Do your parents know how much you make?

patekphilippe's picture
Rank: Gorilla | 578

1) Do your parents know how much you make?

2) Do you know how much your parents make?

3) Do you know what your siblings, uncles/aunts, cousins etc. make?

Does it ever get awkward or emotional at times? Does anyone here make more than their parents?

Comments (37)

Jul 17, 2008

Yes, no, no. Once I leave analystville, I won't discuss my salary with my parents, and they themselves will take to the grave their income numbers (I haven't the foggiest what they could possibly be, not even a useful range).

http://ibankinglife.blogspot.com

Jul 18, 2008

Haha, yes, that would be $0 dollars. They are paying my expenses while I do my unpaid internship. And when/if I do become a monkey, they'll probably have an idea of what I'll be making.

Income-wise, yes, based on my parents complaining how much we had to pay in taxes last year.

I have an idea of what my sister and her husband make and a few of my cousins.

Jul 18, 2008

I've known what my parents make every year since I was a senior in high school. Is that crass?

Jul 18, 2008

I never knew what my dad made until fairly recently. Not by design but just by circumstance, I guess. They know how much I make, and we're very open about finances.

Jul 18, 2008

My dad knows because he reviewed my employment contract. Otherwise they wouldn't know.

I know what they make because they are open about finances. They want everyone in the family to know why we don't go on vacations and what not

Jul 18, 2008

Same as GameTheory. Never really know what my folks made but never really asked or cared all that much. Since I started as an analyst and got off their payroll everything became open on both ends. I prefer it that way.

Jul 18, 2008

I have no idea what my parents make and never considered asking. I'm curious, but I guess I also don't really need to know either. Even though I'm pretty sure they're upper-middle class by most people's definitions, I was raised in a household where we only spent on things that we absolutely needed, along with the occasional vacation here and there). Generally being sensible with our cash, money was never really a topic of discussion at home (other than the constant reminder from my parents that the only way to earn it was by working hard, and that I should get into the habit of working for it myself).

Jul 18, 2008

I don't think I'll ever find out what my parents make - but that doesn't bother me at all. I'll tell them what I make when I become an analyst.

Jul 18, 2008

i know evrything about how much my parents make, and through them i know how much other relatives make. im looking forward to the day when i make more than my parents, and they are too. we are "new money" so like all asian/indian parents, their goal is for their children to make more than they did. but whether its new money or old money, my experience with my friends is that the parents who are rakin in the kinda dough (600k+ ?) to not only have an upper-class lifestyle but also build up a trust fund for their kids, those parents generally dont tell their children about their finances.

i tell my grandparents how much an analyst at a BB can potentially make, and my grandpa in particular just lights up with joy. hes been a workhorse all his life, coming to america and working his ass off for franchise businesses that failed one after another. he loves the fact that
if i get the job i want, ill be working my ass off and making more money than he ever did. hes growing a little senile these days, and every time i talk to him he asks me "Did you get Goldman Sachs yet? Make sure you talk to people and get your foot in the door. You need to get straight As and get to Goldman! Then it's Harvard Business School from there! Don't do this private wealth stuff, that's garbage!"

I never knew how much me and my 70 year old grandpa would have in common, except that I've grown to like PWM

Jul 18, 2008
pedigreed monkey:

we are "new money" so like all asian/indian parents, their goal is for their children to make more than they did.

First off, anyone who refers to themselves as new money, old money, or any kind of money is a complete dick weed.

Secondly, what does wanting your kids to make more money than you do have to do with being Indian or Asian? Thats pretty much universal with the exception of fringe left-wingers who think money is evil and the uber-rich who have seen the uglier side of extreme wealth.

Lastly, if you want to know how much your parents make just get their annual sales.. I'd estimate its between 800k to 1.2 million.


Sales____Item_____________Rev_____Margin__Profit
15%______Slurpee/Cofee____150k____60%_____90k
20%______Food Items_______200k____50%_____100k
35%______Tobacco__________350k____15%_____53k
20%______Beer_____________200k____30%_____60k

10%______Misc_____________100k____40%_____40k

___________________________________343k a year

Less 7-11 Franchise Expenses-- $200k/yr

    • 3
Jul 18, 2008

I know how much my parents make, and my family talks pretty openly about it. My father runs a business which I have been deeply involved in since I was twelve years old (I am nineteen now, going to IB at 23 hopefully). So I have pretty much known the history of how much my dad brings home year after year. My mother really doesn't need to work, but she does so anyways because she hates to sit at home doing nothing all day, but I know shes on fixed income with a cushy job.

I am South Asian, and my dad will beat my ass if I don't make more than him. Plain and simple.

"I born you here in Canada, where you kant even get 100k a year, bullshitt. Kuta, go back to college and become a real man."

To the person above me, I didn't know Slurpees were so lucrative. :)

Jul 18, 2008
ravk:

"I born you here in Canada, where you kant even get 100k a year, bullshitt. Kuta, go back to college and become a real man."

hahaha.. fuckin hilarious.

Jul 18, 2008
Marcus_Halberstram:
ravk:

"I born you here in Canada, where you kant even get 100k a year, bullshitt. Kuta, go back to college and become a real man."

hahaha.. fuckin hilarious.

..but sadly common & true..

Jul 19, 2008
Marcus_Halberstram:
ravk:

"I born you here in Canada, where you kant even get 100k a year, bullshitt. Kuta, go back to college and become a real man."

hahaha.. fuckin hilarious.

that quote nailed it to the cross.

Jul 18, 2008
marcus halberstram:

First off, anyone who refers to themselves as new money, old money, or any kind of money is a complete dick weed.

Secondly, what does wanting your kids to make more money than you do have to do with being Indian or Asian? Thats pretty much universal with the exception of fringe left-wingers who think money is evil and the uber-rich who have seen the uglier side of extreme wealth.

Lastly, if you want to know how much your parents make just get their annual sales.. I'd estimate its between 800k to 1.2 million.

haha. very nice. my parents are entrepreneurs of a more "professional" variety, but grandpa has indeed owned dunkin donuts, burger king, baskin robbins, and other franchises. not quite 7-11, but close! my other grandpa has been a cab driver since he came to the states. the fact that my parents have gone from that, to raking in enough money for me to go to a top private school and not hav to ever worry about student loans, cant really be described in any other way but "new money."

but youre right about that quote, very dick weed-esque, i dont deny it. my mom also thinks im a tool when i say things like that, so youre not alone. but in the cloak of anonymity, arent all of us on this forum tools in one way or another? i'd say so.

Jul 18, 2008

take it easy, pedigreed monkey has a point. sure, all parents would hope that their kids make more money than them, but his post is valid.

Jul 18, 2008

Glad you could take a joke.

Jul 18, 2008

Eh, I won't be making more than my dad for a long time...so I'm open about how much I'm being paid this summer and will be open in the future as well. The more money I make, the prouder and more impressed my parents will be.

Jul 19, 2008

Know how much my parents make because i've been checking out their tax reports (w/out permission) since I found out they made way too much for me to get fin aid, but managed it poorly enough so that I dind't get vacations and all that stuff...and more importantly, they wouldn't pay shit for college.

Do I intend to tell them how much I make? Hell no. They might find/figure it out though. If i'm rolling in the dough they'll probably brag about it. to their friends. Don't care, don't intend to share, just stay out of my hair...thats my attitude about that.

Jul 19, 2008

They do and I do. I am becoming richer than they are and they think it is just fine however they care more about my happiness than my wealth.

Jul 19, 2008

I know exactly how much my mom makes, and have a general idea about my dad. For reference sake, my rent will cost more a month than the mortgage payment my parents make. I don't think it's that weird at all, unless you talk about it all the time and make it uncomfortable. Then again, I think even after I know I'll make significantly more than my dad, it would be hard to argue of a bill if we went out to dinner together, so there is some discomfort about money.

Jul 20, 2008

As long their finances are separate from mine and they're managing their money decently, I don't need to know how much my extended family makes. Even though everyone seems to randomly tell me anyway, it's not very important to me. Immediate family is a little different since finances are often intertwined. My parents cosigned my student loans and their obligation depends on my financial situation; so we're pretty open about each other's money.

gomes3pc:

For reference sake, my rent will cost more a month than the mortgage payment my parents make.

I don't think that's much of a reference - it doesn't necessarily say much about one's income. My parents have two homes and my rent is more than both their mortgages combined, my salary < 1/3 of their salary. Haha, and my apt is a shit hole compared to their houses. Mortgages and rent aren't directly comparable, since other factors influence mortgages (like down payments and interest rates).

Jul 19, 2008

I know how much my dad makes to the nearest hundred-thousand. I have no idea how much my mother makes, but could guestimate +-100k (she gets carried-interest so I don't think she even knows in a given year). They know how how much I make as well. I also know exactly how much my brother makes and vice versa as well. We're all very open about it. Unfortunately, I have a long way to go and may never catch up to my parents. As a result, even making close to $150k my first year out of college, I simply get a "Check-the-box." Bit of a bummer considering how hard I work, but in the end I'm doing it for me and not them anyways.

Jul 19, 2008

Parents know exactly how much I make, and I have a good reference point of how much my dad makes on average (know his take home last year and his expected take home this year).

I think the point of not talking about finances with your immediate family members is stupid. I can see why as parents you would not tell your kids how much money they make (because having them brag around school would not be a good thing), but whenever your kids start earning - it's time to open up the door.

I am an only child, so maybe if I had siblings it would be a little different, but not by a whole lot.

Jul 20, 2008

To answer the questions:
1) Yes, both of my parents know how much I make. We discussed salary from the get go once I got an initital figure. Even if I didn't tell them, we use the same account, so they would know when he sends back the tax paperwork to my home address.
2) I know their salary to the T. Besides the above for the tax returns, my dad and I have talked about the income level he has and how he's deployed that capital to grow outside of traditional equitiy/fixed income and "Fund", that his Hedge and Private Equity related, investments. The same goes for my mother.
3) You'd be surprised what google can do for certain professions. I've got a fairly rough idea of what everyone in my extended family makes due to knowing what they do, how high up in the rankings they are, where they live and how long they've been doing this for. It's alot easier for me to figure out their salaries because they are all in jobs that either I have some direct knowledge pool to base it off of (such as my parents who work in similar fields) or based around the industry they work in (such as one relative who's a principle and another who'se a restarantuer) and having friends within that industry. My salary has never come up with the extended family because they really don't ask what I do when that I work in finance, except for a cousin of mine, who has an approximate idea of what I make because he's in finance.
4) As far as the emotion, it's a non-issue with us in the immediate sense. In the long term, it is honestly TBD, as my parents and i have been planning their long term strategy for the past 3-4 years and this market has really fucked some of that planning up. It's not an issue about ability to raise capital, it's more like trying to manage a number of potentially illiquid assets through these shitty markets. In terms of making more than the 'rents, they are both extremely cool with it and hope that I make more than them, so I can provide my kids (when I have them), the life they provided me.

Jul 20, 2008

Honestly, who gives a shit. I make 2 times more then my parents. Am I the only one on this damn forum that wasn't brought up like a little rich bitch?

    • 1
Jul 20, 2008

Its just the nature of the question, most of people that are posting on here are ones that like to talk about how their family makes at least several hundred K. The guy who's dad is an iron worker, isn't as obsessed with money, so he doesn't really care to even pay notice to this thread. The higher up you go in socio-economic class(until you hit a certain threshold), the more pre-occupied you become with money, wealth, and out-doing each other. Even though its frowned upon to explicitly discuss money/income, people go to great lengths to signal how much they make. Of all the professions, bankers are typically on the materialistic end of the spectrum, don't seem so surprised.

Jul 21, 2008

Im Chinese, so to quote my parents: "You do math, NOW!!!! Enrish test NOW!!! You make da dowwah NOW!!!!If you no get into da 'Haavad', I whack you with da bamboo". So I didn't get into Harvard, so they got out the bamboo. Luckily, they're both like 5 foot 5, and I'm six foot three, so I just left. And I return, employment contract in hand and when they see the salary/ bonus range, they start to weep and beg for my forgiveness. Who says money don't buy respect?

The musings and antics of a Hedgie living in The Rotten Apple
http://modernyuppie.blogspot.com/ <I am mix between Bateman and Scarface)

Jul 21, 2008

Kind of, yes, and no.

As for the emotional part: a good friend from high school recently contacted me. He was stoked to tell me about his new job - which, is not only far below his potential, but it also isn't that great of a job in general - and things got awkward when I told him I got a job in banking. He's one of the few friends from high school who actually knows what banking is.

As for emotional/tense situations between my parents and I - nothing yet. My base salary is only a few grand lower than what my dad makes. They don't really know that I'm going to get a bonus of any sort.

As for the old money/new money comments, Marcus, are you calling Lil Wayne a dick weed? New money bitches!

    • 1
Jul 22, 2008

I am from India and even my base salary is 10 times as much as my dad makes. And it's a little different here cos my parents are actually very proud of me and my "achievement". I guess its a fundamental cultural difference since in India a man is measured pretty much by how much he rakes in.

But hey news does spread fast and you guys have no idea how hot I am in the bridegroom market ;)

Jul 22, 2008

I know what my mom makes (single income household) withina 5k range or so. She's pretty open about stuff. She also knows how much I'll be making once I start working soon; I told her after I got the offer.

I have a good idea of what people in my extended family make. It's not like people sit around talking about their salary, but stuff comes out in conversation.

I'm working economic consulting, which is less lucrative field than IB (though better hours, and I'll enjoy the work more). My base salary plus signing bonus isn't all that much lower than what my mom makes, and I'm probably in a better financial position than she is since she has more expenses. I will probably make more than her relatively quickly.

It's not really awkward. She's glad that I have a good job in a field that I'm interested in.

Jul 28, 2008
patekphilippe:

1) Do your parents know how much you make?

2) Do you know how much your parents make?

3) Do you know what your siblings, uncles/aunts, cousins etc. make?

Does it ever get awkward or emotional at times? Does anyone here make more than their parents?

My father is a cobbler, in a small town in New England. Last year I was home for Thanksgiving, and I brought my girlfriend, who is a model and admittedly sort of a bimbo. My mother, who is senile, asked me worriedly if I make enough to afford healthcare. I casually responded that I make [redacted] a year, and that I will not be going hungry any time soon. My father stood up out of his chair, towering over me, and slapped me across the face. He screamed in my face at the top of his lungs, "You're a god damned cobbler's son, and don't you forget it." He glanced at my girlfriend, and then I'll never forget what he said next: "I don't go to sleep with no whore and I don't wake up with no whore. That's how I live with myself. I don't know how you do it."

But seriously, aren't you the faggot who used to ask stupid questions about the "frattiness" of investment banking? Wouldn't your prestigious fraternity brothers be ashamed if they found out you were asking such embarrassing questions? Isn't your family supposed to be so well off that your measly $60k + bonus is considered a mere stipend?

http://www.drmarkklein.blogspot.com/

Jul 16, 2012

.

Jul 29, 2008

Martin Sheen, MD?

Jul 29, 2008

This post is actually not as obnoxious or arrogant as it seems. I think some of us may be at the pinnacle of financial rewards in our family, particularly relative to where they were at this stage in their lives.

When that question comes up in the family I always redirect the focus away from salary and to cashflow. There is a misperception of how much real income we in the industry actually take home. When you factor in NYC cost of living, binge & purge bonus cycles, an educational debt burden, and taxes that six figure salary can shrink fairly quickly. So my family doesn't know how much I make, just my expenses, otherwise I'll be making microloans forever.

Jul 29, 2008
Comment
Aug 23, 2018