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Start a charity and use your experience with data analysis + problem solving to actually make other people’s lives easier. $20 may not seem like much but that could literally feed a homeless person for an entire day with 3 basic meals. Multiply that across thousands of people and you would literally be saving lives. Money is not an issue, so you should put it to good use and a hell of a lot more people would think good things about you. Your goal is to sustain your family’s legacy, and you should do that by bolstering your reputation through public acts of service.
Alternatively buy out people’s medical debts for Pennies on the dollar. You could save people from the brink.
Yeah, this seems like something I should do once I have experience and more agency. Thank you.
Why not use the usual Algo market like every other person the down side is each time you get your profit the company request you donate 0.5% of your profit to a non profitable organization,I can send you there website link if you wish
I don’t agree with just feeding people alone, there needs to be a solution that helps these folks to feed themselves. The immediate food and shelter is the bandaid and the surgery is helping them provide through new skills if they are capable. Things as simple as food and shelter to fix trails fire healthy able bodied people, or providing child care to others for food and shelter.
Yes, often theyd only need 1 month of shit (assuming they are willing to work) until they can get 1 paycheck ahead of rent/food and all that... of course, society needs a visible underclass to keep the poors in line and working hard so this problem is unlikely to be solved.
Pursue whatever you want to
Start a biotech/cancer research venture fund.
Respectfully, definitely don’t do this.
250 can disappear much more quickly in a closed-end fund than in traditional E&Fs.
If you really do want to pursue impact investing via a dedicated fund, take a look at how some of the big institutional managers have entered the space (e.g., TPG Rise, Bain Double Impact [granted these lean later-stage]). These Funds’ investments in technical areas are supported by their 100bn+ AUM platforms, rather than a finger-in-the-air investment style of biotech tourists without a scientific background.
Conversely, to the OP’s credit, if you’re able to successfully fundraise from third-parties, then this actually could be a capital efficient way to multiply the impact/benefit/scale of successful investments
No I could agree here. I was more assuming that OP, being at a target and a WSO user, was going to pursue some sort of advisory(IB/CO) or Asset Management/Investing role before being handed his parents' assets, therefore, he would have some sort of resume and reputation to bring on LPs and other external funding. Another safer, yet arguably more financially efficient alternative to actively participate in alts would be to raise a $500M fund focused on a diversified set of "real" assets like brown-field Infrastructure or RE projects, and then scale into higher growth industries from there, while only committing $5-10M of self-invested capital each time, but this is also a lot of time, work, and pressure. In the short term, with an aging population and rapid AI innovation, I was thinking that raising funds and targeting biotech/nutraceutical later stage start-ups would provide a higher impact, higher reward (with a lower st dev now than anytime in the past) option to preserving wealth without hiring a team of wealth management "experts" to open up a family office for you while you sip champagne and add zero value to the world when you had the opportunity to build an empire.
With that kind of money you have the opportunity to be the next Donald Trump if you so choose
Know someone in a similar situation who's basically using IB as a training ground to eventually inherit & manage their family office, although they seem very stressed about it.
Seems like this is the move to me as well and def can relate. The money is both a blessing but a huge responsibility and burden as well (I know this is a disgustingly privileged take.)
With great power comes great responsibility my friend
IB is a waste of time. You think formatting charts helps manage wealth? Go work for a buyside role asap.
Buyside roles are not exactly plentiful at my current stage and I have no nepo opportunities from my parents as they’re new money and not connected in this space. But definitely this is something I want to pivot to as a training ground once I finish my analyst stint
I would venmo a small 50k to a stranger on WSO
Found the multi-account player
"That being said, what life/career advice would you give and how would you best prepare yourself to manage the inheritance?"
When it comes to inheritance, you need the skills of capital preservation. A role where you learn how to protect wealth. This is the first step. A job at a wealth management firm should be good. See how their products work to protect client wealth (against inflation) and generate passive-income for their families. Sooner or later you will learn all the instruments/vehicles for this purpose (trust funds etc). My company has several products for this purpose (capital preservation and monthly passive-income). Been running them for a decade.
The next skillset is capital growth. This is the skills you learn in buyside investment firms. You learn to network with industry players (the sellside guys) so you have first dibs on great investments.
A job in sellside (like IB) is good to grow personal money (salaries and bonuses), but since you are already wealthy, this isn't necessary for you, UNLESS you plan to run an investment sellside firms as one of your family "capital growth strategy". Anyway, the networking in the sellside is still useful in the future.
An experience in both sellside and buyside may help you establish a fund management company yourself. You need to sell your investment strategy to potential investor, and then use your buyside skills to invest those raised capital into high potential companies.
With your financial life secured.
While in college, work a part time service job at a restaurant. Might sound like a waste of time, but might serve you well to work on Main Street and see how the working class live. I’m not sure when you will have that opportunity again, but it’s influenced how I treat workers. Be careful about attending after work events with service workers; don’t get addicted to drugs (I’d say, just party with your college friends instead).
You might want to own a chain of restaurants or service businesses one day, and this experience would help you form a cultural and leadership philosophy. Help to evaluate managers. Also, it will help you design buildings and organizations, having first hand knowledge and understanding of efficiency, user experience.
Lastly, you gain valuable skills in hospitality and people skills (small talk, being likable). And, can be great exercise.
You’ll have plenty of time in the future working with the professional class. See a different world while you can. That’s what’s college is about.
Next, I would recommend you be an astute observer of people.
Learn how to distinguish between long term and short term thinking (of yourself and others), and situations that lead to those outcomes, and how to predict. Then, learn about legal structuring. Then, learn about how to deal with conflict, how to hold the power of the jungle, and then how to use the law to protect and enforce your rights. While maintaining being a good and empathetic person.
When you don’t have a lot of money, a lot of the execution falls on you. Your skill, your hard work, your ideas. When you have more money, you can be a solo-penuer but likely you’re going to rely on other people to execute. Trust but verify. Learn about control. Learn about personality types. Get burned, but with cheap consequences.
That’s what I would tell my children when they are older. That and work in a restaurant.
start a family office
I've heard the perspective before about working hard to preserve the family fortune and legacy, however.....
What's the point?
No, I'm serious. What's the point of it all? If the last generation worked 80 hours a week and then the next generation works 80 hours a week and so do the grand kids, what is the point? Isn't wealth ultimately built so maybe you can do something more interesting, meaningful, and creative with it.
If each generation of the family is going to work themselves to the bone in stuff like investment banking, you might as well as well have stayed poor.
The markets/world in general have been very kind to my family in the last 15 years and my parents grew up beyond poor. So, I feel it’s my responsibility to ensure that what I do contributes to what they started. I’m obviously not looking to work 80 hrs a week forever nor do I want my kids to but I think it’s important to get these reps in to not squander the wealth through excessive materialism and hedonism.
Definitely understand the feeling but I think that there is a happy medium here.
Why work that much just to fight the feeling of responsibility? And if you're not working that much, why engage in materialism and hedonism?
If you try, I don't think that it's that hard to find a happy medium where you're working less than your parents and are also responsibly spending and managing the money.
That's another idea here. Hey, don't buy five vacation homes and a Bugati, invest conservatively in the market, and watch the family wealth grow without working in banking.
Further, side topic here but you're not responsible for anyone else's wealth. Be a good son to your parents and be a good person. That's all that you are responsible for in this world. You don't need to be a banker to prove something to your parents. And if they make you feel that way, it is an error on their part. This is not what is important in life.
Note for other readers as well that this is not just a wealth issue. You need to be good to your parents and you need to be good person in your life but you don't need to live for your parents. Your life is your own life. If you've fulfilled these two things, they need to be happy with whatever route you've chosen. If not, the soul-searching needs to happen on their part.
You think any of these people have a creative bone in their body? All they know is grinding and business
Real answer:
You should spend some serious time reflecting on what you are actually inspired to work hard at for the long term, and invest all your energy in that
Including if it is underwater basket weaving
You have the rare chance to devote yourself 100% to working on your calling. Don't waste it
Pay your fair share of taxes
Sounds like your family needs to read James Hughes book on family wealth. I know several families that have followed this process for generations:
https://www.amazon.com/Family-Wealth-Family-How-Intellectual-Generation…
Probably grind it out in IB for life to try and prove my worth to my parents
This is what I’m leaning towards even tho most people tell me it’s stupid af
If all you're worth is the same as any cog in the IB machine, then you're not worth nearly as much as would suit the legacy of parents who grew up poor and built up a 250mm+ NW. You're astronomically wealthy. Listen to the top commenter, and use it for good. There's no better way to honor your family and their background.
Blaze your own path and internalize ideals of self-reliance. Your parents wealth is a nice life-line however does not confer a direct responsibility alone. You will sleep better at night and later in life if you focus on discovering who you truly are and what you can achieve.
I agree with this, thanks
Set to inherit enough money to be one of the wealthiest people on the planet, but has to ask for life advice on wso.
Thank you for the insightful comment
Do u know how many billionaires are out there? Also do u have any advice to offer?
Two chicks at the same time
Dream bigger
2 chicks at the same time that are aware of each other, living under the same roof
If you want to stay in finance. PWM or private bank could be a good idea. Get a feel for not only managing money but also learn about creative tax strategies and estate planning. If I were you I’d do any job that is remotely interesting based on things I already enjoy doing regardless of income. If you’re good at anything you eventually get paid well - maybe not rich but well enough to live.
Do 2 years in IB then jump over to an allocator seat - would set you up really well to lead investments for your family office.
$250MM is nothing nowadays.. I would work at BB IBD for 1-2 years and then start a company. You have to take further risks to build real wealth
You’re out of touch rich boi
Don't worry about descendants you don't even have, park the money in global equities, figure out what your good at and what you enjoy. IB is boring as shit and most ppl do it for money alone so probably don't do that.
Lol at so many of the responses above. I am set for a fair sum, not nearly this much. Do you want to be scrooge McDuck? The point of this much money, to me, is to not think about it anymore. So what you turn 250 to 300 to 350? What did you really do? Instead, thrive as a person in all the areas that people without the luxury of this much capital do not have the time or access to. Creativity, personability, be social, be a learner. See the world, eat good food, help people, love life. If you're big into school get a PHD in something that challenges you and that you love learning about. I'm at the end of my 2 years in IB and I could do this and then PE till 40 but I decided against it, I tried it, learned how people in this industry work, and am now moving on. What makes you want to be the guy with all the money who only ever talks about how much money he has, without even having the claim/story/time invested in to building it in the first place?
i would talk about it on WSO
"I’m set to inherit a sizeable portion of that"
Have your parents confirmed this? It's very on brand for boomers to at the last minute say they're giving it all away and that you were already given "more than enough." In your shoes I'd be very worried about your parents pulling this bait and switch, so you're going to want to prove to them, ASAP, that you're on a path towards being able to competently handle and grow whatever you're set to inherit.
I'd be elbowing your way into whatever contribution you can make from now, becoming some informal "intern" for this de facto "family office" your family already has. That's short term.
Medium term, if I were in your shoes, I'd commit to the IBD for two years then try and join an HF and then do b school. You're a rising junior now, so 2 more years of school, then 2 years of IBD, then lets say 3-4 years at an HF and then business school. That's 9-10 years (so 2034-2035). At this point, the portion you'd inherit should ideally have grown (growth you'll be very informed of because you've been this informal intern for the last 9-10 years. I'd ask your family at that point if you could, and again this is if I'm in your shoes so I'm overlaying my particular interest, manage that "portion" in public investing (equity & credit) through setting up your own fund.
I’ve already confirmed that I will receive at least half and will receive 8 figures in the next 2 years or so (pending tax and legal implications) to begin taking on some of the responsibility. My parents and I are very close and open with speaking about money and their assets and I like to believe that I am in some sense their fiduciary.
Completely agree on the HF part. Investing has always interested me even before when I was in highschool so it’s definitely something I’m super keen to break into. Thanks for the input!
Amazing that you'll actually get even USD 10mm of that around graduation.
Well in addition to the advice above, definitely enjoy even just a sliver of it. You'd be able to comfortably live on your own immediately out of school in NYC (not in a douchey way but like a comfortable 1 bedroom in the Village) & pay for business school on your own.
Also for the love of god do not tell any woman you're romantially involved about this windfall until like 18 months into a committed relationship lol.
I would do cool stuff. If finance is truly your passion go for it but you have a true luxury of finding out what you care about / are good at.
If that’s being a banking associate in a few years, cool. If that’s managing a business unit a company, great. If it’s being cos at a startup, nice.
You have the most flexibility most of us who are young really desire so use that your advantage and don’t see paths and so linear
Two chicks at the same time
In all seriousness, this post is just a screaming example of a generation that has zero passion, hobbies, or creative ability.
250mm net worth and he’s thinking doing investment banking. Hilarious
Yes because god forbid he wants to learn how to manage & grow that wealth lol
You dont learn that by aligning logos
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