  Speaker 1: of public school in New York City, what do you
• 0:12
  Speaker 1: think it is? A public school? I mean private private school?
• 0:16
  Speaker 1: The average price of private.
• 0:17
  Speaker 2: School New York City. What do you think of that year?
• 0:22
  Speaker 2: Seventy thousand dollars a year? Wait for shot? Time out?
• 0:25
  Speaker 2: You still stay there? My boy? TV? Time out? What
• 0:31
  Speaker 2: that's what's happening?
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  Speaker 1: That's that's happening in New York the New York New
• 0:35
  Speaker 1: York City, Greater New York City area. The average price
• 0:38
  Speaker 1: for a higher level private school, not Catholic school, private
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  Speaker 1: school like an elite private school, an elite private school.
• 0:47
  Speaker 1: The average price is seventy thousand dollars a year. It's
• 0:51
  Speaker 1: worth it though you can afford?
• 0:53
  Speaker 2: Okay? Is it worth it? Though?
• 0:54
  Speaker 1: Because that was the thing so CNBC said, Okay, they
• 0:57
  Speaker 1: brought up the thing of if you invest the money,
• 0:59
  Speaker 1: and they did it. They did it to age fifty.
• 1:01
  Speaker 1: But I did a calculation, even if you do it
• 1:03
  Speaker 1: to age thirty. Right, Let's say you put seventy thousand
• 1:06
  Speaker 1: dollars away and then for four years, and then you
• 1:09
  Speaker 1: just let that that grows for twelve percent a year,
• 1:13
  Speaker 1: and then you don't put any more money away. Then
• 1:14
  Speaker 1: you let it grow, then you let it sit for
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  Speaker 1: another twelve years. So by the time the child is
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  Speaker 1: thirty years old. Right, So by the time a child's
• 1:21
  Speaker 1: thirty years old, they'll have one point three million dollars
• 1:25
  Speaker 1: with the price that you would have paid for the
• 1:26
  Speaker 1: private school. So there's pros and cons for this private
• 1:30
  Speaker 1: school situation. And I think I can speak about this
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  Speaker 1: because I went to public and private school and I
• 1:36
  Speaker 1: have my son who went to public and private school.
• 1:41
  Speaker 2: It's tricky as a parent because.
• 1:45
  Speaker 1: On one hand, public schools are very segregated, which is ironic.
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  Speaker 2: We can go down this rabbit hole if you want.
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  Speaker 1: But they say, like from the brown versus the Board
• 1:55
  Speaker 1: of Education desegregate, desegregated the public school.
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  Speaker 2: District legally, but not.
• 2:01
  Speaker 1: Actually, it's even more segregated now than it wasn't then.
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  Speaker 1: And I know this from even from the public school
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  Speaker 1: that I want to Traditionally, usually white people live in
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  Speaker 1: all white neighborhoods. Black people live in all black neighborhoods,
• 2:17
  Speaker 1: and that's been done for redline and that there's so
• 2:19
  Speaker 1: many different reasons why. But in America is a very
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  Speaker 1: segregated place and it reflects in the school system. So
• 2:29
  Speaker 1: you face two deliveris you can send your kid to
• 2:32
  Speaker 1: a public school. Unfortunately, a lot of times depending on
• 2:35
  Speaker 1: where you live. If you're in a black neighborhood, then
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  Speaker 1: the education system is going to be lower, and it's
• 2:40
  Speaker 1: going to be less resourced, and you're going to have obstacles.
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  Speaker 1: It's not going to be the best level of education. Unfortunately.
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  Speaker 1: You can make enough money and move to a white neighborhood,
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  Speaker 1: but then you'll be the only black kid in.
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  Speaker 2: A white and.
• 2:56
  Speaker 1: I've heard stories about that how that that doesn't work out.
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  Speaker 1: That's even even worse than going to a bad black school.
• 3:03
  Speaker 1: Then there's a few neighborhoods that's like some level of mix,
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  Speaker 1: but there's not a lot. Then you do the private
• 3:09
  Speaker 1: school route, and you could pay a lot of money
• 3:12
  Speaker 1: for a private school, and you can get some good
• 3:13
  Speaker 1: level of diversity in private school as well, but man,
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  Speaker 1: you spend you spend so much money, and then it's like,
• 3:20
  Speaker 1: well a lot of kids that not graduate are graduating,
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  Speaker 1: they still can't.
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  Speaker 2: Get a job.
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  Speaker 1: So it's like even if you went to I know
• 3:27
  Speaker 1: people that went to high level private school. Just because
• 3:29
  Speaker 1: you went to a private school, that does not mean
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  Speaker 1: you're going to be successful in life, because I know
• 3:32
  Speaker 1: people that went to private school that and it's like, damn,
• 3:35
  Speaker 1: you could have just went to a public school. But
• 3:39
  Speaker 1: but it does give you greater possibility and great access
• 3:43
  Speaker 1: and greater access, and that's important.
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  Speaker 2: But then you spend so much money on that.
• 3:50
  Speaker 1: And like the CNBC thing, I was interesting because they like, Yo,
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  Speaker 1: what if you spend that money you invested. Would it
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  Speaker 1: be better to just give an adult millions of dollars
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  Speaker 1: as there as an adult, as opposed to investing in
• 4:02
  Speaker 1: a child when they're young with the maybe they make it.
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  Speaker 2: To Harvard, maybe they don't.
• 4:10
  Speaker 1: So it's a very it's tricky.
• 4:14
  Speaker 2: It's tricky.
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  Speaker 3: And even if let's say going forward, people say I'm
• 4:19
  Speaker 3: not going to put my kid in private, I'm going
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  Speaker 3: to invest it. They'll adjust the rate of return over
• 4:25
  Speaker 3: that fifteen year period. We're seeing it in a bitcoin now,
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  Speaker 3: we're seeing it with CAPEC spend.
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  Speaker 2: Now.
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  Speaker 3: The all private schools are not created equal, and of
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  Speaker 3: course there's a tax on the emotional side of parents
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  Speaker 3: wanting their kids to do well, So you got to
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  Speaker 3: vet the success rate of the school, and that's easier
• 4:47
  Speaker 3: to do now than ever. But you're really paying for curriculum, teacher,
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  Speaker 3: and network more than anything.
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  Speaker 2: I did.
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  Speaker 3: Really interest in stat though, for this generation is going
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  Speaker 3: to be the generation that makes more makes less than
• 5:03
  Speaker 3: that parents at the same age.
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  Speaker 2: And if you look at the number of people who.
• 5:06
  Speaker 3: Are married and have a owner home this year that
• 5:09
  Speaker 3: are thirty, it's at twelve percent, which is the lowest
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  Speaker 3: rate that has ever been in the United States of America.
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  Speaker 3: So it's a tougher conversation than it was in two
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  Speaker 3: thousand and definitely tougher than it was in the early
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  Speaker 3: nineteen nineties. But I think if I have to pick private,
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  Speaker 3: there is the way to go.
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  Speaker 2: It just depends on the school. But may I don't know.
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  Speaker 2: It's that much of New York. I'm grateful to be
• 5:33
  Speaker 2: here in Houston. So what school?
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  Speaker 1: What great is the indre fifth he goes to private school,
• 5:38
  Speaker 1: a public school, public now, but in private next year.
• 5:41
  Speaker 1: So you're sending him to private school next year and
• 5:44
  Speaker 1: the plans to keep them private for the rest of his.
• 5:46
  Speaker 2: Correct That's what my parents did.
• 5:48
  Speaker 1: For me, And yeah, and the reason why you're doing
• 5:51
  Speaker 1: that is is because everything you just said.
• 5:55
  Speaker 3: Higher level of education access, what school rules, they can
• 6:00
  Speaker 3: ride them too for university opportunity. I know a lot
• 6:04
  Speaker 3: of people say it doesn't matter, but also, as a parent,
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  Speaker 3: you have to have a plan for your child and
• 6:09
  Speaker 3: then you have to make sure that the child follows
• 6:11
  Speaker 3: that plan. You just can't throw them to public school.
• 6:14
  Speaker 3: I'm in private school and think everything's going to be okay.
• 6:16
  Speaker 2: Same one. Like let's say, au some people think if
• 6:19
  Speaker 2: you just put.
• 6:19
  Speaker 3: Your kid in you you're automatically going to be recruited
• 6:22
  Speaker 3: and then be able to go to college. You need
• 6:23
  Speaker 3: to plan all the way through. You need to plan
• 6:26
  Speaker 3: all the way through. So yeah, I've danced with the
• 6:30
  Speaker 3: idea of both. But my answer is to do both,
• 6:33
  Speaker 3: to put them in private and continue to invest in
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  Speaker 3: the money for him, and then if he is doing
• 6:37
  Speaker 3: what I need him to do when he's an adult,
• 6:39
  Speaker 3: you'll get your disbursement.
• 6:40
  Speaker 2: If you're not, I'll be happy to keep the money
• 6:42
  Speaker 2: in my possession. Yeah, I mean for me, I look
• 6:45
  Speaker 2: at it from it.
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  Speaker 1: It's some things intangibly that private school has benefits that
• 6:50
  Speaker 1: public school doesn't even outside of the curriculum education. It's
• 6:53
  Speaker 1: like being able to look at life differently, small classrooms,
• 6:57
  Speaker 1: group discussions like that, exposure to certain things that wires
• 7:03
  Speaker 1: your brain differently differently. So yeah, I mean I look
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  Speaker 1: at it like for me, my son, he's the biggest
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  Speaker 1: investment because he could be my biggest liability if not
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  Speaker 1: done correctly. I've seen that happen if your children. Children
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  Speaker 1: could be your biggest liability in life. I've seen this
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  Speaker 1: happen as an adult is draining to have a child
• 7:25
  Speaker 1: that you have to support or a child that's a
• 7:28
  Speaker 1: continuous fuck up, and that's mentally draining.
• 7:32
  Speaker 2: It's mentally draining and financially draining as well. So it's
• 7:36
  Speaker 2: like it's going to be my biggest but but.
• 7:42
  Speaker 1: A child can be your biggest asset in life later
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  Speaker 1: I see that too, Like you can have a child
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  Speaker 1: where he's going to be paying for the for the house,
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  Speaker 1: or he's paying for you know, if you got medical
• 7:55
  Speaker 1: bills or whatever. Like there's a child that's actually not
• 8:00
  Speaker 1: a burden. He's a blessing or she or she or
• 8:05
  Speaker 1: she's a blessing. As far as so, the biggest ass
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  Speaker 1: the biggest investment because hopefully it's the biggest asset and
• 8:15
  Speaker 1: hopefully it's not the biggest liability, because a child can
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  Speaker 1: one hundred thousand percent become a liability.
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  Speaker 2: And that's not talked about enough either. That happens a
• 8:23
  Speaker 2: lot shitting with Glorialer.
• 8:26
  Speaker 1: Sister, honey, because everybody talks about your partner, your wife
• 8:30
  Speaker 1: or your husband could be your biggest liability, and that's
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  Speaker 1: a fact that is true. But a child could be
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  Speaker 1: even as big or bigger of a liability. If you're
• 8:39
  Speaker 1: a parent and your child as a fuck up and
• 8:42
  Speaker 1: you know, the drug addict or criminal keep going back
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  Speaker 1: to jail or you know, you got to always give
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  Speaker 1: them money and you got to stay up.
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  Speaker 2: Because it sounds good to say.
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  Speaker 1: By the time my child gets eighteen or twenty years old,
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  Speaker 1: I did all I could do on their own. That
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  Speaker 1: sounds that sounds good in theory, but nine times out
• 9:02
  Speaker 1: of ten, especially a mother, you're not just going to
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  Speaker 1: just be able to just detach from your child and
• 9:08
  Speaker 1: just say you're okay, be homeless, like you know what
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  Speaker 1: I'm saying, Like you're not just going to throw him
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  Speaker 1: to the world at eighteen is unfair or even any age,
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  Speaker 1: Like somebody could be forty years old and it's still
• 9:21
  Speaker 1: your child for sure. Like you know what I'm saying, Like,
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  Speaker 1: I don't think there's too many people that's just going
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  Speaker 1: to be comfortable just saying, well, fuck it, I gave it.
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  Speaker 2: I gave it my all.
• 9:32
  Speaker 3: Unless they messing up really bad and given what the
• 9:35
  Speaker 3: economy is. I mean, I was talking to Issue about
• 9:37
  Speaker 3: this yesterday and I won't say his daughter's age, but
• 9:41
  Speaker 3: he like, by the time my daughter gets to school,
• 9:43
  Speaker 3: because he was saying, you know what, one of his
• 9:45
  Speaker 3: friends pays for college in New York, Like by the
• 9:47
  Speaker 3: time my daughter gets to college, college probably one hundred
• 9:50
  Speaker 3: and fifty.
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  Speaker 2: A year fact. And I'm like, I didn't think of
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  Speaker 2: it like that.
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  Speaker 3: But a great point, because I never thought we would
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  Speaker 3: have institutions that you were paying one hundred thousand for
• 10:00
  Speaker 3: there were not Ivy League. It's more common than people think,
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  Speaker 3: So yeah, you can't. I think it's it's a mistake
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  Speaker 3: to throw them to the world and the wolves at
• 10:08
  Speaker 3: eighteen or even in some cases even at twenty one,
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  Speaker 3: especially with the job market being on what it is.
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  Speaker 2: Yeah, yeah, well.
• 10:16
  Speaker 1: Put it in chat. I know a lot of parents
• 10:18
  Speaker 1: watch this show. What do you think And everybody obviously
• 10:23
  Speaker 1: doesn't have the option to send their kid the private
• 10:25
  Speaker 1: school either, But what do you think about.
• 10:30
  Speaker 2: The dilemma of you know, trying to figure that out.
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  Speaker 3: And like I said, every private is not perfect, but
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  Speaker 3: I know what my parents sacrifice for me and it's
• 10:45
  Speaker 3: hand out well for me. Just the people that you
• 10:47
  Speaker 3: meet along the way, you can't. You can't say that
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  Speaker 3: it doesn't have an impact.
• 10:54
  Speaker 1: It does. You do have to have a plan going
• 10:57
  Speaker 1: into it though, and definitely just your network, the people
• 10:59
  Speaker 1: that year around. Absolutely, just the class, froom structure, conversations, work, ethic,
• 11:05
  Speaker 1: aptitude because even when I got to college, college is
• 11:09
  Speaker 1: way easier.
• 11:10
  Speaker 3: When I left bescham No Like high school. My senior
• 11:13
  Speaker 3: year was way tougher than freshman and sophomore year, which
• 11:17
  Speaker 3: also gave me my blueprint for even this day to
• 11:20
  Speaker 3: how to study like the rest in Peace. Mister Biley,
• 11:23
  Speaker 3: my junior year US history teacher teacher, he was the
• 11:26
  Speaker 3: first teacher that taught me how.
• 11:27
  Speaker 2: To study well. It helps me Tuesday.
• 11:30
  Speaker 1: And that's another thing that you need from a real
• 11:32
  Speaker 1: estate standpoint, you need to be aware of when you're
• 11:34
  Speaker 1: moving as a family. One of the biggest determining factors
• 11:37
  Speaker 1: on real estate prices in school districts. So for sure,
• 11:40
  Speaker 1: and a lot of times people will move into a
• 11:44
  Speaker 1: school area that doesn't have a good school district, but
• 11:48
  Speaker 1: they'll send a kid to private school. Well, that's another
• 11:50
  Speaker 1: added court that you try to already think about factor.
• 11:53
  Speaker 1: Then on top of your living expenses, you got to think, Okay,
• 11:56
  Speaker 1: I'm not I'm not in that, especially like in the city.
• 11:59
  Speaker 2: That's like people move to.
• 12:01
  Speaker 1: The city, they're not people all these millionaires and billionaires
• 12:05
  Speaker 1: that live in Manhattan, they're not sending their kids to
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  Speaker 1: New York City's public school. Maybe if it's like a
• 12:10
  Speaker 1: few like you know, advanced public schools or like a
• 12:14
  Speaker 1: special you know, school of the arts. But for the
• 12:16
  Speaker 1: most part, they're paying. They're paying five million dollars for
• 12:20
  Speaker 1: a condo in Manhattan, and then they're sending their kids
• 12:25
  Speaker 1: to private school for seventy five thousand dollars on top
• 12:29
  Speaker 1: of on top of the twenty five thousand dollars a
• 12:33
  Speaker 1: month mortgage that they're paying.
• 12:36
  Speaker 2: That's levels to it, man, it's definitely levels to it.