In order to commit this lifestyle for your kids, you have to live it with them.
Nobody gonna respect you for having your kids live frugal while you out in Paris doing photo shoots with your wife, and wearing millions of dollars worth of jewelry everyday. Moreover the kids will eventually grow resentful for feeling poor while you living lavish.
They seem to be grounded that means that their kids will grow up more normal than you probably would expect. You can go to private schools and still be normal. Wishing them all the best.
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