Wtf do my parents and other MDs do with their money?? Coke??
Both my parents are MDs in investment banking (traders) and they used to tell me we were middle working class and for a while i thought we were really poor and that we had to save money or else we would be homeless. Then I discovered finance bro tiktok and saw a ballpark amount of how much they were making and that was crazy so i asked if i was getting an inheritance. They said they would be giving me no money and then they also said they didnt need to save for retirement. We also rent and they have like no plans ever in buying a house so no morgage. They also said they would never pay for an MBA or finance degree even if i wanted to do investment banking cause its useless since a math/physics/engineering degree would be better. Both of them also never buy expensive clothes, jewellery, cars, watches. I think the most money they spend is on taxes and my moms skincare stuff. So like what are they saving for??? Are they spending all their money on coke and drugs?? I'm quite low maintenance and I dont ask for much. Ive seen the people on instagram saying an MD should have a expensive watch thats even more expensive than a patek and a rolls royce but i'm the only one in the family who wears watches and its a fitbit.
Also if you dont mind i also want to know if the MDs on here splurge on bags and shoes or if you are frugal. Just curious
lol ur parents sound miserable. will never understand parents who feel like their kids need to experience "pain"
it's called maintaining perspective you cow
there is maintaining perspective and then there is meaninglessly being a cheapskate to your children. there are better ways to teach the same lessons without being extreme. its like the boomers at work that talk about "how hard they had it" instead of being helpful. grow up kid.
there's the frugal lifestyle, and then you have OP's parents
they must be looking to retire once you leave for college. they seem like miserable people. they could also be lying about the inheritance since end of life care and inheritance are the only logical reasons to stack a lot of cash
bro tf are they working that hard for if they're about to act like that money doesn't even exist? fuckin hate a scrooge. subjectively bad for themselves and their family, and objectively bad for the economy
nah, it's good for them (less stress when you have money saved up and can retire early and enjoy life). and they should live for themselves and not for the economy.
"You're getting no inheritance" is like, rich parenting 101. But you can test this by floating the idea of pursuing academia to them, disappointed = maybe it is all going to coke, supportive = you're getting something. Renting a house is really weird though.
it literally may be more financially advantageous to rent and invest in stock market than buy, especially in big cities
Renting is not weird, my rent is $4600, the townhomes in my neighborhood are $1.3-1.4, aka 7800-8500 mortgage. Great location and decent landlords.The water heater went and we got a brand new one within a day. I have enough for down payment and closing costs, but have been making 8-10% on the majority of it and that be a huge opportunity cost with rates being were they are right now and how housing prices are slowing down and that usually takes 5-6 years for it to have price appreciation at normal levels. Run rule of 8.7% pretty standard rule among working professionals.
I can't believe this post is real...
This is a 100% lie post. There are zero traders on earth who are wired like this.
I think OP is underselling how "middle class" his upbringing actually was.
He grew up only getting a new Corvette instead of a McLaren. Life was rough. He got a Rolex instead of a Patek - poor dude.
Maybe your parents think you're a dumbass and didn't want you to act like a rich dumbass.
He can't even spell mortgage so there's that...
"they have like no plans ever in buying a house so no morgage"
The observation that inspired my comment lol
Based off how you write and your previous post, you're probably a retard. Don't worry, you're still young so we have time to change that.
Your parents are not going to tell you that you have an inheritance. You're in high school. They want you to learn what it means to work, not "Hey, you can fuck off as we have $Xmm laying around for you when we die."
You are too young/naive/retarded to understand anything and you're parents are lying to you because they don't want you to grow up to become a loser.
X
I live like your parents. I do it because I don't want to spend my life working and I want to spend as much of it as possible just living life. So I save money now and invest it all, so I can pay for rent, food, and other basic expenses when I don't work in the future.
Fancy watches, bags, and shoes don't bring any joy to me. What brings me joy is being free and not having to work and not worrying about money.
I'm surprised your parents even got you, cause you're a big expense for them, even if they make you live frugally. I personally don't plan to get kids because they are crazy expensive, especially in US, in addition to all the time and stress that goes into raising them for virtually no benefit in return.
Having kids is a personal choice but saying there's "virtually no benefit in return" is far from the truth.
that's my opinion based on observing how people treat their parents in US.
in other countries, kids support their parents physically and financially, take care of them when they get old, help them with anything they need. in US people just abandon their parents. and based on this thread, you even expect inheritance, instead of expecting to help them.
for comparison, in other countries, education and healthcare are free, food and clothes are cheap, and people don't spend much money on entertainment and going out, so raising kids is like 100x cheaper than in US. and then kids help parents when they're older. in US people spend obscene amounts of money on raising kids and end up with entitled brats who'll abandon you when you're old. so it may make a little bit of sense to get kids in traditional societies, but in US it's a huge mistake.
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