Posted by: elambend | August 14, 2007

Preventing “Shirtsleaves to Shirtsleaves”

Robert Frank wrote an article for the LA Times about a camp for wealthy kids to learn economic literacy. He left the camp feeling that many of the kids were not prepared to preserve the wealth they were born into.

It’s not too hard to comprehend, often the kids never had a chance to understand the desire that got their parents there in the first place. The problem is that their parents often shelter them from even a modicum of financial understanding. The same holds true for most children, there is very little focus on given children a sound financial background (to say the least encouraging entrepreneurial activity).

Preserving wealth should be just as great a focus as creating it.


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