Reply to Does wealth beget Wealth?

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Reply to "Does wealth beget Wealth?"

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[quote=Anonymous][quote=Anonymous]I think the key to wealth begetting wealth is to:
- have high expectations from your children
- spend the time with them to pass along the good habits that helped you achieve success

I've worked with several millionaires and multi-generation millionaires, and I've seen the difference that time and energy put into their children has resulted in successful vs. failure to thrive adults.[/quote]

All the other boards on DCUM would belie this, however. Real estate, private schools, general parenting, AAP, etc. -- it's all about a) buying in the best school district, b) getting your kids into the "best" public or private schools, c) getting them into competitive sports, d) finding the right tutoring programs, e) finding the right summer activities for enrichment, and f) doing the best college prep to get them into the most prestigious college. If you want to call that "having high expectations" and "spending time to pass along good habits" then fine, but that's a very pretty way to describe something much more calculating and de-personal, which is spending whatever money you've got to position your kids for success.

Thousands and thousands of posts on DCUM reveal the true priorities of wealthy parents. [i]What's the "best" neighborhood? What's the "best" feeder school? Who is the "best" tester to get the score to get into the program? Who is the "best" college counselor? [/i]That's not "passing along values." It's figuring out how to buy your kids whatever support and access you can. [/quote]

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