Predicted Net Worth in Trodden Finance Path by 60?
My parents came to the U.S. with nothing and built a company worth ~ $5-10mm today. I attribute everything I have to their success, and most importantly, I attribute who I am to the values they've instilled in me.
They are contemplating retirement and I just learned the $ figure on what they've built. Now that I am starting my own career, I cannot help but feel a responsibility to reach a multiple of that benchmark; otherwise, I will consider myself to have failed and wasted the platform they've privileged me with.
So then, what does the NW of an individual who follows this traditional finance path look like by the time they reach the same age (60), e.g. via PE, Corp Dev, or making MD?
lol that ego death is going to hit you hard brother
comparison is the thief of joy my friend.
OP here. Agree with the above and appreciate the words of caution, definitely think this is a perspective on life that I should free myself of. But just looking for a ballpark figure here to make myself feel a little better...
What number is going to make you feel better here? It's not even real and you still have to do the work to get there...
In a similar boat, but then I realize when they were my age, they were working for less than minimum wage, with no agency, no citizenship, no social life or knowledge of the language/culture, raising young kids, and providing for family overseas. They didn't bring you up to outperform them financially, but for you to have a better life and for their grandkids to have a better life. The scoreboard is for everyone else, your parents are just happy to watch you on the field. No amount of money when you're 60 is going to matter to them and they probably won't be around to see it. Call your mom, have a beer with your dad, see them when you can, and remember the big days that got overlooked when they were heads down.
If you have a family business of that size, you should plan on taking it over and growing it more. You owe it to them to build upon the foundation your parents layed vs trying to lay a new one. Taking the business to new heights that they couldn’t imagine should be your goal, not tying to recreate their success.
To that end, only do IB and PE as a way of learning new skills that you can apply to your family business,
Agreed. Would much rather takeover/work for a successful family business than try to grind up PE in today's world where both PE promotion odds and carry are far from certain and difficult to achieve. Yes this probably means you have to move away from a Tier 1 city, maybe live in the suburbs somewhere.
Doing IB->PE is great learning experience in your 20s when you're single and willing to grind but after that other ways to make money while having good WLB especially with a family. Most people don't end up making MD in either IB or PE - many decide to leave on their own.
I wish I had a family business to takeover (current PE VP)
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