On 1 Apr 2011
Should I pay for mortgage or for a private school?,
This is a very interesting subject. It has nothing to do with being racist as few people have mentioned in the post. However, I believe that segregation of kids to neighborhood schools is more racist than anything else. It is racism based on "Class". Brilliant kids from poor neighborhoods are denied entry into the rich neighborhoods schools.
Let's look at the facts closely:
The public education system is consistently going down in California over years due to budget cuts and I am more than sure that it will continue its downward spiral. This is due to the fact that the politicians do not regard public education as a key to America's survival. The politicians send their kids to private schools and do not feel the pain that average American families have to go through.
Now back to my feedback. I have not bought a house and I don't want to buy a house, and it has nothing to do with a good or bad neighborhood, or mortgage tax deductions (which is a wrong thing), or a sense of security. House buying brings nothing but insecurity in life – house in the US is not yours until you completely pay it off – and until it is not yours Banks are the real owners. You get stuck in a bad job and want to continue because the liability of the house. You dare to take a risk because of the same thing.
My personal income is the same as your combined home income. My wife does not work because she is a stay home mom taking care of the kids and working on their future. She has been doing it since my salary was less than 75% of what I am making today and we will continue this.
I will send all my kids to private schools and not only that I will also work on them to make them a good kid, a good citizen and a successful person. It will cost me around $300K + over 12 years and I am looking forward to it. I am probably never so sure about anything in life but getting my kids the best education money can buy. If you can get the same at a public school (I doubt it even in the best of the best neighborhoods of California) then go for it.
At the end of the day you need to sit down with your spouse and go over the priorities and make the decision and I am sure you will be able to make the decision.