High earners - how do you spend your salary?

Crikey. I’m wondering what kind of person starts a thread like this. It’s a total (not even stealth) brag and maybe even worse, how can anyone think that MumsNet is going to provide better advice than a financial expert?!

@Topgub

It's ludicrous to suggest it doesn't happen in private schools.

Didn't say it didn't happen, said less common and dealt with quicker.

Especially when we all know how PE adults turn out....

Successful and economically secure?

Crypto

you're brave!

Crypto
Business class flights
Investment property (just one so far)

In that order

And this thread, dear reader, is why we're in the mess we're in.

Why wealth inequality is worse than its ever been

I wouldn’t bother with prep. My two went to private senior school and they found a lot of prep kids who’d gone into seniors quite annoying and not any cleverer. My son was the cleverest in his year and he’d gone to state primary. As long as they can read, write and do ‘sums’ they don’t need much more from primary years.

I’m so rich I buy rich people and hunt them.

@Citygirly

• Yes absolutely beneficial from primary level - get them into a prep and they have a head start and make social connections early, I went to a grammar post prep which was fine but getting into it was linked to the prep.
• There will be music and language lessons from early on maybe about age 8/9 which happen within school time, there will also be many after school clubs, generally about the standard rate of about £10-£15 an hour. Same as if you had kids going to swimming or something outside of school, but it's more convenient.
• Prep can vary for prep lowest I've seen is 4.5k pa, up to about 10k on average, in London it's about 20k I think.

• Ski trip about £1000 for a week including ski pass, food etc but excluding gear etc child would need and spending money.
• Average class size about 19-23 generally. State is 26-30.

Childcare per child is circa £13,000 at a minimum for a full time place (£50 per day, 5 days per week), and as your earnings are over 100k you won't be eligible for 30hrs free childcare www.gov.uk/30-hours-free-childcare
Some actually see the move to prep as a relief as it's cheaper than daycare and many have a preschool dept and will accept the child for an extra year aged 4.

In short prep fees aren't a major concern if you can handle the daycare, and by the time they are at secondary level if you want private, your salaries may have increased enough to cover this.

OP - DH handles most of the invoices so I’m not very clear on the details. Roughly £18k for tuition. Holidays are longer than state so lots of extra holiday childcare costs. Music lessons around £5000 a year I think but that’s entirely voluntary as my DCs are musical. Not done school ski trips but when we go as a family of four during school holiday it’s £15-20k a week all inclusive. Your holiday budget goes up tons if you want family suites or interconnecting rooms (ie actually be able to relax with kids) at peak times.
I myself only did private high school and I can see the difference is enormous. I think the emphasis is on “selective” private school where every child’s family values education and has gone through a rigorous process to be admitted. As such very little disruptions of teaching, great home support and the kids are freed up to do much more sports, art and other activities. The range they offer for after school clubs is also amazing

1. Absolutely beneficial from Primary level. The level of attention, low class sizes, extra curricular activities, manners etc start from the beginning. Kids who enter the private system later will have a period of adjustment - it is quite different for them.
2. Re pricing - the price is for tuition. Everything else is on top - lunch, music lessons, before and after school care, school trips, uniform (which is expensive - budget £500 to £800 to buy everything in first year).
3. Prep fees for our school (outside London) are £11k per year. They go up as the kids get more senior.
4. We haven't done a ski trip yet but I’ve heard anything from £700 to £2000.
5. Average class size anywhere from 16 to 24.
6. Hate to break it to you but nursery is as expensive, so make sure you can cover that cost and then the jump to prep school isn’t that bad!

@AngeloMysterioso actually nothing gives me greater pleasure than adding it all up on a little spreadsheet.

😂😂😂

OMG so precious

OP we moved DS when he was 8. When we had 4 years' fees in the bank and we were secure in the fact that if anything bad happened, like critical illness, we could sell the house and buy a slightly smaller one in zone 4 and be able to pay all fees until dc were 18 with the change.

I always thought that if I would consider private, it would be for secondary. Do you think it would be beneficial from primary level?

It made ALL the difference for DC1. In his state school, I'm pretty sure they thought he was a little, how shall we say, slow and challenged. He wasn't, he was just scared of the shouty teacher who had no time for him as she had 29 other kids to deal with. In his private school, he is thriving and doing very very well. I don't even want to think about what would have happened if we had not changed.

@Robinni

As I said, you just need to look at the tory Party.

Not nice when people make presumptions about your lack of character based on your education eh?

Oh and how exactly do we turn out @Topgub? How many of us are actually in your personal circle whom you know extremely well.

10% to charity is a normal expectation in many cultures. I have several family members who do this.

10% to charity? Really???

Crikey op mine are 24 and 27 now. One's about to get married. The last year they were in London Day School's together the joint fees, were £34k per annum. I think it's reasonable to add 15% to 20% for lunches, music lessons, trips, etc. Ski-ing was about £600/£700 I think but DS only went once as he and DH learnt together in Aspen from when he was about 9 and still go every Feb, Covid permitting. Everything but sport is extra (ahem - cricket kit can come to £500 for initial outlay).

DS was a sportsman and trips to South America, SA, Sri Lanka about £2500 a pop. DD's music tours were much less. There was a ludicrous trip organised for The Galapagos Island for a shade under £4k - even Wimbledon Village hooted and it was cancelled.

We decided to do primary and we are so happy we did. But it does add up. Fees ~£4000 a term, uniform was about £500, breakfast club, after school club and music lessons are all extra. Ski trips will be £1-2k.
Class size ~15 for us.
It has been a wonderful experience so far, the kids are very happy.

I agree with what a previous poster said about pastoral care . Also it is possible that the teachers may have more time due to smaller class sizes/better remunerated/more support.

I feel as though the school does a lot for the confidence of the children, they make sure they are mixing with many different ages from Reception and they come out being able to talk to anyone.

@Robinni

Yes I know of some kids whove gone to private schools. As I said, bullying, drugs and sexual harassment all rife and not addressed

Its ludicrous to suggest it doesn't happen in private schools.

Especially when we all know how PE adults turn out....

I have also worked at a very competitive, popular grammar school & all the kids are tutored even the prep ones so personally don't feel private primary is worth it if you have an excellent state one close.

My DH went to state schools the whole way through and remembers the odd person being beaten to a pulp and hospitalised at secondary level.

I don't think that's representative of most state schools. I went to excellent London state schools (catholic) & they were strict.