So many people out there still have the belief that if an agency loves your look, they will sign you, do your pictures for free, fly you to Paris, and make you a star. With no out of pocket expenses to you. While this may have happen in the past, the industry has changed and unfortunately things don't always work like that anymore.
Having said that, the question arises, what should I pay for and what shouldn't I have to pay for. Obviously people always tell you to stray from modeling schools. Without mentioning names, you know which ones I'm talking about--yet somehow, with all the bad press they receive, they are still in business.
A good investment instead of a so-called modeling school would be any educational classes or lessons. Acting, singing, dance, or musical lessons will incur a cost, but they will also benefit you or your child in a variety of ways, adding confidence, poise, and of course adding to lines to the resume and making you more competitive. Scouting events and open castings that require an entrance fee are very iffy, and I would most likely advise against them. Typically, less than 1% of attendees are discovered at a scouting event. Any program that gives you a better business understanding of the industry, taught by industry professionals would be a strong investment, and would most likely keep you from making faulty investments in the future.
Photos do cost money, but you do not need to spend thousands of dollars on a photographer, makeup artist, hairstylist, and clothes for the pictures. It is difficult to estimate a fair cost for photos, but if I had to throw out a number I would say spending between $400 and $800 for two looks, depending on the experience level of the photographer is average.
Always do your homework! There are investments involved with starting a career in the modeling or acting industry, but no one wants to be taken advantage of.