Does anyone here have super rich parents ($50m+) and what do they do

Does anyone have super rich parents or is anyone here really rich($10m+)? What do (you/they) do? Where did (you/they) go to school? What difficulties have (you/they) faced? And what advice would (you/they) give?

 
[Comment removed by mod team]
 

Same situation. Immigrant parents. Both worked though recently mother stopped. Father entrepreneur. Probably around $10-15mm liquid(ish) + co-owner of his company at around ~$50mm total valuation. Likely exiting in the next 3-5 years.

We had some semi-serious discussions about me running it one day but ultimately wasn't a fan of that idea for a ton of reasons. Not an industry / vertical I wanted to be in or was particularly interested in. Also didn't want to be known as "XYZ's kid". Wanted to make my own name for myself, etc.

 

Not parents but very close blood relative (never went to college) started a small trucking company, that grew and now the guy is worth probably over $25M. It wild to see how many millionaires I know either a.) never went to college and b.) never worked in a sexy or prestigious industry. 

Family friend is also a billionaire who basically found one small thing he was good at (laying pipe) and basically became the best at that one thing and now dominates a small geographic area. He also never went to college. 

Of all the millionaires I know, a significant majority of them became that way through owning their own business in a "non-sexy" industry by basically becoming THE GUY who does this one thing and owning the market in a certain area. 

 

Currently working in a shitty retail bank job and we see loads of people come in to deposit checks or whatever for their business and most of the millionaires are from real estate. The rest own transportation companies. It seems that's really it, real estate or transportation. 

 

Dated a girl once whose dad had 9 figures. Not sure if he even finished college, started some manufacturing businesses. Retired in his 50s to travel the world.

Of course, her parents were divorced, the dad shacked up with some newer/younger meat, she had major daddy issues and talked to either of her parents pretty much never. Ran up credit card bills just so her dad would call her to complain about them. Was really wild in bed, relationship ended in absolute disaster. 8/10 experience overall

 

Angus Macgyver

Dated a girl once whose dad had 9 figures. Not sure if he even finished college, started some manufacturing businesses. Retired in his 50s to travel the world.

Of course, her parents were divorced, the dad shacked up with some newer/younger meat, she had major daddy issues and talked to either of her parents pretty much never. Ran up credit card bills just so her dad would call her to complain about them. Was really wild in bed, relationship ended in absolute disaster. 8/10 experience overall

Yes, and have done what most people only dream about!

SafariJoe, wins again!
 

Wife material

"The obedient always think of themselves as virtuous rather than cowardly" - Robert A. Wilson | "If you don't have any enemies in life you have never stood up for anything" - Winston Churchill | "It's a testament to the sheer belligerence of the profession that people would rather argue about the 'risk-adjusted returns' of using inferior tooth cleaning methods." - kellycriterion
 
Most Helpful

Interesting post, so I’ll chime in. Parents worth 10-20M, dad is a senior executive at a global company and mom is a specialized doctor. Growing up, my parents always emphasized the value of what hard work can bring. Ironically, I was spoiled as a kid and took a long time to “ground myself” in reality. Struggled a lot in HS and college with feeling like I was always on my own, as both my parents were very dedicated to their careers (common occurrence in the area I lived). Financially, I never worried about a thing but emotionally I still struggle to this day. Furthermore, I continue to struggle with chasing a career that provides a better financial outlook than the one my parents gave me. Constantly, I’m battling with career ambitions and the father I want to become and almost always there is some conflict. Will be interesting to see how things turn out.

Another thing I’ve noticed, especially in college, is that people tend to downplay the feelings of people that come from more fortune backgrounds. Countless times I can recall having an emotional problem or some social issue be pushed off/completely ignored by my friends because my parents where wealthy. Things like “Hey, at least your parents are rich” or “who cares, you’re rich”. After a while this got extremely annoying and caused a lot of tension in my friend groups and really just further caused me to repress some of my emotions. Wow - sorry for the rant - tough week and needed to blow off some steam

 

I get it same here. Have no clue about my parents wealth but would assume in that range (multiple houses, exec in a fortune 100 company) and lived very similar things but obviously my parents are divorced so it has not always been easy, especially having a father that prioritises his career over everything (have not seen him since Dec-19...).

 

Another thing I've noticed, especially in college, is that people tend to downplay the feelings of people that come from more fortune backgrounds. Countless times I can recall having an emotional problem or some social issue be pushed off/completely ignored by my friends because my parents where wealthy.

The sad thing is that this attitude is spreading....it is  no longer reserved to the ultra-wealthy. If you are the wrong color or even middle class in America, you have no value as a human being and are considered to have zero struggles personally or emotionally as surely everything was handed to you.

Just treat each other as human beings with our own individual challenges, problems, and feelings. Is that so hard?

 
NoEquityResearch

Another thing I've noticed, especially in college, is that people tend to downplay the feelings of people that come from more fortune backgrounds. Countless times I can recall having an emotional problem or some social issue be pushed off/completely ignored by my friends because my parents where wealthy.

The sad thing is that this attitude is spreading....it is  no longer reserved to the ultra-wealthy. If you are the wrong color or even middle class in America, you have no value as a human being and are considered to have zero struggles personally or emotionally as surely everything was handed to you.

Just treat each other as human beings with our own individual challenges, problems, and feelings. Is that so hard?

Wise words from Mr. NoEquityResearch

 

Oringal commenter here - it’s really all perspective . I am blessed to have the backing of wealthy parents, and I know a lot of people would trade their childhood for the one I had 10 times out of 10. But for me, the lack of a father and mother figure (raised primarily through nannies till HS) really took a toll on me. I can count on one hand the amount of birthdays my dad actually made growing up and even he even missed my birth while he was working. Because of this, I never felt like I had a family and the authenticity of it just isn’t there. Constant threats of divorce and other legal issues also damaged the family life, causing lingering mental issues that impact my relationships with friends and SOs alike to this day. You’re right, some families work just as and make only a small percentage of what my parents do - but it is important to understand that mental health doesn’t discriminate on your background and the inability to fell at home with the people that “love you” has lasting impacts on your development as an individual.

 

The reason why people blow you off is this - my parents were poor

They were also abusive and lacked emotional control. Very "salt of the earth" type people who served their community and were hypocrites at home.

Everything I've ever got is in spite of, not because of them. Does it make me stronger / better / wealthier / etc in the end? Any cool entrepreneurship / grit story? 

Nope. There's zero fucking benefit to having your parents try to fuck you up and fuck up your head since you were a child. Zero. 

It would have been a lot less bad if they at least had money and worrying about finances as a child wasn't an issue. Wealthy parents also tend to be less retarded about life choices that they force their kids into - it may not be what the kid wants, but at least there's an objective value to it.

No matter how hard you've had it, they'd be a ton of people who've had it harder just to be allowed to graduate from the same school as you. Your parents might have encouraged you to go to a certain school or maybe the argument was between two prestigious schools or something.

My parents actively tried to stop me going to one of the most prestigious schools in my country. With a scholarship. Think about that

 

Thanks for being brave enough to share. Sadly, some people just suck, we all have advantages in life but some people just make it a goal to put people down.

My few words to you is just keep your head up and do you.

SafariJoe, wins again!
 

~500m created a hedge fund. Both parents grew up with broken families and actually incurred debt/ had to support their families. 

I’m in an MBA and was in IB, no one knew, and no one continues to know that knows me outside of close personal friends. I think the truth of the matter is many individuals that reach that level of wealth sacrifice everything and are warped personalities. As a result, their kids grew up essentially without parents or with parents who constantly argue due to their parents having a messed up relationship from one of the parents always prioritizing work over their significant other and children. This creates kids that don’t have the same work ethic as their parents. There also is many times cuddling or just a warped perspective that results from growing up with wealth. I think it’s hard to parent and you almost need to actively parent/ remind kids of their privilege consciously.

I didn’t have this bad dynamic because my dad retired very early in his career because he didn’t want to be a shitty father. In his words, “I could have made 1 Billion in a single year and I wouldn’t have stayed an extra year. The way I eventually outcompeted my competition was by knowing that I wasn’t going to raise POS kids who hate me, while they were, and that makes me incredibly happy.”

From my experience, there actually are a very large amount of 2nd generation kids from parents who made their money in finance who have similar work ethic to their parents. It isn’t a majority for sure, but I’ve been surprised in school and professional life how often you find rich kids who work their ass off despite in all reality “not really needing to”. I think these individuals are just ultra competitive or intrinsically driven. 

 

It's ironic to me tbh, people complain about the job and it does suck, but I would have done it getting paid minimum wage. The truth is, especially at the beginning of your career, there are few jobs that quite speed up your professional development as much as IB. I think long term the career blows and that's why I left, but an analyst stint is really pretty valuable.