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Comments (23)

  • Intern in S&T - FI
Oct 12, 2021 - 2:02pm

Went to high school and college with a lot of people in the 0.001% and more often than not their relationship with their parents is not great. It's not that they fight or don't get along but since the parents were high performers and travelled a lot, it results in a bit of disconnect with the kids. You see many have an insane amount of freedom as well as money to spend which can also lead to poor choices. However, many of these kids despite their relationship with their parents do look up to them and try and emulate what they did. This is clearly anecdotal but having grown up around many of these families, I feel as though this is an accurate description. 

  • Intern in S&T - FI
Oct 12, 2021 - 2:53pm

I cannot disclose what high school or the location of it. However, in my grade alone there were roughly 8 kids whose parents were billionaires, maybe 25% had parents in the 100M+ range, 20% in the 10-50M range and then the rest in the 7 figure range. Almost nobody in my high school had parents that earned less than 7 figures. 

As for university, it's clearly not to the same degree. At a target school you will find all types of families so I think in that respect we are on the same page.

Oct 12, 2021 - 3:43pm

Money is always the center of everything, even though you know it doesn't buy happiness. Mine didn't come from money which makes the dynamic weird since they blessed me with everything they never had. You know you will never surpass what they have achieved, so you don't even want to try. They either have impossible expectations or none at all. Not sure which is better. You start to question everything the moment you realize money doesn't buy happiness. You don't see them often growing up, that is the real opportunity cost. It's easy to find yourself turning to drugs to fill that void.

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  • VP in RE - Comm
Oct 12, 2021 - 3:54pm

Depends on how rich you're talking about. Went to a private school with several that had parents with net worths around ($50M-$150M). Honestly, I did not notice a considerable difference here. These kids were still fairly active in sports (swimming, lacrosse, football, etc.). They had the types of dads that would wear a vineyard vines fleece, who would come watch their son play football. They'd roll up in their Mercedes SUV and were still involved parents. I respected these families because they knew the had the means, but still acted like a real family. In many cases, the moms and dads were still super nice and would have us over for dinner. I think this level of wealth is the sweet spot, where you have are very well to do, but don't sacrifice family time. The kids seemed to have a strong bond with their parents. Kids never acted like brats or that they came from wealth.

  • VP in RE - Comm
Oct 13, 2021 - 9:36am

Varied. One of them started a govt contracting business and they received several contracts from the US Navy. Another was a partner in a chain of urgent care clinics. Another was the CEO of a F1000 company (not finance related). It really gets you thinking that everyone on this board is heavily skewed towards finance, but wealth actually comes in so many different forms.

Oct 13, 2021 - 1:35am

I'll bite. 4th generation family business west coast 'redneck rich'. My dad is worth couple hundred mil and my trust is around 50.  Growing up I did not want to be rich, I was almost embarrassed by it and while I was still proud I acted out. I didn't want my life to be served on a silver platter. This alongside teenage angst led to some struggles between my dad and I. Around the time I left for college my dad and I started to get along much better. Part of it was the distance but I also grew up a lot and so did he (he realized he didn't have to always be stressed about work and a general hardo).Now we have an incredible relationship and work in the same field. We talk daily about markets, deals, careers etc.My mom and I have always gotten along great however she and my dad split up when I was in HS and they are not on good terms.I am the oldest and have several siblings. All well adjusted and motivated people who I am proud to be related to.Very different upbringing to others in this class however. No private school, worked though hs and college etc.Overall, I consider myself to be the luckiest person I know.

Most Helpful
Oct 13, 2021 - 5:48am

Slightly different perspective, and slightly off OP question I know... sorry I'm advance for this diatribe.

I've been working in UHNW PWM space for a couple years now. Client families range from 20m to 1B+. When I started, I remember being surprised that my expectations of really wealthy families were blown away by reality - the kids run the gamut between what I assume you'd want as a parent: on one end, fiscally responsible, well educated, and humble, even frugal -- they "get it" even in middle or high school. On the other end: trust fund baby types with little to no family contact, receiving 10-20k/month to pay CC bills and likely can't put down the bong long enough to answer a call from us... and those are just the ones who didn't take it all in cash!

I guess my belief now is there's no silver bullet for parenting kids who get it, no matter how much $ a family has. Sometimes parenting pushes a kid the wrong way, and sometimes it's just a kid marches to their own drummer no matter how great their parents are, and with big $ the risks can be bigger when they go in the opposite direction.

Oct 13, 2021 - 11:09pm

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