The Financial Future of Children Is Already Determined When They Are Born

1. Introduction

The elite family has a wealth management advisory firm called the family office that manages the families’ wealth and financial investment decisions. Rich value their family name and legacy and, therefore, will develop measures to ensure that their dynasty name is respected and carried forward to future generations. These measures include planning for their children and influencing the nature of the quality of education their children get access to. Education that occurs in colleges or programs distinguished by highly selective student recruitment based on academic merit is called elite education. The children of wealthy citizens are only entitled to this type of education. Children are given this type of education to be equipped with the required skills to handle the responsivities that their parents will leave once they are old. The economic resource enables children from rich families to have a more realistic approach to life. Children will understand how to use the economic resources prudently and know how to make a wise business investment. The rich parent will have an average of one to three children, which ensures that they offer a quality life to the few children; on the other hand, low-income parents have an average of five to ten children. The rich family starts preparing their children to take over their wealth and business empires at an early age. This success is passed from their children to the future generation, and the cycle is continuous.

2. Business aspects

The elite parents used their wealth and income to secure the best positions for their children in the education system, and they, therefore, increased the probability of academic success. The children lived in a wealthy school with the best resources compared to children of other classes. The elite was available for their children and would often increase voluntary funding to the school to influence the living standard. The private school has a smaller population, fewer rules and regulations, and the students can settle down; therefore, economic resources are crucial for academic success. Children from rich families enjoyed more benefits as their parents influenced their admission to the best schools using their economic or political resources. The school fees influence the school a child attends. Children from rich families attend schools with annual fees equivalent to low-income children’s entire fees for the rest of their lives.

3. Political aspects

The school curriculum influences the nature of politics and political knowledge. The methods of instruction used by the student will influence politics. People in government are the ones who influence the policies. These favors are returned in the form of either influencing the schools that their children attend directly or indirectly (McLaughlin,2016). Politicians have a lot of influence on government policies, and the government policies determine how much investment is made to the education system. The rich are in constant communication with the policymakers in the education department. The powerful and wealthy influence on government policies concerning the education system is evident. They do not want factory managers who cannot run a factor or financial managers who cannot do investment portfolios for their clients. The net effect is inequality in the education sector.

4. Cultural aspects

The rich offer their children the best education to ensure that they get the skills needed to run their vast empires. The rich will prefer their children to learn about the essence of ownership of the factors of production to ownership of labor. The owners of the means of production will always be the rich in society. The human capital ideology holds that children must be taught how to manage human capital and the means of production to ensure the family name’s continuity (Mistry, 2009). The rich children will grow old knowing how to invest in means of production while the poor will concentrate on buying expenses like buying expensive cars using loans and live expensive lives beyond their net incomes.

On the other hand, the rich will be multiplying their revenues. The rich and public life culture enables children from rich families to have a more realistic approach to life. The parent will take their children to their real business empire and listen to their meetings with company lawyers and accountants and attend real investment opportunities. They learn to make business decisions at an early age. Children will understand how to use the economic resources prudently and know how to make a wise business investment.

5. Intellectual aspects

The rich will have specific areas that they want their children to study. For example, a lawyer may pursue their children to become a doctor. In contrast, a bank manager may influence his children to become lawyers. As early as they plan to get a child ]the kind of education their children will access and the kind of school they will attend. Some of the major preferred courses the rich families like include; Law, Business Management, Engineering, maths, and computer sciences. The children from rich families have tutors to create a positive legacy environment and positive motivation for the subject their parents aspire them to become in the future. The success rate of students from high-income families in science, mathematics, technology, and engineering disciplines is much higher than in other backgrounds (Houle, 2014). The rich go largely influence the choice of the career for their children. Children from rich backgrounds will do science subjects while those from poor backgrounds end up doing social science subjects. There is a strong correlation between career choice and success in life. This success was crafted by their parents long before even they were born.

6. Conclusion

In conclusion, parent from rich background influences the future of their children for both their interest and the interest of their children. The rich children’s parents would like their children to be the managers and owners of these companies. They have evolved into many more multinational organizations in recent years. The media has discriminated a lot on the issues that deal with the rich. The media will not focus on highlighting the inequality in the education system. The rich own the media, and they would want the success story to be told to their children so that the balance between owners of means of production and the providers of labor is maintained. Elite schools are not distinguished by their facilities or competition, nor do the students who participate distinguish them. Instead, these organizations are rooted in a dynamic network of relationships, often highly dependent on national and even global institutional and cultural arrangements.

7. References

Houle, J. N. (2014). Disparities in debt: Parents’ socioeconomic resources and young adult student loan debt. Sociology of Education, 87(1), 53-69.

McLaughlin, K. A., & Sheridan, M. A. (2016). Beyond cumulative risk: A dimensional approach to childhood adversity. Current directions in psychological science, 25(4), 239-245.

Mistry, R. S., Benner, A. D., Tan, C. S., & Kim, S. Y. (2009). Family economic stress and academic well-being among Chinese-American youth: The influence of adolescents’ perceptions of economic strain. Journal of family psychology, 23(3), 279.

Van Bergen, E., van Zuijen, T., Bishop, D., & de Jong, P. F. (2017). Why are home literacy environments and children’s reading skills associated? What parental skills reveal. I read Research Quarterly, 52(2), 147-160.