As my daughter is approaching high school age, I am in the position to either send her to an elite private school which will costs about $50 - $60k p.a. all up. Or send her to local government high school which is mediocre in my area like ranked 150ish on the SMH HSC rankings and purchase a property or invest the money instead of paying the private school fees.
My thinking is if I send my daughter to private school, then chances are she will get a better education/being better all rounder and PERHAPS… do better in life and financially for herself later.
On the other hand from an economic perspective, I can't help but lean towards the government school + investing route as i have high doubts that the additional education or expected value if you will of the private school education will outweigh the investment returns of putting 50-60k away for her in investments., I.e. buying a property now while it's still "cheap" lol.
What are people's thoughts and opinions on this?
Should I give my daughter the best chance at education and empower her or just invest the money and give to her later?
Or maybe go 50/50 and put her into a cheaper private school and still invest?
A 3rd option is move into a better high school catchment area. We had been lucky to be in a decent catchment area, the high school is pretty decent. So saved us moving or going the private route.
Yes/no/maybe. A lot will come down to the child on what sort of driver they have. Private schools can be good for contacts etc, but I've also known many people to end up no better off after their parents have dropped $300k+ on schooling to what they would have had if they went public.