Public vs Private School: The Real Costs, Trade-offs & How to Plan with Alex Luck

Thinking about sending your kids to private school or wondering if public might be the smarter choice? 🎒 In this episode, Molly sits down with financial adviser Alexander Luck from Everest Wealth to break down the true costs of education in Australia.

We cover:

• How much private vs public schooling really costs (spoiler: it’s not just tuition)
  
• Common budgeting mistakes parents make when planning for school fees
  
• Smart ways to start investing early to cover future education expenses
  
• The hidden extras: uniforms, excursions, tech, and more
  
• Whether elite schools are really “worth it” compared to public options
  
• Trade-offs families face, like retiring earlier, paying off the mortgage, or funding big holidays instead of fees
  
  

Alex also explains how education bonds, trusts, and smart tax structures can help families prepare, plus tips for minimising back-to-school costs (like second-hand uniforms and buying supplies early).

If you’ve ever wondered whether private school is worth the six-figure price tag or how to plan ahead so school fees don’t derail your family finances this one’s for you.

Want to speak to Alex or the team fill out this form.

This episode is brought to you by InvestorKit, Australia’s #1 Buyers Agency for 2023 and 2024. They specialise in helping investors find high-growth properties utilising industry leading AI and data driven research process across Australia. 70%+ of the properties they purchase are off-market and they have consistently outperformed national average capital growth rates by over 49%. Whether you’re looking to build your property portfolio or secure your first investment. Check them out here.

CHAPTERS

00:00 – Welcome & intro

LINKS AND RESOURCES

Reducing back-to-school costs - Moneysmart.gov.au
ACARA - Compare schools by location and results.
Child Care Subsidy | myGov - Eligibility, rates, and how to apply.

CONNECT WITH ALEX LUCK

Website: https://everestwealthgroup.com.au/
LinkedIn: https://www.linkedin.com/in/alexander-luck-1a47785b/
Facebook:https://www.facebook.com/EverestPW/
Instagram: https://www.instagram.com/everestwealth/

CONNECT WITH LADIES FINANCE CLUB

Join our free Facebook group - Ladies Finance Club Money Chat
Website: https://www.ladiesfinanceclub.com/
Instagram: https://www.instagram.com/ladiesfinanceclub/
LinkedIn: https://www.linkedin.com/company/ladies-finance-club/

TAKEAWAYS

• There is no right or wrong choice between public and private schooling; it depends on personal values.
• The cost of private schooling has significantly increased, making financial planning essential.
• Even public schooling incurs costs that families should consider.
• Planning early for education costs can ease financial burdens later.
• Investment strategies can help fund education, including trusts and education bonds.
• Additional costs like uniforms and excursions can add up quickly.
• Families should consider the social implications of schooling choices.
• Budgeting for education requires understanding all associated costs, not just tuition.
• Financial advice can provide clarity and help families make informed decisions.
• Investing early can provide a safety net for future education expenses.

SOUND BITES

"The average cost of schooling is rising."
"There are many hidden costs in education."
"You are going to pay more for private school."
"Seek financial advice for better planning."

TRANSCRIPT

[00:00:00] Molly:

KEYWORDS

private schooling, public schooling, education costs, financial planning, investment strategies, budgeting for education, Australia education system, school fees, education bonds, financial advice