Private School Is Reasonable For You

Deanna and her husband have five kids. Four are in private school. Deanna is unemployed and back in school. Is it a bad idea to have them in private schools?

QUESTION: Deanna in Corpus Christi and her husband have five kids. Four are in private school. Deanna is unemployed and back in school. Is it a bad idea to have them in private schools? They’re making $125,000 a year, including Deanna’s unemployment.

ANSWER: No, I don’t think $10,000 a year is out of line. I think that’s reasonable. Obviously, it’s something you care about and for one reason or another, you do want them in that particular school.

It’s time for you to clean up the $18,000 in debt on this household income. I think that’ll solve a whole lot of problems because you’ll be on a written game plan then, and you’ll start to see that $10,000 out of $120,000 is doable if this is important to you that these kids go to this school. Again, obviously there is a reason you put them there, and that reason needs to be a shared family value in order for your family to give up this kind of money. Ten thousand dollars a year is one thing, but when you add it up, you’re probably going to pay $250,000 over the course of your life for private schools for your kids. Is that where you want to put that money? If not, then what are we going to do differently? You’ve got to think through that. That’s how I would view this thing. But as a percentage of your income, it’s very reasonable.

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