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This Summer, Make Sure Your Child Learns How To Run A Fortune 500 Company, The Value Of A Tax Deduction

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If you're a person of a certain net worth, there are few things more terrifying in this world than the prospect of spawning a fuck-up who will piss it all away. Second to that is the worry that your child may be a perfectly well-adjusted, productive and upstanding member of society but won't perpetuate the family tradition of making it rain, instead choosing a life path not guided by money. Those who aren't parents may not understand but just believe me when I say it's harrowing and will keep you up at night. Michael Loeb, who runs a media-focused private-equity firm, knows this fear well and he's attacking it head on. Tell your kids to pack their bags because this summer, they're going to a camp where they'll learn things far more important than how to basket weave or have fun-- they're going to learn "how to wield their money and power."

Loeb's "Global Fellows in Social Enterprise" will also be taught the importance of giving money to charity because believe me, kids, when you're at the top of a multi-billion dollar company people will give you so much shit if you don't "give back."

The $25,000, six-week program launching in June is designed to give the next generation of wealth clues to running a business and giving to charity. Participants will also take trips to "the most exquisite weekend get-a-ways," including the Hamptons, Cape Cod and the Berkshires, according to the program's brochure. According to the brochure, the program also offers "bespoke services...available through trusted consultants for an array of interests: travel, entertainment, dining and lifestyle experiences."

Parents will be eligible for a $2,500 tax deduction, as Global Fellows plans to donate $2,500 per participant to charities as a way to thank them for hosting the students for internship programs.

Participants will also work with business-strategy coaches and "captains of industry" who will "provide wisdom and perspective to these kids," Mr. Loeb said, offering up as an example the Rockefellers, who read prepared remarks to guests about their experiences with wealth.

"Why are we targeting high-net-worth families?" Loeb asked guests at a party last night, where he'd scattered 'pounds of shrimp cocktail and lobster quesadillas' around the room.' "It's not because we're snobs."

Richie Rich Could've Used This Camp [WSJ]


California Just Learned That Gas Companies Can Deduct Settlement Damages From Their Taxes

But it's no big deal because California is full-up on tax revenue and not broke at all, thanks.