What Children of Wealth Should Know

A follow-up to yesterday's post, Skills Camp for Rich Kids. In today's Wealth Report, Robert Frank asks for comments on Why Rich Kids Don't Stay Rich (subscription).

I liked this one from Tom Smith:

The problem is not wealth it is values. In the 80’s I was a scholarship kid at a wealthy prep school. My best friend came from a family that were so-called old money. All the children in my friend’s family seem to be well-adjusted. This was a result of adherence to a number of principles:

1. Mom and Dad are wealthy, you are poor;

2. On Christmas and your birthday you will get luxuries, otherwise you will have to work for them;

3. Mom and Dad will pay for anything that is life-affirming, e.g. music lessons, sports camps, education;

4. believe in something bigger than yourself.