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Old 03-08-2017, 02:05 PM
 
Location: Randolph, NJ
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Quote:
Originally Posted by jaymoney View Post
I think a lot of it has to do with the fact that I don't work in finance, where the majority of the prep school to Ivy kids end up. Add the fact that a lot of Ivy students are also legacies, where it's twice as likely that they'll get in, and that the family has likely always gone to prep school as well and it's easy to see why the prep-Ivy connection exists.

But, if you're not a legacy, does prep school still make as much sense?
Like most things, it depends.

Does an Ivy degree matter and is it worth the cost? The prep school decision is just another choice along the path. While it's not for everyone, being surrounded by bright kids with 100% going to college and maybe 25% going to ivy schools, along with smaller class sizes, excellent faculty, and tremendous facilities/resources does have its advantages (not to mention the potential early groundwork in networking).

(And from what I've seen, I don't see the strong correlation in prep school Ivy kids and finance. But just me)
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Old 03-08-2017, 02:34 PM
 
Location: NJ
515 posts, read 843,232 times
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Quote:
Originally Posted by jaymoney View Post
I think a lot of it has to do with the fact that I don't work in finance, where the majority of the prep school to Ivy kids end up. Add the fact that a lot of Ivy students are also legacies, where it's twice as likely that they'll get in, and that the family has likely always gone to prep school as well and it's easy to see why the prep-Ivy connection exists.

But, if you're not a legacy, does prep school still make as much sense?
I used to work for one of those asian test prep companies and met several kids (first generation in the US, so definitely not legacy) who came from somewhat wealthy families. Lots of them went to the elite prep schools and went to the Ivies. Who knows if they would not have done as well in a public school, but since they had the resources and few kids (usu only 1), they were willing to spend infinite dollars to gain every infinitesimal advantage.
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Old 03-08-2017, 04:55 PM
 
2,161 posts, read 4,353,560 times
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Quote:
Originally Posted by Forest_Hills_Daddy View Post
Maybe. But in NYC, there are very visible financial tradeoffs by making this decision. In NYC, it's very common for middle, upper middle, and even upper income (not upper assets) families going the private route to settle for more modest apartment dwellings, or raise only one child. Not sure if there are any visible signs of such compromises being made in NJ. It looks like the residents in Union and Morris counties still live pleasant-looking homes - no visible impact to lifestyles.
The most exclusive, expensive academies in Manhattan and NJ have tuitions of $35k-$40k+ per year.

I feel like most of the people who are even entertaining the idea of spending that much filthy stinking money per year, per child, are wealthy enough to not have to make too many compromises anywhere in life. Maybe I'm wrong, but I don't think there are too many truly middle class families in Manhattan that are sending their kids to $40k/year schools. But even a modest apartment in a decent neighborhood in Manhattan isn't cheap.

The thing about the pleasant-looking homes in NJ is that, while the property taxes might be higher, the real estate is still much cheaper than in Manhattan. So that's kind of a trade-off right there, I think. How much is the average townhouse or brownstone in a safe, clean neighborhood in Manhattan? Well into the 7 figures. In NJ, you can still buy a nice house in a good school district for 6 figures.
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Old 03-08-2017, 05:05 PM
 
2,161 posts, read 4,353,560 times
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Quote:
Originally Posted by jaymoney View Post
But, if you're not a legacy, does prep school still make as much sense?
Yeah, but you're thinking like a plebeian.

The people who are like ¯\_(ツ)_/¯ when it comes to $30k property taxes, and then are still like ¯\_(ツ)_/¯ when it comes to $40k tuition on top of that (holy bajeezus), don't really have to worry about what makes the most sense. Because they're like this:





Most of us would flinch at the thought of forking over $7,000 for a Rolex watch or $4,000 for a Chanel purse.

These are the kind of people who think it's reasonable and worth it to spend $70,000 on a Patek Philippe watch or $20,000 on a Hermes purse.

I agree with you about the public schools. I know plenty of people who went to public schools and went on to an Ivy.

And I also know a couple of people who are at the top of the top in the finance world...both went to public schools (Middlesex County public schools and Lawn Guylan public schools). The one from Middlesex went to Rutgers for undergrad. And yet they both are at the same level or higher than their prep school and Ivy League peers. But who knows? If their families had Scrooge McDuck bucks growing up, maybe they would have gone the prep school route too, just because they could.
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Old 03-08-2017, 05:28 PM
 
16,433 posts, read 19,841,254 times
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Quote:
Originally Posted by Docendo discimus View Post
And I also know a couple of people who are at the top of the top in the finance world...both went to public schools (Middlesex County public schools and Lawn Guylan public schools). The one from Middlesex went to Rutgers for undergrad. And yet they both are at the same level or higher than their prep school and Ivy League peers.
Heck, I know somebody who dropped out of Pace College, and yet has risen to an extremely high position at Chase Mellon.
Prior to that post, he was highly placed at several other financial institutions.
Would he have done even better if he had graduated from one of the Ivies? Maybe, but...Quien sabe?

I also know somebody who is a VP at Citibank, and whose degree is from the diploma mill known as DeVry "University".
Despite his palty educational credentials, he has done...very well...for himself.
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Old 03-08-2017, 07:20 PM
 
465 posts, read 462,976 times
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Originally Posted by G1.. View Post
One of the most ignorant response's I have ever read.
I take it you did not go to any top 20 schools.
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Old 03-08-2017, 07:46 PM
 
9,864 posts, read 16,429,033 times
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Quote:
Originally Posted by bbnetworking View Post
If you got the money and can invest in your children, get them into Harvard, MIT. It's worth it. The chances of them becoming multi-millionaires are much greater.
I went to a state school with a guy who became a billionaire, so I don't know why you'd want your kids to become mere multi-millionaires.
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Old 03-08-2017, 08:25 PM
 
1,812 posts, read 2,405,469 times
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Quote:
Originally Posted by nybbler View Post
I went to a state school with a guy who became a billionaire, so I don't know why you'd want your kids to become mere multi-millionaires.
We are talking about chances, not unique situations. I also know someone attended Harvard with parents in poverty. Average intelligence kids have higher chances of going to Ivy league because of the investments their parents put into them, without the extra investments, they will just be average kids.
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Old 03-08-2017, 08:27 PM
 
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Originally Posted by NJpoliticiansarecrooks View Post
What would possibly make the education better at those schools? Do they use some secret textbooks or have some mysterious lesson plans no one else knows about?
Yes!

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Old 03-08-2017, 10:55 PM
 
9,982 posts, read 8,769,138 times
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Originally Posted by Retriever View Post
Heck, I know somebody who dropped out of Pace College, and yet has risen to an extremely high position at Chase Mellon.
Prior to that post, he was highly placed at several other financial institutions.
Would he have done even better if he had graduated from one of the Ivies? Maybe, but...Quien sabe?

I also know somebody who is a VP at Citibank, and whose degree is from the diploma mill known as DeVry "University".
Despite his palty educational credentials, he has done...very well...for himself.
Yeah, we all "know someone" who beat the odds.

Who isn't a VP at a big bank institution?

It's a "feel good" title and nothing else.

If you aren't an admin assistant? You're a VP.
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