Photo credits: The Chicago Reader
There are many people in the Western world who obtain wealth. However, when it comes to the elite inhabitants inside the real realm of opulence, staying wealthy is what matters most.
For an example, a sizable percentage of the people who win the lottery in various U.S, states go from having mega-millions to living the same middle or lower middle-class life they had before getting the lucky numbers. The inner-workings behind the preservation of wealth are definitely more intricate than the ones behind the accumulation of wealth.
Much like the education process in any other complex concept, learning about wealth preservation should be started early. The reason why many rich and famous people got to the point where they are today is because they started as children honing the skill that made them a financially well-off adult.
Then you have the others who were born with the financial keys to master the universe.
Bloomberg Magazine recently profiled a summer program for teen and young adult heirs and heiresses called the Young Successors Program. This lofty, informative, and intriguing three-day wealth preservation program was organized by Swiss banking conglomerate UBS Group AG.
Other banking giants, such as Citi Private Bank, Morgan Stanley and Credit Suisse have also hosted similar programs, which help young sons and daughters from wealthy families become better educated about keeping their preeminent place in high society and passing it down to the generation that will come after them.
Participants of the Young Successors Programs learn about the fundamentals of generational wealth preservation, such as estate planning, building profitable businesses, and effective investing. They are also able to relax is an ultra-plush environment with the best food, wine, and lodging that money can buy.
“We want young ones to understand that, as a scion of a wealthy family with a business legacy, you have responsibilities,” Money K said, according to Bloomberg. Money K is a world-renowned wealth expert in Singapore for Citi Private Bank.
“Eventually you will inherit, so how should you think about it, and what are the rules on estate planning in different jurisdictions around the world?” he continued.
To read more about these exclusive wealth preservation camps, visit the link to the research source for this article below.
For more information and a step by step guide on how to transition your children and family to homeschooling, visit: TheBlackHomeSchoolGuide.com.