Many people want to know about the educational backgrounds of millionaires and their children. Most (85%) of the millionaire next door type households report that neither the husband nor the wife ever attended a private elementary or secondary school. So does this mean that if we want our children to be rich we should send them to public schools? Not necessarily. Nearly one-half (48%) of the millionaire next door types whom I have interviewed indicate that at least one of their children is attending or has attended a private elementary and/or secondary school. Statistically, the higher the household’s level of income as well as net worth the more likely it is to send its children to private school.
The general concensus among millionaires is that “if I give my son, John, all the things that I didn’t have growing up including the private school experience, he’ll end up doing better than his parents who were trained in a public school environment.” Often this forecast never materializes. Consider the millionaire household that has at least one son in the 25-34 age bracket. One in 4 of these households reports that “John still lives at home.”
In a previous blog, I reported on a multimillionaire couple who deliberately chose to live in a community that had the top rated elementary, middle and high schools in the state. And then their children went to two of the top rated public universities in America (Univ. of Florida and Univ. of Texas).
As for home schooling, I find that this is most popular among middle income/middle net worth types. Accordingly, in families where the children are home schooled, neither the mother or father is a college graduate in 50.1% of the cases. No doubt most home school environments have the advantage of “small classes and a lot of individual attention.” But a big part of the success of the millionaire next door types can be directly attributed to their socialization process in dealing with a wide variety of heterogeneous groups.