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  • Associate 2 in PE - LBOs
Apr 13, 2021 - 3:15pm

Parents are at $25M+. Parents are immigrants but dual income household. Dad owns his own business. I work in PE now. My life's been pretty good overall and while I could have been a shithead I've always wanted to achieve some success on my own and also feel that there is a lifestyle above the $25M net worth tier that I want to achieve.

Apr 14, 2021 - 10:56am

Same situation. Immigrant parents. Both worked though recently mother stopped. Father entrepreneur. Probably around $10-15mm liquid(ish) + co-owner of his company at around ~$50mm total valuation. Likely exiting in the next 3-5 years.

We had some semi-serious discussions about me running it one day but ultimately wasn't a fan of that idea for a ton of reasons. Not an industry / vertical I wanted to be in or was particularly interested in. Also didn't want to be known as "XYZ's kid". Wanted to make my own name for myself, etc.

Apr 14, 2021 - 1:03pm

Not parents but very close blood relative (never went to college) started a small trucking company, that grew and now the guy is worth probably over $25M. It wild to see how many millionaires I know either a.) never went to college and b.) never worked in a sexy or prestigious industry. 

Family friend is also a billionaire who basically found one small thing he was good at (laying pipe) and basically became the best at that one thing and now dominates a small geographic area. He also never went to college. 

Of all the millionaires I know, a significant majority of them became that way through owning their own business in a "non-sexy" industry by basically becoming THE GUY who does this one thing and owning the market in a certain area. 

Apr 14, 2021 - 4:28pm

Currently working in a shitty retail bank job and we see loads of people come in to deposit checks or whatever for their business and most of the millionaires are from real estate. The rest own transportation companies. It seems that's really it, real estate or transportation. 

Apr 13, 2021 - 3:18pm

Dated a girl once whose dad had 9 figures. Not sure if he even finished college, started some manufacturing businesses. Retired in his 50s to travel the world.

Of course, her parents were divorced, the dad shacked up with some newer/younger meat, she had major daddy issues and talked to either of her parents pretty much never. Ran up credit card bills just so her dad would call her to complain about them. Was really wild in bed, relationship ended in absolute disaster. 8/10 experience overall

Apr 15, 2021 - 6:10pm

Angus Macgyver

Dated a girl once whose dad had 9 figures. Not sure if he even finished college, started some manufacturing businesses. Retired in his 50s to travel the world.

Of course, her parents were divorced, the dad shacked up with some newer/younger meat, she had major daddy issues and talked to either of her parents pretty much never. Ran up credit card bills just so her dad would call her to complain about them. Was really wild in bed, relationship ended in absolute disaster. 8/10 experience overall

Yes, and have done what most people only dream about!

SafariJoe, wins again!
Most Helpful
  • Analyst 1 in IB-M&A
Apr 13, 2021 - 5:14pm

Interesting post, so I'll chime in. Parents worth 10-20M, dad is a senior executive at a global company and mom is a specialized doctor. Growing up, my parents always emphasized the value of what hard work can bring. Ironically, I was spoiled as a kid and took a long time to "ground myself" in reality. Struggled a lot in HS and college with feeling like I was always on my own, as both my parents were very dedicated to their careers (common occurrence in the area I lived). Financially, I never worried about a thing but emotionally I still struggle to this day. Furthermore, I continue to struggle with chasing a career that provides a better financial outlook than the one my parents gave me. Constantly, I'm battling with career ambitions and the father I want to become and almost always there is some conflict. Will be interesting to see how things turn out.

Another thing I've noticed, especially in college, is that people tend to downplay the feelings of people that come from more fortune backgrounds. Countless times I can recall having an emotional problem or some social issue be pushed off/completely ignored by my friends because my parents where wealthy. Things like "Hey, at least your parents are rich" or "who cares, you're rich". After a while this got extremely annoying and caused a lot of tension in my friend groups and really just further caused me to repress some of my emotions. Wow - sorry for the rant - tough week and needed to blow off some steam

Apr 22, 2021 - 2:18pm

lol it was only two paragraphs 

"If you always put limits on everything you do, physical or anything else, it will spread into your work and into your life. There are no limits. There are only plateaus, and you must not stay there, you must go beyond them." - Bruce Lee

  • Analyst 1 in IB - Gen
Apr 13, 2021 - 6:51pm

I get it same here. Have no clue about my parents wealth but would assume in that range (multiple houses, exec in a fortune 100 company) and lived very similar things but obviously my parents are divorced so it has not always been easy, especially having a father that prioritises his career over everything (have not seen him since Dec-19...).

Controversial
Apr 14, 2021 - 9:17am

Another thing I've noticed, especially in college, is that people tend to downplay the feelings of people that come from more fortune backgrounds. Countless times I can recall having an emotional problem or some social issue be pushed off/completely ignored by my friends because my parents where wealthy.

The sad thing is that this attitude is spreading....it is  no longer reserved to the ultra-wealthy. If you are the wrong color or even middle class in America, you have no value as a human being and are considered to have zero struggles personally or emotionally as surely everything was handed to you.

Just treat each other as human beings with our own individual challenges, problems, and feelings. Is that so hard?

  • Analyst 1 in IB-M&A
Apr 14, 2021 - 8:52pm

Oringal commenter here - it's really all perspective . I am blessed to have the backing of wealthy parents, and I know a lot of people would trade their childhood for the one I had 10 times out of 10. But for me, the lack of a father and mother figure (raised primarily through nannies till HS) really took a toll on me. I can count on one hand the amount of birthdays my dad actually made growing up and even he even missed my birth while he was working. Because of this, I never felt like I had a family and the authenticity of it just isn't there. Constant threats of divorce and other legal issues also damaged the family life, causing lingering mental issues that impact my relationships with friends and SOs alike to this day. You're right, some families work just as and make only a small percentage of what my parents do - but it is important to understand that mental health doesn't discriminate on your background and the inability to fell at home with the people that "love you" has lasting impacts on your development as an individual.

Apr 15, 2021 - 12:33pm

And this is why wealthy people associate with other wealthy people, they don't want to deal with that bs. Why bother trying to make friends with people who are just going to judge you based on a situation they don't understand?

Apr 15, 2021 - 2:14pm

People do not care about your feelings in general unless you have a therapist who acts like they care.

You just have to be strong willed and not give two shits about other peoples opinions. That's how I've lived my life. 

Sure you have issues, most people do, most just don't show them to the world. Whether social, financial, biological, or physical. 

Apr 24, 2021 - 3:59pm

ok but put yourself in your poor friends shoes when they have an emotional breakdown too

Apr 13, 2021 - 8:44pm

- Investors in Alternatives
- Dropped out of HS and left communism.
- Advice - America is the land of the Free and Home of the Brave. Anything is possible in life! Work as hard you can to get it.

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  • Analyst 1 in IB-M&A
Apr 14, 2021 - 1:12am

~500m created a hedge fund. Both parents grew up with broken families and actually incurred debt/ had to support their families. 

I'm in an MBA and was in IB, no one knew, and no one continues to know that knows me outside of close personal friends. I think the truth of the matter is many individuals that reach that level of wealth sacrifice everything and are warped personalities. As a result, their kids grew up essentially without parents or with parents who constantly argue due to their parents having a messed up relationship from one of the parents always prioritizing work over their significant other and children. This creates kids that don't have the same work ethic as their parents. There also is many times cuddling or just a warped perspective that results from growing up with wealth. I think it's hard to parent and you almost need to actively parent/ remind kids of their privilege consciously.

I didn't have this bad dynamic because my dad retired very early in his career because he didn't want to be a shitty father. In his words, "I could have made 1 Billion in a single year and I wouldn't have stayed an extra year. The way I eventually outcompeted my competition was by knowing that I wasn't going to raise POS kids who hate me, while they were, and that makes me incredibly happy."

From my experience, there actually are a very large amount of 2nd generation kids from parents who made their money in finance who have similar work ethic to their parents. It isn't a majority for sure, but I've been surprised in school and professional life how often you find rich kids who work their ass off despite in all reality "not really needing to". I think these individuals are just ultra competitive or intrinsically driven. 

  • Analyst 1 in IB-M&A
Apr 14, 2021 - 11:18am

It's ironic to me tbh, people complain about the job and it does suck, but I would have done it getting paid minimum wage. The truth is, especially at the beginning of your career, there are few jobs that quite speed up your professional development as much as IB. I think long term the career blows and that's why I left, but an analyst stint is really pretty valuable.

  • Prospect in IB-M&A
May 5, 2021 - 2:09am

Very similar position except slightly less wealthy parents (300+) and dad still works. I too will be working IB post grad. It's pretty rare imo to find 2nd generation unmotivated kid. Need another generation for that

Apr 14, 2021 - 12:24pm

lubar

Do rich parents spank their children with finer leathers?

They get the handmaiden to do it

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Apr 14, 2021 - 10:08am

I was best friends with someone who was rich growing up, his dad was an EP at some big law firm and I remember he would always get home around 1 AM when I would stay over and was never at dinners with us. But, his dad never ever missed a game for his son. Rain or shine, I would see his dad sprint over to our game with a homemade sign and always cheer the loudest. I especially remember this one game, nearly hurricane, rain pouring, wind shaking everything (don't know how this wasn't cancelled) and his son hit a grandslam and I saw his dad, soaked in his suit, going crazy in the stands and hugging everyone around him. Between him and my dad, I hope I amount to something even half of what they are.

  • Manager in CorpStrat
Apr 14, 2021 - 11:37am

Posting anonymously as I think a handful of people who read this site know who I am.  Warning - long post.  

Growing up I knew my parents were well-to-do, but didn't have any idea of the extent of it due to the milieu I grew up in.  I went to private schools in NYC where almost everyone had money (my two best friends from K-8 had 2 houses, parents in finance/biglaw).  I didn't realize how different my family's situation was from "normal", because normal for me was 2 houses or a big apartment on the UES.  This persisted off and on through college, and it wasn't until the recession of 2008 that I really understood how different my family was.  That was also around the time my parents really started talking about money/inheritance with me.  Found out my parents are worth ~$60MM, also that my brother and I both had trusts set aside (we both inherited them at 30 with a value of ~$3MM apiece).  My dad's idea for the trusts was so that we never had to do anything solely for the money - we had "f*@k you" money.  My dad made all the money himself (nothing from his parents - he grew up LMC, scholarships to all schools, etc) in investment management (HFs and other types of asset management).  My mom's parents made a huge amount of money later in life (when she was 25+) from a combination of entrepreneurship (industrial business) and lucky investing (a random investment in CA that made ~15x) and are likely worth ~$100MM.  She will inherit ~$10MM of that (some already has come through, some to come when they pass away) as will her siblings, the rest will go to charity.  My grandparents also set up trusts for my brother and me, value of ~$900k apiece today.  We can't touch the principal (our kids will get that at 30) but it pays out 3% of assets each year in income (so ~$28k right now).  When my parents pass, my brother and I will each receive another ~$5MM and the rest will go into our family foundation.  Net/net, my brother and I over our life will inherit ~$8MM each from our parents and will end up controlling a charitable foundation with ~$50MM in assets.  My brother and I also receive the max gift each year from our grandparents (~$30k).  

Growing up I was a bit spoiled, although my dad spent a lot of time trying to inculcate the value of money in us.  We were spoiled in the sense not that we got everything we wanted (we were told no plenty of times), but in terms of what we considered "normal".  $800 of gifts for Xmas was "normal".  Trips to Europe in expensive hotels were "normal".  Having 2 homes was "normal".  My dad insisted that we get summer jobs starting at 14, specifically in manual labor occupations so we could learn the value of education/hard work.  Meanwhile my mom has no concept of the value of money (she grew up MC but as noted her parents became wealthy when she was older and helped her out, then she stopped working when she married my dad), so I'm sure that bled in somewhere.  

I think the biggest effect all of the above has had on my career choices has been that I prioritize interesting work and a good work-life balance (meanwhile my brother works a job with IB-like hours and stress).  I chose a career where I will make very good money (i.e. perpetually in the top 5% of the US), but am very unlikely to get anywhere near my parents' level of wealth.  I consider my trust my retirement money and haven't touched any of the principal since I inherited it and have no plans to do so.  I live within the means my job provides me and save both the grandparents' trust distribution/gift each year, and I max out my 401k.  

Lastly, both my brother and I are extremely grateful for what we have.  We know we are extraordinarily lucky and we try and be as generous as possible.  We both are big tippers (routinely 25%+), we donate significant $ to charity each year, and we both have pushed our parents to be more generous (they are in general but we push for more).  For instance, last year we pushed my parents to donate $100k+ to support restaurant workers during COVID (we also each gave $10k+ in gofundmes to our favorite places).  

In regards to "not feeling sorry" for people like me, I kind of agree with the idea.  My brother had some serious struggles in his early 20s - dropped out of college, a bit of depression, etc.  My dad and I both had a very hard time summoning much sympathy for him - he had so much handed to him and all he had to do was sprint from 3rd base to home.  He's since figured things out but we both took the perspective of "anyone else would kill for the chances you've had, so make the most of them".  

  • Manager in CorpStrat
Apr 15, 2021 - 4:19pm

I think it has to do with 2 things: 1) proving himself and 2) love of his work.  As I mentioned, he had a rough time in his early 20s - he flunked out of college, lied to my parents about it, worked as a waiter for a few years, put on a lot of weight, etc.  He got a second chance with his current career in his mid-20s and I think he viewed it as a chance to make up for his earlier issues, so he dove into it headfirst.  It turns out he absolutely loved his field and was fantastic at it.  He just made the equivalent of MD at 32 and has consistently been promoted much faster than his peers.  He also routinely works 80+ hour weeks and travels all the time.  Meanwhile, his personal life is a complete mess - he's an alcoholic (high functioning), has no time for dating or friends, and although he's 2 years younger looks 10 years older than I do.  I don't understand how or why he does it, so the only conclusion I can reach is that he really, truly does love it as much as he says he does.  It's so inexplicable that my Dad once asked me if I thought maybe he was gay and afraid to come out so was throwing himself into work to compensate (I don't think so but that's how much we were "grasping at straws" trying to figure it out).  

  • Associate 2 in CorpFin
Apr 14, 2021 - 12:47pm

My HS ex-girlfriend came from a family that was incredibly rich. For reference, her dad was asked to be on Dragons Den as a Dragon (Canada's version of Shark Tank).

He graduated with a degree in economics from an extreme non-target - started off at a boutique IB shop - went off to cofound his own shop - then moved over to the buyside to manage copious amounts of money. Nowadays he is far past his working stage and basically just sits on numerous boards, chills at home, or goes heliskiing on the ski hill he owns.

I did notice however that everyone's pain/struggle is relative however, so my ex-gf was extremely emotional over the smallest things. While the rest of us were complaining over real genuine struggles, she complained her entire life about "living out of a suitcase" because she had to go back and forth between one $10m mansion to the other $10m mansion each week because her parents split up. I also don't think she ever really learned the value of money, as her mother never worked a day in her life and just took payments from her dad since they split. The result of which led her on a lifelong journey of "finding herself" as she travels the world on her parents dime. She got a pointless degree, doesn't have a meaningful career, and will likely settle down by 30 when she realizes her parents won't pay for her anymore.

Anyways, it was fun for a HS relationship. No regrets!

Apr 25, 2021 - 12:52am

As someone who had to live out of suitcases in HS, though I was middle class (CA middle class so splitting time between two $1mm houses instead of two $10mm houses), I can attest to the fact it sucks. My dad and mom split their custody equally but decided to switch every day instead of every week because neither wanted to have a week away from us at a time. It's good for kids (and even teens) to have structure and consistency in their lives. This extends to sleeping in your own bed every night. Dealing with "not mom" and "not dad" also not fun. That can screw you up psychologically even more than luxury can.

I would have given up the relative luxury of the homes to instead have my parents in a happy marriage. Now that I'm married and have a kid of my own, it's something I've been super careful about in life. Working hard and making money is important but not nearly as important as a strong family dynamic. 

Be excellent to each other, and party on, dudes.
  • Manager in CorpStrat
Apr 14, 2021 - 3:55pm

Another point - growing up, my dad always emphasized the role of luck in his success.  Sure, he's intelligent and worked hard, but there were so many tipping points where if X hadn't happened things might have turned out differently.  For instance, my dad had never heard of finance before he got to college.  This was the 1960s - finance was a small-ish, somewhat sleepy industry.  His roommate had an uncle who worked at Merrill.  When the Merrill recruiter came to their campus, my dad's roommate said he should meet with him just as a learning experience.  So without a random roommate whose random uncle worked for a finance company that happened to send 1 recruiter to his campus, he would probably never have started in that industry.   

The emphasis on luck has helped me frame my thinking in terms of "there but for the grace of God go I".  Yes, hard work and skill matters, but you need the right environment to make it pay.  

  • Intern in VC
Apr 14, 2021 - 8:16pm

Gf's family is in the lower 9 figures. both parents came from emerging markets regions and went to local universities there, then both worked in finance across asia. Neither parent came from money. Her mom was in IB for a number of years in SE Asia, her dad transitioned from medical research to trading then ER early on and worked his way up at a BB, eventually building out one of the firm's international practices. Though a combination of genuinely hard work, a few lucky mentors really well-established in the finance space, solid alternative investments (art, real estate, etc) and a ton of stock options and ofc a high salary, their net worth took off over time. Feel like today these stories are a lot rarer particularly on the sell-side 

Apr 15, 2021 - 5:42am

Long post.

Quite different from most here since they are not in the US with me, the whole family is worth mid 9 figures (in USD). 

Moms family owns a conglomerate in Brazil, we are in various industries like Media, infrastructure, gvmnt Concessions, Energy, Biofuel, Commercial Bank, Insurance, etc. She runs one of those companies and alongside my uncle presides the family board. My Dad is a surgeon. My mom went to school in the UK, while my dad went to med school back home. 

I came to the US for school and decided to go into finance, I thought they would be against it at the start and want me to work in one of the companies. But they told me it would actually be a good idea for me to try and do something on my own since going straight into management might haunt my reputation inside the company as the owner's kid, and if I succeed in the outside doing whatever I would earn some respect. Ngl i can't stand this anymore, going to business school after I finish my analyst stint and back home it is. 

I grew up very disconnected from my country's reality and all of those around me did the same. During our boarding school years (Europe) we would travel and spend huge amounts of money clubbing and buying stupid shit. This lifestyle really fucked us, I have friends that have drug addictions, are depressed, have no drive in life, and many of us have emotional issues due to having distant relationships with our parents due to work and being abroad since a young age. But when we moved to the US, we met many people who assumed our life was perfect since we are rich, made snarky comments, and had a hard time befriending people. Most people could not keep up with our lifestyle and some were very "upset" about it, and we were too naive to notice not everyone there had trust payouts or had access to their parent's credit card for whatever. Reality came, we met and became friends with people from different backgrounds and sometimes we would make comments and talk about stuff that made people uncomfortable. 

Freshman summer I went back home and talked about it with my parents, as did my friends, I will always remember what one of them said: " Be quiet and show you can earn your own and people will respect you". Came back, toned it down met amazing people that are some of my closest friends until today.

Go try it on your own, you will feel better about yourself and people will respect you even more. I said that but I will not lie, I have many friends who still do nothing all day, or have "jobs" ," founded companies" like a  clothing brand/store on Instagram, or cushy useless/made-up management positions on family companies. As an example, my sister went to FIT and is a "fashion designer" (wakes up at noon, goes to lunch with friends, gym, travels randomly). 

Apr 15, 2021 - 2:22pm

Somewhat of a similar situation. I'm Brazilian, and my grandfather is one of the founders of a large infrastructure/transportation company in Brazil (it is traded in the Brazilian stock market). If I take into account his other investments, at his peak in 2013 he was worth nearly R$1 billion, which in USD, was ~500 million (using the FX rate of that time). It has gone way down in the past eight years because of depreciated BRL and company underperformance, but it's likely that his net worth is still 9 figures in USD.

Apr 15, 2021 - 4:56pm

We might have friends in common, the current FX rate is nuts, from 2013 to today the rate doubled, but luckily we have a lot of assets "dollarized" so we did not take a huge tool. 

All of our companies are currently private, we had one of them listed in B3 for a while but we went private again a couple of years ago. But we are considering taking one of them public in the near future and already hired 3 banks for the process.

Apr 19, 2021 - 4:06pm

I'm surprised by the amount of Brazillians in here. I'm upper middle class, more privileged than like 80% of this country, but way, WAY below you guys. Interesting story. You obviously don't have to say it, but I can't help but now wonder what conglomerate your family owns, hahaha.

Apr 15, 2021 - 4:50pm

ahahaha not involved in petrolao/mensalao. We were cited in Lava-jato but nothing came out of it. But I went to school and I am close friends with a lot of kids whose parents (politicians or company owners) were involved/arrested. It fucked their kid's mental health and they had issues with their social life for a while when it first went public. Kind of fucked up to take it on the kid when he has nothing to do with what his dad was doing.

Apr 15, 2021 - 5:09pm

Lmaooo. My grandfather's company was one of the few (out of the bigger ones) that wasn't involved in the scandal. Nevertheless, the company got fucked when Lava Jato happened. It was in the process of getting credit from BNDES so they used a bridge loan from a private bank to secure its initial infrastructure investments. However, when Lava Jato happened, BNDES didn't comply with the predetermined agreement (the loan amount), and from that, all went to hell; the company wasn't able to pay its private loans.

Similar to what UrDadCries said, I also hope to go to the company and get a management position following my MBA. I specifically want to be one of the people who can make the company have a successful turnaround.

Apr 15, 2021 - 11:59am

Different perspective here, my parents are not wealthy at all. My mom is a nurse and my dad growing up was in the infantry (101st airborne). I was the first person in my immediate family to get a bachelors degree (my dad has since got his after getting out of the army, along with his MBA! super proud of him).

However, my wife's parents are wealthy (not sure how much, but multi-millionaires). They own a 3D imaging and geology company that contracts with gov't agencies to build infrastructure.

That has been super tricky because my family couldn't really help us with anything when we first got married, but my wife's parents could (and did). They helped with the down-payment on our house (like 30% down) and, although she doesn't ask, they are very willing to send her money if she needed it. Not coming from wealth myself (working my butt off on it though) it's been awkward sometimes being a couple from different socio-economic backgrounds and feeling inferior to your spouse's family. 

Apr 15, 2021 - 12:11pm

Dad born into generational wealth which disappeared by the time he grew up (his parents, who didn't really work, downsized twice to maintain lifestyle, pay for top boarding schools, college etc., leaving him very little if anything). He often tells me how quickly wealth can disappear when you don't work for 2 generations. Went to a non-target, compared to his 2 siblings who all went to targets. His biggest strengths have been work ethic, integrity, and willingness to get his hands dirty. It's funny, people often dismiss work ethic and integrity as basic things, but from what I've experienced and everything my dad has told me, it is surprising how many people don't display those qualities. In terms of his career, he started in sales, worked his way up quickly at a mid-sized consumer products firm, in late 90s as a young exec they were struggling and he pitched them sending him to top 10 BS (despite being nearly 35) that he identified as having most prominent restructuring professor, at BS he basically engineered his classes to focus on problems his firm was facing, getting input from top professors, other students etc.. Returned to company and pushed through a lot of the stuff he learned, earned him a couple of promotions ending up as second-ranked exec. Private company, but made a point of building up an equity position along the way (always talks about being aggressive asking for promotions, raises, equity etc.). Then got an MD at an IB he knew to pitch a sales process to the owners, who accepted - business sold, netted double-digit millions. Then took a CEO role somewhere else - it's not too much about the money any more he is now much more focused on his reputation and outperforming his resources which gives him a lot of purpose. At the end of the day, work hard, develop principles and stick by them, and by virtue of that care less about what others think and more about what will get you to where you want to be. Also when you get to the top, raise your kids right - met so many entitled shmucks over the years who just suck, I have such little respect for those individuals and by association the parents who raised them.

Hope this helps.

Apr 15, 2021 - 12:55pm

tl:dr

my parents were worth $25m and my life was fab, then i woke up and hit me head on our 4 feet ceiling 

What concert costs 45 cents? 50 Cent feat. Nickelback.

Apr 15, 2021 - 2:51pm

My dad owns a company in my home country in LatAm - net worth of ~$10 to $15 million. He distributes a wide array of products across the country which he sells into big box retailers. Has also built a nice real estate portfolio over the years as well, and now rents provide a good chunk of his income (mostly industrial use although some residential properties as well). My grandfather passed away when my dad was 14, so he had to start working at an early age and never went to school. Throughout my life his most recurring advice to me has been to work hard and (even more importantly) save my money in smart investments. Naturally, he started bringing me to work when I was ~12 every day after school and only stopped working for him when I moved out of my hometown for college. Although I always complained about not having the free time to essentially get drunk in different tropical destinations (as my friends did), he actually instilled a strong work ethic in me for which I'm very grateful (most of my childhood friends are now spoiled shitheads). My mom always stayed at home, so I didn't have any childhood issues as some people in this thread are talking about. 

As for myself, I came to the U.S. for graduate school and stayed after getting a job in a bank - then moved internally into an IB role. I'm now a VP in a coverage team, but have always dreamed of starting my own business and trying my own luck (which hopefully will happen soon depending on a couple of factors).

Apr 15, 2021 - 5:28pm

This is a good thread.

Not sure about my parents. Not going to guess as discussion of money and net worth is quite taboo in my family. My dad is the president of a MM PE group and my mom is very high up as an in house lawyer for a Fortune 500.

I have been very spoiled and like others have started to realize how to work hard and find the ground which is hard at times. Lived in an area where many many people had much more and it was a d**** sizing competition between the youth in the community constantly.

Really trying to get past that sick way of life and thinking.

  • Analyst 3+ in RE - Comm
Apr 15, 2021 - 8:28pm

Buddy's family dominates the hair care game, been in it for generations. Could name a global brand that everyone is familiar with, but not necessary. Sold their company for $120MM+ a few years back. No one in the entire family has to work again, but they are all entrepreneurs who get off on finding new ideas and executing. Couldn't really tell they had money, except when you saw them pull out wallets and physically see the cash. Still though, these people love the outdoors and you'll never find them wasting money in a city.

Another buddy's father sold his company to a global RE player for $250MM+ a few years back. Most humble man and family I have ever met. Would never know they had money, unless you went to their house. Even then, it was not flashy wealth. Just shit that looks great that also happens to cost a lot.

Lots of quiet wealth up in the Midwest.

Apr 17, 2021 - 9:59am

Buddy's family dominates the hair care game, been in it for generations. Could name a global brand that everyone is familiar with, but not necessary. Sold their company for $120MM+ a few years back. No one in the entire family has to work again, but they are all entrepreneurs who get off on finding new ideas and executing. Couldn't really tell they had money, except when you saw them pull out wallets and physically see the cash. Still though, these people love the outdoors and you'll never find them wasting money in a city.

Maybe it's Maybelline

Array
Apr 16, 2021 - 1:16pm

Parents worth 40-50 MM range. Primarily done so by mom, who was financially backed by my dad (doctor). Mom didn't start really making money till end of high school, so I was able to a normal relationship with my parents maybe a bit strenuous with my dad because he worked a lot, but it's a lot better now. My mom is the CEO/Founder for several of them, but before that she was very involved with me and my siblings upbringing. She had no background in business management with just a nutrition degree from a no-name college. She worked as a essentially a nurse for 25 years and just knew the industry well and decided to try on her own after a 5-6 year hiatus after stopping work. She has done amazing for herself and gets offers every week to buy her company.

We didn't grow up rich and I value that because my parents taught me the value of money. Parents were immigrants and have been extremely pushy when it came education and were stingy when it came to money. When they came here they had nothing to there name and my dad worked as a janitor in the night shift during med school to pay for living expenses. I think that's just the mindset from where they come, so I don't mind.

Their advice would just be make sure you have good grades and that you work hard. You don't need to be smart to make money.

Apr 16, 2021 - 10:55pm

I am from a fairly wealthy hometown in New England but I have two friends who match these figures above and that I am close with.

- My first friend is son of an Executive Director at a BB. His dad really grinded to the top (grew up in the projects, paid for all of higher education schooling, etc.). My buddy grew up decently wealthy during our upbringing, but it wasn't until the back half of his youth (10-20 years old) where he really became upper class. He went to a decent state school, but joined his dad's firm right after undergrad. He had a few typical summer tech internships and then a a summer analyst position. He is doing very well 5+ years out of school. To be fair, he is great at his job regarding prospecting, joined the local country club, etc. He will likely be inheriting his dad's book of business as he is the only son and should fair very well moving forward.

- Second buddy is the son of a founder of a construction company. He also went to a state school, albeit the party school of the southwestern US (don't blame him). He is the one of the two I am more jealous of. He split off immediately after college but rejoined the family firm few years back. God knows what they may sell for but I am guessing mid 10-figures (I'll guess $60M). He will likely be wealthier than all of us if he doesn't sell for the next 30 years, but he is an awesome dude.

Cheers,

Will

Few players recall big pots they have won, strange as it seems, but every player can remember with remarkable accuracy the outstanding tough beats of his career.
Apr 17, 2021 - 10:37am

My parents are not even worth 1mm I'd guess, but I made it past that 50mm mark by mid 30s.  The world is very small for most people on this website and in many industries.  However you dice it, 240k+ people is just a huge number to have generational type money already in this country.  I live in a bubble, am comfortable with large numbers, and that number still really surprises me because the vast majority of professionals I know who did everything right are no where close to that number.  If you went to say a top 10 school, you will be very surprised what percent come from families that fall into this bucket - It's much, much higher than just dividing by total population of USA.

  • Analyst 3+ in IB - Gen
Apr 17, 2021 - 12:34pm

I have no idea what my parents net worth is, but I would guess it is probably at least 9-figures since they have a dedicated family office (not a private wealth manager) with their own CIO and a few supporting staff to manage their financial affairs. The value of their real estate holdings alone (or at least the ones I know about) has to be at least $100M.

My father does private equity. My mother is a homemaker. My father went to a top Ivy League school. My mother went to a flagship state school. I went to the same top Ivy League school as my father.

I think the biggest challenges my parents faced is building a strong worth ethic and promoting healthy attitudes about wealth in their children. Intergenerational family wealth is both a blessing and a curse. The biggest curse for children born into wealthy families is the illusion that they don't have to do anything with their lives. They might want to and may even make an effort, but they simply do not have the same pressure as others to earn enough to live on - which takes away the incentive to find meaningful work.

My father has paid for all my schooling including private K-12, college, and grad school, but he has made it very clear to me that there will not be a big inheritance waiting for me when he is gone, so I will need to make my own way in life. I am thankful for all of this and believe it is more than enough.

Epictetus said it best: "Be careful to leave your sons well instructed rather than rich, for the hopes of the instructed are better than the wealth of the ignorant."

Apr 19, 2021 - 7:19pm

Parents are ~10-15M, both successful doctors, one an entrepreneur on the side as well. One was an immigrant, and grew up very poor in southern california. Him and his two brothers all grinded a ton to get to where they are, and were fortunate enough to get into top schools for college. One is an executive at a successful PE firm and the other one teaches. In terms of his advice, he just worked insanely hard his entire life so his perspective is just that anyone can get where they want if they work hard enough. The main caveat is that I don't think he's unhappy, but I also don't think working that hard and having a lot of success has made him happy/fulfilled.

In terms of how I've been raised, it's been pretty lowkey all things considered. We haven't gotten a car >$70k, we have one house, etc. The main thing is that money isn't something that's worried about. My college is paid for, we can take a vacation or two every year (never flying above economy/economy+ unless we're upgraded, never suites or super nice rooms unless we're upgraded, etc). I think living this way has been really good for me cuz I probably would've turned out a lot worse if we hadn't, and I'm grateful for everything I've had. I have friends with families in the >$100M range, and honestly many of them were raised in similar ways and have no idea how wealthy they actually are.

Apr 22, 2021 - 11:43am

I have a different story than most because my family made money in like the late19th/early 20th century in a LatAm country. My parents each have grandparents or great (even great-great) grandparents etc. who were extremely wealthy for the time. One had a int'l shipping company with his brothers in like the 1930s (?), on the other side I have a 4x great (?) grandpa who had a large trading company (I say trading because he literally had different 'outposts' around the country with shipments coming in from Asia and the US of all kinds of goods - remember late 19th century - think Gold Rush but in LatAm). 

My parents met in university in their home country and both went to grad school in North America. My mom grew up wealthy whereas my dad's family lost a lot of money and mainly has some real estate now and what the kids have built up themselves. He was certainly upper middle class though. I grew up upper middle class without understanding what my family was back home. My life was very much like that of my peers growing up in suburbia with aspie dreams of Wall Street/Bay Street. Meanwhile, my family is the kind that has had different people hold a variety of political positions over the years, historic/high-ranking positions even. There's also been a number of famous artists etc. in my home country and across wider LatAm, not to mention other business people. It was only when I went abroad for my studies and met people with similar backgrounds in Europe that I got a sense of what my family was. It's certainly different than people above who may have trust funds or whatever given to them during their youth, people whose parents or grandparents made money. My parents made high incomes so I was never lacking anything (Catholic school, vacations etc.) but no 3 series for my 16th birthday. Effectively, today my grandfather, who was also quite successful himself, controls a lot of real estate assets with my uncle (this is my mom's side). That would be where most of the 'money' ended up after so much time, no idea about cash and other assets. I know a number of family members have their own businesses or own stakes in other larger businesses. No idea about 'cash reserves' either. My parents have always paid for everything for me, although many of my cousins are the type to have no career/ambition and are literally raising families (including buying homes and paying for expensive private school) out of other family member's pockets. Frankly, some have even marry gold-diggers who encourage this kind of lifestyle and outright text my uncles for money (not even my actual cousin but their partner texting). Not being in that home country, though, has definitely led to a disconnect with me feeling 'rich', I've never given much thought to the concept of being 'old money' or anything like that. In fact, I disdain these cousins of mine to an extent. I always wanted to work on Wall Street for material reasons as I grew up upper middle class but after a short stint (PE) and change in mindset I started my own business. What I do really appreciate about my family in contrast to those whose family businesses still exist and may feel pressure to join, is that I feel like I have a lot of freedom in life. My family benefits from many connections and I have their support (emotional and material) to really pursue my dreams. Of my cousins who have ambition, this is a common theme and effectively for 'generations' people have had success in their own chosen field and then contributed back to the 'pot' when the time came. To be honest it's also given me some confidence, especially when I was surrounded by my aristocratic European friends whose families go back to the medieval ages (or even ancient Rome!) and there I was a lacrosse-playing suburban Canadian kid. It's quite something when your friend whose lastname is in every history book has a 1,500 year old palace that is a historical monument in a major European capital literally 'belong' to him.

So yeah, my family is certainly north of 8-figures but no idea where they land exactly. Lots of other grandkids too so I'm not expecting anything crazy apart from my parents who are in the 7-figure range themselves. I am very grateful though and feel like I've already lived a great life for this reason.

On another note, I'm Afro-Latino (black - not lightskin) so it is kind of funny when people assume I don't know my dad or something more stereotypical while my situation is actually quite the opposite. I feel like I've benefited from both having the money and connections while having a decent relationship with my parents, both of whom were home for supper every night. Although I certainly don't have the liquidity that others above might, I think it's interesting being a 'URM' from a 3rd world country, that no one dismisses my emotional issues with an "at least your parents are rich" because they assume I grew up lower/middle class or something like that. Apart from my close friends, of course. 

I'd also add that I do understand the sentiment of 'rich people hanging out with other rich people'. I'd say 70-80% of my friends/social circle are upper-middle class or upper-class, this is both due to environment but also the lack of judgement and ability to connect on certain familial issues.

  • Prospect in IB-M&A
Apr 24, 2021 - 4:19pm

Buy-side CIO/CEO well known firm

undergrad at top 5 school, mba at harvard/stanford, 

net-worth minimum (only accounts I have seen) ~150M

faced a lot of difficulty particularly in 2008.. his/her advice... "get paid for performance, not time" & "money talks, wealth whispers" 

other parent is in philantrophy- ivy league background

my life... pretty normal asides from having 4 houses/ parents credit card. Parents are super conservative with money for their networth.. spend less than 5 mm/year.

So conservative/not-showy that I asked my parents when I was 16 if "they were in the 1%" and they laughed and said of course not... I continued, "are we in the top 10%" and they were like "huh.. maybe. probably just around there.." two years later I interned at our family office, and realized how gullible I was..

my close friends know (and several are wealthier than me so its fun to talk trust-funds/etc), most people I've met more recently don't. I don't exactly exude wealthy... I shop at banana republic/uniqlo and drive an older jeep... have had an iphone 8 with a cracked seen for like 6 months 

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