parents' net worth?
i'm trying to get an idea of what kind of backgrounds people in this industry come from. approximately what is your parents' net worth? also post your field (ibd, s&t, etc.)
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IBD, ~$67.5mm
Unemployed, ~$0
Haha, I just realized how funny that probably looks. Hopefully, I'll close in on a job soon and then it won't look so depressing.
....
maybe £20-30k if that
Consulting, 2mm
A more appropriate question might be what do you parents do?
gauche much? more than mine by a significant margin.
4mm, Insurance sales
My dad is 54 and makes $110,000 a year as a firefighter/paramedic and car mechanic. Not a lot, but he has his pension to look forward to.
He won't have his pension to look forward to if it were up to the kids on this blog.
Not a LOT!?!?! My parents make 30k each and they are 50, I make $45k and I'm 25 years old with a crappy job. I would be comfortable making $110k/year for the rest of my life. some people are crazy man...
Yes, but my father hasn't been making 110k every year of his life. He started out making much less and his salary increased over time. If your goal is to make 110k a year when you hit 54 then good for you, I am sure you can achieve that goal. Also, I don't know where you live, but 110k/year with a family of 6 is middle middle class around here.
would it be fair to say that most of us don't have parents who work in finance?
my dad's an entrepreneur of sorts and my mom works in marketing
Finance is a broad discription, technically if you are an entrepreneur you do finance work.
Mom - retired Construction exec ~ 15 mm Dad - Finance prof.
Dad-12 mm - real estate developer me 2 mm-- gotta love llc's and lawsuit protection prop trading
daddy is stashing some $$ in junior's name in case he gets hit legally.
,
mech eng 2-3m
lol How is that even possible unless he or she moved into management?
haha your questioning someones parents net worth on an online forum hahahhaa
not sure how to answer ur question since i guess it is possible (thats what it says when i log into account). and ur right he never went into mgmt
1mm NW. School planning and construction upper management.
~ 500k Board Operater at an Oil Refinery and Nurse
50 million liquid. 10mm real estate
Consulting
Parents' net worth is basically zero, not counting the present value of pension/social security payments.
What a bunch of tools. Especially the loser with the audacity to add the .5 after the $67M like he has mark to market accounting on his parents finances, complete douche.
It's simpler than that. It doesn't even matter @ the OP. I don't know about everyone else but I have no interest in taking one penny from my parents other than for undergrad/MBA tuition, rent money and adderrall. We all start in the same shitty gig staring at Excel in hope of being Henry Kravis.
Haha this is exactly what I thought when I read the ".5"
Me, ~240mm, knighted LBO maven.
Neither of my parents were knighted though, so negligible income and prestige.
Dad in BB Wealth Management S&T. Mom in Accounting. Not much in net worth. You can blame the pigs for that. No matter how hard you work some scumbag at the top will find a way to take it.
18 billion dollars ...........
Zimbabwean dollars that is.
Haha. You must have a hell of an education savings plan to eek college tuition out of a dollar and 44 cents US.
I invest in penny stocks. I'm almost as good as Tim Sykes now.
Come on, I can't be the only one with broke parents.... WSO must be more diverse than this thread implies.
This is exactly what I was thinking! Either people are lying, exaggerating, or it is really true that money begets money and opportunity.
My parents have 0 net worth. They've worked hard all of their lives, but they just didn't make enough. Now, if it were up to folks on this board, they'd take away their social security, too. Of course, easy to say when your parents are very well off.
Maybe I'm a rare breed because if it were up to me, there wouldn't be SS (at least, not in its current form). So, while it's true that my parents are broke, I don't think the (rich) parents of the people on this forum should be taxed to give my parents money. Basically, I support individual liberty, property rights, and believe people should, for the most part, be allowed to keep what they earn...
i) Negative Equity - Electrician and Dental Nurse
ii) Corporate PE straight out of Undergrad
$70BB
Dad developed software for microcomputers
Mom is in philanthropy
parents have 40K liquid with civil servant jobs & pensions
Military going to B-school, wanna do IBD. My car cost less than most of your watches.
~$20mm Dad was quite senior at MBB
lol
Econ, people pay into SS. The amount you receive when you retire is related to how much you pay into it while you worked. There are eligibility requirements. I realize it is a pay as you go system, but the benefit amount isn't the same for everyone, and it varies based on how much contributed while you were employed. Bill Gates is not paying for the retirement of poor people. You only get SS taxes up to 100K of your salary. After that you don't pay anymore into it. So this notion that somehow people that didn't earn very much money get their social security benefits essentially on the "backs" of the rich is ridiculous.
I realize we disagree on this, but it's important to keep facts straight.
Are you sure that everyone gets out more than they pay in? If the money you get out, is directly proportional to how much you put in, then wouldn't everybody get less than they put in because, after all, someone has to pay for the administering of the program. And, if not, the only reason I could think of is by making "contributions" increasingly higher over time, which is incredibly unstable.
I am not sure what you're asking me. I don't think EVERYONE gets out more than they pay in, although I don't know for sure. My hunch is that in theory it is supposed to earn interest, but of course it is a pay as you go system so likely it isn't getting jack in interest. Some people get more and some people get less. There is also the part of SS that makes payments to widows and orphans. I would imagine those folks probably get more than they paid into it, but I don't really have much of a problem with that, since those are very vulnerable families and in aggregate you tend to get many problem adults coming from those kinds of situations.
As Justin said, let's move this over to another thread. We kind of hijacked it.
I would think that the parents of most people that go into the industry fall into the upper end of the "mass affluent" category. (i.e. net worth of one or two million)
^^^Bring that SS/Pension crap into one of the other threads we have going. You'll have no problem findig people to debate with you. No need to start a shitstorm in this thread.
SOme of you fuckers make me ill. My parents don't (of didn't before they died) pay for dick. My dad used to make me pay my own bill when we went out to eat most of the time. He wasn't broke by any stretch but it taught me the value of money and making my own way.
Yeah agreed. I've been paying my own way since 18. Paid for my own undergrad, grad school living expenses etc. Dad could have paid but I worked so much harder when it was my own money on the line.
I have mad respect for you HPM but seriously, the whole "nobility-in-suffering" routine on this site is unnecessary. If your parents made you tough it to learn responsibility then good for you, it clearly worked. Mine give me whatever I want but I'm not spoiled, I work hard and I'm very successful. To each their own.
I was more so referring to the people who wrote stuff like 67.5mm. Even if that's true, keep it to yourself. You aren't going to impress anyone here nor should you want to by throwing out ridiculous numbers like that.
my parents pay for college rule is 1 C no more :(
I just came here to say my dad's dick is bigger than your dad's dick.
That is all.
Why are you so familiar with your dad's dick?
...or my dad's dick?!?!
Regards
Boom.
Not bitter about being 'from money' just irritated at the entitled attitude that many seem to have. Sell my soul for money? HAHAHA clearly you know nothing about what I do, my prior experience, or anything else.
Dude in that video had a kid at 14 and still made it...props to say the least.
I know! Watch the whole thing here, it's interesting to say the least: http://www.hulu.com/watch/69479/cnbc-originals-untold-wealth-the-rise-o…
It's kinda neat that he's wealthier than the other two guys they interview (one being a HF manager, the other owning a holding company). Not only did he have a much tougher background, he's also much less accomplished from an academic standpoint. It's truly inspirational...
Are you saying that he was not academically "bright" because he failed 4th grade? LMAO
I'm a hater? Far from it.
HPM, as I said my reply wasn't directed at you or anyone in particular. While it's true that many do have a fucked up attitude, the vast majority of rich kids I know are down to earth and don't feel entitled to anything. You can say the same thing about poor kids who think they are better than everyone else because they achieved whatever on their own. Econ, that's why I brought up the example of the guy who couldn't work this summer. By comfortable I don't mean taking daddy's jet to "interview" with his banker bitches. I'm all for challenging your children, and believe it or not most rich people realize how much hard work counts at least as much as poor, if not more. It's not like they won the lottery themselves, they worked for it. The richest kid I knew in our analyst class was from an asian country with a fortune in hundreds of mil. He lived in a tiny apartment in brooklyn, spent less than anyone else, and sent every leftover dollar of his base and entire bonus back to his family. I bet he worked harder his entire life than most of us. Maybe if you sold your soul a little more, you wouldn't have such a hard time finding a job bro. I just meant to say if you are on this forum, don't tell me making money is not a priority for you.
Most of the rich kids I knew were not lazy at all. Of those, some were spoiled, but spoiled and hard-working are not mutually exclusive.
Seeing as we all went to college at least, that screens out most of the lazy jackoffs, rich or not.
$45K if they sell the home today and take whatever is left after paying off the loan. Definitely counting on brother and me for retirement hah.
Consulting.
Why compare your parents net worth, unless you have a really old money name or you are the prince of some middle eastern country this wont make the ladies panties drop. What will make their panties drop is if you can slap their face with your cock with out them bending over.
So being really tall?
I'm 6'8'' and had a short chick blow me and we were both standing, does that count?
More like being a stud and actually being able to talk to girls. So many finance kids are shy queers, with HUGE e-penises.
I feel poor reading this thread :(
Join the club kid... I'm 25 and there are people on WSO making double, triple, and quadruple what I make. It's depressing really when I've worked so hard and came from a poor family.
Coming from no money and no connections is where 90% of the people on here can't relate to.
I've often thought about this. It does seems that wealth begets wealth, privilege begets privilege, even intelligence is at least partially correlated to genetics. The world is far from being a meritocracy. Though we've advanced from the days of the landed gentry, when you look under the surface the same system still remains - it is just hidden from common view. That's just the harsh reality we must live with. I'm not sure how you would go about fixing that, or if fixing it is desirable or necessary, but it is certainly something to think about.
The advantage of coming from nothing is that if you do make it big you have the satisfaction that you did so with minimal influence of others. Your success and your capabilities are one and the same.
Whereas if you are born into wealth and/or privilege, went to elite schools through your childhood, then Andover, Exeter, Groton, Hotchkiss etc, had tutors to train you, got into the Ivy league, then moved onto banking, then founded a hedge fund with capital from family friends and become a billionaire, you know that at every step your parents intelligence, connections, and effort to make sure you stayed on track is what got you to where you are, along with some of your effort of course. This noble debt is further highlighted if you have a number at the end of your name - as if to highlight that you became what you are because of those that came before you.
The point being, you cannot take pride in being self-sufficient, you will never know if you truly deserved everything you achieved. You won the lucky sperm lottery, and everything from that point on was put in your favor. Just a hypothetical, but I think it is worth thinking about.
It is like winning a car race with a plane - even if you win, you don't do so with the same satisfaction as if you had won with a car because you know you had an unfair advantage. It explains why Trump tries to act like he did not inherit anything, it is why Buffett rarely mentions the fact that his father was a congressman and was so desperate to leave Wharton which his father placed him in.
If your ultimate goal is happiness, I just think that someone who came from nothing and made his money enjoys life more than anyone else. Sure, many of them act like new money douche bags and show off (some of the time), but they enjoy life to the fullest. The material things they buy mean more to them because they know what it is like to be without them. Everything is new and different. They seem happier, and isn't that what life is all about ?
Just my 2 cents.
Agree^^ Sometimes its the same when you are quite clever and feel you didn't work for it as hard as others
True wealth is quiet.
monyet, I'd still rather come from money and have money with no satisfaction then to come from nothing and be struggling every day. Coming from nothing is a huge disadvantage so hopefully I make it out one day.
I type this while stealing the wifi from my neighbor
That's really the problem though; attitude towards money. The unhealthy attitude towards money you see in prospective wall streeters (WSO kids) is largely product of the Nouveau Riche dream of moving from working/lower middle class roots to the "wealth" they imagine will be a fruit of their labor. It would be douchey of me to talk about myself, but in general, kids who come from money and more importantly education (i.e. not the kids of mobsters, rock stars or basketball players) tend to be quite motivated and more likely to understand personal financial management (thus less likely to risk losing it all). I admire those who can improve their own socio-economic status through hard work and sacrifice but that doesn't mean that there is any sense in demonizing priveledged kids who at least attempt to create new wealth and capital through equally hard work.
Parent 1 is a shoe shine
Parent 2 is a chambermaid
Net Worth: Enough for the family
OP, Is vanity your favorite sin?
I think most people are overstating quite a bit here...just because your dad makes $2mm a year for 10 years does not mean his NET worth (as in, assets minus liabilities) is $20mm...
In any case, my parents' net worth is in the low double-digits...grandparents in the mid double-digits.
Thanks for the math tip.
I am happy to come from a poor family, when you succeed you realize that you defied the odds. Instead of always wondering.....If dad didn't pay for me to go to Harvard would I be where I am now? If dad didn't talk to his friend the GS partner would I be where I am now? What would I have done if mom didn't give the loan to get my MBA?
I tend to think this is all a bit ridiclous, who cares what your parents networth is, that is unless they are going to die tomorrow. Harsh? Maybe but you gotta be able to pay the taxes on that shit. Anyway If you want to get a real sense of the back grounds people on here come from why not ask what their parents actually do for a living.
I agree heister, my mom has been a waitress her entire life and my dad has worked random labor jobs, mainly for the tollway until the I-Pass took over. I am the first one in my family to graduate from college, my older sister dropped out and now has a ton of student loans with nothing to show for it and my younger sister went to Beauty school. I had to pay for school so when basketball scholarships were thrown at me, I chose one out of all the full rides (small D2 and NAIA schools). I applied to U of I's Actuarial Science program and got in but couldn't afford it so I played ball in college, thus ruining my future with a mediocre degree.
Dude, what the fuck? You didn't 'ruin your future'
+1. Don't sell yourself short, man.
How do you figure HPM? College Basketball took up so much of my time that I never go to work an internship in the summer. I graduated with Budweiser and Valet on my resume (two things I did part time when I got some free time in the summers). I had no experience but I got a 4.0. In interviews they say, "Oh great you got a 4.0 in Finance, wait, what's this school? Where is that? Is that even accredited?" Basketball as an EC is good but a lot of places don't give a damn. The only job in banking I could get from a BB or Boutique bank is a teller job for $9.50/hr and try to work my way to teller supervisor in a few years for $12/hr. I would be willing to start at the utmost bottom if I didn't have a mortgage, car note, etc.
A kid that went to school with me was working part time at MB Financial in IL for his 4 years in college and now at 25, is a VP here. I didn't have time to work and gain experience like him, and this was the same kid that asked me for help in our finance classes day in and day out and I let him copy all the time and now he's on Facebook all the time writing how much he loves his job and promoting his bank and I just want to punch his face in. To this day he still can't get me in for anything higher than a teller because he said I don't have a bank on my resume. Your welcome for getting you through your degree while you gained the work experience I needed. A degree just shows you can learn and complete something, experience shows so much more.
Lots of people leave college not being in the best position, but a lot of them still make something of themselves. Sure, you might not get the best first job, but you can still out succeed a lot of people. Here's just one example:
what school?
Have you reached out to your buddy?
What do you want to do with your life? YOu can always transition with an MBA.
Work hard and try to get into a top b school.
Primarily I wanted to be a trader and work at the CBOT or CBOE but I don't know anyone down there to get in.
Let me tell you a story about an old frat bro of mine, some 14 years older. He had no idea what he wanted to do with his life, and he spent about NINE years as an undergrad, fulfilling enough requirements for 5 different majors before the admin discovered his situation and booted him. When he hit the job market, nobody hired him. He plastered his wall with the scores of rejection letters he got. So he ran a small retail business, and grew that thing into a massive regional consultancy that has made him a decamillionaire many times over.
This could actually be the BEST thing that happened to you, although you may not believe it now. Lest you think that the aforementioned bro was in any way exceptional, I could easily count tens of guys from my cohort in school who did that, although he is an extreme outlier.
ivoteforthatguy, so how did this kid start a small retail business with no money? He clearly came from money if he spent 9 years in college, they won't keep giving him loans for that. I am broke and pay the bills with my check every week. I would love to start a business but I don't have any solid ideas or capital.
My parents were pretty lax in general, but they did have incentive systems... nerdy engineering/businssish ones (thanks dad). In HS my life was subject to the following formulas:
1) Curfew = 400:AM - (4.0 - GPA)(10 hours) 2) weekly allowance = the great of Zero or / (100 USD - (4.0-GPA)($200)) 3) special one time bonus = (SAT score x $20) - $25,000
those were the formulas i choose at least... before HS started I got to choose from a few different ones... some riskier some more conservative (overkill, i know... but my older brothers devised this system so as to take more "gradepoint risk" in certain areas)... I remember going with the riskier ones in general, aside from the SAT score one...
yeah, it really was (1) highly effective and (2) an interesting introduction to incentives, business, etc
blastoise, my school is too embarrassing to mention, everyone will google it and rip on me.
How can you convince people to buy something that you don't like and don't have faith in? If you think that your school is lame, you will also think that as a student there or an alumni, you are also lame (which is what you project in your post). No body wants to invest in a lame employee? Do you agree with me my dear?
I don't go to a target and I sometimes harshly criticize my school because it sometimes fail to meet my expectations, but, between us, if I have to talk about my school and my academic experience, I would pick the school's strongest point. I would talk about an amazing finance teacher, a strong accounting program, an excellent case studies class. There must be something good about your school that you could embellish a little bit for recruiters. Don't overestimate your competitors, and please, don't underestimate yourself.
Good advice.
Stackin, I understand you're a little pessimistic right now. But, I think you'll have some chances down the road, maybe you'll just have to work harder than some people. In the short-term, just find a job that you like reasonably well and allows you to learn.
Oh no, when I post my resume and go into interviews I try to sell myself and my school to the fullest because it's all I have. I just didn't feel like putting it on WSO with so many target people here and people here will criticize me more than any damn recruiter. It's a forum, so much easier to type shit to people than to say it to their face.
Ivoteforthatguy
What exactly is a small regional consultancy business? and how did that evolve from retail?
I know it sounds bizarre, but the key thing here is that he did this in the early '90s when tech was taking off and he actually had some very, very well-placed friends in the industry (though these friends were not famous at the time). He basically grew his business beyond retail and started to do enterprise consulting, and eventually, ditched retail altogether.
The point is: he probably would have been happy running a little retail shop forever -- he is one of the chillest guys you will ever know. But, when he saw opportunities, he put some capital and time at risk and it just grew naturally. He never planned to be rich.
To answer an earlier question: I don't know if he was rich before his business. IF he was, he didn't act like it at all and we couldn't have been able to tell.
formerly IBD, now in AM ~2mm
formerly IBD, now in AM ~2mm
Does anyone know where i can watch discovery channels' program World Richest People; it's about how they've built op their wealth and such... Anyone has a link?
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