Instead of finding a job like everyone else, my privileged friends have a different way of paying their bills. They forward them to dad. Who needs a new fortune when you can inherit old money, right?

The thing is, status is very important to the silver spoon and gold card demographic. Being an heiress is great when you’re young, with perks like invitations to fashion shows and profiles in society magazines. But when you reach a certain age, even Paris Hilton gave up the limelight to try and live a more substantial life. You want to be taken seriously and not be an ignoramus named Donald Junior.

Constantly being referred to as so-and-so’s son or daughter gradually feels derogatory and dismissive. That’s why many rich kids actually work hard to build their own business. However, not everyone is so ambitious. It’s easy for spoiled brats to ask for money if they suggest they’re starting a serious enterprise. Much trust fund money has been sunk into vanity projects or swindled by crazy schemes.

Becoming owners of nightclubs, bars and hip restaurants is popular. It’s a terrific opportunity to swagger around and impress people. On the surface, it all can look very successful, filled with beautiful and cool people. But after Junior halts the free drinks and food, the bottom line is as red as the Louboutin heels walking out when the party ends.

Restaurants similarly feel glamorous and impressive, especially with a hipster chef with tattoos and a Viking beard. But it’s not so fun when your bartender starts pocketing bar tabs instead of ringing them into the till. Worse, these society kids find the hours are worse than investment banking. Restaurants actually open every night and even weekends. The smart ones just become a silent partner and consider their investment a permanent deposit for the private booth.

The not-so-business-savvy naively start up flops using prime retail spaces for niche products. Does Central seriously need another hipster coffee shop? Is an organic vegan pastry shop in a Tai Po mall realistic? How many people really want gluten-free macarons?

My advice for clueless princelings and princesses is to forget the gimmicks and kooky ideas. It’s one thing to set your sights on being a cupcake mogul or artisanal cocktails tycoon, but socialites launching a cutting-edge Botox clinic where you don’t quite understand the science is a little risky. Just ask your family law firm.

Stick to what you know. Go into beauty and fashion, open a small boutique or exercise studio. Your clients/friends can sweat their butt at a hot yoga class then freeze it off at another’s cryotherapy centre. A second-hand designer item is simple, easy and the home closet can double as a stockroom.

But not everyone is destined for the business world. Some people just know how to spend, not earn. For them, I suggest they join a charity. Try to give a little back from all you’re getting for free.

Follow our Aristocrat as she attends the hottest events and parties in town