Dear Stage Parents,
I’m watching Justin Beiber’s public meltdown, but only because the headlines are so big. It’s a sure thing I’ve never actually listened to one of his songs, or at least not one all the way through. But I wonder if there might be a way for you to avoid having to watch your kids go through something similar.
What I came up with isn’t much. It might be enough though.
If you’re lucky enough to watch your kid have some success, take those earnings and put them in a blind trust. Let them have a generous allowance — enough to keep them comfortable, pay for tutors and college and all the rest. Just don’t let them have enough money to think they’re invincible and can load up the Ferrari with drugs and booze and yell obscenities at cops.
Because your kids aren’t invincible; they’re kids. Given that kind of power — and let’s remember that money is power — kids will almost always hurt themselves. We’ve seen it time and time again.
So put the bulk of that money in trust, where they can’t blow it all on booze and cars and whatnot. And keep it there until they turn 25. Or maybe even 30. Give them the opportunity to either transition gracefully and responsibly into adult stardom. Or should they fail that, give them the opportunity to learn to be responsible human beings before they come into a sudden fortune.
It’s the very rare child who can handle sudden wealth. It’s an even rarer child who ever becomes a real adult after acquiring it. And it’s rarer still for these grown child-adults to keep their fortunes.
I don’t know about you, but I’m really tired of watching talented, beautiful kids grow up to become ugly adult addicts — if they live long enough to do even that.
-Your Friendly Neighborhood VodkaPundit