The SHOCKING Truth About $70,000 Private School Tuitions

Summary

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.

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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.

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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]

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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]

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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]

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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.

Transcript

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[Rashad]

Private school versus public school from a financial standpoint. Let's talk about this because I saw this on cnbc. I thought it was pretty interesting because the average price of public school in New York City, what do you think it is?

[Guest/Co-host]

A public school.

[Rashad]

I mean private school. Private school. The average price of private school in New York City, what do you think it is?

[Guest/Co-host]

Gotta be what, 30 grand a year?

[Rashad]

$70,000 a year.

[Guest/Co-host]

Wait, Rashad, timeout. You still stay there, my boy. TV timeout.

[Ad Read Announcer]

What?

[Rashad]

That's what's happening. That's that's happening in New York. The New York. New York City. Greater New York City area. The average price for a high, A higher level private school, not Catholic school.

[Guest/Co-host]

Got you.

[Rashad]

Private school.

[Guest/Co-host]

Like an elite private school.

[Rashad]

Yeah, an elite private school. The average price is $70,000 a year.

[Guest/Co-host]

It's worth it, though.

[Rashad]

You can afford it. Okay, is it worth it though? Because that was the thing. So CNBC said, okay, they brought up the thing of if you invest the money and they did it. They did it to age 50, but I did the calculation. Even if you do it to age 30. Right. Let's say you put $70,000 away and then for four years and then you just let that, that grows for 12% a year. And then you don't put any more money away. Then you let it grow. Then you let it sit for another 12 years. So by the time the child is 30 years old. Right. So 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. So it's pros and cons for this private school situation.

[Guest/Co-host]

Definitely trade off.

[Rashad]

And I think I can speak about this because I went to public and private school and I have my son who went to public and private school. It's tricky as a parent because.

[Guest/Co-host]

On.

[Rashad]

One hand, public schools are very segregated, which is ironic. We go down this rabbit hole if you want, but they say like from the brown versus the board of education, desegregate, desegregated the public school district in.

[Guest/Co-host]

America legally, but not actually.

[Rashad]

It's even more segregated now than it was then.

[Ad Read Announcer]

Yep.

[Rashad]

And I know this from, even from the public school that I went to. Traditionally, usually white people live in all white neighborhoods. Black people live in all black neighborhoods, and that's been done for red line. And that there's so many different reasons why, but. And America is a very segregated place and it reflects in the school system. So you face two dilemmas. You can send your kid to a public school. Unfortunately, a lot of times, depending on where you live, if you're in a black neighborhood, then the education system is going to be lower and it's going to be less resourced and you're going to have obstacles. It's not going to be the best level of education, unfortunately. You can make enough money and move to a white neighborhood, but then you'll be the only black kid in a.

[Guest/Co-host]

White and feel out of place. Yeah.

[Rashad]

And I've, I've heard stories about that, how that, that doesn't work out, that's even, even worse than going to a bad black school.

[Guest/Co-host]

Yeah.

[Rashad]

Then there's a few neighborhoods that's like some level of mixed, but there's not a lot. Then you do the private school route and you could pay a lot of money for a private school and you can get some good level of diversity in private school as well. But man, you spend us, you spend so much money and then it's like, well, a lot of kids are not graduating or graduating, still can't get a job. So it's like even if you went to, I know people that went to high level private school, just because you went to a private school does not mean you're going to be successful in life.

[Guest/Co-host]

Yeah.

[Rashad]

Because I know people that went to private school that, and it's like, damn, you could have just went to a public school. But, but it does give you great greater possibility and greater access. Yeah, and greater access and that's important. But then you spend so much money on that and like the CNBC thing, I was interested because they like yo, what if you spend that money, you invest it. Would it be better to just give an adult millions of dollars as their, as an adult as opposed to investing in a child when they're young with the maybe they make it to Harvard, maybe they don't. So it's a very tricky, it's tricky.

[Guest/Co-host]

And even if, let's say going forward people say I'm not going to put my kid in private, I'm going to invest it, they'll adjust the rate of return over that 15 year period. We're seeing it in bitcoin now. We're seeing it with capex spend now. The, all private schools are not created equal. And of course 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 and that's easier to do now than ever. But you're really paying for curriculum, teacher and network more than anything. I did read an interesting stat though for this generation is going to be the first generation that makes more, makes less than their parents at the same age. And if you look at the number of people who are married and have a, own a home this year that are 30, that's at 12% which is the lowest rate that has ever been in the United States of America. So it, it's, it's a tougher conversation than it was in 20 and definitely tougher than it was in the early 1990s. But I think if I, if I have to pick. Private is the way to go. It just depends on the school. But, man, I didn't know it's that much in New York. I'm grateful to be here. In Houston, I'm not.

[Rashad]

So what school. What grade is Xander?

[Guest/Co-host]

Fifth.

[Rashad]

He goes to private school or public school?

[Guest/Co-host]

Public now, but in private next year.

[Rashad]

So you send him to private school next year and the plan is to keep them private for the rest of his career?

[Guest/Co-host]

Have to. That's what my parents. Differently.

[Rashad]

And. Yeah. And the reason why you're doing that is be. Is. Is because higher, everything you just said.

[Guest/Co-host]

Higher level of education, access, what schools they can route into for university opportunity. I know a lot of people say it doesn't matter, but also, as a parent, 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. Same with like, let's say, au. Some people think if you just put your kid in a. You, you're automatically going to be recruited and then be able to go to college. You need to plan all the way through. You need to plan all the way through. So, yeah, I've, I've danced with the idea of both, but my answer is to do both. To put them in private and continue investing the money for him. And then if he's doing what I need him to do when he's an adult, you'll get your disbursement. If you're not, I'll be happy to keep the money in my possession.

[Rashad]

Yeah. I mean, for me, I look at it from some things intangibly that private school has benefits that public school doesn't. Even outside of the curriculum, education, it's like being able to look at life differently. Small classrooms, group discussions like that, exposure to certain things that wires your brain differently. Differently. So, yeah, I mean, I look at it like, for me, my son, he's the biggest investment because he could be my biggest liability if not done correctly. I've seen that happen.

[Guest/Co-host]

That's a great point. Yeah.

[Rashad]

If your children. Children could be your biggest liability in life. I've seen this happen as an adult. 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. It's mentally draining.

[Guest/Co-host]

Yeah.

[Rashad]

It's financially draining as well. So it's like I, it's, it's gonna be my biggest. But. But a child can Be your biggest asset in life later. I see that too. Absolutely. Like you can have a child where he's going to be paying for the, for the house or he's paying for, you know, if you got medical bills or whatever. Like there's a child that's actually not a burden. He's a blessing or she. Or she's a blessing as far as. So the biggest ask, the biggest investment. Because hopefully it's the biggest asset and hopefully it's not the biggest liability. Because a child can 100000 become a liability. And that's not talked about enough either.

[Guest/Co-host]

It happens a lot, Glorilla sister.

[Rashad]

Because everybody talk about your, your partner, your wife or your husband could be your biggest liability. And that's a fact. That is true. But a child could be even as big or bigger of a liability if you're a parent and your child is a up and you know, the drug addict or criminal keep going back to jail or you know, you gotta always give the money and you gotta stay up because it sounds good to say by the time my child gets 18 or 20 years old, I did all I could do. They only. That sounds, that sounds good in theory. But nine times out of ten, especially a mother, you're not just going to just be able to just detach from your child and just say you okay be homeless.

[Guest/Co-host]

Okay.

[Rashad]

Like no, I'm saying like you're not.

[Guest/Co-host]

Just going to do it and throw them to the world at 18 is unfair.

[Rashad]

Or even any age, like somebody could be 40 years old and it's still your child for sure. Like, you know what I'm saying? Like I don't think there's too many people that's just going to be comfortable just saying, well it, I, I gave it, I gave it my all.

[Guest/Co-host]

Yeah. Unless they messing up really bad. But. And given what the economy is, I mean I was talking to issue about this yesterday and I won't say his daughter's age but he like by the time my daughter gets to school because he was saying, you know what? One of his friends pays for college in New York. Like by the time my daughter gets College. College probably 150 a year.

[Rashad]

Facts.

[Guest/Co-host]

And I'm like, well I didn't think of it like that but great point because I never thought we would have institutions that you were paying a hundred for. There were not Ivy League. It's more common than people think. So yeah, you can't. I think it's a mistake to throw them to the world and the wolves at 18 or even in some cases, even at 21, especially with the job market being what it is.

[Rashad]

Yeah, but put it in chat. I know a lot of parents watch this show. What do you think? And everybody obviously doesn't have the. The option to send their kids to private school either. But what do you think about the dilemma of, you know, trying to figure that out?

[Guest/Co-host]

And like I said, every private is not perfect. But I know what my parents sacrificed for me, and it's panned out well for me. Just the people that you meet along the way, you can't. You can't say that it doesn't have an impact. It does. You do have to have a plan going into it, though.

[Rashad]

And definitely just your network, the people that you're around.

[Guest/Co-host]

Absolutely.

[Rashad]

Just the classroom structure, conversations, work ethic, aptitude.

[Guest/Co-host]

Because even when I got to college, college was way easier. When I left Bishop. No, like high school. My senior year was way tougher than freshman and sophomore year, which also gave me my blueprint for even this day to how to study. Like, rest in peace, Mr. Bentley, my junior year U.S. history teacher. Teacher. He was the first teacher that taught me how to study. Well. It helps me to this day.

[Rashad]

And that's another thing that you need from a real estate standpoint. You need to be aware of when you're moving as a family. One of the biggest determining factors on real estate prices in school districts. So for sure, 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 that you got to already think about factored in on top of your living expenses. You gotta think, okay, I'm not. I'm not. And I have especially, like, in the city that's like, people move to the city. They're not people. All these millionaires and billionaires that live in Manhattan, they're not sending their kids to New York City's public school. Maybe if it's like a few, like, you know, advanced public schools or like a special, you know, school of the arts, but for the most part, they're paying. They're paying $5 million for a condo in Manhattan, and then they're sending their kids to private school for $75,000 on top of. On top of the $25,000 a month mortgage that they're paying.

[Guest/Co-host]

That's levels to it, man. It is definitely levels to it.

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[Rashad]

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