I was as stunned as the next person when news broke recently that 33 wealthy parents were indicted on fraud charges for trying to bribe or cheat their kids’ way into elite colleges.
These kids were already neckdeep in privilege and opportunity. They didn’t need to cheat on entrance exams or pose as recruited athletes to get into a good school. Some of the kids were on board with the scheme, and others, horrifyingly, had no clue. But in either case, the comment at a news conference by Andrew Lelling, U.S. attorney for the district of Massachusetts, says it all: “The parents are the prime movers of this fraud.”
The whole rotten debacle reminds me of a story I did a few years ago about inherited wealth. It was a look at why family fortunes tend to dissipate within a few generations, and how well-off parents need to be proactive about preparing their kids, starting at an early age, to handle money and privilege. A revelation to me at the time was that it’s harder than it looks to raise emotionally healthy, money-smart kids when money is no object.
Bu hikaye Kiplinger's Personal Finance dergisinin June 2019 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye Kiplinger's Personal Finance dergisinin June 2019 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
Already a subscriber? Giriş Yap
FREE HELP FOR COLLEGEBOUND STUDENTS
This program’s mentors assist applicants as they fill out the FAFSA, write essays and more.
WHAT YOU SHOULD KNOW ABOUT SPOUSAL IRAS
You typically need earned income to contribute to an individual retirement account, but a spousal IRA provides an important exception to this rule.
SELLING SHARES? HERE'S HOW TO MINIMIZE TAXES ON YOUR GAINS
ET'S say you've been regularly buying shares in a booming tech company over the past few years, but now you want to start taking some of those profits, perhaps to rebalance your portfolio.
Strategies for Novice Investors
AS part of a lifes kills program for young, single mothers, I was asked to teach a class on how to get on top of your finances.
ANSWERS TO YOUR 529 PLAN QUESTIONS
Thanks to recent policy changes, families have more options for what to do with money sitting in these tax-advantaged accounts.
Rate-Cut Winners and Losers
NOW that the Federal Reserve has cracked the interest rate ice, the next development will be to separate winners from losers.
SHOULD YOU BUY THESE RED-HOT FUNDS?
Covered-call ETFs are popular but come with plenty of caveats.
DIVIDEND STOCKS ARE READY TO REBOUND
Our favorite dividend payers are poised to benefit as falling interest rates lure investors back.
IS A 55+ COMMUNITY RIGHT FOR YOU?
These age-restricted developments appeal to older adults seeking abundant amenities and an active lifestyle.
AT LONG LAST, RATES ARE DROPPING
Consider these portfolio moves now that the Federal Reserve has cut its benchmark interest rate.