By Abby Ellin
Manhattan filmmaker Jamie Johnson's two films -- "Born Rich" and "The One Percent" -- explore the lives of the ultrawealthy. Johnson, 28, has spent pretty much his entire life thinking about money, and with good reason: He's an heir to the Johnson & Johnson fortune. Talking money with Jamie Johnson
Not that he knew that when he was a child. Although he says he was always aware that his family had some money, he didn't realize just how much until an elementary school classmate found his father's name on the Forbes 400 list. "I was surprised that we had such vast wealth," he admits. What the richest kids tell him
Such "vast wealth" is becoming even more concentrated in the hands of families such as Johnson's, as the richest 1% continues to pull away from other Americans.
The figures are eye-popping: The number of families with a net worth of more than $5 million is projected to grow by more than 27% between 2001 and 2010, according to the Federal Reserve Board's Survey of Consumer Finances. And most millionaires plan to leave at least 75% of their estates to their children, according to Prince & Associates, a wealth-research firm in Redding, Conn.
So it's worth asking: What kind of financial values are these überwealthy passing down to the next generation?
It's not what you might think...
http://articles.moneycentral.msn.com/Investing/StockInvestingTrading/whattherichteachtheirkids.aspxgreat article. couldnt agree more. we are not 'uberwealthy' but we are comfortable and we dont give gifts to our girls and family/friends much at all, we do cultural stuff, see the sites and try new things.
my 8 year old and i are growing a bunch of vegetables and we're giving pumpkin plants (Ghost pumpkins, which are creamy white and look amazing in the fall) to other kids for birthday gifts. none of these kids needs more stuff - and they get the excitement of planting it and watching it grow. how cool is that?
