And then the kids want the no holds barred handouts to continue from someone (i.e. the taxpayer) when the parents cut them off or die.

For what it's worth, we're not wealthy, but are very well off. We paid for our kids' educations, with an allowance equal to dorm+meal plan when they wanted an apartment. But nothing else.....they were on their own for spending money. They also had use of the third "family car" when they were in high school. Talk about learning negotiation/logistics skills......4 kids sharing one car!

I have two children living in the city, still without their own cars. They could afford one, but say they don't need it. Although they still occasionally "borrow" that third vehicle...LOL. But in general, they've all become wonderfully self-reliant/supporting adults. On the way to success defined in their own terms.

This is the probem with the socalist democratic party. There kids have been taught that they are owed, that someone else is to blame for them not being able to get what they want.

They have never been taught to create to take pride in what they have only jelousy and hate for those who have worked created and saved. I know lots of democrats that are very rich god knows why they are democrats. I also know that they have little use for relegion and give very little to charities.

I do not guess the anti american socalist here know that most of the contributions to charity come from the very corporations that employe them. All i hear from the "i hate america crowd" is how great socalism is how great taking away someone elses money is. Redistribution by taxation does not even mean the Obama is going to give it to you! The muslium brotherhood has recieved a billions of dollars from Obama and not one word from the socalist! But when someone who runs a business and has made money and does not want to pay half of it back in the form of taxes the anti american socalist are all over it. Talking about paying there fair share when they pay nothing!!!!!

This is what the kids of the anti american socalist democrats are all about, blame, blame, blame. Presonal responsiability, Ha haah they do not have any understanding of it.

Raise your kids with class and understanding of work. Then in the real world (if there is a free market left after Obama and the socalist) they will be able to have skills that are needed and will be paid for it. The days of the GM assemble worker that "might" have a high school deploma, that puts a bolt in the hood of a car on the assembly line and bitches because they only make 75 thousand /year (with benifits) are over!!

I am pretty much guilty as charged. I have a high income level and tried to be frugal with my one and only son, but I mostly failed. I know he is spoiled, I just hope not spoiled rotten. I pay his full college tuition and travel. He did earn all his spending money and pays for his books. Big deal. I did have him wash dishes at my restaurant for two years, which I hope had some impact. He was the only non latino worker in the kitchen in the last 15 years. I think he earned the respect of his fellow worker, both in the kitichen and the front of the house. I struggle with wonering if I am overly generous because he is adopted. If his mother and I died tomorrow he would inherit over 5M. By the way his is a good kid, good student and never got into an ounce of trouble.

I did it on my own (with my share of government school loans and occasional unemployment insurance. Retired early and very comfortable. But, my sense is that it's better to be born rich.

Another major flaw of the survey is that millionaires may have very different ideas about what constitutes 'average' financial means. The 75% self-described self-made millionaires flies in the face of the considerably lower actually measured social mobility in this country. They may think that they have had 'average' family income growing up when their family made maybe $100K. Maybe even as low as $80K. Even those numbers put you well in the top 20% of this country, far above the 'average.' (as of last census, the median household income was $52K)
So part of the blindness of these millionaires starts with the fact that they were themselves spoilt to begin with, taking for granted that their families' stable, comfortable (if not luxurious) living was already well above average. So of course they spoil their kids, because they are unaware that what they are providing is spoiling, because they thought those things were 'average' when they grew up.

My dad's parents were sucessful business owners who made a lot of money in the early 80s. Because of their frugality, they were able to help both my father, and uncle create their business, which allowed them to be financially stable their entire adult lives. Now that I am an adult, my dad offered to help me do the same thing. I think this is a great example of people who come from money, and don't take advantage of their parents successes. They allow their parents to foster their future, but then are successful on their own. My grandfather required both children to pay rent on the building he bought to house their businesses. When he passed away he left the money to them, as a "retirement fund". I fully intend of asking my father to require the same from me. Some people in my life look as me as a "spoiled person" coming from lots of wealthy and opportunity. I highly disagree. My parents are only giving me the tools to be successful, if I fail, then there isn't a second chance. I have to "build my inheritance" just like my father and uncle did. And they received quite a bit more than 500,000$. If this makes them spoiled, then I don't know to not do that with my own children one day. I would also like to mention that I have supported myself since I was 18, and have had a job since 16 to buy things extra things. This includes insurance, gas, new brand name clothing, and entertainment. My dad did buy me an old beater so that I could get to and from said job, but I also had a 4.0 GPA, which was our deal. Just because you come from money does not mean you're spoiled.

Jebus! This is "news"? Who the f**k cares - or doesn't already know that?

It's just incredible that crap like this is considered news. Oh, wait, this is msnbc!

Worst example I've seen of this lately was an add on Craigslist Lost & Found section with a woman hoping someone would return the ipad her three-year old lost at the shopping mall - SERIOUSLY, what 3-year old needs an ipad? When my teen decided she had to have an iphone - she bought it herself, and bought the next one after she lost the first one. Although, I confess, we do give her gas money occasionally:)

Bad parents are bad parents; money makes no difference. The majority of child bearing adults are ill-prepared for parenthood. The evidence is everywhere-especially in schools.

What rich kids are denied by their parent's wealth, is the adventure of living. Notice the article said they ( the parents ) wanted their children to grow up middle class. There was no mention about the kids exceeding the accomplishments of their parents, nor was there any mention about allowing their children to fail... one of life's best lessons, and an inspiration to try, try, again. This is why rich people's kids are often social losers. The car you drive only counts when you haven't matured from high school mentality. I'm also guessing that "rich" means $500 million or greater. By the time they get their cosmetic treatments, and other surgeries, their shopping trips to Europe, and their piece of cake at a gala event, they find they can't afford to inherit their parent's wealth nor the upkeep costs on their parent's property. They haven't learned to work for their own dream, and find too late they are pawns in their parents dreams. Yes, they get jobs as brainless midrange managers, and have no concept of the bottom, and no concept of the top. And the other thing that is not mentioned, is that period of teen "rebellion", which their rich folks will squash with their money. They'll have more psychological disorders diagnosed than shrimp dishes on a Chinese menu. By being rich, they'll have few if any "friends" which understand how they came about money and not work for it, and many will take to drugs for lack of meaningful social interactions. And they will loose personal privacy.

That article deserves a big DUH!!! Really? As if nobody ever noticed this little societal conundrum? Its not like everyone of wealth raises worthless kids, but if you find someone like that in your everyday dealings, then its certainly ok to ask that person their background. And guess what, it should be of no surprise if this worthless person turns out to be a trust fund baby. There seems to be no incentive to work hard and try to achieve. that trait seems to be most common with the working class and poor, not the children of the rich. The people who work their asses off to achieve wealth and success are actually the people we all aspire to be, but their kids suck and have no worth ethic. Its because everything is GIVEN to them not EARNED. Of course that is not all offspring of the rich, but rather the large few who have decided they like being spoiled and want the rest of us to treat them like their parents, "give me want I want" because I've had it like that all my life (example: Paris Hilton).

That goes a long way to explaining why R's simply don't care about the 47%.

JimSpence: "Because in his little narrow-minded statist brain"

I take you've been brainwashed by Mark Levin.

Give a kid something for nothing, and that kid will value it accordingly.

When I was in high school I dated a guy that went to the most exclusive and expensive private school in the state. He was the son of probably the most wealthy family in the city yet he drove this old beat up VW bus. Why? Because that is what he could afford. He mowed lawns to earn the money to buy it and that is where he also got his spending money.

I ran into him a few years later when he was in college. In the course of our conversation he told me his parents paid half of his tuition as long as he maintained a B average. The other half and his living expenses away at school were on him. So, he worked full time on top of being a full time student.

That was 25 years ago. I recently saw an article in the social pages about a sizeable donation he made to a local charity. Both his parents have passed away and he has inheireted the estate. I pointed the article out to a co-worker and commented I had dated him a long time ago. She said she had worked with him through a charitable foundation several years ago and thought he was the nicest, most down to earth man she had ever met. She said she was shocked to learn from someone else that he was a multi-millionaire.

I guess his parents did it right.

Strange how people with "Obama Derangement Syndrome" try to make this article about him. He has only been in office for 4 years people! He has not changed all aspects of our society. Lighten up.

This is an age-old issue: how to instill the values of hard work and discipline when you don't have to work hard or be disciplined to get privileges and assets. As one from the bottom 5% who is now in the top 1%, I know this challenge from experience. But my children learned manners, discipline, consequences and the golden rule in spite of having private schools, foreign travel and college paid for. They are still young adults, and are (mostly) financially independent, and they are all pursuing worthwhile careers that include giving back to society. Whether they will stay that way when they inherit money remains to be seen.

In any event, this issue really is not political - just a simple social studies story. As some others have noted, children can be spoiled brats regardless of their parents' money or lack of money. And parents can do a decent job regardless of whether they are poor, rich or somewhere on the wide spectrum in the middle. Values are not class-based.

There's a difference in spoiling them so they're lazy and providing them with money for opportunities. That "college education" should even be mentioned in the same sentence as spoiling is ridiculous - unless the kid has flunked out again and again and the parents keep paying for him to not have to work. Right now, my nephews are "spoiled" in that their parents (and Uncle Mick) pay for them to play basketball, soccer, lacrosse, swimming, and baseball and to take music lessons. They go to summer day camps where they travel to amusement or historical parks, Orioles games, canoeing, etc. They have the latest PS3, etc. game systems. But they don't get to goof off at home unless homework and cleaning up after themselves is done. They're in the advanced academic classes in above-average schools, make the honor roll, and one is first chair alto sax in the school band. They didn't accomplish that by acting spoiled!