Featured

An Important Choice: Public or Private School?

Deciding whether to send your children to public or private school is a huge financial decision, but it’s also fraught with emotions, biases and deeply ingrained personal histories. There is no one right formula or answer to help people determine what’s right for them, but it’s helpful to understand what’s influencing the decision.

Especially with couples, who may have different points of view, the education conversation improves when there’s awareness about emotional triggers, clearly established priorities, the right facts and a framework for decisions.

As a financial adviser, it’s my job to help people make good choices. Here is my advice for clients wrestling with this decision.

Understand emotions

Everyone has a personal or family history or a set of cultural values that factors into our thinking about how our children should be educated. For some, public school is an important tradition and reflects commitment to their local community and its diversity. Perhaps both parents are products of a great public-school education, or they moved to a town with high taxes to support excellent schools, and it’s an easy decision that saves a lot of money.

For others, the topic is less clear-cut. Perhaps there is a long line of family members who have attended private school, and it feels like an expectation rather than a choice. Other factors can include a struggling student, the appeal of smaller classrooms, or the desire for a religious influence in the curriculum.

The first step is to articulate how you feel about the decision, and in couples, make sure you are listening, if opinions don’t align perfectly.

Clarify priorities

When I’m working with clients, I try to help them gain clarity about their real values and priorities first, using an exercise that asks them to make trade-offs until they have their own list of priorities. Then they can negotiate a shared list as a couple. As an example, one spouse may prioritize spending time with people they love, while the other may prioritize maintaining a certain lifestyle. Through conversation, couples can discuss their priorities, identifying those they share. They can develop a list that becomes their framework to guide them as they consider the impact of big decisions.

Get the facts

The biggest mistake parents make when thinking about paying private school tuition is failing to forecast the long-term impact of using excess cash flow now instead of saving it for later. Especially when it’s an emotional decision or expectation, clients want to just close their eyes and say yes. It’s critical to quantify all expenses and make a reasonable cash flow forecast for the next several years to see how that affects finances and other goals and priorities, including funding college accounts and retirement plans.

Many couples today have deferred having kids until their mid- or late 30s and are in their 40s when children begin school. These can be peak earning years, but they are also peak saving years, and that’s sometimes lost if children attend private school. By the time children are in college, parents may face a serious retirement saving gap. An honest discussion on cash flow and savings rates over time is important, and the downstream impact should always be considered when parents ask, “Can I afford private schools?”

Establish a framework for decisions

For most clients, the analyses are eye-opening, and they are more aware of the importance of their decision. Identifying the priorities for each person and couple is extremely helpful when it’s time to make up their minds. The goal is to use the family resources for what’s important–as private schools may be–without sacrificing the overarching priorities for quality of life and financial security, among others.

One way to balance these goals is to get creative with making trade-offs so that the decision has more than one black or white variation. As example, to achieve their goals for private education, are they willing to trade:

— K-12 private education for a four-year program instead?
— The assumption that all kids will be treated the same for a more individual decision?
— Some independence in return for asking grandparents to chip in?
— Having one spouse stay at home versus returning to work?
— Cutting other expenses to free up cash flow?
— Pushing planned retirement from 63 to 67?

Find the right answer for you

Going through the process will often lead to a clear decision on forging ahead with a private school education or not, because parents are making an informed decision having weighed all the aspects that they can articulate to family and friends.

Ultimately, knowing your priorities and having conversations that deal with emotional and factual truths result in making choices with clarity, confidence and control–living the life that’s right for you.

(Article written by John Bratschi)

(SOURCE: TCA)



Source link

health news headlines provided courtesy of Medical News Today.

Advertisement

Advertisement Small

Flickr

  • about raw courage
  • catastropic at war
  • nervy
  • Paranoids
  • prolog
  • Just before rain
  • 86 Fahrenheit
  • Vivian
  • badinage

About Author

Follow Me

Collaboratively harness market-driven processes whereas resource-leveling internal or "organic" sources. Competently formulate.

ThemeForest

Collaboratively harness market-driven processes whereas resource-leveling internal or "organic" sources. Competently formulate.

  • Johannes - Multi-concept Personal Blog & Magazine WordPress theme
  • Opinion - Modern News & Magazine Style WordPress Theme
  • Trawell - WordPress travel theme
  • Pinhole - WordPress Gallery Theme for Photographers
  • Typology - Text Based Minimal WordPress Blog Theme
  • Gridlove - Creative Grid Style News & Magazine WordPress Theme
  • Vlog - Video Blog / Magazine WordPress Theme
  • Herald - News Portal & Magazine WordPress Theme
  • Sidewalk - Elegant Personal Blog WordPress Theme

View more

View More Job Search Results

Calendar

June 2019
M T W T F S S
« May    
 12
3456789
10111213141516
17181920212223
24252627282930

Pages

Recent Comments

    RSS Meks Blog

    • Using Google Trends for market research to leverage your content creation ideas June 12, 2019
      Did you know you can use Google Trends for market research and target your customer needs, tailor content strategy, in a much better way? The post Using Google Trends for market research to leverage your content creation ideas appeared first on Meks.
      Ivana Cirkovic
    • How WordPress can help you to build and increase brand awareness June 6, 2019
      How can you build and improve brand awareness with WordPress and what steps are needed in that strategy? The post How WordPress can help you to build and increase brand awareness appeared first on Meks.
      Ivana Cirkovic
    • Starting a photography blog: The secrets successful photo bloggers won’t tell you May 30, 2019
      Is starting a photography blog the next step for your personal branding and getting out there with your work? Sure is! And here’s how you can do it! The post Starting a photography blog: The secrets successful photo bloggers won’t tell you appeared first on Meks.
      Ivana Cirkovic
    • 5+ best forum plugins for WordPress to build a loyal community in 2019 May 22, 2019
      Looking for the best forum plugin for WordPress to build a community and keep them engaged? Let us save you the time and choose among these 6 we recommend. The post 5+ best forum plugins for WordPress to build a loyal community in 2019 appeared first on Meks.
      Ivana Cirkovic
    • Easily setup Facebook instant articles for your WordPress website (plus tips & tricks ) May 16, 2019
      In case you still haven’t set up Facebook Instant Articles for your WordPress blog or site, here’s why we recommend you to do it. The post Easily setup Facebook instant articles for your WordPress website (plus tips & tricks ) appeared first on Meks.
      Ivana Cirkovic
    • 8 things people usually miss before starting a blog May 8, 2019
      Have you ever wondered what things need to be done before starting a blog or do you think it’s just writing and not much else? Boy, are you in for a surprise! The post 8 things people usually miss before starting a blog appeared first on Meks.
      Ivana Cirkovic
    • WordPress RSS feed plugin – 7 recommendations 2019 edition May 1, 2019
      Wondering whether you need a WordPress RSS feed plugin or not? Let us show you what beautiful things you can make with it! The one thing people nowadays tend to say is that emails and RSS feeds are dead. A fact that couldn’t be more from the actual truth. Knowing that we live in a […]
      Ivana Cirkovic
    • How to make money as a travel blogger (10 tips you can start using today) April 23, 2019
      Have you ever wondered how to make money as a travel blogger, especially when you see how many are out there doing it? Here are at least ten ways you can, too! The post How to make money as a travel blogger (10 tips you can start using today) appeared first on Meks.
      Ivana Cirkovic
    • 6+ video marketing tips to improve your vlogging [2019 edition] April 17, 2019
      Wondering what would be some of the best video marketing tips that can help you step up your vlogging game? We’ve got you covered! The post 6+ video marketing tips to improve your vlogging [2019 edition] appeared first on Meks.
      Ivana Cirkovic
    • 18 top Google Chrome extensions for WordPress April 10, 2019
      Looking for the most useful WordPress Chrome extensions to make your site more functional and engaging? Take a look at our list of top Chrome addons to use! The post 18 top Google Chrome extensions for WordPress appeared first on Meks.
      Ivana Cirkovic

    Text

    Distinctively utilize long-term high-impact total linkage whereas high-payoff experiences. Appropriately communicate 24/365.

    Archives