Private school: is it worth it, how much does it cost & how to prepare for it?
Apr 26, 2024
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Financial adviser Alex Luck joins the hosts to discuss the cost of private schools and the financial implications. They compare private vs. public schooling costs in Australia, explore tax structures for investing, and stress the importance of early financial planning for children's education.
Early financial planning can ease the burden of education costs and align with goals.
Consider hidden expenses and social implications when choosing between public and private schools.
Evaluate the financial impact and value of education investments for your child's future.
Consulting financial advisors can help in choosing suitable financing options for education costs.
Align schooling choices with personal values, financial capacity, and educational goals for optimal outcomes.
Deep dives
Start Early with Financial Planning for Education Costs
When it comes to planning for your child's education, starting early can make a significant difference. Consider your options for primary and high school education, aligning them with your financial goals. With potential costs involved, whether public or private schooling, early financial planning can help ease the burden and ensure sufficient funds are available.
Consider Hidden Costs and Social Implications of School Choices
Beyond tuition fees, parents should also factor in hidden costs associated with schooling, such as additional expenses for extracurricular activities, technology requirements, or building levies. Furthermore, consider the social implications of school choices, as attending private schools with higher-income peers may lead to lifestyle comparisons and financial pressures.
Assess the Financial Impact and Value of School Choices
Evaluate the financial impact of sending your child to public, private, or Catholic schools. Statistically, there may not be a significant difference in academic performance between public and private schools once household socio-economic factors are considered. Assess the value of spending on education against other potential investments or life experiences.
Explore Financing and Investment Options for Education
For parents seeking to finance their children's education, options such as education bonds or investment strategies can be beneficial. Consulting with financial advisors can help determine the most suitable financing and investment avenues for securing future educational costs.
Engage in Thoughtful Schooling Choices Based on Individual Circumstances
Ultimately, the decision on schooling choices should align with personal values, financial capacity, and educational goals. Recognize the importance of guiding children towards their potential and self-belief in shaping their future success. Make informed decisions by considering a holistic approach to education and financial planning.
Access Additional Financial Services for Wealth Growth and Management
Take advantage of financial services provided by trusted sources to streamline your wealth growth and management. Services include financial planning, property coaching, insurance advice, tracking portfolio for tax implications, and business acceleration programs. Explore these services to enhance your financial strategies and outcomes.
Utilize Educational Resources for Enhanced Financial Knowledge
Enroll in educational programs that offer valuable insights into money management, investing, property buying, and more. Take advantage of free courses and resources to enhance your financial literacy and decision-making skills. Stay informed and empowered to achieve your financial goals effectively and confidently.
Simplify Portfolio Monitoring and Performance Reporting
Track your investment portfolio efficiently with tools that offer comprehensive reporting on dividends, capital gains tax, and overall performance. Use platforms such as NavExa to synchronize your portfolio data and simplify tax reporting, ensuring accurate and detailed oversight of your investments.
Expand Business Profitability and Efficiency with Coaching Programs
Boost business profitability and efficiency with coaching programs designed to optimize growth and performance. Partner with business experts who provide strategic guidance and actionable strategies for enhancing your business operations. Accelerate your business success through professional coaching and support tailored to your unique goals.
Enhance Investing Skills and Financial Understanding through Education
Gain valuable insights into investing, saving, and wealth creation by enrolling in educational programs offered by trusted sources. Expand your financial knowledge through courses on budgeting, automation, value investing, ethical investing, and property buying. Develop essential skills for managing your finances effectively and achieving your financial objectives.
The cost of education always raises a lot of debate, so in this episode, Owen Rask and financial adviser Alex Luck discuss the cost of private school and how it compares financially to other education options.
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DISCLAIMER: This podcast contains general financial information only. That means the information does not take into account your objectives, financial situation, or needs. Because of that, you should consider if the information is appropriate to you and your needs, before acting on it. If you’re confused about what that means or what your needs are, you should always consult a licensed and trusted financial planner. Unfortunately, we cannot guarantee the accuracy of the information in this podcast, including any financial, taxation, and/or legal information. Remember, past performance is not a reliable indicator of future performance. The Rask Group is NOT a qualified tax accountant, financial (tax) adviser, or financial adviser.
