← The Prof G Pod with Scott Galloway
The Prof G Pod with Scott Galloway
Private School Tradeoffs, Father-Son Dynamics, and Should You Raise a Kid in Today’s America?
00:22:59
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- [00:01]
Scott Galloway
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- [02:24]
Anonymous Caller
Hi Professor Galloway, My question is is it worth the money to send our elementary school aged kids to private school we live in a major city with a noticeably declining quality in the public education system. It is starved for resources and we find ourselves signing up for tutoring and other extracurricular activities to bolster our kids learning in math, science and the arts. With a high price tag and a huge time commitment outside of school hours, private school would cost approximately 18% of our after tax income, which is a significant investment. In your opinion, is it worth it or would it serve our kids better to invest that money on their behalf? Looking forward to your answer.
- [03:15]
Scott Galloway
Anonymous I love this question and I also very much appreciate I would have asked you a series of questions and you answered one of them and a lot of this comes down to how much money you have. Private schools Good private schools on average are better than the average public school. They have better funding, they have more engaged parents. Higher income people tend to have more or fewer single parent households. So they can be engaged, they have more resources, you know, they're better. I went through public school, all the way through graduate school and it changed my life. And I think of myself as being very engaged in the public school system and yet I send my kids to private school because when it comes to your own kids, you want to find the best option possible regardless of your, you know, social value, so to speak. So the average yearly tuition for A K through 12 private school in America costs roughly $13,000. There's a lot of evidence that private schools provide a worthwhile education. On average, private school students score higher on the SAT than students at public schools. Addition, the student to teacher ratio at private schools is 12 and a half students per teacher lower than what is 15 and a half at public schools. By the way, I had 33 kids in my classes at Fairburn, then Emerson, then University High School. Those studies probably have a little bit of bias if you normalize for like if you send a higher income kid into a public school, I don't know how they do. Anyways, this is my view on it and this is a deeply personal decision. A lot of the data I've read is the following that the best school you can send your kid, especially when they're young too, is the school that is the closest to your home. And that a couple things one the teacher is more important than the school and that is if you have a mediocre teacher at a grade school, your kid is going to have worse outcomes than if you have a great teacher at a mediocre school. So trying to figure out and sometimes you don't have any influence over this who the best teacher in that grade is and advocate to get your kid into that class is the key school that is closest to your home. Why? Because that additional time, one of the reasons we're thinking of moving back to Florida or back to the U.S. i want to move back because I'm fucking horrified by what's going on. And I've been totally inspired by a couple of CEOs I work with who returned to Israel after October 7th. So I want to go back in the fight. Different talk show. Different talk show. So I'm, I'm going back or I'm going to be moving back to the US and been thinking about as is today, today's world. You know, when my parents moved, it was just like, oh, we're moving tomorrow. And this is the address of the school. And I'd get on my Schwinn bike and go to the school for the first day in the middle of the year. Now everything is about, you know, the wonder children, right? Our little princes. And so where we live in the US is a function of simply where we think would be best for my 14 year old who's about to go into the ninth grade. And we decided that Florida, where I would, if I could choose anywhere, I would live back in Florida because I love the weather there, I love our house there. But the school we would send our 14 year old to would be a 45 minute plus commute each way. So that's an additional hour and a half. And the stuff I've read has said that if you take that hour and a half and there are literally no options where we live, if you took that hour and a half and you invested it in playtime, study time, time with your parents, sleep that the kid that makes up for a lot of underfunded schooling, so to speak. So one is have a bias towards sending your kid toward the local school. My snap judgment and again I think you want to talk to about a bunch of people, but based on what you told me, if this is going to be 18% of your after tax income, I probably would not do it. And that is I would probably send your kid to the local school or the public school because that's a real strain on the finances of your family, which leads to strains on your mental well being, which leads to stress and anxiety that can cause, put pressure on the marriage and then the kid will absorb that anxiety. So one of my biggest sources of anxiety, I went to not very good schools, but the biggest source of anxiety in my life was my parents not getting along and then my parents getting divorced and my mom not having enough money and her anxiety. So I think that given the financial situation you're in, sending them to the closest public school is the way to go. And just to give you some sense, and I love the idea if you were, if you have the discipline to put that $13,000 a year you'd be spending on private school into a low cost ETF from Fanguard or Fidelity or Schwab, and you invest that every year for 17 years before they go to college and then you don't touch it until they're 35. Assume you screwed up. Something that'll ease the pain of that kid is that when they're 35 you can cut them a check for approximately one and a quarter million dollars. So that should ease their pain. In sum, if you're actually disciplined enough to take that money and invest it on behalf of your child in low cost index funds and then not touch it until they're 35, I would argue that you're going to be able to probably close any deficiency gap. Best of luck to yours. And I am jealous. I wish I had a four or five year old at home. Our second question comes from smallbox6226. On Reddit, they say.
- [08:21]
Anonymous Caller
You often speak on the meaning you draw from the relationship with your son. I am curious, what role do you think a woman has on shaping and ultimately strengthening that type of father son relationship?
- [08:33]
Scott Galloway
That's a really thoughtful question. God, I love that question because I really hadn't thought about it. So I think a lot about the way I strengthen the relationship my sons are going to have with their wives and other women is to be as kind and as generous and quite frankly, as loving as I can with my partner. I want them to physically see how much I like her and I'm rooting for her and how much I respect her. I just think that I think they will A lot of my shortcomings as a man, especially when I was a younger man with relationships, romantic relationships, and I was never mean or I was never hostile towards women, but I saw relationships with friends, with business partners, and my romantic relationships is a transaction. And I constantly assess am I getting more out of this than I'm giving? And if I'm not, I want out, I want to break up or I want a divorce. And that is the wrong way to approach relationships with anybody, much less your quote unquote partner, your romantic partner. And as I've gotten old and I've gotten older, I realized that some of that is just basic lack of character on my part. I can't blame that on anyone. And I'd like to think I've mostly tried to address that, but I think a lot of it was. I was modeling my father, who was not good to my mother. I mean, just not good to her, always, basically saw my mom as a vessel for making his life better. And that's it. There was no generosity. There was no. There was no doing more than he needed to do. And moments when he could have been made my mom and my life much easier. He did not. He chose to not because it would have cost him some money or some time or some energy. So I'm constantly thinking about how do I improve their future relationships by trying to be better to their mom. Even in divorce, I think it's really important to show a lot of respect and kindness and even if you can, gentleness to your ex. I think your kids pick up on that. Anyway, it's not what you asked. I'll go back to my dad's third wife, Linda. It would be easy to demonize the woman that my dad left my mom for, but she's a really good woman, and she used to force my dad to spend more time with me. She used to kind of behind the scenes, my dad would be like, well, I'm going golfing today. See a selfish. But she would say, all right, you're taking him with you. And he would put up a fight. And she'd be like, no, you're. You know, you're taking him with him. Keep in mind, I was not her biological son, but she just had certain values around parenting. So not that you're. Not that your. Your. Your husband doesn't maybe have the inclination to do that. Maybe does. But I generally find that women have much stronger organizational capabilities, have a better grasp of the underlying grasp and understanding of the calendar. And what my partner does is she will say, I love spending. I love doing vacations alone with each of my boys. I find the dynamics entirely different when they're not together and we're not with the whole family. So I. Absolutely. Something I try and do at least once a year and I try and do it twice a year, is I take vacations with each of my sons individually. So make that a rule if you can, and then help your husband organize those trips and plan ahead and put dates on the calendar, because there is a lot of logistics in organization. I think it helps just in general to be very loving and affectionate around your kids to your partner and encourage. Also something that I don't think sometimes we haven't been very good at is sometimes we undermine each other's parenting and we get into arguments in front of our kids around how each of his parenting. I think you have to have a united front and I don't think I also think it's okay to occasionally bring in dad for certain aspects of discipline or parenting, but really try and show a united front and support for one another in front of the kids. Attempt to support, foment and encourage guy time between the dad and the kid where the father and his sons individually get to spend a lot of time together. And I'm sure there's other better things, but I can't think of them. But just the fact you're even thinking that way means that you're raising your sons in really loving, thoughtful households. And I'm jealous. I'd like to go back. I didn't realize how fast it was going to go. Where does the time go? We'll be right back after a quick break. Support for the show comes from Virgin Atlantic. Let's talk about flying. I do it, you do it, we all do it. But it really comes down to how we do it. When you fly Virgin Atlantic, then make it a memorable trip. Right from the moment you check in on board, you'll find everything you need to relax, recharge or carry on working lie flat private suites, fast wi fi hours of entertainment, delicious dining and warm welcoming service that's designed around you. Check out virginatlantic.com for your next trip to London and beyond and see for yourself how traveling for business can always be a pleasure. Support for the show comes from Trinet. Trinet's full range of HR solutions were built for purpose driven companies such as Zaap Surgical. 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Learn what Trinet can do for your business@trinet.com Vox that's T R-I-N-E-T.com Vox to get started Trinet your path Their purpose Support for the show comes from LPL Financial. On this show we talk a lot about financial security. It's the goal that so many people simply don't find attainable. But one of the most important steps in actually pursuing financial security is believing it's possible and asking yourself the question, what if I could? Helppl Financial is in the business of possibility. They empower financial advisors and individual investors like you to dream big by removing some of the obstacles and providing the services to help them reach exactly where they want to go. Like what if you could actually retire young? What if you could start and grow a business that you've been talking about for ages? What if you could invest with less hesitations and more help? LPL Financial believes the only question should be what if you could? Visit LPL.com to learn more. LPL Financial member Finra Sipc no strategy assures success or protects against loss. Investing involves risk, including possible loss of principal. Welcome back. Our final question also comes From Reddit user residenttraffic333 and resident traffic333. 3 asks hi Professor G. Simple question, but not easy to answer. Thinking about the second and third order effects of everything Trump is doing to America's institutions, brand debt and innovation. Would you have a child in America right now? Not only do I fear American values are far from what they should be, the decade plus ramifications of what's happening now have me questioning our place in the world for the next generations. Matt in Brooklyn. Oh hi Matt in Brooklyn. Should you have kids? Oh yeah. America has survived much worse than this. America was not that long ago rounding up people because they were of Japanese descent and putting them in camps. I mean, America went to war with the South. There's been protectionism, nativism, nationalism. We've absolutely had, you know, as bad or worse moments than this. And I don't think the question is thinking about the future of America or anything like that. I think the question is, are you ready to have kids? I'm not sure. I'm not sure you're ever quote unquote ready. But do you have a certain level of economic security? I think that's important. Otherwise you're going to be just so stressed out. And do you Have a competent partner. And if you don't have a competent partner and you've decided to have kids anyways, do you have a support network? Because it really does take a village and it takes a lot of time, but oh, God's sakes, yeah, have kids. One kids are really important for the future of the species, for obvious reasons. But also there's this myth that population growth is putting too big a tax on our national resources. I think that's bullshit. I think there was a kind of population bomb narrative fomented in the 70s that we were going to. The earth was going to collapse on itself because of a strain on natural resources. And if you look at climate change, the two big puffs of carbon into the air have been the industrialization of China and automobilization of America, if you will. So those were energy and lifestyle choices. And actually the nations with the biggest population growth have the lowest carbon footprint. In addition, world hunger and poverty have been inversely correlated to population growth. Because generally speaking, what we need is more brains. Now is there a limit? Sure there is. We could fit the entire world's population into New York State. And if you fly over, if you fly over the United States, you see that 98% of the flight, there's no sign of life anywhere. So I've just never thought bought this population narrative. You have 10 babies, eight are good citizens, one is a fuck up and one is a genius. And the one genius solves more problems than the up creates. So I think population growth is accretive to the world. And if you look at economies, basically their GDP growth is dependent upon how many young people they have to support old people. Is there a limit? Yes, we're a long way for that. In addition, just selfishly, if you're blessed with some level of economic security, you don't have to be a baller. You just have to be someone who says, okay, if we have a kid, do we have jobs that aren't too fucking stressful, such that we can have a home and send our kid to a good public school or a private school, take a vacation once a year, absorb medical costs. And by the way, that's a lot of money now. But if you're blessed and you and your partner have that and you have a competent partner, just selfishly have kids. I didn't want kids. I really, I was done. I'm like, that's it. My swimmers are gonna have to find other places to swim or. I don't know what the right analogy was, but I did not want to have. And I fell very much in love with someone. And she basically said, oh, we're having kids. And I said, well, I'm not having kids. And she said, oh, well, then I'm leaving. I'm like, well, we're having kids. So anyway. And I didn't enjoy it the first two or three years. Men will pretend to enjoy it, or maybe some men do. I did not. All I could think about was just keeping these things away from a body of water and how much, like, making up excuses so I didn't have to be around them. But what I found, there's a message or there's a line in that show where Frazier says, you fall in love with your kids, and that is you don't immediately love them. I didn't. When the kid came out, I'm like, what is this alien covered in blood and crap all over it? And I didn't feel any sort of sense. I felt actually fear and shame because at the time I was financially strained. But I do think there's something to the fact that. Or at least with men or. What I found is that you fall in love with this kid. And what I have found is I'm older and I'm starting to sense my own mortality and reflect on my life and what I accomplish. Literally, for the first time in my life, I have purpose. I mean, literally, I've never felt a sense of purpose before. My sense of the closest thing I had to purpose was how do I get more money so I can have nicer shit, better experiences and date hotter women. That was my purpose. And also take care of my mom. I wasn't concerned with being a good person. And that was kind of an empty existence. Now, as far as empty existences go, it was pretty good living in New York with a little bit of money. But where I have moved to now, and it wasn't a decision, it just sort of happened. I know my purpose. My purpose is to raise loving, patriotic men. And it gives me just a sense of pride. I enjoy it. I think I'm good at it. And I know that as I get towards the end, that will have given me a sense of, like, I have checked a really important box and I've never gotten anything like that from anywhere else. So if, again, if you are blessed with some economic security or trajectory, a support system and. Or a competent partner, oh, my God, there is nothing. What a blessing. That's all for this episode. If you'd like to submit a question, please email a voice recording to office hours@prov2media.com Again, that's officehoursovtomedia.com or if you prefer to ask on Reddit, just post your question on the Scott Galloway subreddit and we just might feature it in an upcoming episode. This episode was produced by Jennifer Sanchez. Our intern is Dan Shalon. Drew Burrows is our Technical Director. Thank you for listening to the Prophet POD from the Vox Media Podcast Network. We will catch you on Saturday for no Mercy, no Malice as read by George Hahn. And please follow our Prof. G Markets POD wherever you get your pods for new episodes every Monday and Thursday.
- [22:26]
Anonymous Caller
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