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2/19/11

i'm trying to get an idea of what kind of backgrounds people in this industry come from. approximately what is your parents' net worth? also post your field (ibd, s&t, etc.)

Comments (133)

Best Response
2/20/11

What a bunch of tools. Especially the loser with the audacity to add the .5 after the $67M like he has mark to market accounting on his parents finances, complete douche.

We've got half a million shares in the bag!

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2/19/11
2/19/11

Unemployed, ~$0

Haha, I just realized how funny that probably looks. Hopefully, I'll close in on a job soon and then it won't look so depressing.

2/19/11
2/19/11

Consulting, 2mm

-MBP

2/19/11

A more appropriate question might be what do you parents do?

2/19/11

gauche much? more than mine by a significant margin.

2/19/11

4mm, Insurance sales

Reality hits you hard, bro...

  • VanillaThunder12
  •  2/19/11

My dad is 54 and makes $110,000 a year as a firefighter/paramedic and car mechanic. Not a lot, but he has his pension to look forward to.

2/19/11

would it be fair to say that most of us don't have parents who work in finance?

2/19/11

my dad's an entrepreneur of sorts and my mom works in marketing

2/19/11

Finance is a broad discription, technically if you are an entrepreneur you do finance work.

Follow the shit your fellow monkeys say @shitWSOsays

Life is hard, it's even harder when you're stupid - John Wayne

2/20/11

Mom - retired Construction exec ~ 15 mm
Dad - Finance prof.

"Until and unless you discover that money is the root of all good, you ask for your own destruction. When money ceases to become the means by which men deal with one another, then men become the tools of other men. Blood, whips and guns or dollars."

2/20/11

Dad-12 mm - real estate developer
me 2 mm-- gotta love llc's and lawsuit protection
prop trading

IVY for Life

In reply to futuretrader1999
2/20/11
futuretrader1999:

Dad-12 mm - real estate developer
me 2 mm-- gotta love llc's and lawsuit protection
prop trading

how do you have 2 mil when your only 19?

2/20/11

1. Real Estate Finance
2. <$1million

2/20/11
2/20/11

1mm NW. School planning and construction upper management.

"Oh the ladies ever tell you that you look like a fucking optical illusion" - Frank Slaughtery 25th Hour.

2/20/11

~ 500k Board Operater at an Oil Refinery and Nurse

2/20/11

50 million liquid. 10mm real estate

2/20/11

Me, ~240mm, knighted LBO maven.

Neither of my parents were knighted though, so negligible income and prestige.

2/20/11

Dad in BB Wealth Management S&T. Mom in Accounting. Not much in net worth. You can blame the pigs for that. No matter how hard you work some scumbag at the top will find a way to take it.

looking for that pick-me-up to power through an all-nighter?
In reply to PeakLapel
2/20/11
PeakLapel:

What a bunch of tools. Especially the loser with the audacity to add the .5 after the $67M like he has mark to market accounting on his parents finances, complete douche.

Way to miss the sarcasm, douche. I have no idea how much money my parents have, it's impolite to ask..
And if they were that rich, I wouldn't tell anyone let alone anonymous forum posters. I don't have problems with my dick size.

2/20/11

18 billion dollars ...........

Zimbabwean dollars that is.

In reply to monyet
2/20/11
monyet:

18 billion dollars ...........

Zimbabwean dollars that is.

Haha. You must have a hell of an education savings plan to eek college tuition out of a dollar and 44 cents US.

"Until and unless you discover that money is the root of all good, you ask for your own destruction. When money ceases to become the means by which men deal with one another, then men become the tools of other men. Blood, whips and guns or dollars."

In reply to feenans
2/20/11
feenans:
PeakLapel:

What a bunch of tools. Especially the loser with the audacity to add the .5 after the $67M like he has mark to market accounting on his parents finances, complete douche.

Way to miss the sarcasm, douche. I have no idea how much money my parents have, it's impolite to ask..
And if they were that rich, I wouldn't tell anyone let alone anonymous forum posters. I don't have problems with my dick size.

It's simpler than that. It doesn't even matter @ the OP. I don't know about everyone else but I have no interest in taking one penny from my parents other than for undergrad/MBA tuition, rent money and adderrall. We all start in the same shitty gig staring at Excel in hope of being Henry Kravis.

"Until and unless you discover that money is the root of all good, you ask for your own destruction. When money ceases to become the means by which men deal with one another, then men become the tools of other men. Blood, whips and guns or dollars."

In reply to Independent Gestion
2/20/11
Independent Gestion:

Haha. You must have a hell of an education savings plan to eek college tuition out of a dollar and 44 cents US.

Now that's only a dollar and 3 cents.

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IB Templates, M&A, LBO, Valuation.

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Realistic Mock Interviews.

2/20/11

Come on, I can't be the only one with broke parents.... WSO must be more diverse than this thread implies.

In reply to econ
2/20/11
econ:

Come on, I can't be the only one with broke parents.... WSO must be more diverse than this thread implies.

well im including house + pension + 401k even that isn't alot to retire in todays age

2/20/11

i) Negative Equity - Electrician and Dental Nurse

ii) Corporate PE straight out of Undergrad

2/20/11

$70BB

Dad developed software for microcomputers

Mom is in philanthropy

2/20/11

parents have 40K liquid with civil servant jobs & pensions

Military going to B-school, wanna do IBD. My car cost less than most of your watches.

In reply to turtles
2/20/11
turtles:
futuretrader1999:

Dad-12 mm - real estate developer
me 2 mm-- gotta love llc's and lawsuit protection
prop trading

how do you have 2 mil when your only 19?

daddy is stashing some $$ in junior's name in case he gets hit legally.

In reply to Independent Gestion
2/20/11
Independent Gestion:

I don't know about everyone else but I have no interest in taking one penny from my parents other than for undergrad/MBA tuition, rent money and adderrall.

Gee how generous of you. Only undergrad and MBA tuition, plus living expenses. I mean, who has their parents pay for grad school anyway.

In reply to VanillaThunder12
2/20/11
VanillaThunder12:

My dad is 54 and makes $110,000 a year as a firefighter/paramedic and car mechanic. Not a lot, but he has his pension to look forward to.

He won't have his pension to look forward to if it were up to the kids on this blog.

In reply to econ
2/20/11
econ:

Come on, I can't be the only one with broke parents.... WSO must be more diverse than this thread implies.

This is exactly what I was thinking! Either people are lying, exaggerating, or it is really true that money begets money and opportunity.

My parents have 0 net worth. They've worked hard all of their lives, but they just didn't make enough. Now, if it were up to folks on this board, they'd take away their social security, too. Of course, easy to say when your parents are very well off.

In reply to kmzz
2/20/11
kmzz:

mech eng
2-3m

lol How is that even possible unless he or she moved into management?

In reply to mxc
2/20/11
mxc:
Independent Gestion:

Haha. You must have a hell of an education savings plan to eek college tuition out of a dollar and 44 cents US.

Now that's only a dollar and 3 cents.

Hyperinflation man. Musta changed between your post and mine.

"Until and unless you discover that money is the root of all good, you ask for your own destruction. When money ceases to become the means by which men deal with one another, then men become the tools of other men. Blood, whips and guns or dollars."

In reply to ke18sb
2/20/11
ke18sb:
Independent Gestion:

I don't know about everyone else but I have no interest in taking one penny from my parents other than for undergrad/MBA tuition, rent money and adderrall.

Gee how generous of you. Only undergrad and MBA tuition, plus living expenses. I mean, who has their parents pay for grad school anyway.

Living expenses while I'm still in school* And in addition, why not have them pay for MBA? There's no nobility in taking on debt to get an MBA? What I'm saying is even though my parents could afford to give me so much more, all I want is what it takes to launch my own career. I think that's a fairly standard objective.

"Until and unless you discover that money is the root of all good, you ask for your own destruction. When money ceases to become the means by which men deal with one another, then men become the tools of other men. Blood, whips and guns or dollars."

2/20/11

~$20mm
Dad was quite senior at MBB

In reply to prinmemo
2/20/11
prinmemo:
kmzz:

mech eng
2-3m

lol How is that even possible unless he or she moved into management?

haha your questioning someones parents net worth on an online forum hahahhaa

The answer to your question is 1) network 2) get involved 3) beef up your resume 4) repeat -happypantsmcgee

WSO is not your personal search function.

2/20/11
In reply to prinmemo
2/20/11
prinmemo:
econ:

Come on, I can't be the only one with broke parents.... WSO must be more diverse than this thread implies.

This is exactly what I was thinking! Either people are lying, exaggerating, or it is really true that money begets money and opportunity.

My parents have 0 net worth. They've worked hard all of their lives, but they just didn't make enough. Now, if it were up to folks on this board, they'd take away their social security, too. Of course, easy to say when your parents are very well off.

Maybe I'm a rare breed because if it were up to me, there wouldn't be SS (at least, not in its current form). So, while it's true that my parents are broke, I don't think the (rich) parents of the people on this forum should be taxed to give my parents money. Basically, I support individual liberty, property rights, and believe people should, for the most part, be allowed to keep what they earn...

2/20/11

Econ, people pay into SS. The amount you receive when you retire is related to how much you pay into it while you worked. There are eligibility requirements. I realize it is a pay as you go system, but the benefit amount isn't the same for everyone, and it varies based on how much contributed while you were employed. Bill Gates is not paying for the retirement of poor people. You only get SS taxes up to 100K of your salary. After that you don't pay anymore into it. So this notion that somehow people that didn't earn very much money get their social security benefits essentially on the "backs" of the rich is ridiculous.

I realize we disagree on this, but it's important to keep facts straight.

2/20/11

I would think that the parents of most people that go into the industry fall into the upper end of the "mass affluent" category. (i.e. net worth of one or two million)

Consultant to a Fortune 50 Company

In reply to prinmemo
2/20/11
prinmemo:

Econ, people pay into SS. The amount you receive when you retire is related to how much you pay into it while you worked. There are eligibility requirements. I realize it is a pay as you go system, but the benefit amount isn't the same for everyone, and it varies based on how much contributed while you were employed. Bill Gates is not paying for the retirement of poor people. You only get SS taxes up to 100K of your salary. After that you don't pay anymore into it. So this notion that somehow people that didn't earn very much money get their social security benefits essentially on the "backs" of the rich is ridiculous.

I realize we disagree on this, but it's important to keep facts straight.

Are you sure that everyone gets out more than they pay in? If the money you get out, is directly proportional to how much you put in, then wouldn't everybody get less than they put in because, after all, someone has to pay for the administering of the program. And, if not, the only reason I could think of is by making "contributions" increasingly higher over time, which is incredibly unstable.

2/20/11

^^^Bring that SS/Pension crap into one of the other threads we have going. You'll have no problem findig people to debate with you. No need to start a shitstorm in this thread.

In reply to Independent Gestion
2/20/11
Independent Gestion:
monyet:

18 billion dollars ...........

Zimbabwean dollars that is.

Haha. You must have a hell of an education savings plan to eek college tuition out of a dollar and 44 cents US.

I invest in penny stocks. I'm almost as good as Tim Sykes now.

In reply to ke18sb
2/20/11
ke18sb:
Independent Gestion:

I don't know about everyone else but I have no interest in taking one penny from my parents other than for undergrad/MBA tuition, rent money and adderrall.

Gee how generous of you. Only undergrad and MBA tuition, plus living expenses. I mean, who has their parents pay for grad school anyway.

I was about to post something to similar effect ...

Most people do things to add days to their life. I do things to add life to my days.

Browse my blog as a WSO contributing author

In reply to econ
2/20/11
econ:
prinmemo:

Econ, people pay into SS. The amount you receive when you retire is related to how much you pay into it while you worked. There are eligibility requirements. I realize it is a pay as you go system, but the benefit amount isn't the same for everyone, and it varies based on how much contributed while you were employed. Bill Gates is not paying for the retirement of poor people. You only get SS taxes up to 100K of your salary. After that you don't pay anymore into it. So this notion that somehow people that didn't earn very much money get their social security benefits essentially on the "backs" of the rich is ridiculous.

I realize we disagree on this, but it's important to keep facts straight.

Are you sure that everyone gets out more than they pay in? If the money you get out, is directly proportional to how much you put in, then wouldn't everybody get less than they put in because, after all, someone has to pay for the administering of the program. And, if not, the only reason I could think of is by making "contributions" increasingly higher over time, which is incredibly unstable.

I am not sure what you're asking me. I don't think EVERYONE gets out more than they pay in, although I don't know for sure. My hunch is that in theory it is supposed to earn interest, but of course it is a pay as you go system so likely it isn't getting jack in interest. Some people get more and some people get less. There is also the part of SS that makes payments to widows and orphans. I would imagine those folks probably get more than they paid into it, but I don't really have much of a problem with that, since those are very vulnerable families and in aggregate you tend to get many problem adults coming from those kinds of situations.

As Justin said, let's move this over to another thread. We kind of hijacked it.

2/20/11

SOme of you fuckers make me ill. My parents don't (of didn't before they died) pay for dick. My dad used to make me pay my own bill when we went out to eat most of the time. He wasn't broke by any stretch but it taught me the value of money and making my own way.

If I had asked people what they wanted, they would have said faster horses - Henry Ford

In reply to happypantsmcgee
2/20/11
HPM:

SOme of you fuckers make me ill. My parents don't (of didn't before they died) pay for dick. My dad used to make me pay my own bill when we went out to eat most of the time. He wasn't broke by any stretch but it taught me the value of money and making my own way.

Yeah agreed. I've been paying my own way since 18. Paid for my own undergrad, grad school living expenses etc. Dad could have paid but I worked so much harder when it was my own money on the line.

-MBP

In reply to prinmemo
2/20/11

not sure how to answer ur question since i guess it is possible (thats what it says when i log into account). and ur right he never went into mgmt

prinmemo:
kmzz:

mech eng
2-3m

lol How is that even possible unless he or she moved into management?

2/20/11

I just came here to say my dad's dick is bigger than your dad's dick.

That is all.

In reply to monkeysama
2/20/11
monkeysama:

I just came here to say my dad's dick is bigger than your dad's dick.

That is all.

Why are you so familiar with your dad's dick?

If I had asked people what they wanted, they would have said faster horses - Henry Ford

2/20/11

Boom.

Most people do things to add days to their life. I do things to add life to my days.

Browse my blog as a WSO contributing author

In reply to happypantsmcgee
2/20/11
HPM:

SOme of you fuckers make me ill. My parents don't (of didn't before they died) pay for dick. My dad used to make me pay my own bill when we went out to eat most of the time. He wasn't broke by any stretch but it taught me the value of money and making my own way.

I have mad respect for you HPM but seriously, the whole "nobility-in-suffering" routine on this site is unnecessary. If your parents made you tough it to learn responsibility then good for you, it clearly worked. Mine give me whatever I want but I'm not spoiled, I work hard and I'm very successful. To each their own.

"Until and unless you discover that money is the root of all good, you ask for your own destruction. When money ceases to become the means by which men deal with one another, then men become the tools of other men. Blood, whips and guns or dollars."

In reply to VanillaThunder12
2/20/11
VanillaThunder12:

My dad is 54 and makes $110,000 a year as a firefighter/paramedic and car mechanic. Not a lot, but he has his pension to look forward to.

Not a LOT!?!?! My parents make 30k each and they are 50, I make $45k and I'm 25 years old with a crappy job. I would be comfortable making $110k/year for the rest of my life. some people are crazy man...

In reply to happypantsmcgee
2/20/11
HPM:
monkeysama:

I just came here to say my dad's dick is bigger than your dad's dick.

That is all.

Why are you so familiar with your dad's dick?

...or my dad's dick?!?!

Regards

"The trouble with our liberal friends is not that they're ignorant, it's just that they know so much that isn't so."
- Ronald Reagan

In reply to Independent Gestion
2/20/11
Independent Gestion:
HPM:

SOme of you fuckers make me ill. My parents don't (of didn't before they died) pay for dick. My dad used to make me pay my own bill when we went out to eat most of the time. He wasn't broke by any stretch but it taught me the value of money and making my own way.

I have mad respect for you HPM but seriously, the whole "nobility-in-suffering" routine on this site is unnecessary. If your parents made you tough it to learn responsibility then good for you, it clearly worked. Mine give me whatever I want but I'm not spoiled, I work hard and I'm very successful. To each their own.

Given your post history, this is an amusing comment.

Most people do things to add days to their life. I do things to add life to my days.

Browse my blog as a WSO contributing author

In reply to Independent Gestion
2/20/11
Independent Gestion:
HPM:

SOme of you fuckers make me ill. My parents don't (of didn't before they died) pay for dick. My dad used to make me pay my own bill when we went out to eat most of the time. He wasn't broke by any stretch but it taught me the value of money and making my own way.

I have mad respect for you HPM but seriously, the whole "nobility-in-suffering" routine on this site is unnecessary. If your parents made you tough it to learn responsibility then good for you, it clearly worked. Mine give me whatever I want but I'm not spoiled, I work hard and I'm very successful. To each their own.

I was more so referring to the people who wrote stuff like 67.5mm. Even if that's true, keep it to yourself. You aren't going to impress anyone here nor should you want to by throwing out ridiculous numbers like that.

If I had asked people what they wanted, they would have said faster horses - Henry Ford

In reply to happypantsmcgee
2/20/11
HPM:
Independent Gestion:
HPM:

SOme of you fuckers make me ill. My parents don't (of didn't before they died) pay for dick. My dad used to make me pay my own bill when we went out to eat most of the time. He wasn't broke by any stretch but it taught me the value of money and making my own way.

I have mad respect for you HPM but seriously, the whole "nobility-in-suffering" routine on this site is unnecessary. If your parents made you tough it to learn responsibility then good for you, it clearly worked. Mine give me whatever I want but I'm not spoiled, I work hard and I'm very successful. To each their own.

I was more so referring to the people who wrote stuff like 67.5mm. Even if that's true, keep it to yourself. You aren't going to impress anyone here nor should you want to by throwing out ridiculous numbers like that.

See my second post. That was a (I guess poor) attempt at sarcasm to answer a ridiculously question. Although in all honesty the whole "I'm poor and proud of it" trend on WSO is a little annoying. It smells of insecurity, frankly. Presumably you are here to sell your soul for money. If you plan on wasting it all on yourself instead of giving your kids more opportunities, that just makes you the hypocritical douchebag. And if you do want to make your kids lives easier, you should applaud the efforts of rich kids' parents and recognize that they are just a generation ahead. Hopefully all of our offspring will have a comfortable path to achieve their ambitions, and wouldn't have to decline opportunities because they can't afford it, like that kid in a recent thread who couldn't do an unpaid banking internship because his dad couldn't give him $5k for the summer.
This is directed at no one in particular, and no I'm not rich myself. I just find it immature to hate on the kids from money when you yourself are trying to become "from money". Don't be bitter.

2/20/11

Not bitter about being 'from money' just irritated at the entitled attitude that many seem to have. Sell my soul for money? HAHAHA clearly you know nothing about what I do, my prior experience, or anything else.

If I had asked people what they wanted, they would have said faster horses - Henry Ford

In reply to feenans
2/20/11
feenans:

See my second post. That was a (I guess poor) attempt at sarcasm to answer a ridiculously question. Although in all honesty the whole "I'm poor and proud of it" trend on WSO is a little annoying. It smells of insecurity, frankly. Presumably you are here to sell your soul for money. If you plan on wasting it all on yourself instead of giving your kids more opportunities, that just makes you the hypocritical douchebag. And if you do want to make your kids lives easier, you should applaud the efforts of rich kids' parents and recognize that they are just a generation ahead. Hopefully all of our offspring will have a comfortable path to achieve their ambitions, and wouldn't have to decline opportunities because they can't afford it, like that kid in a recent thread who couldn't do an unpaid banking internship because his dad couldn't give him $5k for the summer.
This is directed at no one in particular, and no I'm not rich myself. I just find it immature to hate on the kids from money when you yourself are trying to become "from money". Don't be bitter.

No one is saying people are selling their sole for money...

Also, maybe people who come from nothing don't want to give their kids too much because they see that as an important part of their success, hunger, and drive. This rich dude talks about it here: http://www.youtube.com/watch?v=6t2vrZZRWx8

2/20/11

Dude in that video had a kid at 14 and still made it...props to say the least.

If I had asked people what they wanted, they would have said faster horses - Henry Ford

In reply to APAE
2/20/11
A Posse Ad Esse:
Independent Gestion:
HPM:

SOme of you fuckers make me ill. My parents don't (of didn't before they died) pay for dick. My dad used to make me pay my own bill when we went out to eat most of the time. He wasn't broke by any stretch but it taught me the value of money and making my own way.

I have mad respect for you HPM but seriously, the whole "nobility-in-suffering" routine on this site is unnecessary. If your parents made you tough it to learn responsibility then good for you, it clearly worked. Mine give me whatever I want but I'm not spoiled, I work hard and I'm very successful. To each their own.

Given your post history, this is an amusing comment.

Oh really? I'd be interested to see what part of that you disagree with. You're clearly a hater but cheers, you've had some imformative posts and I must give respect where it's due.

"Until and unless you discover that money is the root of all good, you ask for your own destruction. When money ceases to become the means by which men deal with one another, then men become the tools of other men. Blood, whips and guns or dollars."

In reply to happypantsmcgee
2/20/11
HPM:

Dude in that video had a kid at 14 and still made it...props to say the least.

I know! Watch the whole thing here, it's interesting to say the least: http://www.hulu.com/watch/69479/cnbc-originals-unt...

It's kinda neat that he's wealthier than the other two guys they interview (one being a HF manager, the other owning a holding company). Not only did he have a much tougher background, he's also much less accomplished from an academic standpoint. It's truly inspirational...

2/20/11

I'm a hater? Far from it.

Most people do things to add days to their life. I do things to add life to my days.

Browse my blog as a WSO contributing author

2/20/11

HPM, as I said my reply wasn't directed at you or anyone in particular. While it's true that many do have a fucked up attitude, the vast majority of rich kids I know are down to earth and don't feel entitled to anything. You can say the same thing about poor kids who think they are better than everyone else because they achieved whatever on their own.
Econ, that's why I brought up the example of the guy who couldn't work this summer. By comfortable I don't mean taking daddy's jet to "interview" with his banker bitches. I'm all for challenging your children, and believe it or not most rich people realize how much hard work counts at least as much as poor, if not more. It's not like they won the lottery themselves, they worked for it.
The richest kid I knew in our analyst class was from an asian country with a fortune in hundreds of mil. He lived in a tiny apartment in brooklyn, spent less than anyone else, and sent every leftover dollar of his base and entire bonus back to his family. I bet he worked harder his entire life than most of us.
Maybe if you sold your soul a little more, you wouldn't have such a hard time finding a job bro. I just meant to say if you are on this forum, don't tell me making money is not a priority for you.

2/20/11

Most of the rich kids I knew were not lazy at all. Of those, some were spoiled, but spoiled and hard-working are not mutually exclusive.

Seeing as we all went to college at least, that screens out most of the lazy jackoffs, rich or not.

In reply to Stackin Bananas
  • VanillaThunder12
  •  2/20/11
Stackin Bananas:
VanillaThunder12:

My dad is 54 and makes $110,000 a year as a firefighter/paramedic and car mechanic. Not a lot, but he has his pension to look forward to.

Not a LOT!?!?! My parents make 30k each and they are 50, I make $45k and I'm 25 years old with a crappy job. I would be comfortable making $110k/year for the rest of my life. some people are crazy man...

Yes, but my father hasn't been making 110k every year of his life. He started out making much less and his salary increased over time. If your goal is to make 110k a year when you hit 54 then good for you, I am sure you can achieve that goal. Also, I don't know where you live, but 110k/year with a family of 6 is middle middle class around here.

2/20/11

$45K if they sell the home today and take whatever is left after paying off the loan. Definitely counting on brother and me for retirement hah.

Consulting.

2/20/11

Why compare your parents net worth, unless you have a really old money name or you are the prince of some middle eastern country this wont make the ladies panties drop. What will make their panties drop is if you can slap their face with your cock with out them bending over.

Follow the shit your fellow monkeys say @shitWSOsays

Life is hard, it's even harder when you're stupid - John Wayne

In reply to heister
2/20/11
heister:

Why compare your parents net worth, unless you have a really old money name or you are the prince of some middle eastern country this wont make the ladies panties drop. What will make their panties drop is if you can slap their face with your cock with out them bending over.

So being really tall?

If I had asked people what they wanted, they would have said faster horses - Henry Ford

In reply to happypantsmcgee
2/20/11
HPM:
heister:

Why compare your parents net worth, unless you have a really old money name or you are the prince of some middle eastern country this wont make the ladies panties drop. What will make their panties drop is if you can slap their face with your cock with out them bending over.

So being really tall?

I'm 6'8'' and had a short chick blow me and we were both standing, does that count?

In reply to heister
2/20/11
heister:

Why compare your parents net worth, unless you have a really old money name or you are the prince of some middle eastern country this wont make the ladies panties drop. What will make their panties drop is if you can slap their face with your cock with out them bending over.

More like being a stud and actually being able to talk to girls. So many finance kids are shy queers, with HUGE e-penises.

"Until and unless you discover that money is the root of all good, you ask for your own destruction. When money ceases to become the means by which men deal with one another, then men become the tools of other men. Blood, whips and guns or dollars."

2/20/11

I feel poor reading this thread :(

In reply to loki276
2/20/11
loki276:

I feel poor reading this thread :(

Join the club kid... I'm 25 and there are people on WSO making double, triple, and quadruple what I make. It's depressing really when I've worked so hard and came from a poor family.

Coming from no money and no connections is where 90% of the people on here can't relate to.

2/20/11

Agree^^
Sometimes its the same when you are quite clever and feel you didn't work for it as hard as others

2/20/11
2/21/11

monyet, I'd still rather come from money and have money with no satisfaction then to come from nothing and be struggling every day. Coming from nothing is a huge disadvantage so hopefully I make it out one day.

**I type this while stealing the wifi from my neighbor**

2/21/11

I've often thought about this. It does seems that wealth begets wealth, privilege begets privilege, even intelligence is at least partially correlated to genetics. The world is far from being a meritocracy. Though we've advanced from the days of the landed gentry, when you look under the surface the same system still remains - it is just hidden from common view. That's just the harsh reality we must live with. I'm not sure how you would go about fixing that, or if fixing it is desirable or necessary, but it is certainly something to think about.

The advantage of coming from nothing is that if you do make it big you have the satisfaction that you did so with minimal influence of others. Your success and your capabilities are one and the same.

Whereas if you are born into wealth and/or privilege, went to elite schools through your childhood, then Andover, Exeter, Groton, Hotchkiss etc, had tutors to train you, got into the Ivy league, then moved onto banking, then founded a hedge fund with capital from family friends and become a billionaire, you know that at every step your parents intelligence, connections, and effort to make sure you stayed on track is what got you to where you are, along with some of your effort of course. This noble debt is further highlighted if you have a number at the end of your name - as if to highlight that you became what you are because of those that came before you.

The point being, you cannot take pride in being self-sufficient, you will never know if you truly deserved everything you achieved. You won the lucky sperm lottery, and everything from that point on was put in your favor. Just a hypothetical, but I think it is worth thinking about.

It is like winning a car race with a plane - even if you win, you don't do so with the same satisfaction as if you had won with a car because you know you had an unfair advantage. It explains why Trump tries to act like he did not inherit anything, it is why Buffett rarely mentions the fact that his father was a congressman and was so desperate to leave Wharton which his father placed him in.

If your ultimate goal is happiness, I just think that someone who came from nothing and made his money enjoys life more than anyone else. Sure, many of them act like new money douche bags and show off (some of the time), but they enjoy life to the fullest. The material things they buy mean more to them because they know what it is like to be without them. Everything is new and different. They seem happier, and isn't that what life is all about ?

Just my 2 cents.

2/21/11

Parent 1 is a shoe shine
Parent 2 is a chambermaid

Net Worth: Enough for the family

OP, Is vanity your favorite sin?

Oui!oui!oui! Money Gives Power, Power Buys Positions

In reply to Stackin Bananas
2/21/11
Stackin Bananas:

monyet, I'd still rather come from money and have money with no satisfaction then to come from nothing and be struggling every day. Coming from nothing is a huge disadvantage so hopefully I make it out one day.

**I type this while stealing the wifi from my neighbor**

I used to say that I would rather be rich an unhappy than being poor and unhappy. The truth of the matter is that none of them are really the best choice in life given the fact that you could lose your wealth in a matter of a second. I have seen people losing everything they owned at the speed of light.
I would advise you to hold on to your magic wand, so that you can bring your desired wealth back if you happened to lose it one day.

Oui!oui!oui! Money Gives Power, Power Buys Positions

2/21/11

I think most people are overstating quite a bit here...just because your dad makes $2mm a year for 10 years does not mean his NET worth (as in, assets minus liabilities) is $20mm...

In any case, my parents' net worth is in the low double-digits...grandparents in the mid double-digits.

In reply to milkman84
2/21/11
milkman84:

I think most people are overstating quite a bit here...just because your dad makes $2mm a year for 10 years does not mean his NET worth (as in, assets minus liabilities) is $20mm...

In any case, my parents' net worth is in the low double-digits...grandparents in the mid double-digits.

I am not overstating

Oui!oui!oui! Money Gives Power, Power Buys Positions

In reply to milkman84
2/21/11
milkman84:

I think most people are overstating quite a bit here...just because your dad makes $2mm a year for 10 years does not mean his NET worth (as in, assets minus liabilities) is $20mm...

In any case, my parents' net worth is in the low double-digits...grandparents in the mid double-digits.

Thanks for the math tip.

"Until and unless you discover that money is the root of all good, you ask for your own destruction. When money ceases to become the means by which men deal with one another, then men become the tools of other men. Blood, whips and guns or dollars."

In reply to econ
2/21/11
econ:
HPM:

Dude in that video had a kid at 14 and still made it...props to say the least.

I know! Watch the whole thing here, it's interesting to say the least: http://www.hulu.com/watch/69479/cnbc-originals-unt...

It's kinda neat that he's wealthier than the other two guys they interview (one being a HF manager, the other owning a holding company). Not only did he have a much tougher background, he's also much less accomplished from an academic standpoint. It's truly inspirational...

Are you saying that he was not academically "bright" because he failed 4th grade? LMAO

Oui!oui!oui! Money Gives Power, Power Buys Positions

In reply to PiggyBank
2/21/11
PiggyBank:
Stackin Bananas:

monyet, I'd still rather come from money and have money with no satisfaction then to come from nothing and be struggling every day. Coming from nothing is a huge disadvantage so hopefully I make it out one day.

**I type this while stealing the wifi from my neighbor**

I used to say that I would rather be rich an unhappy than being poor and unhappy. The truth of the matter is that none of them are really the best choice in life given the fact that you could lose your wealth in a matter of a second. I have seen people losing everything they owned at the speed of light.
I would advise you to hold on to your magic wand, so that you can bring your desired wealth back if you happened to lose it one day.

That's really the problem though; attitude towards money. The unhealthy attitude towards money you see in prospective wall streeters (WSO kids) is largely product of the Nouveau Riche dream of moving from working/lower middle class roots to the "wealth" they imagine will be a fruit of their labor. It would be douchey of me to talk about myself, but in general, kids who come from money and more importantly education (i.e. not the kids of mobsters, rock stars or basketball players) tend to be quite motivated and more likely to understand personal financial management (thus less likely to risk losing it all). I admire those who can improve their own socio-economic status through hard work and sacrifice but that doesn't mean that there is any sense in demonizing priveledged kids who at least attempt to create new wealth and capital through equally hard work.

"Until and unless you discover that money is the root of all good, you ask for your own destruction. When money ceases to become the means by which men deal with one another, then men become the tools of other men. Blood, whips and guns or dollars."

2/21/11

I am happy to come from a poor family, when you succeed you realize that you defied the odds. Instead of always wondering.....If dad didn't pay for me to go to Harvard would I be where I am now? If dad didn't talk to his friend the GS partner would I be where I am now? What would I have done if mom didn't give the loan to get my MBA?

"One should recognize reality even when one doesn't like it, indeed, especially when one doesn't like it." - Charlie Munger

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