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.
This story is from the June 2019 edition of Kiplinger's Personal Finance.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Sign In
This story is from the June 2019 edition of Kiplinger's Personal Finance.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Sign In
A SOLID YEAR FOR THE KIPLINGER 25
All but one of our favorite actively managed, no-load mutual funds gained ground as markets recovered.
YOUR VACATION HOME COULD PROVIDE TAX-FREE INCOME
If you plan to rent out your vacation home, it's important to understand how your proceeds will be taxed.
IT'S NOT YOUR IMAGINATION: YOUR CEREAL BOX IS SHRINKING
To avoid raising prices, some manufacturers are reducing the size of common grocery items. Here’s how to fight back.
SHOULD YOU WORRY ABOUT BEING LAID OFF? IT DEPENDS ON YOUR INDUSTRY
Downsizing has hit certain sectors. But cutbacks may be slowing, and some companies are expanding.
How identity thieves are exploiting your trust
Con artists themselves are disguising as well-known brands to steal your money and personal information.
CUT THE COST OF YOUR WIRELESS BILL
AT&T, T-Mobile and Verizon dominate the market, but smaller outfits offer similar network coverage at lower prices.
MAKING HOME ENERGY MORE AFFORDABLE
Households in need can get energy-efficiency upgrades, help with utility bills and more from this nonprofit.
A HEAD START FOR SAVERS
The Saver's Credit is designed to help low- and middleincome taxpayers contribute to a retirement account.
Say I Love You With a Money Date
To nurture a lasting bond with your partner, meet regularly to talk about money.
Plan for Your Own Elder Care
AFTER I wrote a series of columns in 2022 about elder care planning for family members, I received a number of responses like this one: “What about married couples who have no children or whose family members don’t live nearby?” wrote one reader. “Or a single individual with no close relatives? How should these people plan for their own elder care?”