Earn Your Leisure – The SHOCKING Truth About $70,000 Private School Tuitions

Podcast: Earn Your Leisure
Hosts: Rashad Bilal and Troy Millings
Date: February 16, 2026
Episode Focus: Deep dive on the financial and social realities of ultra-expensive private school tuition, the trade-offs compared to public schools, and the lifelong impacts of educational investment choices.

Main Theme Overview

In this episode, Rashad and Troy break down the escalating costs of private education—particularly the $70,000 average tuition at elite New York City schools. They weigh the economic, social, and generational implications of choosing private versus public schools. Both hosts reflect on their personal experiences and debate whether the returns on such massive educational spending are justified when weighed against other investment options for families.

Key Discussion Points & Insights

1. The Sticker Shock: Private School Tuition Today

• NYC Private School Costs:
  Rashad introduces the jaw-dropping figure of $70,000 as the average annual tuition for elite private schools in New York City.

  • “The average price of private school in New York City, what do you think it is?... $70,000 a year.” — Rashad [02:29]

• Is it Worth It?
  The co-hosts grapple with whether this investment is justified.

  • “It’s worth it though.” — Guest/Co-host [02:58]
  • “Is it worth it though? Because that was the thing. So CNBC said…what if you invested that money instead?” — Rashad [02:59]

2. The Opportunity Cost: Investment Versus Tuition

• Investment Scenario:
  Rashad illustrates that if the tuition were invested instead (4 years at $70k, growing at 12% annually, left alone until age 30), it could yield approximately $1.3 million by the time the child is 30.
  • “By the time a child's 30 years old, they'll have $1.3 million with the price that you would have paid for the private school.” — Rashad [03:20]

3. The Social and Structural Dilemma

• Segregation in Schools: Rashad reflects on the persistent segregation in public schools, based on both legal history and social practices.

  • “Public schools are very segregated, which is ironic... It’s even more segregated now than it was then.” — Rashad [04:09]
  • “You can send your kid to a public school. Unfortunately… if you’re in a Black neighborhood, then the education system is going to be lower and… less resourced.” — Rashad [04:30]

• Private Schools as a Solution?
  While private schools offer more diversity and access for some, even heavy tuition is no guarantee of future success.

  • “Just because you went to a private school does not mean you’re going to be successful in life.” — Rashad [05:20]

4. Parental Choices & Planning

• Emotional and Financial Weight:
  Troy describes the parental pressure to “do everything right” and how choosing schools can be a gut-wrenching economic decision.

  • “There’s a tax on the emotional side of parents wanting their kids to do well. So you got to vet the success rate of the school...” — Guest/Co-host [06:29]

• The First Downwardly Mobile Generation:
  Noting that today’s young adults are, for the first time, on track to earn less than their parents at the same age, with record-low rates of marriage and home ownership at age 30.

  • “This generation is going to be the first generation that makes less than their parents at the same age…” — Guest/Co-host [07:00]

• Personal Stories:
  The hosts openly discuss their own family decisions regarding private and public school, highlighting their mixed approaches.

  • “He goes to public school or private school? Public now, but in private next year.” — Rashad & Guest/Co-host [07:44]

• Importance of Having a Plan:
  Parental involvement and strategizing is key, regardless of school type.

  • “You have to have a plan for your child and then you have to make sure that your child follows that plan. You just can’t throw them to public school, I mean, private school, and think everything’s going to be okay.” — Guest/Co-host [08:02]

5. Tangible and Intangible Benefits

• Intangibles Matter:
  Beyond academics, private schools may offer different worldviews, small class sizes, and networking opportunities that impact children’s futures.

  • “Some things intangibly that private school has benefits… being able to look at life differently. Small classrooms, group discussions... wires your brain differently.” — Rashad [08:51]

• Children as Assets or Liabilities:
  Rashad offers a candid perspective: kids can turn out to be either their parents’ greatest asset or liability, depending on support and upbringing.

  • “My son, he’s the biggest investment because he could be my biggest liability if not done correctly… A child can 100,000% become a liability. And that’s not talked about enough.” — Rashad [09:02, 10:19]

6. The Escalation of Education Costs

• Rising Tuition is Here to Stay:
  The panel expects college tuition to reach $150k per year soon—even for non-Ivy League schools.

  • “By the time my daughter gets [to] college… probably $150k a year.” — Guest/Co-host [11:39]

• Real Estate & School Districts:
  Higher home prices in good school districts may be “offset” by sending kids to private schools, but that strategy adds significant financial pressure.

  • “A lot of times people will move into a school area that doesn’t have a good school district, but they’ll send their kid to private school… Well, that’s another added cost…” — Rashad [13:38]

7. The “Network Effect” of Private Schools

• Social Capital:
  The hosts argue that building a high-quality peer network in private schools can be more transformative than curriculum alone.
  • “Just the people that you meet along the way, you can’t say that it doesn’t have an impact. It does.” — Guest/Co-host [12:43]
  • “Network… Just the classroom structure, conversations, work ethic, aptitude.” — Rashad [13:04]

Notable Quotes & Memorable Moments

• Rashad’s Reality Check:
  “You spend so much money on that and… a lot of kids are not graduating or graduating, [and] still can’t get a job.” [05:10]

• On Opportunity Cost:
  “Would it be better to just give an adult millions of dollars as an adult as opposed to investing in a child when they’re young?” — Rashad [05:27]

• On Parental Sacrifice and Planning:
  “You need to plan all the way through. If he’s doing what I need him to do when he’s an adult, you’ll get your disbursement. If not, I’ll be happy to keep the money in my possession.” — Guest/Co-host [08:32]

• Candid Parental Reflection:
  “It’s draining to have a child that you have to support or a child that’s a continuous up. And that’s mentally draining… and financially draining as well.” — Rashad [09:22]

• Long Game on Education:
  “When I got to college, college was way easier… My senior year [of high school] was way tougher than freshman and sophomore year, which also gave me my blueprint… to how to study.” — Guest/Co-host [13:15]

Timestamps for Key Segments

• Elite Private School Costs and Value: [02:07–03:38]
• Investment vs. Tuition Calculator: [02:59–03:38]
• Segregation and Public School Disparities: [03:53–05:39]
• Is Private School Really Worth It? [05:39–06:22]
• Generational Wealth and Lifestyle Changes: [06:22–07:41]
• Personal Schooling Decisions as Parents: [07:41–08:51]
• Kids as Investments: Asset vs. Liability: [08:51–11:39]
• Real Estate and Education Costs: [13:38–14:44]
• The Power of School Networks: [12:43–13:15]

Conclusion

The episode underscores how the decision between private and public schooling involves not just spreadsheet math, but immense emotional, social, and intergenerational consequences. Rashad and Troy emphasize that whatever route a parent takes, thoughtful planning and active involvement in a child’s education are what make the real difference. They leave listeners with a powerful challenge: consider not just what you pay, but why—and what your long-term vision is for your child’s life and future opportunities.