Wednesday, July 28, 2010

China's young rich learn how to get richer

The rich gets richer? China's young rich learn how to get richer as reported in an article that appeared in The Straits Times July 28 2010. The combined wealth of the families in the class was reported to be in the region of dozens of billions of yuan.  

These children of the rich were attending courses to learn from ancient emperors' secrets on succession planning. The trainers teaching the lessons included advisers to government and top conglomerates, lecturers from China's top universities and Communist Party scholars. 

Some people are unhappy with the lessons given as they feel that the income gap is already too big and this will worsen the situation by promoting elitism as the rich gets richer.

Let us be realistic here, being born into a wealthy family sure has its privileges and attending such lessons is just one of them. You cannot stop the universities or private institutions providing seminars or talks targeted at the rich on how to grow their wealth or how to preserve their wealth.

However, does that mean that the rest of us who are born without silver/golden/diamond spoons should lose all hope? Well, all is not lost. Some of the heirs to the wealthy family businesses skipped lectures and many were more interested in talking about their luxury cars.

We just have to to be motivated and inspired to fight a lot harder and work much harder at investing, savings and growing our money through financial management. The world is not fair, we all know that. Starting the race of life at the back, we just have to run that much harder so perhaps our children can get the chance to start the race nearer to the start line.

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