Would you let your kids work in this field?
I was thinking about this lately. I was very fortunate to be born in a well off household, my dad worked his butt off and climbed corporate ranks to senior management and provided a very comfortable life for myself and my family. I think there was a tradeoff however, because he was so busy all the time all the way through my late teens, and my mom was a stay at home mom who played the other role but didn't have the insight to give that much career guidance growing up. As a result, I kind of ended up in finance just being around other people at the schools I was at and wanting to do something that would be in some way be 'impressive'.
I know it's so easy to say, but I really want to invest both time and money in to my future kids lives to help find and nurture their passions, and hopefully guide them to convert this into careers or at least life long passions and hobbies that they could pursue (which I doubt would be finance, though I suppose perhaps it can be).
Being in the industry, albeit for a pretty short time so far, it doesn't really feel like a virtuous career path (personally speaking, atleast)- I think many other careers require a certain drive/passion (medicine, creative endeavors, even parts of engineering) that finance doesn't, and these fields are in many ways more fulfilling than finance is for many.
On the other hand, I've seen several parents with newborns reading/gifting books such as "AI for babies", and this is also equally sad in my opinion. I think investing time and effort in to your kids to be exposed to multiple cultures, languages, instruments, sports, foods, books, and so on and guiding them through their endeavors in both academics and in their personal lives would be much more wholesome and wholistically beneficial over the span of their lives. But of course I'd need to find someone on the same page to raise kids like this in the first place.
Sorry for the scattered thoughts.
Absolutely not. Project Mbappe/Alcaraz starts at 6 mos old
Facts and if they're some nerd we'll begin Project Elon and lock them in a room full of computers
This!!! 😂
An MD at a prior shop I was at specifically prohibited his kids from majoring in accounting or finance.
As for me? I think there are easier and less degrading ways to make a buck in the events kids come my way.
What did his kids end up doing?
Majoring in economics
which ones?
Disagree, I think you can be passionate about finance if you do it for the competition aspect, moreso on the investing/buyside side of things, rather than just for the high comp. Although people like that are in a small minority though
Agreed with your point about the passion for competition. I think that in particular is how many justify their path, but that isn't their genuine motivation. But for those who this does really apply, I agree with your point.
I wouldn’t prevent them. But I’d guide them. If I’m going to help with college they need to get some life experience first and work a trade job or join the military. They could do some community college, but mainly just to keep their mind going. After a couple years of living I think that the way they’d view their professors would change. I would want them to at least take some accounting and economics, mainly for the sake of being aware as to how the world operates. But something in engineering, comp sci, medicine and so on I would be fine more than fine with.
Did you do those things yourself before college?
Careers are for the kids to figure out by themselves. I’d like to hope there will be enough money by the time I’ve done that this won’t come into play in their decision making.
That said, I happen to enjoy my job and my kids know it and it can rub off. We have a good laugh about some of the more absurd aspects of the job.
I also know just as many (as a proportion) disgruntled doctors, consultants, lawyers, academics, researchers, engineers, Capitol Hill operatives, military folks, etc as I do people in finance. I also know super happy, stable people in all these professions as I do in finance. Life is what you make of it, not what you do,
+1 to this especially disgruntled doctors. I don't think the majority of general public realize how miserable some doctors feel about their profession.
.
How is that possible?
From a moral standpoint, absolutely since I work in AM. From a career standpoint, I don't think my profession will be a very good one in 2-3 decades so no.
Confused by why I got MS'd. Who did this possibly offend? lol
Probably some AM hardo prospect
My plan is to help them discover it’s possible to work a career they love and make a ton of money doing it
Doesn’t matter what it is.
What if your kid wants to be an english lit major?
My Dad was an English major at an Ivy. He went on to become a Navy Pilot.
Not a problem provided they are actually passionate! I made my first chunk of $s in a space I was passionate about, and do not see why that isn't doable for a literature enthusiast too.
It's easy to say and harder to do - I think about my time now, and I barely have time to invest in myself much less my child who for many years needs a lot of invested time, energy, and effort. I feel similarly in that I want to invest as much as I can in their upbringing.
The word that comes to my mind is empowerment and not enablement. I don't really care what they do, I just want them to create the opportunity for themselves to have choices in life. Avoid the big mistakes, take the time to explore a variety of options, and be honest about what career pathing really means. I think about the world 10 years ago, and looking ahead 10 years as my child would be growing up... it's daunting and exciting, frankly, to think about.
Do I care if they are in finance or not? Not one bit. What I do hope they learn from myself is to be intentional with their choices and proactively pick what they did for themselves. I also really want them, and myself if I'm being honest, to not personify themselves with their career. Don't 'be a banker' but rather 'be someone who works in banking, doing XX'. I'm not a banker, but it applies more broadly - I think I constrained myself often in my career by needing to think of myself as a finance grad who should be in finance, not focusing on what I'm actually doing. Maybe I just need more therapy before I have kids, who knows.
Two separate thoughts here:
1. Your dad sounds a lot like my dad. I'm doing my best to avoid being like him. In particular, I'm taking real sacrifices to make that happen. I don't need to be senior management. I'm willing to be middle management so that I can spend more time with my family. I'm sacrificing my ego. Don't worry - they'll be more than comfortable with a middle management dad. No one is going to starve. Now that I have kids, I realize that the "working for your family" line is the biggest lie in the world from workaholic dads. You don't need to work 60 to 80 hours a week to provide for your family.
2. Perhaps rare point of view here but I don't want to orient my kid's life around career. I just want them to be good spiritual people who are passionate about their families and serving God. Whether they are a plumber or a banker doesn't matter to me. As you mentioned, there is an idea that you should follow your passions in your career as the root of happiness. Well, that sort of implies that 95% of people currently alive don't get to be happy and probably 99.9% of everyone who has ever lived wasn't happy.
I want to teach my kids to find life satisfaction elsewhere and pursue whatever they like careerwise. It's called a job for a reason. It's something you do to put food on your table. It shouldn't define who you are. Just try to find something that doesn't make you absolutely miserable and focus on the more important things in life.
Did your dad leave you money, or provide a comfortable life and opportunities for you?
Helped me pay for college but nothing beyond that. I don't expect to inherit one penny from him either. Guy spends a lot. Tells everyone how he did all this work for his family.
Depends what you mean by comfortable. Was there food on the table and gas in the car and the lights turned on? Yes. Was not a comfortable life in the sense that I basically grew up in the equivalent of a single family household with him gone all the time. Could have saved myself a lot of pain with a little guidance from a father figure instead of having to figure everything out myself. Thankfully, it all worked out in the end.
The past is the past. All I can do now is provide for my kids while also being there in person to support them and guide them. It's not that hard to do.
I specifically told my kids if they didn’t find a career in commercial real estate they wouldn’t be in the will when dad 86’s this plane
My dad came from nothing, and worked his ass off for 40+ years at a job (in finance) that he loves. He never pushed me into finance, but he did advise getting a degree in something revenue-generating.
That said, I'm an abstract painter and am also writing a fantasy novel in my spare time (weekends / late nights). Who knows if I'd be successful in some other career, but I know as it stands if I put in the work, the results will come.
Hopefully, I'm in a position where I can enable my kids to do whatever they want. But even if they have all of the options in the world I'll give my kids the same advice. Get a degree in something that will produce revenue, then do whatever you want.
Become a pilot
There are many professions in this world. Some are badly paid, some are boring, some are tiresome, some are unstable, some are dead-end, some are dangerous, some are brain-grilling. And many professions are a combination of those things. Finance is tiresome and boring, yes, but those are the only two shortcomings of it. You can't have everything. Plus it pays so well.
If I let my kids pursue their passion, they’d easily end up in a career dead end.
Precisely.
Passions come about when kids find themselves better than their peers at something. This leads them to do said activity more and this leads to them becoming better at said activity - its a self-perpetuating cycle. You can still guide your children in a certain direction and have them lead fulfilling lives doing what they love. For example, I know my 12 year old has maths class each tuesday, thursday and friday after lunch and because I value problem-solving skills and want this to flourish in my kid, I will grind down some psilocybin mushrooms and sprinkle them into his packed school lunch sandwich for microdosing purposes. The aim here is to get him to be ultra focussed and start that cycle. Hope that helps, good luck.
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i’m mad confused here. you’re drugging your kids?
As long as my kid is willing to put in real effort into whatever he is passionate about im all for it. Even if he is a gender study major he will be the person that invented the most genders.
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