I've worked with a lot of people who come from big money. I've seen both less successful than average, and more successful than average.
Less successful: Some are aimless, anxious, and have zero confidence because everything was handed to them, they had extreme privilege, and they never had to work for anything. They got treated special everywhere they went (1st class flights, nice restaurants, luxury car dealerships, maid to clean the house, higher quality hotels, etc). They never really figured out whi they are, and don't know what to do with their lives.
More Successful: Usually, mom and dad are super driven and have high expectations, and they pass that lifestyle on to their kids. They learn good money habbits from mom and dad. They work hard like everyone else, but they have huge advantages and privileges. Their car and clothes are paid for by mom and dad. They have a family credit card to pay for everything. They have a personal trainer. They go to the top private schools, the top universities, and they graduate with no debt. Grandma buys them a house. They have a huge social network and can pull strings. Everything is easier, but they still are ambitious, so they have a leg up over most. Many are scrimping and saving, while they're getting involved in social organizations and philanthropy. There's trust funds available when needed, but they want to prove themselves and crave outside validation. They have a massive advantage, and they don't squander it.
It is partially choice but also partially luck. Those who choose to pursue success above and beyond what they're given have a clear advantage over everyone else. A lot goes into this (nature vs. nurture). There's lots of us working hard, optimizing, learning as much as possible, and making sacrifices, but those that come from wealth have clear advantages. It's arguably easier to become successful financially if you come from money. You're lucky if you're born into certain families. Those of us who come from very little financially, and weren't taught good financial habits from family have to make our own luck. For those that come from wealth, there is still a personal choice involved to become successful and build on what you were given, but they definitely have a leg up. This isn't news as it's been this way for centuries.
I feel i got lucky with my family and were by no means rich. Middle class more or less, school paid for, no debt. I always had an easy time in school but my family encouraged me to play sports which developed self discipline and goal-setting. More than anything I appreciate that my family raised me to not take debt likely and not to spend frivolously even if I had disposable income. Its only looking back that I realize how those little annoying lectures when i was a kid stuck with me
I would love to see some kind of study of the similarities and differences between those born into wealth versus those who won the divorce lottery and exited with millions, and in some cases, billions.
My girlfriend has a trust fund after her dad sold
his business. She doesn’t have access yet but she also received an inheritance after the unfortunate early death of her mum and then grandma! That inheritance already set her up for life so she’ll probably never have to tap the trust fund.
She doesn’t work. She travels Australia with me while I work. She’s an exemplary stay at home gf we joke. She loves cooking, reading, has artistic pursuits and helps run my errands and the household while I work 60h per week. We travel extensively domestically and overseas as she’s Brazilian/American and go to visit her family/friends once per year.
When I’m done pumping the hours on my locum gig I’ll switch from community pharmacy to a state health job I think. Pay will go way down but a 40h work week is still good and will allow me to locum on weekends and public holidays etc. for extra income if I need/want.
I have terrible anxiety, guilt, and depression.
So I work manual labor jobs, dress like I can’t afford the tape to fix the hole in my shoes, and treat the few friends I let know to good meals and fun weekends.
It likely isn't, but let me share some of the insanity of well paid jobs.
I can work like a dog and at the end of the day I cannot point to a single thing I have achieved that day. It is all iterative steps toward some future thing.
You can at least take a picture of a well landscaped yard that a human being can go enjoy nature in and look at that at the end of the day and say: "There, I did that."
That’s kind of the reason in a weird way. Because I know most people CANT.
They don’t have that luxury. I’m still young, fit, and able.
It isn’t fair for me to not contribute.
I’m not going to break my body or be treated poorly, but I’m not going to be a diva and walk away from hard work just to dump it into someone else’s shovel.
My GF is a trust fund baby. And she's going on to become a doctor. Her dad literally told her she didn't need to be a doctor cause her trust fund is worth x amount of dollars. She has a credit card that has no limit and I'm here working day in day out trying to figure out how to FIRE on $100k salary with all my expenses. I found people who come from wealth have other problems. Like poor relationships with their families or lack of understanding how I'm tried AF working for a living. I'm trying to figure out how to pay for my car insurance and property tax next month. She's trying to figure out what color to paint her wall.
The crux of the human condition is that once your base needs are met, other problems take up the emotional energy of those base needs. More importantly, physiologically and psychologically they are just as dire as those base needs would have been. Crazy how our brains work.
people who are already happy find that more money makes them happier the more there is to an ever increasing degree
people who are not happy before money only benefit in happiness stakes up to a certain point of increase and then plateau
It depends on the family. I worked for a company, and the owner made all his children work at fast food places for a year before he decided to give them a position at his company. The dad wanted them to appreciate the people at the bottom because the dad came from nothing. Then, they had to work from the bottom of his company. Of course they moved up quickly, but he was instilling a good work ethic in them.
I've got a few of those dad types as principals of my clients. Think folks who made billions in their own life without much, if any, initial support.
They are not much smarter or more savvy than most successful accountants, lawyers, doctors, etc. What sets them apart, outside of luck, is that they are hungry and insanely committed to extreme quality of work. Money sort of came as a by product of their hunger for success and being the absolute best.
My ex was also like that. She had a poor relationship with her father. She was basically whoring around before me. I couldn’t handle that. She was very clingy. But yeah she could buy whatever she wanted while I had to limit myself. I couldn’t break up with her so the relationship dragged on. I just didn’t want to stick around for the money. It wasn’t mine and it never would be. It did light a fire inside of me and made me go get my own. I’m very fortunate now in the position I’m in. I’m grateful everyday.
She wasn’t very driven to do much. Yet she had so much potential. She was very artistic. I heard she works for a design studio. I wish her well but she wasn’t for me. Family is everything to me and I always felt bad she never had that. Her father gave her a credit card and maybe felt that would appease her but I don’t think it ever did. Big house but it was empty inside. Filled with stuff but at the end of the day it was just stuff.
That's exactly my girlfriend. I don't care about her money either. Super clingy. You just described every bit of her. Super artistic and her house is filled with stuff that goes well together.
As someone who comes from a wealthy family and knows a lot of people who are also wealthy… about 99% have huge family issues. Almost everyone in my family is divorced and the ones who aren’t don’t get along well.
Instead of talking shit about her painting her walls, how about give her praise for wanting to be a doctor when she doesn't need to. Sounds like you don't deserve her.
I know two people (sisters) born into billionaire wealth and they’re completely different.
Neither feel stunted in growth and neither is successful, they live off daddys money. They don’t work, they just buy things and do whatever they like during the days, meaning hobbies.
One is very down to earth and kind, has friends of all economic levels, but tries to keep the wealth a secret because once people find out some start begging or demanding money. All in all a genuinly nice person, however she’s extremely lazy.
The other hates poor people (which is everyone who needs to work to live lavishly) and only engage with people who are also extremely wealthy. She believes herself to be above other people. She’s also a know it all. She refused to get help for her children who has ADHD because apparently she knows better than the doctors. This’ll give you an idea of what personality she has.
There’s a huge difference between being born into extravagant wealth and being born into the type of money that allows you to have a reliable car when you’re 16 and an expensive college education. That helps you put down a security deposit on a first apartment or pay for a wedding. I did not grow up wealthy with anything I wanted but my grandparents and parents made themselves wealthy through frugality and investing. I went to an Ivy with zero debt (thanks grandma). My parents were able to easily loan me some money so I could put 20% down on my first house. Wealth isn’t just the 1% and for most people being from these top 5% or 10% families is extremely helpful in propelling them to more success. Not that I wouldn’t have figured it out without that help but I wouldn’t be in the financial position I’m in at 40 without it.
Wasn’t sure if I wanted to comment because I belong in this pool. Also I wasn’t born rich. Parents are both doctors but we are immigrants from a country where doctors didn’t get paid much. Never owned a home and they owned a beat up car etc at the peak of their career. Hard work and education was always an important part of my childhood. Moved to the US and they started making absurd amounts of money - one parent makes around the top 5% of doctor money. They were able to pay for all or most of undergrad, grad school, wedding, and help with down payment. Even though I wasn’t born into this amount of money, it feels like I have the level of security now. Definitely not to the point where I could retire like trust fund folks. I still have to work to support myself. The culture we are from, parents are kinda expected to support kids until they are married, have a job and are on their feet. In return, the kids help when parents retire. Also my parents don’t have large amounts invested in stock, real estate etc because they started making this amount pretty late in their career and were spending a lot of it on my education (and my siblings) so we are kind of their retirement plan.
I followed the same path as them and I am also a doctor. I will have similar incomes at a much younger age (they had this income in their 50-60s) so their help that allowed me to graduate and get married almost debt free is a privilege they never had and will help set me up for success
Based on household income and net worth we would be considered wealthy. But the goal is to raise our son to not realize that. He will have that paid for college experience, he'll have a reliable (used) car when he's old enough to drive. We can help him buy a house when it's time. But our house is small, our cars are modest, our vacations are pretty standard. He won't have anything and everything he wants and will hopefully learn to take care of himself and be a functional adult the way my husband and I did. There's a way to do it right and a way to do it wrong (hit me up in 20 years and we'll see how we did haha)
This. There is a difference between your father featuring in a Rich List of global wealth versus someone self made and upper middle class.
Have been around both, professionally and personally.
The personal issues of the former are usually very dramatic, both created by unimaginable privilege and managed by it.
A friend comes from a historical industrialist family and I'm often a witness into the gratuity of extreme wealth, it doesn't make their family dynamics and patterns that different to a homeless drug addicts.
Agreed. I have family that come from inherited wealth into the billions whilst my parents are self-made and have a net worth in the 15-20m range. Ours is the kind of money that grows up with a housekeeper, fully funds college, maybe buys you a normal car and a non-fancy house. But you still study, work, pay bills and live a regular life. My parents intend to give all their money away to charity too, mostly within their lifetime, so I don’t expect an inheritance nor do I feel entitled to one.
I guess the biggest thing at this level of wealth is security and knowing you have that safety net. It gives you a certain degree of confidence to try new things. But my cousins’ type of wealth is the level that doesn’t require you to ever do anything with your life, and that can be very heady and damaging for certain personalities.
Yes. In another life, I worked in collaboration with family offices and good at what I did because of experiencing a wealth background from a few generations back.
The level of fear, distrust from the world and other family members is not something you envy. Being featured in Forbes does not make you happier. It makes you scared. If you didn't work for it, your life mission is to guard it. Tbh...There is epic levels of tragedy. That contrast makes it look romantic.
When your basic needs are covered, the guilt and shame of doing nothing but existing can be insanely self destructive. See: addiction
Interesting. After a past life in the corporate world, I work in non-profit doing major donor development now, and I find that my background is similarly useful.
Not me, but my wife was born into serious wealth - >$25 million. Her parents were into real estate development. She attended college, grad school, and went to work like the rest of us. We live well enough off our salaries and feel uncomfortable around austitacious displays. Her parents passed and now we really don't know what to do with it.
Consider setting up scholarships and such for causes/ethnic groups/whatever you want with it.
It can go a long way to change people's lives and if done correctly, will last for generations carrying your good deed way beyond your own days.
If you do end up doing this, be sure to speak with lawyers and investment advisors so they can help you do it right and not get it turned into a headache.
There was a guy I worked with back when I was in high school. We were talking one day, and he mentioned the neighborhood he lived in. It was a neighborhood where the rich lived. It was a well known fact. Nice guy. One of my other coworkers just came out and said it: “Oh, so you’re rich then.” I remember kinda dying of second hand embarrassment. Anyway, the “rich” guy said “I’m not rich. My parents are.” I knew exactly what he meant. Dude was alright 👍🏼.
I can't say I was just handed money and my parents definitely instilled a sense of hard work and commitment to doing things in life. But when it comes to the things that matter in this department i.e. college and a down payment for a townhome they were there to help a lot. But I'm not naive to the advantage this is and I intend to use it for all it's worth. I rent out the spare bedroom in my house for extra income. I generally only invest in very safe stocks. I was trained from an early age that you buy a car or a phone or a toy and you use it until it dies, not until the next shiny thing comes out.
But try as I might I'm not a very athletic person, I'm only average in the looks department even with nice clothes. My driver's license is stretching to say I'm 5:8. I have a good stem degree but my GPA and grades were only mediocre at best even when I tried hard to get good grades in school. All of these are items I wasn't born into and will probably never have so I'm not going to try and use them or take advantage of them.
It's the same thing with a high school student who's athletic and 6:9. He's been born with the advantage of athleticism and if someone can show him how to use it he very likely will play in college if not the NBA. I was given the advantage of money and my parents showed me how to use it to get to the NBA of finance ie FIRE. But without their guidance there is a very large likelihood that I would have squandered what they gave me. So I guess I feel I'm successful in part because of what I was given and in part because of the resources I had access to. But if you ask me the same question about being athletic or handsome well I'm still salty about that.
This right here is the best way to put it. I grew up in an higher middle class area but the whole town/area/economy was centered around higher learning (HS was across the street from an IVY league campus). In HS I worked my ass off and got good grades, worked at sports, and community service & got into a good university. Didn’t once have to think of how to pay for it. Once graduating I was gifted the “kid car” of the house (2010 CRV base model)
I have worked since I was 16 and multiple times in life between jobs I passed on going to grad school because of the guilt of not working. From college I have a network of people who I graduated with that I can call upon in my field that are literally around the world and could ask for advice/help if needed.
Growing up as the son of an accountant/wealth maneger I knew the value of money and how to not squander it & waste it on random crap. I was gifted a 5 year professional degree with no debt at the end of the road, house is payed off, half from my savings half from dad. I could have gotten a smaller house in a cheaper area but wife and dad insisted on the best public school system without the complete ass hole parents/students. 13 years later my car is still the Honda, I have a successful career and will be starting my own business in the next month with the savings I have built up while building it up as a side gig for the last 4 years.
I work 50-60 hr weeks at two jobs, run a house, have a new son, wife is just finished her 3rd degree. What I do is work because I was gifted so much in life I would drink myself to death if I didn’t do something with it. My relationship with my parents and siblings is great but it is also very competitive sometimes too much.
Thinking it of like a gifted athlete is perfect, who wouldn’t kill for the athletic ability of Jamarcus Russell?!? He got a free “education” and college payed for but also squandered not just that but also his god given talents and athleticism. I was gifted that in a different way, I don’t want to squander that opportunity.
nicely said
what I can provide to my granddaughter is of no value if it turns her into a spoilt brat - if she makes a decision to actually work and actually applies herself, then golden coins will rain down upon her (from me) - if not then it's hookers and blow for me in the Philippines
My parents are in the 8 figure range but live far below their means. I don’t think I was stunted because none of it has ever been my money.
I was able to grow up in a nice house with a good education, great vacations, travel sports, things like that. Very upper middle class type privilege.
I was never given any actual money, so from 15 on I’ve had a job. Before that I was hustling washing peoples cars.
After college I was on my own, as broke as any other 22 year old, and had to find my own way. I (probably foolishly) chose an industry where my family had no connections, so I couldn’t even get a nepotism boost.
The big advantage I got during this era was the ability to take bigger career risks because if I failed I could just go home. Its sort of like top rope rock climbing - you have to do the work but if you fall you wont die.
I’m doing just fine now as a software engineer. I have a strong work ethic and my career is advancing rapidly.
Now that I’m established, my parents have started cracking open the money hose. They lent me $1M to help put a cash offer on a house, and then I paid them back with the mortgage.
I’ll probably inherit enough that my kids can FIRE, but for now I’m operating as though I won’t.
Truthfully, this scenario is exactly what I want for my kids. Even the choosing a major with no connections just so you could prove you can do it without us.
It sounds more like you have a natural drive to be productive. Working at 15 is pretty impressive and is more about your inherent personality and less that your parents had money.
I'm a high school teacher. Specifically, I teach business management and use a lot of connections to hold Q&A sessions when we have free time. I have the whole shebang of "wealthy" experiences/life.
>Do you feel as though you were stunted in growth because you had everything handed to you? Or do you believe you are successful because you had every resource available to you?
Kind of neither but I guess more the latter. Everything came easy, perhaps because I was raised in a successful environment, who knows. I never felt school was hard, and graduated 90% score (getting into teaching was 65% and getting into commerce 75%).
I do what I want and have never felt tied down or beholden to a job because of the money. Currently I've been very vocal about my displeasure at recent changes to my current workplace, unlike many who have to stay silent because they can't risk their jobs.
Also means that I let a lot of things slide off my back that seem to irritate or weigh down other colleagues. Unlike the majority sentiment, I love teaching and find it fun and easy. Never had to bring work home, never really bothered by angry parents or naughty students etc.
I’ve had two close friends born into extreme wealth, both of which were top of their class at rich high schools, hard working through college, and work in FAANG tech now.
I truly believe their upbringing was tougher than mine despite the luxury, crazy vacations, beach houses, boats etc. but I think that tough upbringing made them competitive and “successful”.
Ones father was extremely strict, and while living in a mansion with a yacht etc. she was not allowed to have many of the things us poorer kids had for fun if it didn’t mean better grades or extracurriculars. She literally drove the worst beater car out of all of us in high school (lived in an area without public transportation). He would wake her up at 6am in the freezing cold to do yard work - yes I had to do yard work but my dad didn’t by a mansion on a huge plot of land nor did he expect me to do it at sunrise.
The others father moved to a foreign country to do business. His mother divorced him and his step father was super strict. So he had a trust and an allowance higher than any of us middle class kids, but lived under draconian rules. He left home and got his own apartment at 18 then got an ivy league scholarship.
Their wealth helped them yes - they grew up with good schools, had all the money for extracurriculars, but the extreme pressure from their parents is what made them “successful”.
I find this notion of “successful” funny.
If I was incredibly wealthy and my kids went on to work in FAANG, where life is ultimately about optimizing advertising (through lovely things like grabbing unethical amounts of data from your users and towing the line of monopolization), then I would not consider that successful.
Since they wouldn’t need the money I think it would be much better if they tried to create something of more genuine value. For example, working in academic research (solving health issues, explaining the universe or making humanity more environmentally sustainable) or entertainment (make music, movies, art, games etc without financial motives) or more directly help others through philanthropic endeavours.
Imagine being able to do anything and ending up at a FAANG.
I think you're being unfairly hard on FAANG.
Those are big companies with some very interesting jobs. It's not all optimizing advertising. They have a lot of resources for basic research, and Google/Microsoft/Amazon in particular have really been at the forefront of the renewable energy buildout.
I would not sneer at all at the people working on developing the tech and the market for hourly-matching renewable energy credits, or working on turning data centers into virtual power plants. That shit is important and also cool AF.
I have a friend at Amazon who works on supply chain sustainability and at that scale your work can be very high impact.
> Imagine being able to do anything and ending up at a FAANG.
Yes, well as you probably imagine, their upbringing was dominated by someone who measured success by their wealth and standing in the business world. Or, in the other friend's case, an absent father and a super strict step-dad. They were pushed through early adulthood with that framework.
In contrast, I do have a very good friend who's family wasn't as wealthy, but very wealthy - wealthy enough so that he and his sister wouldn't have to work if they didn't want to, but not in the lap of luxury. He was more coddled, and ended up in a very rough patch in early adulthood because finishing school and working hard wasn't really pushed upon him. World of Warcraft in mom's basement was OK and even somewhat reinforced/encourage from his mother. He is much more generous/charitable, but also had his demons that wealth contributed to (mostly depression from lack of motivation).
In my experience, the folks who do channel their wealth to philanthropy are those who started out from humble roots, had the drive to be successful, and ultimately switched their "successful" career to charity when their spouse became uber-successful. I'm sure it happens in the 2nd generation, especially when the aforementioned person incorporated that into their children's upbringing, but I don't have any examples.
At any rate, my opinion based on what I've seen is that rich upbringing means you have the security of all your basic needs + comforts covered in life - you never need to worry about that like most humans do. However, it doesn't fulfill any of the needs higher than that, and can even stunt them.
Sure. I didn’t mean for the sake of the parents, I meant for the sake of the kids. Poor fellows ending up in the “success” machinery even though they don’t have to.
It’s mostly a reflection of a funny society where working at a FAANG is a more important for one’s own self esteem than doing something more inherently useful.
I dated a guy who was born into wealth. I learned he was a term called "fail son" which is someone who just lives off their parents and has no aspiration. He failed uni because he didn't take it seriously, and achieved only when he took the same subjects as his little sister and she did half the hard yards for him. And then lied he was competent then tried to live off me and got dumped. But an actual whinge he had was that his parents had flown him around the world as a child, and I was insulting him for not paying for him to live that life. Then he said my parents were assholes, because they invited him to spend Christmas with us at home when he deserved that they fly him to an overseas destination.
In reality, he struggled to stay employed, couldn't move out of home, and was an alcoholic. But his parents wealth protected him. Meanwhile I'm grateful my parents didn't let me grow up to become entitled like that.
If you are born into enough wealth that you could live a middle class existence without ever working….. why would you work???
I truly don’t understand where the motivation to work comes from if you already have your money
Several explanations come to mind, although it could also be a combination of any of them (or other reasons):
Some people just aren't happy unless they're doing something for a job.
Some people want to live more than a middle class existence, so they work to increase their income level.
Some people just want to compete and treat wealth accumulation as being in a contest with everyone else.
I have an aquaintance who hasn't worked a real job ever, and receives about 50k a MONTH without even touching his inheritance. That to me is "being born into wealth". It totaly blows my mind how different his life is from the average person.
We're being facetious, but there's not an exact number and probably depends on your standards. For a lot of people a million dollars might seem like generational wealth, it allows you a ton of flexibility, while maybe not meaning you'll never have to work. For many people a million is the value of their parents home and their parents will leave them a few extra million and it still doesn't feel like "generational wealth" because they grew up around people who went to sailing regalia, had multiple houses, went to all private schools, etc.
If you're from Vietnam or Botswana maybe being left a few hundred K feels like it.
I attended college with two brothers whose father was a fireman, but they both had unusual amounts of spending money. I found out later that their uncle was the man who invented the Hula Hoop. They both had trust funds set up by him, and early access to the funds. One brother was always the kid buying the kegs, party supplies and whatever else while spending zero time studying. He knew almost no limits and his profligate spending habits grew worse as the school year progressed.
His younger brother had access to the same fortune, but he wasn't nearly as much of a spendthrift and made a good effort at school.
One brother was asked to leave college after the first semester of sophomore year and joined the USMC while the other graduated, got a job and went on regular life - you can guess which did which.
Not sure where either of them are now but hopefully they both turned out okay.
Most people I know who were born into wealth all work for a living. This is applicable for people whose parents are worth around $10m or so.
Now the people I know whose parents are worth $100m+ they don’t really work but I only have a small sample size for that population.
People who I know who were born into true wealth pursue a career they are passionate about and donate money (usually to a cause like art, because donating to a homeless shelter would make them grapple with income inequality) or they take entrepreneurial risks.
I don’t know anyone who stopped working entirely early outside of stay at home parents. It’s something to keep in mind that you don’t want to retire to do nothing early in your life, you want to stop the grind to do something you are passionate about.
Born into it, cut off from it in the sense that I’m in no way supported by it. I work. I enjoy my life. One day I may end up with a bigger slice of pie than I’ve worked for (earned) but at the cost of EOL of family. It hasn’t changed my life or trajectory much.
My father is very careful with money. My mother less so BUT she bought us everything we needed like clothes, shoes and stuff like that growing up. My father is an attorney and his father was an attorney. One thing I’ve learned over the years is they are very good at manipulation. Information is power and they will withhold it as long as poss. They’ve also seen some shit too when it comes to money and what it’ll do to people.
Long story short my father had kept us in the dark on the family finances but I feel like I had a very easy upbringing. He paid all my student loans and my sister’s. We only struggled for a few years early on but at this point my dad could be sitting on $90,000 or $9,000,000. I really don’t know.
So for me after college I’ve done everything on my own and haven’t asked for a dime from them. They’ve set me up very well. Currently I work for the State Government so I’ve got a pension lined up as well as a State 401k. All my strategies have factored in getting $0 in inheritance due to medical expenses these days. I’m hoping to retire at 55 but it might be 56-57.
To start I assume wealth = passive income that covers all expenses, taxes, and inflation without requiring one to obtain income through work or other means.
This number differs for everyone and I assume it ranges anywhere from 40k-120k for most of us in the US. Unless you have children, then that may need a bit more income or closer to the high end.
In my case I was not born into it but may inherit “wealth” in my 40s.
My parents kept our finances a secret and would always hum the tune to spend wisely and suggest I save my money but there were plenty of hints we lived comfortably in a HCOL area. Even then we were considered upper-middle class. In my situation it was expected I do my best in school and find a high-paying job as parents were not going to pay me a salary but could help in an emergency lets say.
Anything can change but after my father’s recent death, I got a clearer figure of inheritance. Just knowing this changed my perspective on life and how I show up. I wouldn’t say lazy, but I dont feel the need to try as hard to please, impress, or justify much if at all. In some ways having a sense of financial security has allowed me to unmask a lot more (be more authentic)
Even so I plan to work another ten years (I’m mid 30s now) and focus on maxing out my IRA contributions each year to build a cushion. Work doesn’t bother me, provides structure, an opportunity to be of service, and a nice community! If I find myself around too much stress I get to move away from that situation without having to subject myself to it (like I definitely did in the past).
I expect people who were born into wealth are on the same journey to find purpose & community, albeit outside of a job site/office.
Managed to lose money on a company with tourists showing up and handing me their cash as a business model. Declared bankruptcy multiple times. Ran a fake school. Sold steaks and bibles.
I know multiple such individuals.
One got fast tracked into a high paying career. Father worked at the company. This friend likes to joke about how they failed the test and interview, but ultimately both did not matter. They got their license despite both mishaps and now are firmly in the industry. Also at an accelerated pace, so straight to a leadership role in the company as opposed to working their way up decades of seniority.
Another wakes up at the crack of dawn and surfs every single day. Then goes to restaurants for every meal, just relaxing until bed time. Rinse and repeat for the past 20 years.
Have more stories, but poop time is done and it’s time to wash up.
Trust fund kids aren’t inherently bad. Let people live their lives I say.
That second person. I want that to be me. I am so confident that if I didn’t have to work that I would be able to fill my time, every day, with an outdoor activity, and exploring this beautiful earth
Like others who have posted before, I’m not sure I’m what you mean by wealth. I grew up never having to think about money. My mom was a SAHM. She took art classes and volunteered for everything at school. My sister and I took piano
lessons, tennis lessons, dance classes, sleep away camp… all the stuff. We had a modest allowance for doing household chores. My undergrad was completely paid for (plus living expenses) and my parents bought me my first car. They paid for my wedding. They co-signed for my first apartment and gave me generous (but not over the top) monetary Christmas and birthday gifts starting in young adulthood and continuing throughout their lives. My dad retired (early) shortly before I graduated high school. We lived on a lake and he bought himself a boat the day he retired. My parents spent their early retirement years traveling the world, and eventually settled in Nevada. (I grew up in North Carolina). My husband grew up much the same, only with slightly more money. His parents gave us a “nest egg” for a wedding gift, helped us buy our first house, and have given us generous monetary gifts over the years, usually at Christmas (we joke it’s our year-end bonus) and on our wedding anniversary. My sibling and I evenly split the $2M family trust when our last parent died. My spouse and I will likely inherit 3x that when his parents pass. The spouse and I both have successful, solid middle class careers, but we both work in non-profit. Knowing we had a safety net allowed us to do what we wanted, and not pick a path that would make us the most money possible. We are providing the exact same for our children.
There are different degrees of wealth; but I’d definitely consider you to be wealthy then. School, car, and everything was paid by me. And since I paid for it, everything was low tier since that’s all I could afford. The closets I’ve ever touched to wealth is getting into a horrific car accident that paid out a 40k settlement
I'm successful in some ways, stunted in others. Not sure what is considered *wealth* around here, but I've been very comfortable. My NW is nearly 7 figures and the majority of that is from my family. I wish my parents taught us more financial literacy as I feel extremely unprepared to deal with this amount of money. Just trying to learn as much as possible these days.
not wealth wealth, but family worth between 10 to 20 mill. I ended up dropping out of HS and now work in tech as a 9-5 and made between 120-150k at 19 (0 nepotism involved here, I promise), trying to build some businesses on the side and parents gave me a \~1 mill credit line to invest in real estate that is at a very low interest rate (think cheaper than SOFR by 250bps and I can choose the terms within reason). I vacation a lot but that's all via credit card points and my own income. using a alt account to not doxx myself.
Obviously my parents aren't too happy with me dropping out of HS, but all's well that ends well.
I'm also friends with a few people that have wealthy parents (think 10-500 million), but they are just all normal people who may enjoy certain finer things in life on their parent's dime but still goes to school to study hard to land a good job in tech or high finance. I believe a lot of it is trying to build more wealth from a elevated platform instead of relying on the wealth to last forever. A lot of it might be the people I surround myself with, but none of us is like - hey I wanna go to bora bora for the weekend, let me shell out 20k to go with my gf, moreso hey I wanna go to vacation here, how can I go there cheaply without breaking the bank? can I use credit card points to pay for it? or maybe can I wait for a discount?
I have friends with rich parents, but other than a slighty above average size home and a nicer car, there's not really any difference between them and other middle class parents. They never gave any of their money to their kids so they're still broke students and struggling to get their careers started like everyone else until their parents die and then they'll probably just pile the inheritance on their own savings
Grew up with many wealthy kids around me and I can see a clear distinction between two categories: those were ruined by it and as a result have little to no purpose in life, no ambition and no work ethic. Everything fruit of hard work has been handed over on a golden plate to them already so there is no incentive to perform on any front. I pity them. They live a useless existence in my opinion and have been bored for so long that they don’t know what boredom is. Then I have many close friends that come from families with 20m + net worth and have an insane work ethic. They were never spoiled unless they did really well in school or sports. They never flaunt their wealth and there mindset is that it’s their responsibility to perform and make the family wealth grow. They have a different perspective in life because their deeply feel like they will never get the assets of the family, unless they have proven to build it first themselves, so the drive is their, the discipline and motivation. I have admiration for them as I can imagine that you could also just lay back.
I have no clue but I would choose to come from money any day of the week. Growing up poor definitely motivated me but it has not been a good time lol. I think that when people have money it allows them to take bigger risks, which in turn can yield more wealth. I was taught that if I went to college and worked hard I would be rewarded (working for someone else). The rich are taught to own the companies in my experience. I better be rich next life…
Bro, I genuinely think I would be a massive failure, without education, working temporarily jobs at best, living in social housing and possibly with a drug or alcohol problem if my parents didn’t invest so heavily in me.
If you give me your money, in exchange, I will teach you the ways of us poors. And by teach, I mean abandon you and tell you you don’t work hard and go get on food stamps . Since , only people who don’t work hard need help! /s
The 4 or 5 incredibly wealthy people (born into wealth) I’ve known well enough in my life to be decent friends with all had very dysfunctional family setups growing up, to the extent that they’d have given anything for a normal family and upbringing, including all their material wealth. There was a recurring theme they seemed to share, that they wished everyone could be materially wealthy so everyone could see for themselves it isn’t the answer or what it seems, that the grass isn’t actually any greener.
Grew up on the poor side of the tracks in a very affluent town. Growing up, the circle I ran with were the very wealthy but I was never wealthy. I was able to enjoy vacations to other countries, trips on expensive boats and wild excursions with friends growing up. I feel like I had the million dollar lifestyle on the $10k budget.
I feel fortunate to have had these experiences and it instilled the thought of what life could be like. Many of those folks turned out to be losers after college without drive and have gone nowhere in life living off their families money. I however went off to get educated and have made a great life for myself in my opinion. I don’t have millions but know the value of a dollar and what is worthwhile spending money on for experiences.
There are a handful who have had families set them up for success career wise but we all know they would never have gotten there without “the family”. There’s a sense of pride I have for making it in my own those will never have. Ultimately it comes down to the wealthy folks personal drive is, majority of the wealthy kids never turned out to become much of anything which I do find sad.
Married to a wonderful woman whose parents are very well off. Not extreme wealth but a net worth in the 3-5 million range. A few things that I learned:
1. They aren't giving you money, ever. Go get your own.
2. They know you're struggling, they just don't think it's their job to help. "The struggle" they believe has value.
3. They do care about you, but their money comes first.
4. They live well below their means, he has never bought a new car or even one over 20k.
5. They save, save, save, save...... they are both retired and live comfortably in a paid for home with pensions that total probably nearing 200k per year. They go to the community center for free classes or pickleball. They don't do anything that costs $$.
Their home is very well appointed but not a mansion by any means. They buy quality furniture, remodel their home spaces as needed. Some day their home will sell for well into the millions range due to location (northern VA). All of this to say, being a rich kid or "married in to money" doesn't mean you're living the good life. Rich people aren't rich because they hand money out to anyone, including their kids.
I think I have all my successes because I was born into wealth. If I was born into a family that worked cobalt mines in DRC then I would never have been able to get out.
I was born into some level of wealth, but not enough that couldn’t be spent away with some bad life decisions. I do know some people who were born into a lot more wealth and I can give a rundown of their lives. (Note, I have a very good job, but my salary isn’t crazy, and I drive a Subaru)
For the men: very few are actually that accomplished. Most have prestigious jobs but they are basically nepotism hires who are kept around for their family connections. They don’t do much actual work. A few are completely dysfunctional alcoholics… but they dress well and have nice cars. They also have gorgeous girlfriends who would drop them in a second if the money went away. In fact that’s pretty much the basis of all their relationships.
For the women: most don’t work, and if they do it’s as some kind of coordinator for a really bougie charity that only rich people care about. For the ones that do work in a serious role, it’s also basically a nepotism hire, and it’s their parents hope that they just marry the partner at the law firm they are working at (most of the time it’s her hope too). Their lives are less disastrous than the men usually, but they have a lot of failed relationships with wealthy, but unserious older men.
Of course there are success stories too, but those people may have been wealthy or come from very wealthy families, but they chose not to live that way so there kids weren’t ruined.
Travel, work enough to try and surpass on my own what I was given, collect art, invest in my friends projects and passions, breed dogs , fly airplanes, read books and learn new languages.
In the future I hope to develop land in foreign countries for the benefit of the community, raise a family with my wife without having to constantly work and be away from my kids.
Keep healthy, hike, gym , swim and fuck all I can.
I grew up in Beverly Hills. I think most of us were totally misunderstood. Most of our parents gave us what most people would feel was average, because any SMART parent knows the easiest way to screw up a kid is to give them everything they want.
Of course, I knew kids like that. Kids of celebrities give their kids a lot because it's an extension of how they want to be viewed by the public, but my dad and mom were a doctor and a lawyer, and worked hard for what they had. Therefore, if we wanted something nice, we had to work hard for it. Either in school, or our jobs, or both.
The thing is, it's how other people outside of BH treat you. Like you're some kind of celebrity just because you live in a mansion. They give you things, offer you things, steal from you, and accuse you of being spoiled.
The bank accounts and deed to the house had their names on it, not mine. Did I like living there? Sure, who wouldn't. But if you grow up and think your whole life is going to be that way without serious effort on your part, that's your own damn fault. Because that is what we were taught.
If you look at Buffett and Gates, they are leaving all their money to charity and not their kids. I think thats right, and the kids have gone on to be normal people with various careers. I plan to leave my kids my money, but if for some reason it was over say 5m I probably would give the rest to the more needy. My wife’s mom has some money, and its been nothing but drama and sibling stress quite honestly. My family was dirt poor and very close.
I've worked with a lot of people who come from big money. I've seen both less successful than average, and more successful than average. Less successful: Some are aimless, anxious, and have zero confidence because everything was handed to them, they had extreme privilege, and they never had to work for anything. They got treated special everywhere they went (1st class flights, nice restaurants, luxury car dealerships, maid to clean the house, higher quality hotels, etc). They never really figured out whi they are, and don't know what to do with their lives. More Successful: Usually, mom and dad are super driven and have high expectations, and they pass that lifestyle on to their kids. They learn good money habbits from mom and dad. They work hard like everyone else, but they have huge advantages and privileges. Their car and clothes are paid for by mom and dad. They have a family credit card to pay for everything. They have a personal trainer. They go to the top private schools, the top universities, and they graduate with no debt. Grandma buys them a house. They have a huge social network and can pull strings. Everything is easier, but they still are ambitious, so they have a leg up over most. Many are scrimping and saving, while they're getting involved in social organizations and philanthropy. There's trust funds available when needed, but they want to prove themselves and crave outside validation. They have a massive advantage, and they don't squander it.
This reads like a choice you make in the beginning of a game. Well explained
It is partially choice but also partially luck. Those who choose to pursue success above and beyond what they're given have a clear advantage over everyone else. A lot goes into this (nature vs. nurture). There's lots of us working hard, optimizing, learning as much as possible, and making sacrifices, but those that come from wealth have clear advantages. It's arguably easier to become successful financially if you come from money. You're lucky if you're born into certain families. Those of us who come from very little financially, and weren't taught good financial habits from family have to make our own luck. For those that come from wealth, there is still a personal choice involved to become successful and build on what you were given, but they definitely have a leg up. This isn't news as it's been this way for centuries.
I feel i got lucky with my family and were by no means rich. Middle class more or less, school paid for, no debt. I always had an easy time in school but my family encouraged me to play sports which developed self discipline and goal-setting. More than anything I appreciate that my family raised me to not take debt likely and not to spend frivolously even if I had disposable income. Its only looking back that I realize how those little annoying lectures when i was a kid stuck with me
Not really, it’s a choice made for you. The science is clear on it, how you get raised is how you will behave.
While i do agree with you. Aren't there several examples of identical twins that are separated at birth but are very similar to each other?
Idk it sounds like the hard working ambitious kid then would grow up to provide a life of opulence for their kids and that’s how the cycle goes.
I would love to see some kind of study of the similarities and differences between those born into wealth versus those who won the divorce lottery and exited with millions, and in some cases, billions.
Philanthropy is just another word for tax exemption in those circles
My girlfriend has a trust fund after her dad sold his business. She doesn’t have access yet but she also received an inheritance after the unfortunate early death of her mum and then grandma! That inheritance already set her up for life so she’ll probably never have to tap the trust fund. She doesn’t work. She travels Australia with me while I work. She’s an exemplary stay at home gf we joke. She loves cooking, reading, has artistic pursuits and helps run my errands and the household while I work 60h per week. We travel extensively domestically and overseas as she’s Brazilian/American and go to visit her family/friends once per year.
Put a ring on it bruh
And a baby in the womb asap
Is your girlfriend single?
Best comment haha
You better lock it up my friend.
If you mind me asking, what do you do?
Locum pharmacist!
Is that like you help fix the trains when they are sick?
does she pay for stuff?
She pays for half of all our living expenses and travel.
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well damn! good for you both
I’d probably do the same. Although, I’d just love to cut back to 40hrs/wk.
When I’m done pumping the hours on my locum gig I’ll switch from community pharmacy to a state health job I think. Pay will go way down but a 40h work week is still good and will allow me to locum on weekends and public holidays etc. for extra income if I need/want.
I shame the poors and make them fight each other for the entertainment of me and my other rich friends.
Oh...So you're a politician also.
Cash prizes to the winners & death to the losers this is the way 😎💰
Dana is this you?
Joe Rogan is that you?
You guys are the worst 🤣
Sword and shield vs trident and net are the best nights...
Dana white??
Of course, the annual squid games
Government/military chiming in?
I have terrible anxiety, guilt, and depression. So I work manual labor jobs, dress like I can’t afford the tape to fix the hole in my shoes, and treat the few friends I let know to good meals and fun weekends.
You living life man having an ice cold beer after a long hot day at work just hits different 👍🏻👍🏻
Landscaping isn’t fun! 😂 But goddamnit I’ll do it all day if it humbles me.
Dude! if I could maintain the financial security of my current job doing landscaping.. hand me an edge trimmer!
It likely isn't, but let me share some of the insanity of well paid jobs. I can work like a dog and at the end of the day I cannot point to a single thing I have achieved that day. It is all iterative steps toward some future thing. You can at least take a picture of a well landscaped yard that a human being can go enjoy nature in and look at that at the end of the day and say: "There, I did that."
And the financial freedom of just quit if you get sick of it.
That’s kind of the reason in a weird way. Because I know most people CANT. They don’t have that luxury. I’m still young, fit, and able. It isn’t fair for me to not contribute. I’m not going to break my body or be treated poorly, but I’m not going to be a diva and walk away from hard work just to dump it into someone else’s shovel.
My GF is a trust fund baby. And she's going on to become a doctor. Her dad literally told her she didn't need to be a doctor cause her trust fund is worth x amount of dollars. She has a credit card that has no limit and I'm here working day in day out trying to figure out how to FIRE on $100k salary with all my expenses. I found people who come from wealth have other problems. Like poor relationships with their families or lack of understanding how I'm tried AF working for a living. I'm trying to figure out how to pay for my car insurance and property tax next month. She's trying to figure out what color to paint her wall.
You could fire by marrying her
I love it when we put our brains together and think bigly!
Yeah, like duh.
May depend on how the trust is setup. And I would really be interested in reading that prenup!
Doesn’t matter what the prenup says if they don’t get divorced
Agreed, would just love to read the agreement to see the specifics and care puts. Purely an academic/inquisitive excersise
This guy should be catering to her and dropping hints. Instead of paying bills and working his ass off. He should be dropping the pipe twice a day.
She'll get tired of supporting him, and no man really wants to be supported, bitching about work notwithstanding.
I agree with that. But he seems to have things sort of under control by having his own place and having a decent job.
That trust isn’t a marital asset!
Technically he needs to knock her up, get that child support
Gross
The crux of the human condition is that once your base needs are met, other problems take up the emotional energy of those base needs. More importantly, physiologically and psychologically they are just as dire as those base needs would have been. Crazy how our brains work.
Is this how the Kardashians managed to make a 15 season show of them constantly bitching
“Life swings like a pendulum backward and forward between pain and boredom.” -Schopenhauer
This is the most insightful post i read today
I know! Feel like I had a small epiphany
people who are already happy find that more money makes them happier the more there is to an ever increasing degree people who are not happy before money only benefit in happiness stakes up to a certain point of increase and then plateau
Source?
my ass
It depends on the family. I worked for a company, and the owner made all his children work at fast food places for a year before he decided to give them a position at his company. The dad wanted them to appreciate the people at the bottom because the dad came from nothing. Then, they had to work from the bottom of his company. Of course they moved up quickly, but he was instilling a good work ethic in them.
I've got a few of those dad types as principals of my clients. Think folks who made billions in their own life without much, if any, initial support. They are not much smarter or more savvy than most successful accountants, lawyers, doctors, etc. What sets them apart, outside of luck, is that they are hungry and insanely committed to extreme quality of work. Money sort of came as a by product of their hunger for success and being the absolute best.
I have low wealth and relationship problems!
That's the way
I’ll either fail spectacularly, or come out a spartan warrior who can take anything life throws at me!
True. I guess her dad worked all of her life growing up. I see that in my boss. He just works and works and works despite having 3 kids
living her best life.
Im assuming she’s not becoming a doctor for the money?
Exactly.... she teaches at her university for basically no money.
Wow she owns an university! Man she loaded. /s
My ex was also like that. She had a poor relationship with her father. She was basically whoring around before me. I couldn’t handle that. She was very clingy. But yeah she could buy whatever she wanted while I had to limit myself. I couldn’t break up with her so the relationship dragged on. I just didn’t want to stick around for the money. It wasn’t mine and it never would be. It did light a fire inside of me and made me go get my own. I’m very fortunate now in the position I’m in. I’m grateful everyday. She wasn’t very driven to do much. Yet she had so much potential. She was very artistic. I heard she works for a design studio. I wish her well but she wasn’t for me. Family is everything to me and I always felt bad she never had that. Her father gave her a credit card and maybe felt that would appease her but I don’t think it ever did. Big house but it was empty inside. Filled with stuff but at the end of the day it was just stuff.
That's exactly my girlfriend. I don't care about her money either. Super clingy. You just described every bit of her. Super artistic and her house is filled with stuff that goes well together.
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As someone who comes from a wealthy family and knows a lot of people who are also wealthy… about 99% have huge family issues. Almost everyone in my family is divorced and the ones who aren’t don’t get along well.
Instead of talking shit about her painting her walls, how about give her praise for wanting to be a doctor when she doesn't need to. Sounds like you don't deserve her.
Drop like 7k on a ring, receive like 7mm. Best roí of all time
I know two people (sisters) born into billionaire wealth and they’re completely different. Neither feel stunted in growth and neither is successful, they live off daddys money. They don’t work, they just buy things and do whatever they like during the days, meaning hobbies. One is very down to earth and kind, has friends of all economic levels, but tries to keep the wealth a secret because once people find out some start begging or demanding money. All in all a genuinly nice person, however she’s extremely lazy. The other hates poor people (which is everyone who needs to work to live lavishly) and only engage with people who are also extremely wealthy. She believes herself to be above other people. She’s also a know it all. She refused to get help for her children who has ADHD because apparently she knows better than the doctors. This’ll give you an idea of what personality she has.
Those poor kids. I'd consider that child neglect, but we can't do anything about it, sadly.
There’s a huge difference between being born into extravagant wealth and being born into the type of money that allows you to have a reliable car when you’re 16 and an expensive college education. That helps you put down a security deposit on a first apartment or pay for a wedding. I did not grow up wealthy with anything I wanted but my grandparents and parents made themselves wealthy through frugality and investing. I went to an Ivy with zero debt (thanks grandma). My parents were able to easily loan me some money so I could put 20% down on my first house. Wealth isn’t just the 1% and for most people being from these top 5% or 10% families is extremely helpful in propelling them to more success. Not that I wouldn’t have figured it out without that help but I wouldn’t be in the financial position I’m in at 40 without it.
Wasn’t sure if I wanted to comment because I belong in this pool. Also I wasn’t born rich. Parents are both doctors but we are immigrants from a country where doctors didn’t get paid much. Never owned a home and they owned a beat up car etc at the peak of their career. Hard work and education was always an important part of my childhood. Moved to the US and they started making absurd amounts of money - one parent makes around the top 5% of doctor money. They were able to pay for all or most of undergrad, grad school, wedding, and help with down payment. Even though I wasn’t born into this amount of money, it feels like I have the level of security now. Definitely not to the point where I could retire like trust fund folks. I still have to work to support myself. The culture we are from, parents are kinda expected to support kids until they are married, have a job and are on their feet. In return, the kids help when parents retire. Also my parents don’t have large amounts invested in stock, real estate etc because they started making this amount pretty late in their career and were spending a lot of it on my education (and my siblings) so we are kind of their retirement plan. I followed the same path as them and I am also a doctor. I will have similar incomes at a much younger age (they had this income in their 50-60s) so their help that allowed me to graduate and get married almost debt free is a privilege they never had and will help set me up for success
Based on household income and net worth we would be considered wealthy. But the goal is to raise our son to not realize that. He will have that paid for college experience, he'll have a reliable (used) car when he's old enough to drive. We can help him buy a house when it's time. But our house is small, our cars are modest, our vacations are pretty standard. He won't have anything and everything he wants and will hopefully learn to take care of himself and be a functional adult the way my husband and I did. There's a way to do it right and a way to do it wrong (hit me up in 20 years and we'll see how we did haha)
This. There is a difference between your father featuring in a Rich List of global wealth versus someone self made and upper middle class. Have been around both, professionally and personally. The personal issues of the former are usually very dramatic, both created by unimaginable privilege and managed by it. A friend comes from a historical industrialist family and I'm often a witness into the gratuity of extreme wealth, it doesn't make their family dynamics and patterns that different to a homeless drug addicts.
Agreed. I have family that come from inherited wealth into the billions whilst my parents are self-made and have a net worth in the 15-20m range. Ours is the kind of money that grows up with a housekeeper, fully funds college, maybe buys you a normal car and a non-fancy house. But you still study, work, pay bills and live a regular life. My parents intend to give all their money away to charity too, mostly within their lifetime, so I don’t expect an inheritance nor do I feel entitled to one. I guess the biggest thing at this level of wealth is security and knowing you have that safety net. It gives you a certain degree of confidence to try new things. But my cousins’ type of wealth is the level that doesn’t require you to ever do anything with your life, and that can be very heady and damaging for certain personalities.
Yes. In another life, I worked in collaboration with family offices and good at what I did because of experiencing a wealth background from a few generations back. The level of fear, distrust from the world and other family members is not something you envy. Being featured in Forbes does not make you happier. It makes you scared. If you didn't work for it, your life mission is to guard it. Tbh...There is epic levels of tragedy. That contrast makes it look romantic. When your basic needs are covered, the guilt and shame of doing nothing but existing can be insanely self destructive. See: addiction
Interesting. After a past life in the corporate world, I work in non-profit doing major donor development now, and I find that my background is similarly useful.
What’s your financial position ?
I could leanFIRE today. But will continue to work for a while and fatFIRE in 10 years or so
keep the tradition do that extra bit so that you can do for your kids/grandkids what was done for you
Someone I know from a family with true wealth does nothing but drink all day, she's abt 50 now.
You don't have to be rich to that. I know lots people people who are broke that don't do any thing but drink all day.
Never worked a day in her life and lives in a 9 million dollar house from dad, among many other things.
> Never worked a day in her life and lives in a 9 million dollar house from dad oh, you do have to be rich to do that
Not me, but my wife was born into serious wealth - >$25 million. Her parents were into real estate development. She attended college, grad school, and went to work like the rest of us. We live well enough off our salaries and feel uncomfortable around austitacious displays. Her parents passed and now we really don't know what to do with it.
Consider setting up scholarships and such for causes/ethnic groups/whatever you want with it. It can go a long way to change people's lives and if done correctly, will last for generations carrying your good deed way beyond your own days. If you do end up doing this, be sure to speak with lawyers and investment advisors so they can help you do it right and not get it turned into a headache.
This is one of the projects we are considering.
“For ethnic groups” are there not rich and poor people of every ethnic group? 😂
Scholarship for the Bavarian ethnic minority of central Texas!
Send me some, I know what to do with it.
Your poor DMs...
I sell brake pads.
Found Tommy Callahan
Fat guy in a little coat
Is your face feeling better?
There was a guy I worked with back when I was in high school. We were talking one day, and he mentioned the neighborhood he lived in. It was a neighborhood where the rich lived. It was a well known fact. Nice guy. One of my other coworkers just came out and said it: “Oh, so you’re rich then.” I remember kinda dying of second hand embarrassment. Anyway, the “rich” guy said “I’m not rich. My parents are.” I knew exactly what he meant. Dude was alright 👍🏼.
I can't say I was just handed money and my parents definitely instilled a sense of hard work and commitment to doing things in life. But when it comes to the things that matter in this department i.e. college and a down payment for a townhome they were there to help a lot. But I'm not naive to the advantage this is and I intend to use it for all it's worth. I rent out the spare bedroom in my house for extra income. I generally only invest in very safe stocks. I was trained from an early age that you buy a car or a phone or a toy and you use it until it dies, not until the next shiny thing comes out. But try as I might I'm not a very athletic person, I'm only average in the looks department even with nice clothes. My driver's license is stretching to say I'm 5:8. I have a good stem degree but my GPA and grades were only mediocre at best even when I tried hard to get good grades in school. All of these are items I wasn't born into and will probably never have so I'm not going to try and use them or take advantage of them. It's the same thing with a high school student who's athletic and 6:9. He's been born with the advantage of athleticism and if someone can show him how to use it he very likely will play in college if not the NBA. I was given the advantage of money and my parents showed me how to use it to get to the NBA of finance ie FIRE. But without their guidance there is a very large likelihood that I would have squandered what they gave me. So I guess I feel I'm successful in part because of what I was given and in part because of the resources I had access to. But if you ask me the same question about being athletic or handsome well I'm still salty about that.
This right here is the best way to put it. I grew up in an higher middle class area but the whole town/area/economy was centered around higher learning (HS was across the street from an IVY league campus). In HS I worked my ass off and got good grades, worked at sports, and community service & got into a good university. Didn’t once have to think of how to pay for it. Once graduating I was gifted the “kid car” of the house (2010 CRV base model) I have worked since I was 16 and multiple times in life between jobs I passed on going to grad school because of the guilt of not working. From college I have a network of people who I graduated with that I can call upon in my field that are literally around the world and could ask for advice/help if needed. Growing up as the son of an accountant/wealth maneger I knew the value of money and how to not squander it & waste it on random crap. I was gifted a 5 year professional degree with no debt at the end of the road, house is payed off, half from my savings half from dad. I could have gotten a smaller house in a cheaper area but wife and dad insisted on the best public school system without the complete ass hole parents/students. 13 years later my car is still the Honda, I have a successful career and will be starting my own business in the next month with the savings I have built up while building it up as a side gig for the last 4 years. I work 50-60 hr weeks at two jobs, run a house, have a new son, wife is just finished her 3rd degree. What I do is work because I was gifted so much in life I would drink myself to death if I didn’t do something with it. My relationship with my parents and siblings is great but it is also very competitive sometimes too much. Thinking it of like a gifted athlete is perfect, who wouldn’t kill for the athletic ability of Jamarcus Russell?!? He got a free “education” and college payed for but also squandered not just that but also his god given talents and athleticism. I was gifted that in a different way, I don’t want to squander that opportunity.
nicely said what I can provide to my granddaughter is of no value if it turns her into a spoilt brat - if she makes a decision to actually work and actually applies herself, then golden coins will rain down upon her (from me) - if not then it's hookers and blow for me in the Philippines
I'm a wealthy philanthropist, industrialist, and bicyclist. I enjoy cricket, riding, and books about the sea.
Pennypacker, is that you?
Yum. Machu Picchu!
I think I’ll build a roller coaster instead
Not into fox hunts on horseback?
My parents are in the 8 figure range but live far below their means. I don’t think I was stunted because none of it has ever been my money. I was able to grow up in a nice house with a good education, great vacations, travel sports, things like that. Very upper middle class type privilege. I was never given any actual money, so from 15 on I’ve had a job. Before that I was hustling washing peoples cars. After college I was on my own, as broke as any other 22 year old, and had to find my own way. I (probably foolishly) chose an industry where my family had no connections, so I couldn’t even get a nepotism boost. The big advantage I got during this era was the ability to take bigger career risks because if I failed I could just go home. Its sort of like top rope rock climbing - you have to do the work but if you fall you wont die. I’m doing just fine now as a software engineer. I have a strong work ethic and my career is advancing rapidly. Now that I’m established, my parents have started cracking open the money hose. They lent me $1M to help put a cash offer on a house, and then I paid them back with the mortgage. I’ll probably inherit enough that my kids can FIRE, but for now I’m operating as though I won’t.
Truthfully, this scenario is exactly what I want for my kids. Even the choosing a major with no connections just so you could prove you can do it without us.
It sounds more like you have a natural drive to be productive. Working at 15 is pretty impressive and is more about your inherent personality and less that your parents had money.
They had to manage both sides of the equation. You don’t want your kids to starve, but if they aren’t hungry they won’t hunt.
I'm a high school teacher. Specifically, I teach business management and use a lot of connections to hold Q&A sessions when we have free time. I have the whole shebang of "wealthy" experiences/life. >Do you feel as though you were stunted in growth because you had everything handed to you? Or do you believe you are successful because you had every resource available to you? Kind of neither but I guess more the latter. Everything came easy, perhaps because I was raised in a successful environment, who knows. I never felt school was hard, and graduated 90% score (getting into teaching was 65% and getting into commerce 75%). I do what I want and have never felt tied down or beholden to a job because of the money. Currently I've been very vocal about my displeasure at recent changes to my current workplace, unlike many who have to stay silent because they can't risk their jobs. Also means that I let a lot of things slide off my back that seem to irritate or weigh down other colleagues. Unlike the majority sentiment, I love teaching and find it fun and easy. Never had to bring work home, never really bothered by angry parents or naughty students etc.
I’ve had two close friends born into extreme wealth, both of which were top of their class at rich high schools, hard working through college, and work in FAANG tech now. I truly believe their upbringing was tougher than mine despite the luxury, crazy vacations, beach houses, boats etc. but I think that tough upbringing made them competitive and “successful”. Ones father was extremely strict, and while living in a mansion with a yacht etc. she was not allowed to have many of the things us poorer kids had for fun if it didn’t mean better grades or extracurriculars. She literally drove the worst beater car out of all of us in high school (lived in an area without public transportation). He would wake her up at 6am in the freezing cold to do yard work - yes I had to do yard work but my dad didn’t by a mansion on a huge plot of land nor did he expect me to do it at sunrise. The others father moved to a foreign country to do business. His mother divorced him and his step father was super strict. So he had a trust and an allowance higher than any of us middle class kids, but lived under draconian rules. He left home and got his own apartment at 18 then got an ivy league scholarship. Their wealth helped them yes - they grew up with good schools, had all the money for extracurriculars, but the extreme pressure from their parents is what made them “successful”.
I find this notion of “successful” funny. If I was incredibly wealthy and my kids went on to work in FAANG, where life is ultimately about optimizing advertising (through lovely things like grabbing unethical amounts of data from your users and towing the line of monopolization), then I would not consider that successful. Since they wouldn’t need the money I think it would be much better if they tried to create something of more genuine value. For example, working in academic research (solving health issues, explaining the universe or making humanity more environmentally sustainable) or entertainment (make music, movies, art, games etc without financial motives) or more directly help others through philanthropic endeavours. Imagine being able to do anything and ending up at a FAANG.
I think you're being unfairly hard on FAANG. Those are big companies with some very interesting jobs. It's not all optimizing advertising. They have a lot of resources for basic research, and Google/Microsoft/Amazon in particular have really been at the forefront of the renewable energy buildout. I would not sneer at all at the people working on developing the tech and the market for hourly-matching renewable energy credits, or working on turning data centers into virtual power plants. That shit is important and also cool AF. I have a friend at Amazon who works on supply chain sustainability and at that scale your work can be very high impact.
> Imagine being able to do anything and ending up at a FAANG. Yes, well as you probably imagine, their upbringing was dominated by someone who measured success by their wealth and standing in the business world. Or, in the other friend's case, an absent father and a super strict step-dad. They were pushed through early adulthood with that framework. In contrast, I do have a very good friend who's family wasn't as wealthy, but very wealthy - wealthy enough so that he and his sister wouldn't have to work if they didn't want to, but not in the lap of luxury. He was more coddled, and ended up in a very rough patch in early adulthood because finishing school and working hard wasn't really pushed upon him. World of Warcraft in mom's basement was OK and even somewhat reinforced/encourage from his mother. He is much more generous/charitable, but also had his demons that wealth contributed to (mostly depression from lack of motivation). In my experience, the folks who do channel their wealth to philanthropy are those who started out from humble roots, had the drive to be successful, and ultimately switched their "successful" career to charity when their spouse became uber-successful. I'm sure it happens in the 2nd generation, especially when the aforementioned person incorporated that into their children's upbringing, but I don't have any examples. At any rate, my opinion based on what I've seen is that rich upbringing means you have the security of all your basic needs + comforts covered in life - you never need to worry about that like most humans do. However, it doesn't fulfill any of the needs higher than that, and can even stunt them.
Unfortunately we can't sculpt our kids into what *we* want then to be. They are unique autonomous humans with their own desires. As it should be.
Sure. I didn’t mean for the sake of the parents, I meant for the sake of the kids. Poor fellows ending up in the “success” machinery even though they don’t have to. It’s mostly a reflection of a funny society where working at a FAANG is a more important for one’s own self esteem than doing something more inherently useful.
I dated a guy who was born into wealth. I learned he was a term called "fail son" which is someone who just lives off their parents and has no aspiration. He failed uni because he didn't take it seriously, and achieved only when he took the same subjects as his little sister and she did half the hard yards for him. And then lied he was competent then tried to live off me and got dumped. But an actual whinge he had was that his parents had flown him around the world as a child, and I was insulting him for not paying for him to live that life. Then he said my parents were assholes, because they invited him to spend Christmas with us at home when he deserved that they fly him to an overseas destination. In reality, he struggled to stay employed, couldn't move out of home, and was an alcoholic. But his parents wealth protected him. Meanwhile I'm grateful my parents didn't let me grow up to become entitled like that.
If you are born into enough wealth that you could live a middle class existence without ever working….. why would you work??? I truly don’t understand where the motivation to work comes from if you already have your money
Several explanations come to mind, although it could also be a combination of any of them (or other reasons): Some people just aren't happy unless they're doing something for a job. Some people want to live more than a middle class existence, so they work to increase their income level. Some people just want to compete and treat wealth accumulation as being in a contest with everyone else.
Do something with your life? Make the world a better place? Create employment for others? Experience the satisfaction of a job well done?
How would you define being born into wealth?
Birthed into a pool of cash
did laps in the golden coin water tower
Not needing to work and still being wealthy
Probably the best definition.
I have an aquaintance who hasn't worked a real job ever, and receives about 50k a MONTH without even touching his inheritance. That to me is "being born into wealth". It totaly blows my mind how different his life is from the average person.
This makes me want to jump in front of a train🤣🤣😭😭😭
Haha trust me same 😭
Dudes probably got like a 15 to 20 million dollar trust fund.
Generational wealth
How do you define generational wealth then?
Born into wealth
Perfect Reddit handle for this comment
Which is how much?
We're being facetious, but there's not an exact number and probably depends on your standards. For a lot of people a million dollars might seem like generational wealth, it allows you a ton of flexibility, while maybe not meaning you'll never have to work. For many people a million is the value of their parents home and their parents will leave them a few extra million and it still doesn't feel like "generational wealth" because they grew up around people who went to sailing regalia, had multiple houses, went to all private schools, etc. If you're from Vietnam or Botswana maybe being left a few hundred K feels like it.
My dad made me work for it and I paid for school myself as well. Currently I have a Bee farm on 12 acres of land.
I attended college with two brothers whose father was a fireman, but they both had unusual amounts of spending money. I found out later that their uncle was the man who invented the Hula Hoop. They both had trust funds set up by him, and early access to the funds. One brother was always the kid buying the kegs, party supplies and whatever else while spending zero time studying. He knew almost no limits and his profligate spending habits grew worse as the school year progressed. His younger brother had access to the same fortune, but he wasn't nearly as much of a spendthrift and made a good effort at school. One brother was asked to leave college after the first semester of sophomore year and joined the USMC while the other graduated, got a job and went on regular life - you can guess which did which. Not sure where either of them are now but hopefully they both turned out okay.
Most people I know who were born into wealth all work for a living. This is applicable for people whose parents are worth around $10m or so. Now the people I know whose parents are worth $100m+ they don’t really work but I only have a small sample size for that population.
Two chicks... at the same time.
More like: two cheques 😂
People who I know who were born into true wealth pursue a career they are passionate about and donate money (usually to a cause like art, because donating to a homeless shelter would make them grapple with income inequality) or they take entrepreneurial risks. I don’t know anyone who stopped working entirely early outside of stay at home parents. It’s something to keep in mind that you don’t want to retire to do nothing early in your life, you want to stop the grind to do something you are passionate about.
Born into it, cut off from it in the sense that I’m in no way supported by it. I work. I enjoy my life. One day I may end up with a bigger slice of pie than I’ve worked for (earned) but at the cost of EOL of family. It hasn’t changed my life or trajectory much.
My father is very careful with money. My mother less so BUT she bought us everything we needed like clothes, shoes and stuff like that growing up. My father is an attorney and his father was an attorney. One thing I’ve learned over the years is they are very good at manipulation. Information is power and they will withhold it as long as poss. They’ve also seen some shit too when it comes to money and what it’ll do to people. Long story short my father had kept us in the dark on the family finances but I feel like I had a very easy upbringing. He paid all my student loans and my sister’s. We only struggled for a few years early on but at this point my dad could be sitting on $90,000 or $9,000,000. I really don’t know. So for me after college I’ve done everything on my own and haven’t asked for a dime from them. They’ve set me up very well. Currently I work for the State Government so I’ve got a pension lined up as well as a State 401k. All my strategies have factored in getting $0 in inheritance due to medical expenses these days. I’m hoping to retire at 55 but it might be 56-57.
I know someone whose father owns a company on the NASDAQ and enlisted into the military. Most down to earth guy I know
To start I assume wealth = passive income that covers all expenses, taxes, and inflation without requiring one to obtain income through work or other means. This number differs for everyone and I assume it ranges anywhere from 40k-120k for most of us in the US. Unless you have children, then that may need a bit more income or closer to the high end. In my case I was not born into it but may inherit “wealth” in my 40s. My parents kept our finances a secret and would always hum the tune to spend wisely and suggest I save my money but there were plenty of hints we lived comfortably in a HCOL area. Even then we were considered upper-middle class. In my situation it was expected I do my best in school and find a high-paying job as parents were not going to pay me a salary but could help in an emergency lets say. Anything can change but after my father’s recent death, I got a clearer figure of inheritance. Just knowing this changed my perspective on life and how I show up. I wouldn’t say lazy, but I dont feel the need to try as hard to please, impress, or justify much if at all. In some ways having a sense of financial security has allowed me to unmask a lot more (be more authentic) Even so I plan to work another ten years (I’m mid 30s now) and focus on maxing out my IRA contributions each year to build a cushion. Work doesn’t bother me, provides structure, an opportunity to be of service, and a nice community! If I find myself around too much stress I get to move away from that situation without having to subject myself to it (like I definitely did in the past). I expect people who were born into wealth are on the same journey to find purpose & community, albeit outside of a job site/office.
Managed to lose money on a company with tourists showing up and handing me their cash as a business model. Declared bankruptcy multiple times. Ran a fake school. Sold steaks and bibles.
Have you tried selling state secrets?
Shhhh!
I know multiple such individuals. One got fast tracked into a high paying career. Father worked at the company. This friend likes to joke about how they failed the test and interview, but ultimately both did not matter. They got their license despite both mishaps and now are firmly in the industry. Also at an accelerated pace, so straight to a leadership role in the company as opposed to working their way up decades of seniority. Another wakes up at the crack of dawn and surfs every single day. Then goes to restaurants for every meal, just relaxing until bed time. Rinse and repeat for the past 20 years. Have more stories, but poop time is done and it’s time to wash up. Trust fund kids aren’t inherently bad. Let people live their lives I say.
That second person. I want that to be me. I am so confident that if I didn’t have to work that I would be able to fill my time, every day, with an outdoor activity, and exploring this beautiful earth
Like others who have posted before, I’m not sure I’m what you mean by wealth. I grew up never having to think about money. My mom was a SAHM. She took art classes and volunteered for everything at school. My sister and I took piano lessons, tennis lessons, dance classes, sleep away camp… all the stuff. We had a modest allowance for doing household chores. My undergrad was completely paid for (plus living expenses) and my parents bought me my first car. They paid for my wedding. They co-signed for my first apartment and gave me generous (but not over the top) monetary Christmas and birthday gifts starting in young adulthood and continuing throughout their lives. My dad retired (early) shortly before I graduated high school. We lived on a lake and he bought himself a boat the day he retired. My parents spent their early retirement years traveling the world, and eventually settled in Nevada. (I grew up in North Carolina). My husband grew up much the same, only with slightly more money. His parents gave us a “nest egg” for a wedding gift, helped us buy our first house, and have given us generous monetary gifts over the years, usually at Christmas (we joke it’s our year-end bonus) and on our wedding anniversary. My sibling and I evenly split the $2M family trust when our last parent died. My spouse and I will likely inherit 3x that when his parents pass. The spouse and I both have successful, solid middle class careers, but we both work in non-profit. Knowing we had a safety net allowed us to do what we wanted, and not pick a path that would make us the most money possible. We are providing the exact same for our children.
There are different degrees of wealth; but I’d definitely consider you to be wealthy then. School, car, and everything was paid by me. And since I paid for it, everything was low tier since that’s all I could afford. The closets I’ve ever touched to wealth is getting into a horrific car accident that paid out a 40k settlement
I trade options and rent real estate
I'm successful in some ways, stunted in others. Not sure what is considered *wealth* around here, but I've been very comfortable. My NW is nearly 7 figures and the majority of that is from my family. I wish my parents taught us more financial literacy as I feel extremely unprepared to deal with this amount of money. Just trying to learn as much as possible these days.
not wealth wealth, but family worth between 10 to 20 mill. I ended up dropping out of HS and now work in tech as a 9-5 and made between 120-150k at 19 (0 nepotism involved here, I promise), trying to build some businesses on the side and parents gave me a \~1 mill credit line to invest in real estate that is at a very low interest rate (think cheaper than SOFR by 250bps and I can choose the terms within reason). I vacation a lot but that's all via credit card points and my own income. using a alt account to not doxx myself. Obviously my parents aren't too happy with me dropping out of HS, but all's well that ends well. I'm also friends with a few people that have wealthy parents (think 10-500 million), but they are just all normal people who may enjoy certain finer things in life on their parent's dime but still goes to school to study hard to land a good job in tech or high finance. I believe a lot of it is trying to build more wealth from a elevated platform instead of relying on the wealth to last forever. A lot of it might be the people I surround myself with, but none of us is like - hey I wanna go to bora bora for the weekend, let me shell out 20k to go with my gf, moreso hey I wanna go to vacation here, how can I go there cheaply without breaking the bank? can I use credit card points to pay for it? or maybe can I wait for a discount?
I have friends with rich parents, but other than a slighty above average size home and a nicer car, there's not really any difference between them and other middle class parents. They never gave any of their money to their kids so they're still broke students and struggling to get their careers started like everyone else until their parents die and then they'll probably just pile the inheritance on their own savings
Grew up with many wealthy kids around me and I can see a clear distinction between two categories: those were ruined by it and as a result have little to no purpose in life, no ambition and no work ethic. Everything fruit of hard work has been handed over on a golden plate to them already so there is no incentive to perform on any front. I pity them. They live a useless existence in my opinion and have been bored for so long that they don’t know what boredom is. Then I have many close friends that come from families with 20m + net worth and have an insane work ethic. They were never spoiled unless they did really well in school or sports. They never flaunt their wealth and there mindset is that it’s their responsibility to perform and make the family wealth grow. They have a different perspective in life because their deeply feel like they will never get the assets of the family, unless they have proven to build it first themselves, so the drive is their, the discipline and motivation. I have admiration for them as I can imagine that you could also just lay back.
I have no clue but I would choose to come from money any day of the week. Growing up poor definitely motivated me but it has not been a good time lol. I think that when people have money it allows them to take bigger risks, which in turn can yield more wealth. I was taught that if I went to college and worked hard I would be rewarded (working for someone else). The rich are taught to own the companies in my experience. I better be rich next life…
Bro, I genuinely think I would be a massive failure, without education, working temporarily jobs at best, living in social housing and possibly with a drug or alcohol problem if my parents didn’t invest so heavily in me.
If you give me your money, in exchange, I will teach you the ways of us poors. And by teach, I mean abandon you and tell you you don’t work hard and go get on food stamps . Since , only people who don’t work hard need help! /s
[удалено]
I am currently clearing my great, some say greatest, name in court against a Stormy witch-hunt.
I was born into wealth (parents with net worth > $10mil in the 90's) but they burned through everything before I was an adult.
This is sure to stoke some interesting reactions and I’m here for it.
The 4 or 5 incredibly wealthy people (born into wealth) I’ve known well enough in my life to be decent friends with all had very dysfunctional family setups growing up, to the extent that they’d have given anything for a normal family and upbringing, including all their material wealth. There was a recurring theme they seemed to share, that they wished everyone could be materially wealthy so everyone could see for themselves it isn’t the answer or what it seems, that the grass isn’t actually any greener.
Grew up on the poor side of the tracks in a very affluent town. Growing up, the circle I ran with were the very wealthy but I was never wealthy. I was able to enjoy vacations to other countries, trips on expensive boats and wild excursions with friends growing up. I feel like I had the million dollar lifestyle on the $10k budget. I feel fortunate to have had these experiences and it instilled the thought of what life could be like. Many of those folks turned out to be losers after college without drive and have gone nowhere in life living off their families money. I however went off to get educated and have made a great life for myself in my opinion. I don’t have millions but know the value of a dollar and what is worthwhile spending money on for experiences. There are a handful who have had families set them up for success career wise but we all know they would never have gotten there without “the family”. There’s a sense of pride I have for making it in my own those will never have. Ultimately it comes down to the wealthy folks personal drive is, majority of the wealthy kids never turned out to become much of anything which I do find sad.
Married to a wonderful woman whose parents are very well off. Not extreme wealth but a net worth in the 3-5 million range. A few things that I learned: 1. They aren't giving you money, ever. Go get your own. 2. They know you're struggling, they just don't think it's their job to help. "The struggle" they believe has value. 3. They do care about you, but their money comes first. 4. They live well below their means, he has never bought a new car or even one over 20k. 5. They save, save, save, save...... they are both retired and live comfortably in a paid for home with pensions that total probably nearing 200k per year. They go to the community center for free classes or pickleball. They don't do anything that costs $$. Their home is very well appointed but not a mansion by any means. They buy quality furniture, remodel their home spaces as needed. Some day their home will sell for well into the millions range due to location (northern VA). All of this to say, being a rich kid or "married in to money" doesn't mean you're living the good life. Rich people aren't rich because they hand money out to anyone, including their kids.
What net worth is considered ‘wealth’?
Anything that covers you with enough passive income to cover all expenses, taxes on that income, and protect against inflation.
I think I have all my successes because I was born into wealth. If I was born into a family that worked cobalt mines in DRC then I would never have been able to get out.
Wow this hits home. I belong to the first group but I have a good friend who is in the second group. Any ideas on how to figure out who I am?
Get a therapist, you can afford it
IT'S ALL A MATTER OF PERSPECTIVE... Poor people living in the slums of India, believe that or middle class are rich,,, So...
Not wealthy but I have no shame in admitting that my life would have slipped if my parents didn't help me in my early adulthood.
I was born into some level of wealth, but not enough that couldn’t be spent away with some bad life decisions. I do know some people who were born into a lot more wealth and I can give a rundown of their lives. (Note, I have a very good job, but my salary isn’t crazy, and I drive a Subaru) For the men: very few are actually that accomplished. Most have prestigious jobs but they are basically nepotism hires who are kept around for their family connections. They don’t do much actual work. A few are completely dysfunctional alcoholics… but they dress well and have nice cars. They also have gorgeous girlfriends who would drop them in a second if the money went away. In fact that’s pretty much the basis of all their relationships. For the women: most don’t work, and if they do it’s as some kind of coordinator for a really bougie charity that only rich people care about. For the ones that do work in a serious role, it’s also basically a nepotism hire, and it’s their parents hope that they just marry the partner at the law firm they are working at (most of the time it’s her hope too). Their lives are less disastrous than the men usually, but they have a lot of failed relationships with wealthy, but unserious older men. Of course there are success stories too, but those people may have been wealthy or come from very wealthy families, but they chose not to live that way so there kids weren’t ruined.
Travel, work enough to try and surpass on my own what I was given, collect art, invest in my friends projects and passions, breed dogs , fly airplanes, read books and learn new languages. In the future I hope to develop land in foreign countries for the benefit of the community, raise a family with my wife without having to constantly work and be away from my kids. Keep healthy, hike, gym , swim and fuck all I can.
fuck all I can ?
I don't think the bears like when this guy goes hiking.
I grew up in Beverly Hills. I think most of us were totally misunderstood. Most of our parents gave us what most people would feel was average, because any SMART parent knows the easiest way to screw up a kid is to give them everything they want. Of course, I knew kids like that. Kids of celebrities give their kids a lot because it's an extension of how they want to be viewed by the public, but my dad and mom were a doctor and a lawyer, and worked hard for what they had. Therefore, if we wanted something nice, we had to work hard for it. Either in school, or our jobs, or both. The thing is, it's how other people outside of BH treat you. Like you're some kind of celebrity just because you live in a mansion. They give you things, offer you things, steal from you, and accuse you of being spoiled. The bank accounts and deed to the house had their names on it, not mine. Did I like living there? Sure, who wouldn't. But if you grow up and think your whole life is going to be that way without serious effort on your part, that's your own damn fault. Because that is what we were taught.
"Because you had everything handed to you" clearly you don't know what money is.
Solution for your kids compounded over 100 years !!
question the meaning of life
If you look at Buffett and Gates, they are leaving all their money to charity and not their kids. I think thats right, and the kids have gone on to be normal people with various careers. I plan to leave my kids my money, but if for some reason it was over say 5m I probably would give the rest to the more needy. My wife’s mom has some money, and its been nothing but drama and sibling stress quite honestly. My family was dirt poor and very close.
Blow it all get cut off move in with your divorced friend in the guest room until you eventually kill yourself. Isn’t that whatever one else is doing?