Expensive Private Schools

[china]

You have some robust views on this topic China. Why so?

As investors, we hope to be wealthy. I find it fascinating to study the characteristics of the wealthy. Just as others may find it fascinating to study the habits of wild Alaskan trout.

With respect to the income and wealth of doctors, this group is well recognised to be well represented in the top 1% of income earners in Australia and USA. It is not a topic well known to the public at large. There are many misconceptions. I have looked into it at depth and hence enjoy the opportunity to debate and discuss the topic which seems to come up regularly.

 

[Crabnet]

Having a high TER/UAI does not determine if you will be financially successful. I know heaps of people with UAIs from 95 - 100, where their financial intelligence is zilch. May be they have been prepared for a J.O.B. but - again, it does not mean they are able to think 'outside the box'. As travel bug said, Nathan Birch is a great example of having done great, and is proud of his UAI.

Then again not everyone rates their success in financial terms.
Some find fulfillment in working in an area that they enjoy or is of benefit to others in a non financial way. Contributing to society rather than their own financial security.

 

[china]

Then again not everyone rates their success in financial terms.
Some find fulfillment in working in an area that they enjoy or is of benefit to others in a non financial way. Contributing to society rather than their own financial security.

Or having a warm loving family spanning three or four generations. Coming together at Christmas, birthdays for joyous celebrations.

 

[see_change]

If you are a busy doctor, even if you do not invest, as long as you do not splurge, you cannot avoid being wealthy.

There are many high income people who spend everything they earn and more as they try to keep up with the people next door.

Maybe you should read the " millionaire next door " if you haven't already.

Cliff

 

[china]

There are many high income people who spend everything they earn and more as they try to keep up with the people next door.

Cliff

So if you are a high income earner and you do not invest, the key is not to splurge out and to keep up with others for appearance's sake. But if you are a low income earner, the situation is infinitely worst.

 

[INVSTOR]

A few weeks ago at school, year 9, my daughter's class had to form small groups and decide on food to prepare and sell to classmates for monopoly money. Some groups sold out quickly while others barely sold any. I thought that was a great learning experience.

 

[MTR]

I started this thread for feedback from SS members who sent their children to private schools. Had some great feedback

However I think enough verbal diarrhoea on doctors, medical schools, earnings/wealth of doctors, scores, comparisons ...... have I missed anything out, as I got a little bored with this, don't know why

MTR

 

[Michael.Knight]

There are many high income people who spend everything they earn and more as they try to keep up with the people next door.

The big hat no cattle syndrome...

I think not only with doctors but also other university grads, is that they have been working hard thru the education system for so long, that once they graduate, enter the workforce and earn money, the instinct is just to spend it.

The other factor would be that now they're in "real life" and not shielded within an institution anymore, they have newfound 'freedom' and hence the spending, keeping up with the Jones mentality...

 

[MTR]

The only way to look at it is what do you want when the final day comes in 12-13 years,My Wife wanted private all girls from day one,and I did most of the pickups-drop-offs it was expensive not so much the school fees books clothes,but all the extras,but it has paided off in a big way in the lifetime contacts they have made,and we wll be flying down too Melbourne later this year to watch one of the crew graduate in psychology,i'm her first patient..

That is good outcome for sure, conflict of interest you can not be her first patient, it wont work

 

[Michael.Knight]

I started this thread for feedback from SS members who sent their children to private schools. Had some great feedback

However I think enough verbal diarrhoea on doctors, medical schools, earnings/wealth of doctors, scores, comparisons ...... have I missed anything out, as I got a little bored with this, don't know why

MTR

At least it's generating discussion

 

[china]

The big hat no cattle syndrome...

..

There must be many who are the reverse:

small hat, many big cattle.

http://www.news.com.au/money/cost-o...y-the-government/story-fnagkbpv-1226690750065

 

[see_change]

So if you are a high income earner and you do not invest, the key is not to splurge out and to keep up with others for appearance's sake. But if you are a low income earner, the situation is infinitely worst.

China

One thing you may not me aware is that the view points expressed on this forum are a minority in the wider community . Most people are not good with finances and investing. That's why , if you work out what you need to do , there is not much competition. Even now, when the market is starting to take off most people in the wider community do nothing , and when the market was flat in recent years , very few did anything , even though it was constantly discussed here.

Cliff

 

[china]

China

One thing you may not me aware is that the view points expressed on this forum are a minority in the wider community . Most people are not good with finances and investing. That's why , if you work out what you need to do , there is not much competition. Even now, when the market is starting to take off most people in the wider community do nothing , and when the market was flat in recent years , very few did anything , even though it was constantly discussed here.

Cliff

Generally, the wealthier one is, the more interest one takes in their wealth and this flows on to investing or looking for investment opportunities. We know that the wealthy, the one percent, are mostly self made and hence usually will display some sort of interest with money management and investing.

In contrast, the lower income earners will often have less investment activity whether it be due to lack of means or access to investment know how.

 

[MTR]

China

One thing you may not me aware is that the view points expressed on this forum are a minority in the wider community . Most people are not good with finances and investing. That's why , if you work out what you need to do , there is not much competition. Even now, when the market is starting to take off most people in the wider community do nothing , and when the market was flat in recent years , very few did anything , even though it was constantly discussed here.

Cliff

Yes, have to agree with this.

Over the last 18 months Perth has experienced a rising market, but most will do nothing, once the media reports on it then some will jump in.

Nothing changes, also the majority jump in the market has peaked, and in effect they are stuck with property that starts to fall back and in some cases they end up with loan greater than the value of the property. I guess they decide it is safe to buy when there is so much positive spin on it.

 

[CHAOS]

MTR

What is your position now on expensive private schools?


Someone mentioned referring to children as the investment. This has stuck with me reading this thread and as I can see the parallels with an IP. People have different end games, means to get there, and personal values, and experiences that have reinforced that their choices were the right ones. But they were the right choices for them.

 

[MTR]

MTR

What is your position now on expensive private schools?


Someone mentioned referring to children as the investment. This has stuck with me reading this thread and as I can see the parallels with an IP. People have different end games, means to get there, and personal values, and experiences that have reinforced that their choices were the right ones. But they were the right choices for them.

Personally, I don't think it matters. Clearly, from the posts I have read many children do well at either Private/Public, there will never be perfect with either, Private schools can be very competitive, perhaps its more about selecting the right school for your child, that's another can of worms.

Neither of my children are academics, and it has taken a while for my oldest daughter to find her niche in life. She is off to New York in 2 weeks to study for 12 months, after just finishing her WAIPA course similar to National Institution of Drama and Art (NIDA). I think this will be an incredible experience for her.

For me personally and I know its sounds so cheesy, private or public school does not matter, at the end of the day most important is that they get lots of positive feedback, encouragement and its their journey, not mine.


MTR

 

[geoffw]

I started this thread for feedback from SS members who sent their children to private schools. Had some great feedback

However I think enough verbal diarrhoea on doctors, medical schools, earnings/wealth of doctors, scores, comparisons ...... have I missed anything out, as I got a little bored with this, don't know why

MTR

Agreed.

Please keep this on topic.

So many discussions in here are getting hijacked. Somehow doctors become a central topic of discussion no matter what the original topic.

Any posts not on topic will be deleted.

 

[cimbom]

In North America just as in Oz, your high school results are important to getting you into the best undergrad universities where you achieve your GPA. Entry to top American schools often require letters of reference from your undergrad course supervisors and a letter from someone from UCLA is far more influential than a letter from a university based in the back of Alaska. So in the overall journey to medical school and beyond, high school results are vital at some stage and then loses relevance quickly.

No, that's incorrect. Nobody cares if you scored 100% in your high school subjects. Most successful students do university subjects during year 12 if they want to get into anything remotely competitive. High school subjects are considered a borderline worthless assesement of talent/ability/potential.

 

[Mooze]

No, that's incorrect. Nobody cares if you scored 100% in your high school subjects. Most successful students do university subjects during year 12 if they want to get into anything remotely competitive. High school subjects are considered a borderline worthless assesement of talent/ability/potential.

Got to agree with this. Did HS in the US - minimum at my HS for the top performing students was 4 AP (Advanced Placement/uni level) subjects (out of a possible 6 classes per semester). I did 3 - physics, statistics, and Latin. This was the local public school. 98% of my year went onto University. It wasn't competitively pushed, it was just expected - there was no other option discussed (ie here a lot of parents will say "if they go to university" whereas over there is was "depending on which university they go to"). It was actually a fantastic atmosphere - one I was very glad of (my schooling was heavily interrupted by my mother passing away whilst I was in year 11 and my Dad remarrying when I was in year 12). I honestly believe that I would not have gone on to university had it not been for the atmosphere at that school. Hence what I'll look for in a school here for my kids. And of those I've remained friends with/kept track of they're mostly successful - working at Johns Hopkins, Mayo, State Department, several lawyers and bankers, Google and Microsoft, music industry marketing, one a stay at home mum. It was just the local public school as well, just an amazing atmosphere.

 

[china]

. I honestly believe that I would not have gone on to university had it not been for the atmosphere at that school. Hence what I'll look for in a school here for my kids. .

Agreed. Your experience in high school, the people you meet, the friends you make and your performance there, does shape and influence your future life and career. Hence, they are called the formative years.