The SHOCKING Truth About $70,000 Private School Tuitions

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0:31members of the Board of Trustees, including Martin Luther King Sr. It's the true story of protest and rebellion in Black American history that you'll never forget. I'm Hans Charles. I'm Menelik Lumumba. Listen to The A Building on the iHeartRadio app, Apple Podcasts, or wherever you get your podcasts. Over the last couple years, didn't we learn that the folding chair was invented by Black people because of what happened in Alabama? This Black History Month, the podcast Selective Ignorance with Mandy B unpacks Black history and culture with comedy, clarity, and conversations that shake the status quo.

1:06The Crown Act in New York was signed in July of 2019, and that is a bill that was passed to prohibit discrimination based on hairstyles associated with race. To hear this and more, listen to Selective Ignorance with Mandy B from the Black Effect Podcast Network on the iHeartRadio app, Apple Podcasts, or wherever you get your podcasts. You can scroll the headlines all day and still feel empty. I'm Ben Higgins, and if you can hear me, is where culture meets the soul. Honest conversations about identity, loss, purpose, peace, faith, and everything in between. Celebrities, thinkers, everyday people, some have answers, most are still figuring it out.

1:42And if you've ever felt like there has to be more to the story, this show is for you. Listen to If You Can Hear Me on the iHeartRadio app, Apple Podcasts, or wherever you get your podcasts. Private school versus public school from a financial standpoint. Let's talk about this because I saw this on CNBC. I thought it was pretty interesting because the average price of public school in New York City, what do you think it is? A public school? I mean private school. The average price of private school in New York City, what do you think it is? It probably got to be, what, 30 grand a year? $70 ,000 a year.

2:17Wait, Rashad, time out. You still stay there? My boy. TV time out. What? That's what's happening. That's happening. In New York, New York City, greater New York City area, the average price for a higher level private school, not Catholic school. That's true. Like an elite private school. An elite private school. The average price is$70 ,000 a year. It's worth it, though. You can afford it. Is it worth it, though? Because that was the thing. So CNBC said, okay, they brought up the thing of if you invest the money. They did it to age 50, but I did the calculation, even if you do it to age 30, right?

2:57Let's say you put$70 ,000 away and then for four years, and then you just let that, that grows for 12 % a year. And then you don't put any more money away. Then you let it grow. Then you let it sit for another 12 years. So by the time the child is 30 years old, right? So by the time a child's 30 years old, they'll have$1.3 million with the price that you would have paid for the private school. So it's pros and cons for this private school situation. And I think I can speak about this because I went to public and private school and I have my son who went to public and private school. It's tricky as a parent because on one hand, public schools are very segregated, which is ironic.

3:42We go down this rabbit hole if you want. But they say, like, from the Brown versus the Board of Education, desegregate, desegregated the public school district in America. legally but not actually it's even more segregated now than it was then and I know this from even from the public school that I went to traditionally usually white people live in all white neighborhoods black people live in all black neighborhoods and that's been done for red line and there's so many different reasons why America is a very segregated place and it reflects in the school system so So you face two deliverance. You can send your kid to a public school.

4:26Unfortunately, a lot of times, depending on where you live, if you're in a black neighborhood, then the education system is going to be lower and it's going to be less resourced. And you're going to have obstacles. It's not going to be the best level of education. Unfortunately, you can make enough money and move to a white neighborhood, but then you'll be the only black kid in a white. I feel out of place. neighborhood. And I've heard stories about that, how that, that doesn't work out. That's even, even worse than going to a bad black school. Yeah. Then there's a few neighborhoods that's like some level of mixed, but there's not a lot.

5:01Then you do the private school route and you could pay a lot of money for a private school and you can get some good level of diversity in private schools. Well, um, but man, you spend a, you spend so much money and then it's like, well, a lot of kids are graduating and still can't get a job. Even if you went to, I know people that went to high-level private school, just because you went to a private school does not mean you're going to be successful in life. Because I know people that went to a private school that, and it's like, damn, you could have just went to a public school. But it does give you greater possibility and greater access and greater access, and that's important.

5:41but then you spend so much money on that and like the cnbc thing i was interesting because they like yo what if you spend that money you invested would it be better to just give an adult millions of dollars as they're as an adult as opposed to investing in a child when they're young with the maybe they make it to harvard maybe they don't so it's a very tricky it's tricky it's tricky and And even if, let's say, going forward, people say, I'm not going to put my kid in private. I'm going to invest it. They'll adjust the rate of return over that 15-year period. We're seeing it in Bitcoin now. We're seeing it with CapEx spend now.

6:26All private schools are not created equal. And, of course, there's a tax on the emotional side of parents wanting their kids to do well. So you've got to vet the success rate of the school. and that's easier to do now than ever, but you're really paying for curriculum, teacher, and network more than anything. I did read an interesting stat though. For this generation, it is going to be the first generation that makes more, makes less than their parents at the same age. And if you look at the number of people who are married and have a home, this year that are 30, it's at 12%, which is the lowest rate that has ever been in the United States of America.

7:08so it's a tougher conversation than it was in 2000 and definitely tougher than it was in the early 1990s but i think if i if i have to pick private there's a way to go it just depends on the school but man i don't know it's that much in new york i'm grateful to be here in houston i'm not so what school what grade is xander fifth he goes to private school public school public now but in private next year so you're sending him to private school next year and the plan is to keep them private for the rest of his. Correct. I have to. That's what my parents did for me. And the reason why you're doing that is because everything you just said.

7:48Higher level of education, access, what schools they can route into for university, opportunity. I know a lot of people say it doesn't matter, but also as a parent, you have to have a plan for your child, and then you have to make sure that the child follows that plan. You just can't throw them to public school I mean private school and think everything's Going to be okay same with like let's say AU some people think if you just put your Kid in AU you're automatically going to be Recruited and then be able to go to college You need a plan all the way through You need a plan all the way through so Yeah I've Danced with the idea of both But my answer is to do both to put them in private And continue investing the money For him and then if he's doing what I need him to do when he's an adult You'll get your disbursement if you're not I'll be happy to keep the money in my possession.

8:37Yeah. I mean, for me, I look at it from some things intangibly that private school has benefits that public school doesn't even outside of the curriculum. Education is like being able to look at life differently. Small classrooms, group discussions like that. Exposure to certain things that wires your brain differently, differently. So, yeah, I mean, I look at it like for me, my son, he's the biggest investment. because he could be my biggest liability if not done correctly. I've seen that happen. That's a great point. Yeah. If you had children, children could be a biggest liability in life. I've seen this happen as an adult.

9:15It is draining to have a child that you have to support or a child. That's a continuous fuck up. And that's mentally draining. It's mentally draining. And financially draining as well. So it's like, I, it's, it's going to be my biggest, but, but, a child can be your biggest asset in life later. I see that too. Absolutely. It's like you can have a child where he's going to be paying for the, for the house or he's paying for, you know, if you got medical bills or whatever, like there's a child that's actually not a burden. He's a blessing or she, or she, or she's a blessing as far as, so the biggest ask, the biggest investment because hopefully it's the biggest asset and hopefully it's not the biggest liability because a child can 100 ,000 % become a liability and that's not talked about enough either.

10:16It happens a lot. You're sitting there with Glorilla's sister. Because everybody talks about your partner, your wife or your husband could be your biggest liability and that's a fact. That is true. But a child could be even as big or bigger of a liability If you're a parent and your child is a fuck up and, you know, the drug addict or criminal keep going back to jail or, you know, you got to always give the money and you got to stay up because it sounds good to say. By the time my child gets 18 or 20 years old, I did all I could do. They only know that sounds that sounds good in theory, but nine times out of 10, especially a mother, you're not just going to just be able to just detach from your child and just say.

11:02okay, be homeless. Like, you know what I'm saying? You're not just going to do it. Throw them to the world at 18 is unfair. Or even any age. Somebody could be 40 years old and it's still your child. For sure. You know what I'm saying? I don't think there's too many people that's just going to be comfortable just saying, well, fuck it. I gave it my all. Unless they're messing up really bad. And given what the economy is, I mean, I was talking to issue about this yesterday. I won't say his daughter's age, but he like, by the time my daughter gets to school, because he was saying, you know, well, one of his friends pays for college in New York.

11:40Like, by the time my daughter gets to college, college is probably 150 a year. Facts. And I'm like, well, I didn't think of it like that, but great point, because I never thought we would have institutions that you were paying 100 ,000 for that were not Ivy League. It's more common than people think. So, yeah, you can't, I think it's a mistake to throw them to the world and the Wolves at 18 or even in some cases even at 21, especially with the job market being what it is. Yeah. Put it in chat. I know a lot of parents watch this show. What do you think? Everybody obviously doesn't have the option to send their kids to private school either.

12:19But what do you think about the dilemma of trying to figure that out? And like I said, every private is not perfect. But I know what my parents sacrificed for me, and it's panned out well for me, just the people that you meet along the way. You can't say that it doesn't have an impact. It does. You do have to have a plan going into it, though. And definitely just your network, the people that you're around. Absolutely. Just the classroom structure, conversations. work ethic aptitude even when I got to college college was way easier when I left Bishop Noe like high school my senior year was way tougher than freshman and sophomore year which also gave me my blueprint for even this day to how to study like rest in peace Mr.

13:15Bentley my junior year US history teacher he was the first teacher that taught me how to study and that's another thing that you need from a real estate standpoint you need to be aware of when you're moving as a family, one of the biggest determining factors on real estate prices is school districts. So for sure, a lot of times people will move into a school area that doesn't have a good school district, but they'll send their kid to private school. That's another added cost that you already think about factored in on top of your living expenses. You got to think, okay, I'm not, I'm not, and that happens, especially like in the city.

13:52That's like people move to the city. They're not people, all these millionaires and billionaires that live in Manhattan, they're not sending their kids to New York city's public school. Maybe if it's like a few, like, you know, advanced public schools or like a special, you know, school of the arts, but for the most part, they're paying, they're paying$5 million for a condo in Manhattan. And then they're sending their kids to private school for$75 ,000 on top of the$25 ,000 a month mortgage that they're paying. That's levels to it, man. It is definitely levels to it. 1969, Malcolm and Martin are gone.

14:36America is in crisis. And at Morehouse College, the students make their move. These students, including a young Samuel L. Jackson, locked up the members of the Board of Trustees, including Martin Luther King Sr. It's the true story of protest and rebellion in Black American history that you'll never forget. I'm Hans Charles. I'm Menelik Lumumba. Listen to The A-Building on the iHeartRadio app, Apple Podcasts, or wherever you get your podcasts. You can scroll the headlines all day and still feel empty. I'm Ben Higgins, and If You Can Hear Me is where culture meets the soul. Honest conversations about identity, loss, purpose, peace, faith, and everything in between.

15:16celebrities, thinkers, everyday people some have answers most are still figuring it out and if you've ever felt like there has to be more to the story this show is for you listen to If You Can Hear Me on the iHeartRadio app, Apple Podcasts or wherever you get your podcasts over the last couple years didn't we learn that the folding chair was invented by black people because of what happened in Alabama this Black History Month the podcast Selective Ignorance with Mandy B unpacks black history and culture with comedy, clarity, and conversations that shake the status quo. The Crown Act in New York was signed in July of 2019, and that is a bill that was passed to prohibit discrimination based on hairstyles associated with race.

15:57To hear this and more, listen to Selective Ignorance with Mandy B from the Black Effect Podcast Network on the iHeartRadio app, Apple Podcasts, or wherever you get your podcasts. What is something you've had to unlearn about love? That it's earned. That I was unworthy of love. That it needs to be forever for it to count. February is the month of love. Whether you're in a relationship, casually dating, or proudly single, it's a great time to reflect on yourself and what you want. I'm Hope Woodard, host of the Boy Sober podcast, and each week we're looking at love from every angle. Listen to Boy Sober.

16:35That's B-O-Y-S-O-B-E-R. On the iHeartRadio app, Apple Podcasts, or wherever you get your podcasts. This is an iHeart Podcast. Guaranteed human.