Program Teaches Rich Kids How to Be Rich

6-week program will instruct scions how to handle wealth
By Nick McMaster,  Newser Staff
Posted Feb 18, 2011 4:57 PM CST
Michael Loeb is shown in this promotional photo from Loeb enterprises.   (Loeb Enterprises)
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(Newser) – Wealthy parents, worry not—your kid no longer has to end up like Billy Madison. Not, that is, if you enroll him in Global Fellows in Social Enterprise, a new internship for the scions of the mega-rich. The idea is to teach the college-age participants how to deal with money, power, and influence gracefully when they become business bosses and philanthropists. Oh, and they'll get an early start on knowing their way around the playgrounds of the wealthy, such as the Hamptons, Cape Cod, and the Berkshires.

The program, which will admit only 20 kids at a time, costs a mere $25,000—a drop in the bucket for the families being targeted—and lasts 6 weeks. It's the brainchild of media magnate Michael Loeb, reports the Wall Street Journal. "I always thought the trepidation high-net-worth people have about their kids growing up right was a Champagne problem," Loeb said at a mixer to introduce the program. "Until I found out it was really real." Click for a less-than-enthusiastic take on the program.

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