Do your parents know how much you make?

Yes, no, no. Once I leave analystville, I won't discuss my salary with my parents, and they themselves will take to the grave their income numbers (I haven't the foggiest what they could possibly be, not even a useful range).

http://ibankinglife.blogspot.com

Haha, yes, that would be $0 dollars. They are paying my expenses while I do my unpaid internship. And when/if I do become a monkey, they'll probably have an idea of what I'll be making.

Income-wise, yes, based on my parents complaining how much we had to pay in taxes last year.

I have an idea of what my sister and her husband make and a few of my cousins.

I've known what my parents make every year since I was a senior in high school. Is that crass?

I never knew what my dad made until fairly recently. Not by design but just by circumstance, I guess. They know how much I make, and we're very open about finances.

My dad knows because he reviewed my employment contract. Otherwise they wouldn't know.

I know what they make because they are open about finances. They want everyone in the family to know why we don't go on vacations and what not

Same as GameTheory. Never really know what my folks made but never really asked or cared all that much. Since I started as an analyst and got off their payroll everything became open on both ends. I prefer it that way.

I have no idea what my parents make and never considered asking. I'm curious, but I guess I also don't really need to know either. Even though I'm pretty sure they're upper-middle class by most people's definitions, I was raised in a household where we only spent on things that we absolutely needed, along with the occasional vacation here and there). Generally being sensible with our cash, money was never really a topic of discussion at home (other than the constant reminder from my parents that the only way to earn it was by working hard, and that I should get into the habit of working for it myself).

I don't think I'll ever find out what my parents make - but that doesn't bother me at all. I'll tell them what I make when I become an analyst.

I know how much my parents make, and my family talks pretty openly about it. My father runs a business which I have been deeply involved in since I was twelve years old (I am nineteen now, going to IB at 23 hopefully). So I have pretty much known the history of how much my dad brings home year after year. My mother really doesn't need to work, but she does so anyways because she hates to sit at home doing nothing all day, but I know shes on fixed income with a cushy job.

I am South Asian, and my dad will beat my ass if I don't make more than him. Plain and simple.

"I born you here in Canada, where you kant even get 100k a year, bullshitt. Kuta, go back to college and become a real man."

To the person above me, I didn't know Slurpees were so lucrative. :)

marcus halberstram:

First off, anyone who refers to themselves as new money, old money, or any kind of money is a complete dick weed.

Secondly, what does wanting your kids to make more money than you do have to do with being Indian or Asian? Thats pretty much universal with the exception of fringe left-wingers who think money is evil and the uber-rich who have seen the uglier side of extreme wealth.

Lastly, if you want to know how much your parents make just get their annual sales.. I'd estimate its between 800k to 1.2 million.

haha. very nice. my parents are entrepreneurs of a more "professional" variety, but grandpa has indeed owned dunkin donuts, burger king, baskin robbins, and other franchises. not quite 7-11, but close! my other grandpa has been a cab driver since he came to the states. the fact that my parents have gone from that, to raking in enough money for me to go to a top private school and not hav to ever worry about student loans, cant really be described in any other way but "new money."

but youre right about that quote, very dick weed-esque, i dont deny it. my mom also thinks im a tool when i say things like that, so youre not alone. but in the cloak of anonymity, arent all of us on this forum tools in one way or another? i'd say so.

take it easy, pedigreed monkey has a point. sure, all parents would hope that their kids make more money than them, but his post is valid.

Glad you could take a joke.

Eh, I won't be making more than my dad for a long time...so I'm open about how much I'm being paid this summer and will be open in the future as well. The more money I make, the prouder and more impressed my parents will be.

Know how much my parents make because i've been checking out their tax reports (w/out permission) since I found out they made way too much for me to get fin aid, but managed it poorly enough so that I dind't get vacations and all that stuff...and more importantly, they wouldn't pay shit for college.

Do I intend to tell them how much I make? Hell no. They might find/figure it out though. If i'm rolling in the dough they'll probably brag about it. to their friends. Don't care, don't intend to share, just stay out of my hair...thats my attitude about that.

They do and I do. I am becoming richer than they are and they think it is just fine however they care more about my happiness than my wealth.

I know exactly how much my mom makes, and have a general idea about my dad. For reference sake, my rent will cost more a month than the mortgage payment my parents make. I don't think it's that weird at all, unless you talk about it all the time and make it uncomfortable. Then again, I think even after I know I'll make significantly more than my dad, it would be hard to argue of a bill if we went out to dinner together, so there is some discomfort about money.

I know how much my dad makes to the nearest hundred-thousand. I have no idea how much my mother makes, but could guestimate +-100k (she gets carried-interest so I don't think she even knows in a given year). They know how how much I make as well. I also know exactly how much my brother makes and vice versa as well. We're all very open about it. Unfortunately, I have a long way to go and may never catch up to my parents. As a result, even making close to $150k my first year out of college, I simply get a "Check-the-box." Bit of a bummer considering how hard I work, but in the end I'm doing it for me and not them anyways.

Parents know exactly how much I make, and I have a good reference point of how much my dad makes on average (know his take home last year and his expected take home this year).

I think the point of not talking about finances with your immediate family members is stupid. I can see why as parents you would not tell your kids how much money they make (because having them brag around school would not be a good thing), but whenever your kids start earning - it's time to open up the door.

I am an only child, so maybe if I had siblings it would be a little different, but not by a whole lot.

To answer the questions: 1) Yes, both of my parents know how much I make. We discussed salary from the get go once I got an initital figure. Even if I didn't tell them, we use the same account, so they would know when he sends back the tax paperwork to my home address. 2) I know their salary to the T. Besides the above for the tax returns, my dad and I have talked about the income level he has and how he's deployed that capital to grow outside of traditional equitiy/fixed income and "Fund", that his Hedge and Private Equity related, investments. The same goes for my mother. 3) You'd be surprised what google can do for certain professions. I've got a fairly rough idea of what everyone in my extended family makes due to knowing what they do, how high up in the rankings they are, where they live and how long they've been doing this for. It's alot easier for me to figure out their salaries because they are all in jobs that either I have some direct knowledge pool to base it off of (such as my parents who work in similar fields) or based around the industry they work in (such as one relative who's a principle and another who'se a restarantuer) and having friends within that industry. My salary has never come up with the extended family because they really don't ask what I do when that I work in finance, except for a cousin of mine, who has an approximate idea of what I make because he's in finance. 4) As far as the emotion, it's a non-issue with us in the immediate sense. In the long term, it is honestly TBD, as my parents and i have been planning their long term strategy for the past 3-4 years and this market has really fucked some of that planning up. It's not an issue about ability to raise capital, it's more like trying to manage a number of potentially illiquid assets through these shitty markets. In terms of making more than the 'rents, they are both extremely cool with it and hope that I make more than them, so I can provide my kids (when I have them), the life they provided me.

Honestly, who gives a shit. I make 2 times more then my parents. Am I the only one on this damn forum that wasn't brought up like a little rich bitch?

Its just the nature of the question, most of people that are posting on here are ones that like to talk about how their family makes at least several hundred K. The guy who's dad is an iron worker, isn't as obsessed with money, so he doesn't really care to even pay notice to this thread. The higher up you go in socio-economic class(until you hit a certain threshold), the more pre-occupied you become with money, wealth, and out-doing each other. Even though its frowned upon to explicitly discuss money/income, people go to great lengths to signal how much they make. Of all the professions, bankers are typically on the materialistic end of the spectrum, don't seem so surprised.

Im Chinese, so to quote my parents: "You do math, NOW!!!! Enrish test NOW!!! You make da dowwah NOW!!!!If you no get into da 'Haavad', I whack you with da bamboo". So I didn't get into Harvard, so they got out the bamboo. Luckily, they're both like 5 foot 5, and I'm six foot three, so I just left. And I return, employment contract in hand and when they see the salary/ bonus range, they start to weep and beg for my forgiveness. Who says money don't buy respect?

The musings and antics of a Hedgie living in The Rotten Apple http://modernyuppie.blogspot.com/

Kind of, yes, and no.

As for the emotional part: a good friend from high school recently contacted me. He was stoked to tell me about his new job - which, is not only far below his potential, but it also isn't that great of a job in general - and things got awkward when I told him I got a job in banking. He's one of the few friends from high school who actually knows what banking is.

As for emotional/tense situations between my parents and I - nothing yet. My base salary is only a few grand lower than what my dad makes. They don't really know that I'm going to get a bonus of any sort.

As for the old money/new money comments, Marcus, are you calling Lil Wayne a dick weed? New money bitches!

I am from India and even my base salary is 10 times as much as my dad makes. And it's a little different here cos my parents are actually very proud of me and my "achievement". I guess its a fundamental cultural difference since in India a man is measured pretty much by how much he rakes in.

But hey news does spread fast and you guys have no idea how hot I am in the bridegroom market ;)

I know what my mom makes (single income household) withina 5k range or so. She's pretty open about stuff. She also knows how much I'll be making once I start working soon; I told her after I got the offer.

I have a good idea of what people in my extended family make. It's not like people sit around talking about their salary, but stuff comes out in conversation.

I'm working economic consulting, which is less lucrative field than IB (though better hours, and I'll enjoy the work more). My base salary plus signing bonus isn't all that much lower than what my mom makes, and I'm probably in a better financial position than she is since she has more expenses. I will probably make more than her relatively quickly.

It's not really awkward. She's glad that I have a good job in a field that I'm interested in.

patekphilippe:

1) Do your parents know how much you make?

2) Do you know how much your parents make?

3) Do you know what your siblings, uncles/aunts, cousins etc. make?

Does it ever get awkward or emotional at times? Does anyone here make more than their parents?

My father is a cobbler, in a small town in New England. Last year I was home for Thanksgiving, and I brought my girlfriend, who is a model and admittedly sort of a bimbo. My mother, who is senile, asked me worriedly if I make enough to afford healthcare. I casually responded that I make Redacted a year, and that I will not be going hungry any time soon. My father stood up out of his chair, towering over me, and slapped me across the face. He screamed in my face at the top of his lungs, "You're a god damned cobbler's son, and don't you forget it." He glanced at my girlfriend, and then I'll never forget what he said next: "I don't go to sleep with no whore and I don't wake up with no whore. That's how I live with myself. I don't know how you do it."

But seriously, aren't you the faggot who used to ask stupid questions about the "frattiness" of investment banking? Wouldn't your prestigious fraternity brothers be ashamed if they found out you were asking such embarrassing questions? Isn't your family supposed to be so well off that your measly $60k + bonus is considered a mere stipend?

http://www.drmarkklein.blogspot.com/

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Martin Sheen, MD?

This post is actually not as obnoxious or arrogant as it seems. I think some of us may be at the pinnacle of financial rewards in our family, particularly relative to where they were at this stage in their lives.

When that question comes up in the family I always redirect the focus away from salary and to cashflow. There is a misperception of how much real income we in the industry actually take home. When you factor in NYC cost of living, binge & purge bonus cycles, an educational debt burden, and taxes that six figure salary can shrink fairly quickly. So my family doesn't know how much I make, just my expenses, otherwise I'll be making microloans forever.