Mr Money Mustache

ams25

fred246 wrote: »

I am just retiring at the moment. The first colleague to talk to me after it was announced earns much more than me and the colleague's wife earns even more than him. "Got enough to retire Fred?" "Yes - you should have too." No I am skint." He sent 4 children to private school. He has been telling others that it was a mistake and he should have sent them to state school and spent extra on tutors, trips etc as and when they were required. That was very much our policy. State school, go on every trip, evenings with extra curricular activities. My oldest 2 both got into top universities. They both told me they spent a lot of time at their interviews talking about one of the cheapest activities available - scouting.

I had a very similar conversation with a work colleague several years ago. Toiled to send 2 children to private school. Thought it was probably worth it for 1 but not both. I've never forgotten his cautionary tale.

My approach is like yours....tutors if needed, home support (I have more time) and good extra curricular activities.

Zola.

I am a fan and reader on MMM.

Some on the forum are ultra extreme, talking about living in cars and boats etc to save loads of money.

bostonerimus

fred246 wrote: »

I continued to ask everyone I met why I should pay for private education costing me over £100K per child. The last person I asked who had sent their child to private school said "It just buys a little je ne sais pas". Ahh over £100K for a little bit of I don't know in french. Nobody I asked had given me anything like a good reason to send my child to a private school so I didn't bother.

That's a lot for a little "I don't know what".

I'm in my mid 50s so everything was better "when I was a lad". But maybe it's true when it comes to schools. I went to my local primary and then comprehensive schools, private school wasn't ever considered. There was a big range in academic ability, but the teachers seemed to deal with it all pretty well. I was in a fairly large group studying for OxBridge exams (think History Boys without the motorbike rides) and always felt challenged and that I had lots of opportunities.......so my parents paid no fees for my education and when I eventually chose Imperial College over Oxford, there we no fees then either for the six years I spent there. I'm grateful to the UK education system as I was well educated, left with a Ph.D. in 1986 to do a post doc at Harvard and then on to NASA and it cost me nothing....that's very MMM.

Triumph13

We didn't plan to have kids when we moved here, so it's something of a stroke of luck that not only is there a grammar school, but it's in precisely the right place for the kids to get free bus travel (just over 3 miles away and is the closest secondary school). As someone who did the council estate - grammar school - Oxbridge route myself I find that an excellent alternative to spending £250k sending them to private schools )

OldMusicGuy

westv wrote: »

Years ago I used to work with someone who went to a public school.
He told that the difference between a public school and a private school is that entry to the former is by examination (plus fees to pay of course) but anybody can go to a private school as long as they pay. Is that correct?

No, there is no difference. Public schools and private schools can be entrance by exam only. Our son went to a private school (an old grammar that went private rather than become a comprehensive) and entrance was by exam only. Public schools are generally the older, more elite ones (like Eton and Winchester) so I would imagine most have some form of entrance exam, although I know of some where they "relax" the standards a bit if they need to fill places.

fred246 wrote: »

I continued to ask everyone I met why I should pay for private education costing me over £100K per child.

They vary. Some are very poor and will take just about anybody/anything for the money. One well known public school near us had a poor academic reputation some years back and issues with poor behaviour (drug taking and similar). It has since been reformed and regained its reputation somewhat. Some of our friends were very disappointed with the quality of teaching their kids got at another nearby public school.

Our son went to a private school that used to be a grammar school before comps came in. He got an amazing education that stretched him academically. He mixed with bright, motivated children and achieved excellent academic results that he definitely would not have achieved at any of the local state schools, as he was a quiet, slightly geeky type. Not any more btw, he is now a confident young man, thanks in large part to his school.

His education was the making of him and has set him up for life. He graduated with a 1st class honours degree from a good uni and has a great job. Well worth every penny of the money we spent, the best investment we have ever made.

The sad thing is that I got a similar education for free on the state, as I went to a grammar school. But let's not discuss the rights and wrongs of the education system here, it's a very complex issue.

And I think on reading some of the other posts, a lot depends on how good your local state schools are. There's no denying some are very good.

atush

MF2015 wrote: »

Well I!!!8217;m about half way through the blog posts but it seems like a lot of you we have been doing most of it he suggestions already apart from the cars. I!!!8217;ve wasted to much money on cars over the years but that!!!8217;s finished, I!!!8217;ll run it the current one until it dies.


I!!!8217;ll keep reading the posts and check out the others, especially the FI Facebook pages.

I actually held one so long (husbands car 17 yrs+) that it cost too much to service/repair. i ended up selling it for scrap. Was still a bargain over the years. was a company car and we got it cheap when they stopped doing company cars.

atush

fred246 wrote: »

I remember when I was looking at schools for my children I was trying to have a discussion of the pros and cons of our local comprehensive and our nearest private school to one of my colleagues of asian origin. The colleague maintained that the private one would be best without really giving a reasoned argument. When the colleague left the room another colleague of asian origin said "You have no chance there Fred. If an asian sent their child to a state school it would be seen as a great disaster for the family. You'd never persuade him that the state school was the best choice." Just looking at your name Ray I wonder if you would be in this category?

Move to a grammar school area? Best of both worlds.

westv

The important thing is though, can we trust a website that can't spell moustache?