Chinese Families Paying to Get Their Kids into Elite, American Colleges

[dfrecore]

Since bribing schools to accept kids seems to be more common than previously known, I suspect that many wealthy families know how to keep the wealth in the family. Not going to college is not an option. They're not going to turn over the family business to an heir who only has a high school diploma. Some families probably expect their kids to forge their own path, and elite schools get them the connections and a boost on their resumes. There's some keeping up with the Joneses and eugenics, too. You don't want to tell your peers at a dinner party that your kid is going to Backwoods State University because she wasn't smart enough to get into a "good" school.

Running a business is hard. Even if you removed the taxes and regulations, most businesses would still fail. These kids are being groomed to maintain generational wealth.

Dave Ramsey's kids are being groomed to maintain generational wealth, and they went to state schools. A majority of Fortune 500 CEO's didn't go to an Ivy.  So I'm not certain that this is all true.

You can learn to run a business without a business degree, and you can certainly learn to run one with a degree from a local state school.  I think people are bribing their kids into top schools for bragging rights only.