You have to look at it two ways, first of all is the child really gifted?
I’m from the old school of thought that people with gifts need to share them with the world. If you’re hitting high notes like Minnie Ripperton, you should have that gift developed.
The OP brings up another important point, money. It’s very expensive for a child to go to college. In my day, kids didn’t get much help from their parents for college. My parents were dead by the time I got to college and it was very difficult to go to school, maintain a flat and a job and a car all at 16 years old.
Had I had access to money there is no question that I would’ve gone on to MUCH bigger and better things. I am very intellegent and capable of so much.
By 16 a child needs to start learning, “Hey you are going to have to make choices and those choices you make will cost you or reward you.”
So instead of signing a recording contract, working for three months and getting enough money to go through college for the next four years isn’t worth it to the child. Then it needs to be explained, that’s fine, but you won’t be going to Princeton, but instead you’ll be going through junior college and making Tacos at Taco Bell to pay for that.
And let’s face it working at a fast food resturant isn’t going to be any less a hassle than a recording contract.
The thing is a substantal proporation of people don’t like their jobs, a lot of them detest their jobs, yet they do it anyway, to make ends meet.
Would I push my child, I would not, but I’d make it darn well clear the money and opportunites you’re giving up may never come back and the alternatives you are left with may be just as bad, if not worse.
And if the child is still adament, fine, it’s his/her choice.
You know really money and fame are nice, but they are not the end all. I’m not saying having a health checking book isn’t a good thing, but it isn’t having the money and/fame it’s what you do with it that counts.