A personal finance blog dedicated discussing such topics as budgeting, asset allocation, 401K, IRA, cash flow, insurance, financial planning, portfolio management, and other areas in personal finance.


Thursday, March 24, 2005

Wealth Management Camp for Rich Kids

I saw this in the Wall Street Journal and thought I'd share it. Apparently there is a whole new industry in educating wealthy kids. Families pay as much as $15,000 per child (or up to $150,000 per family) to have their kids educated in all the major aspects of wealth management.

According to the article, there are over 430,000 families with net worths of $10,000,000 (yes, that's 10 MILLION), which is driving the demand for wealth management education. One company, IFF, is actually opening offices all over the country. Their Praxis (Latin for "practice") program is a two year program aimed at kids aged 18 to 35 and costs between $12,000 and $15,000 per year, per person. The program is designed for families worth $50 million or more.

It'll be a while before my family will qualify for that!