Last month there was an
article by psychologist Dr. Drexler published on the Huffington Post about
wealth and parenting a generation where social media has dominated most of
their lives. The global reach of social media makes sharing small pockets of
your life from a morning coffee to a group outing readily available. Now take
this to another level and add wealth into the picture, literally. Let me
introduce you to a site known as Rich Kids of Instagram. Cars such as Ferraris
and Lamborghinis, private jets and yachts, luxurious travel destinations, and
extravagant shopping sprees detail the lives of these kids on a grandiose scale
and continually fill this site. As the name suggests these are the toys of kids
who have grown up in such a lifestyle.
When I think back to this article, there was one quote that stood out to me the most, “As absurd as it might sound to many, it's not easy being a rich kid.” With the United States in a recession just a couple years ago and the current state of Europe, those with wealth are seen as scapegoats. These kids knowingly flaunting their wealth just adds to the conflict. However, this article goes into the mindset of the privileged. Their parents expect the highest achievements from these kids which they do attain through excelling in academics and sports. However, these kids face a different confine that wealth brings.
Sometimes the children feel overshadowed by their parent’s wealth. Living up to an empire your father or grandfather built and continuing that legacy is an enormous task. Imaging having your life dictated when you were born. Pursuits of different ventures are encouraged but the looming cloud that you should carry on the torch hoovers in the back of your mind. Then there is the struggle to develop a sense of self and character. The entitlement and narcissism comes into play more often than not. In a world where meritocracy is emphasized, nepotism thrives in their playground.
Wealth is a double-edged sword. It brings about vast opportunities and restrictions. We only see the glamor but very few know the other side. I was fortunate to work with some high net worth individuals a few summers ago when a small conversation broke out about wealth. One account was when I was told that his children are not allowed to have Facebook or any other social media. He feared that they are kidnapping targets due to his wealth. So in response they are constantly surrounded by security. Family vacations are often secluded and remote. In a sense, the social media interactions are the closest interactions they get with others not familiar with their world.
Overall, the struggles to develop character rest on the parents as much as it is the environment in which their kids are brought up. There are some that take the opportunities wealth provide and amplify it by giving back to their communities. Others foster a lifestyle of exuberance. At the end of the day, parents are the best filters.
When I think back to this article, there was one quote that stood out to me the most, “As absurd as it might sound to many, it's not easy being a rich kid.” With the United States in a recession just a couple years ago and the current state of Europe, those with wealth are seen as scapegoats. These kids knowingly flaunting their wealth just adds to the conflict. However, this article goes into the mindset of the privileged. Their parents expect the highest achievements from these kids which they do attain through excelling in academics and sports. However, these kids face a different confine that wealth brings.
Sometimes the children feel overshadowed by their parent’s wealth. Living up to an empire your father or grandfather built and continuing that legacy is an enormous task. Imaging having your life dictated when you were born. Pursuits of different ventures are encouraged but the looming cloud that you should carry on the torch hoovers in the back of your mind. Then there is the struggle to develop a sense of self and character. The entitlement and narcissism comes into play more often than not. In a world where meritocracy is emphasized, nepotism thrives in their playground.
Wealth is a double-edged sword. It brings about vast opportunities and restrictions. We only see the glamor but very few know the other side. I was fortunate to work with some high net worth individuals a few summers ago when a small conversation broke out about wealth. One account was when I was told that his children are not allowed to have Facebook or any other social media. He feared that they are kidnapping targets due to his wealth. So in response they are constantly surrounded by security. Family vacations are often secluded and remote. In a sense, the social media interactions are the closest interactions they get with others not familiar with their world.
Overall, the struggles to develop character rest on the parents as much as it is the environment in which their kids are brought up. There are some that take the opportunities wealth provide and amplify it by giving back to their communities. Others foster a lifestyle of exuberance. At the end of the day, parents are the best filters.
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