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Rich People Seek Help to Avoid Spoiled Brats
One of the things laid bare by the recession is that all of us need some serious financial education. If people had a more clear understanding of how interest rates and markets work, it’s possible we might not have fallen for the idea that buying a $450,000 house on $50,000 worth of income is superterrific and what everyone else is doing.
And interestingly, that’s not just true for regular people, but also for the very, very rich. This Reuters story discusses how the very wealthy — those with more than $30 million in investable assets — are asking more pointed questions of their financial advisers and looking for help educating their children about the hard facts of money management.
One expert quoted in the story talked about a woman who walked up to him at a conference on wealth education. Her parents had told her nothing about her family’s wealth, not wanting her to feel entitled. But then a massive inheritance at age 40 caused trouble with relationships and hurt her self esteem (I know, I also hear the world’s smallest violin playing “My Heart Bleeds For You”). She’s told her own kids everything and now they aren’t remotely interested in pursuing an education because they know they’ll be rich no matter what. Yes, that’s likely a parenting fail that would have happened if she had $2 or $20 million. But still, having that kind of money raises some very interesting questions. How do you raise a kid who is able to be a good steward of your family’s legacy and use the huge “get out of jail free” card that family wealth gives them to pursue a passion that makes the world better, instead of a passion for Cristal and Jimy Choos?
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Bunny commented on Oct 12 09 at 4:17 pmWhy are we talking about the wealthy again? They might as well be unicorns for all the relevance they have to my life, or that of anyone else reading this.
GP commented on Oct 12 09 at 5:46 pmwhat kind of asshole kids don’t want to pursue education just because they know they’ll be rich? I mean, not having to earn a living would open up all kinds of doors and freedom in terms of pursuing ones artistic dreams, being a doctor or something and helping others, etc. etc. etc…what a shame!
Alison commented on Oct 12 09 at 10:03 pmThis isn’t a new concern. John D. Rockefeller, Jr. spelled out his expectations of his son in terms of fiscal responsibility and charitable giving in a letter which outlined the terms of John, III’s allowance.
http://www.smithsonianmag.com/history-archaeology/Who_Wants_to_Be_a_Billionaire.html
I agree with GP, however, that a lot has gone wrong on the parenting front if the kids think “I don’t need to amount to anything” and I suspect money is just a convenient excuse.
Amy Kuras commented on Oct 12 09 at 10:09 pmBunny, I know your comment was critical but damn that was funny. Unicorns. Hee.
Bunny commented on Oct 13 09 at 2:28 pmGlad you liked it :)
Marj commented on Oct 14 09 at 12:57 amLOL, unicorns.
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