Rich parents now sending their kids to 'money camps'
About nine years ago, with a sex tape and reality show playing off her spoiled upbringing, Paris Hilton entered popular culture and changed how we filter the legacy kid.
Before the hotel heiress became famous, legacy kids, those children of great fortune, were always derided … but behind closed doors. The public loathed their silver spoon, though perhaps we dared not speak out about how much we disliked it.
Hilton, of course, despite her later earning her own keep from reality TV and club appearances, became a punch line, and now it’s the soup of the day to openly scoff at rich kids for everything they’ve had handed to them.
Rich parents, on the other hand, seem to be fighting back. Wise to the cost of raising an heir or heiress that’s also a buffoon, more and more of the wealthy are now sending their kids to so-called “money camps” to get a handle on managing a fortune.
Certainly, while there are sons and daughters of the rich that have made good on their parents’ fortunes, there seem to be far more legacy kids you’d file sincerely under the Screw-Up category.
*Bing: How to teach your kids about money
But the wealthy aren’t stupid, and now Bloomberg Markets reports they’re treating their kids more like a business, fostering them in their youth so they’re prepared to bloom when they’re older.
According to the magazine, the rich are sending their kids to “money camps,” where they learn the principles of the fortunes they will one day inherit.
The camps, for kids six to 11, are held bi-weekly, and reportedly teach the kids everything they need to know from commodities markets to product marketing.
One game, called “business in a box,” gets the children to examine products “that aren’t obvious gold mines, such as the packaging on Apple Inc.’s iPhone rather than the phone itself,” according to Bloomberg Markets.
The money camps, run by a Missouri-based financial planning group, are still new, and only about 30 kids have gone through the program to date.
Another 20 or so older legacy kids, high school and college-age heirs-to-be, have taken courses on budgets and taxes at the request of their parents.
By Jason Buckland, MSN Money
Posted by: Mr. Negative | Aug 7, 2021 10:02:31 PM
more power to them. I think financial courses should start in grade school and poor and rich should learn about money right off the bat. I understand that there are certain people who don't want others to understand the system, but it should be public knowledge. I say, good for them.
Posted by: J. Habor | Aug 8, 2021 7:17:29 PM
Sounds really boring to me. I never had any education about money management, financing, etc, and I am doing extremely well. It is all common sense to manage your own finances. It is like the basic mass balance: Input - Output = Accumulation. How much more simple can it get? I didn't even need my Ph.D. to figure that out.
Posted by: George Kirne | Aug 9, 2021 1:45:52 PM
At least they are trying to get something usefull from their kids.
For a parent a kid is like their Enterprise, the best way to learn is to screw up because you will not make the same mistake twice.
This kind of education should be provided to everyone in order to open common eyes to what savings mean. Stop spending it on crap and shopping, the best investment you can do is on something that will grow on the future.
Posted by: Seriously? | Aug 9, 2021 8:24:32 PM
Whatever happened to letting kids just be kids while still promoting values? I can understand parents worrying that everything they've worked so hard to achieve may go down the drain because their children choose to improperly manage it, but having professional financial management shoved in your face at the age of 6 just isn't fair. These kids are still trying to explore their own world while grasping the fact that there's a whole lot more outside their backyard. Cognitive thought just isn't all there yet. And if parents are so concerned about the future management of their funds, perhaps they should try to take an interest in teaching their children themselves? Who better to teach them how to manage that cash than those that already manage it? I can't see every child willingly embracing finance management classes. I think the world is becoming so geared towards business that we're going to end up losing a few innovators to money-making.
Posted by: jo | Aug 10, 2021 9:56:01 AM
This is awesome! Love the Money camp. I'm in a position that I worry my kids will piss away our hard earned assets. It stirs something deep inside of me, knowing that all the sacrafices I made would be for nothing. I beleive this program should be offered in the public school system. As for the kids will figure it out , there is nothing to it attitude is wrong. WHY! ok lets look at facts... kids are carrying far more debit, consummer debit at a younger age. They live at home longer and our social assistance program is breeding second generation, third generation welfare traditions. Most kids leave highschool with no idea how to manage money, read a mortage document or understand the terms and responsibilities of a loan. sorry but society is telling us we need to do something. When we see reality TV shows programs on Debit due up part. Hello wake up call. My kids will not go into this world with no idea how to manage money. Maybe the diffrence in values we see here are the diffrence in having $$$ to manage and not.
Posted by: potterhead13 | Aug 10, 2021 10:26:21 AM
I grew up in an above average family. We always had more than enough and when I was very little we went on cruises and other vacations. I had a few much older siblings so from a young age, talk of rent and bills were in the house. I grew up money wise and started saving for university at 11. I'm thankful for my upbringing. It taught me to value what I had, work hard for what I want and not to be greedy.
Personally, I think that rich kids should grow up like anyone else, parents not flaunting their money all over the place. But it isn't really my place to say, but I only hope that the kids turn out all right.
Good luck kids, you're the future.