I don't approve of spending hundreds of thousands of dollars on things like this. That seems crazy!
Just to play the devil's advocate: alot of gifted parents on this site provide after-school enrichment to their child, b/c their child needs and wants it. It could be having your child take music lessons. It could be that you sit with your child and help him/her with math homework or to learn math at a faster pace, because you like math and they do too. Etc.
That seems pretty reasonable.
Or if your child is struggling with math and you can't remember enough math from way back when to help, you hire a high school kid to tutor them. Or you pay money for them to go to the Kumon center.
But is this different conceptually from having these high-priced tutors for the SAT, etc? It's the same.
I used to teach for Kaplan, back in the day, for SAT, ACT, and later MCAT. You can boost your scores with these programs. It might only be a little, for you to learn the format of the test. Or it could be alot as you re-learn the geometry you forgot.
Unfortunately, these tests will help determine where you go to college, which could ultimately determine what job you get, how much money you make, etc. It is foolish not to prepare for these tests in SOME way. You can buy for $50 some good books at the bookstore and download free tests from the internet to prepare, so I don't know if hiring private tutors necessarily gets you more than that.