Monday, July 30, 2007

Trend Alert, Part III

Summer camp for rich kids, with a twist: these camps teach the campers how to handle their inheritances. Yet another crutch for wealthy parents who shirk their duties. Here's a thought: teach your children the value of money the old fashioned way, and make them get a job. Case and point: Ivanka Trump. Good parenting can trump the trappings of wealth. (No pun intended.)

Campers are asked questions like, what would you do if you won $10 million? To which one camper responded with the money quote:

"If that's pretax, $10 million isn't that much."

Ha! Spoken like a true trust fund brat. The article goes on to conclude that:

...these kids wouldn't be tomorrow's chief executives and billionaire entrepreneurs. Most would probably drift through life spending their parents' money and hoping it would last. Tomorrow's economic superstars will more likely come from the striving middle class, just as they have for much of American history. And all that inherited wealth will wind up going to people who actually earned it -- an encouraging sign for those of us worried about the wealth gap.
I'm supposed to be encouraged that trust fund brats are so stupid they're likely to piss away their fortune? Well okay. But what about the fact that it's easy to make money when you already have money, e.g. through investing and business ventures. These kids are so dumb that they don't know how to hire advisors? But hey, if all else fails, heiresses-to-be can follow the footsteps of the mother of heiresses and release a sex tape.

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