5 ms·

Why do wealthy people need to even buy admission for their children into elite schools? Don't they have enough independent wealth to support not only themselves

Why do wealthy people need to even buy admission for their children into elite schools? Don't they have enough independent wealth to support not only themselves, but their children, as well? With that kind of money, their children really don't need to cultivate careers... and even if they wanted to, surely they could do it the old fashioned way? And if they fail, parents can bail them out? Or is it primarily driven by greed, and the parents want the kids to make a lot of money, so the family has even greater wealth?

alexpetralia 8y ago
I think they do it for the prestige/status. This is generally what people want wealth for anyway, above a certain life-sustaining amount.
- JMTQp8lwXL 8y ago
  What is the point of prestige/status if it isn't even real? It's like they're sending their kids to Stanford for the Instagram likes they'll get.
  - musicale 8y ago
    What is surprising about seeking status (or more importantly avoiding status loss) in the eyes of your peers?
    - JMTQp8lwXL 8y ago
      It's funny how the 20-somethings of the well-off seemingly have the skills and experience to take on key leadership roles, that their peers somehow would have to take decades to ascend to. It's "status" but anybody can look at say, Ivanka Trump for example, and see right through it.
      - JetSpiegel 8y ago
        > anybody The people that matter can't, that's their target. By which I mean, other socialites.
  - scarejunba 8y ago
    Huh, the prestige is most definitely real. The status is real. If your kids go to Harvard or Stanford, people will assume they're smart and you're a good parent.
    - lordnacho 8y ago
      But it's pretty fragile. You can imagine after this scandal some prestigious employer, say Goldmans or McKinsey declaring that they want to see on everyone's applications whether they are a legacy, small sport scholar, or child of a rich donor. In fact that might benefit society an awful lot.
    - JMTQp8lwXL 8y ago
      After the revelations, I don't know if the prestige is as strong. It's still there, but you could wonder how many of these people bought their way in, or earned the privilege.
    - matt-attack 8y ago
      Don't forget it starts way before college. For 18 years before college they're shelling out major money (easily $50k/yr or higher) for elite private schools. Getting them into college is just the natural extension of this 18 year spending spree.
deleted 8y ago
[deleted]
jupiter90000 8y ago
It seems like, to obviously generalize, a need to look successful. "My son is a successful partner at a firm after graduating Harvard," instead of having to say, "oh, he is unemployed but it's because I'm wealthy." Besides the education part though, the other thing I've seen with wealthy families is appointing kids to high positions in a family business, or saying they are "in real estate." I'm not sure why they just wouldn't do that instead of bribing colleges, but maybe if their kid is set on doing something the family will "make sure they can." Some families even surreptiously won't want to let their kids learn or step out on their own, they want to be involved in everything even after they are adults. The kids in that case must allow that to happen, but probably not too hard to "give up" if you get to drive a luxury car and live in a classy apartment building regardless of employment.
analog31 8y ago
In my view, paying for education in the absence of a career motivation is consumption spending. I don't see why there has to be a utilitarian, or even a "status" motive. I'd pay for my kids to be educated as a gift to them. Granted, I come from a culture that values education as an end unto itself.
lordnacho 8y ago
It's a kind of fig leaf over your inherited position. Look, I may have gotten all this for free, but I'm smart enough to deserve it. I might even have done it myself.
matt-attack 8y ago
It starts way before college. For 18 years before college they're shelling out major money (easily $50k/yr or higher) for elite private schools. Getting them into college is just the natural extension of this 18 year spending spree.
raincom 8y ago
Kids of billionaires are invited to apply to HYP. Multi millioniares (say, someone who has $20M) are afraid whether they can retain that wealth for another five generations; so, that's why they are focused on giving their kids connections and networks that elite schools offer. If someone has billions, he doesn't need to worry about the side doors. Just pay $10M to get admitted to HYP.

alexpetralia 8y ago

I think they do it for the prestige/status. This is generally what people want wealth for anyway, above a certain life-sustaining amount.

JMTQp8lwXL 8y ago
What is the point of prestige/status if it isn't even real? It's like they're sending their kids to Stanford for the Instagram likes they'll get.
- musicale 8y ago
  What is surprising about seeking status (or more importantly avoiding status loss) in the eyes of your peers?
  - JMTQp8lwXL 8y ago
    It's funny how the 20-somethings of the well-off seemingly have the skills and experience to take on key leadership roles, that their peers somehow would have to take decades to ascend to. It's "status" but anybody can look at say, Ivanka Trump for example, and see right through it.
    - JetSpiegel 8y ago
      > anybody The people that matter can't, that's their target. By which I mean, other socialites.
- scarejunba 8y ago
  Huh, the prestige is most definitely real. The status is real. If your kids go to Harvard or Stanford, people will assume they're smart and you're a good parent.
  - lordnacho 8y ago
    But it's pretty fragile. You can imagine after this scandal some prestigious employer, say Goldmans or McKinsey declaring that they want to see on everyone's applications whether they are a legacy, small sport scholar, or child of a rich donor. In fact that might benefit society an awful lot.
  - JMTQp8lwXL 8y ago
    After the revelations, I don't know if the prestige is as strong. It's still there, but you could wonder how many of these people bought their way in, or earned the privilege.
  - matt-attack 8y ago
    Don't forget it starts way before college. For 18 years before college they're shelling out major money (easily $50k/yr or higher) for elite private schools. Getting them into college is just the natural extension of this 18 year spending spree.

deleted 8y ago

[deleted]

jupiter90000 8y ago

It seems like, to obviously generalize, a need to look successful. "My son is a successful partner at a firm after graduating Harvard," instead of having to say, "oh, he is unemployed but it's because I'm wealthy." Besides the education part though, the other thing I've seen with wealthy families is appointing kids to high positions in a family business, or saying they are "in real estate." I'm not sure why they just wouldn't do that instead of bribing colleges, but maybe if their kid is set on doing something the family will "make sure they can." Some families even surreptiously won't want to let their kids learn or step out on their own, they want to be involved in everything even after they are adults. The kids in that case must allow that to happen, but probably not too hard to "give up" if you get to drive a luxury car and live in a classy apartment building regardless of employment.

analog31 8y ago

In my view, paying for education in the absence of a career motivation is consumption spending. I don't see why there has to be a utilitarian, or even a "status" motive. I'd pay for my kids to be educated as a gift to them. Granted, I come from a culture that values education as an end unto itself.

lordnacho 8y ago

It's a kind of fig leaf over your inherited position. Look, I may have gotten all this for free, but I'm smart enough to deserve it. I might even have done it myself.

matt-attack 8y ago

It starts way before college. For 18 years before college they're shelling out major money (easily $50k/yr or higher) for elite private schools. Getting them into college is just the natural extension of this 18 year spending spree.

raincom 8y ago

Kids of billionaires are invited to apply to HYP. Multi millioniares (say, someone who has $20M) are afraid whether they can retain that wealth for another five generations; so, that's why they are focused on giving their kids connections and networks that elite schools offer. If someone has billions, he doesn't need to worry about the side doors. Just pay $10M to get admitted to HYP.