What It Feels Like To Be Absolutely Loaded By Age 25

Imperialian's picture
Rank: Baboon | 172

mod note: this post is from quora answers "What It Feels Like To Be Absolutely Loaded By Age 25" (link below)

I'll answer from personal experience, but with a less depressing outlook than other Anon user. Background: early employee at successful tech company, $10+ million at the age of 26.

For me, the first realization was the I never have to work again. The second realization was that I'm not the type of person to retire (ever). I feel as though I've been given the ultimate gift: enough money to do anything, at a young enough age where I still have the time and drive to do it.

Random thoughts, in no particular order:

1/ Net worth is irrelevant, I consider cash flow. Before starting a new company and raising money, I just paid myself a salary from investments. The salary (equivalent to $300k/year pretax) wasn't huge, but definitely affords a life of nice dinners, theater tickets, and frequent travel to exotic locations. That said, it's really not enough to start buying yachts, helicopters, or a brownstone in Manhattan.

Along those lines, my plan for expensive purchases (e.g. a house) is to "borrow" from myself and pay it back from my self-paid salary. The goal is to never even get close to a situation where I could end up broke.

2/ I don't sweat the small stuff. $100 parking tickets, fancy dinners a few times a week, and flights to my college football team a few times per year aren't even worth debating. I don't bother with many traditional financial instruments like life insurance, FSAs, or 401(k)s- it just isn't worth my time for slightly preferential tax treatment on a few thousand dollars per year. I'd rather keep my accounts simple.

3/ I'm terrified of inflation. Given my conservative, sustainable spending habits, the only real threat to me is high inflation. Then again, I don't really care what happens to the United States. If it goes to shit here, I'll just move to Singapore or Hong Kong.

4/ It made me consider what's important in life. Most people spend 40 years chasing money, but that's no longer the driving force in my life. After leaving my company, I talked to many companies in Silicon Valley before deciding I just wasn't passionate about their products. Instead, I traveled for many months and really invested in friendships before coming across the right combination of idea and people that made sense- and now I happily work as hard as ever, with an even greater sense of purpose.

5/ It's true, I'm usually the most underdressed person in the room. Given my age and background, most people just think it's novel and let me get away with it. I figure I can pull that off for another year or two at least.

6/ People ask me for money. It happens, it sucks, and I've always said no. Fortunately, no one really close to me has asked yet- that might be more difficult.

7/ Dating is weird. I don't purposely flaunt money, but when a mid-20s guy takes random trips around the world, pays for expensive meals without flinching, and has a nice flat in a good part of an expensive city; people tend to assume things. It always comes up pretty early, but I try to keep it abstract and avoid specific numbers.

Additionally, it can cause conflict when one person has completely different spending habits than the other. For example (true story), I've had multiple people tell me "that's the most expensive dinner I ever had" - for meals that (by my standards) weren't crazy expensive. Also, the idea of deciding on a Friday to spend the weekend in Vegas, showing up at an airport with nothing packed, and just going is completely foreign to most people.

To top it all off, I'm slightly paranoid about gold diggers. It's also made me compulsive about always using birth control, preferably two methods.

8/ I'm really impatient. I hate waiting in lines or when the subway takes more than a few minutes. I frequently just opt for the taxi, or buy my way into an bar/club with a queue.

9/ I've invested time in learning the most efficient ways to spend money to increase my marginal happiness. http://www.bakadesuyo.com/8-ways... gives a good overview, but the main point is to buy experiences, not possessions. I own very few things, but have many experiences.

Long story short, the lifestyle probably isn't much different from someone making a few hundred thousand per year in a corporate job. Anything more would involve unsustainable spending habits.

The real benefit is the freedom to do exactly what I want for the rest of my life. That's why I'm happy I have "fuck you" money.

Here is the LINK to the article.

Comments (73)

Best Response
Aug 29, 2012

Great stuff. If I had $10+ million at 26 I'd have never seen 27.

    • 3
Aug 29, 2012
Edmundo Braverman:

Great stuff. If I had $10+ million at 26 I'd have never seen 27.

this.

Aug 29, 2012

doublepost

Aug 30, 2012
Edmundo Braverman:

Great stuff. If I had $10+ million at 26 I'd have never seen 27.

Lol. I get that feeling also.

Competition is a sin.

-John D. Rockefeller

Aug 29, 2012
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Aug 29, 2012
BTbanker:

THIS

Aug 30, 2012
poodles:
BTbanker:

THIS

co-sign

Aug 29, 2012

Sounds like my life, except this guy actually made his money. Nice.

Aug 29, 2012

What It Feels Like to be Absolutely Loaded at Birth: eh...

All I care about in life is accumulating bananas

Aug 29, 2012
Imperialian:

but the main point is to buy experiences, not possessions. I own very few things, but have many experiences.

a point i'm slowly realizing ... tough making that realization and seeing all this useless crap accumulated over the years..

Aug 29, 2012

Making 200k/year living paycheck to paycheck doesn't sound that much different in terms of recreation. The major difference is just time. You have to have a job to make 200k/year. He has investments.

Aug 29, 2012

did you have to find a new circle of friends with as much money as you? if so, where did you find them and is the friendship more superficial? my boss made a lot of money at a young age and lost a lot of good friends not because they asked for money but they couldnt keep up with his life style

Aug 29, 2012

Who asks you for money and under what circumstances (aside from homeless people and Nigerian princes)?

What is your money invested in? If you're afraid of inflation, I would definitely own at least $250k of physical gold.

Aug 30, 2012
Banker88:

Who asks you for money and under what circumstances (aside from homeless people and Nigerian princes)?

What is your money invested in? If you're afraid of inflation, I would definitely own at least $250k of physical gold.

People don't ask for money- they just borrow it and never pay it back.

Aug 30, 2012

I had a really loaded friend when I was in high school, and he was happy to loan people money for anything, but he would charge 100% interest every time you saw him. No one missed payment.

Aug 29, 2012

I am not really the jealous type about anything, but this actually makes me a little jealous.

twitter: @CorpFin_Guy

Aug 30, 2012
accountingbyday:

I am not really the jealous type about anything, but this actually makes me a little jealous.

This. Note to self: build successful company.

Aug 29, 2012
Imperialian:

7/ Dating is weird. I don't purposely flaunt money, but when a mid-20s guy takes random trips around the world, pays for expensive meals without flinching, and has a nice flat in a good part of an expensive city; people tend to assume things. It always comes up pretty early, but I try to keep it abstract and avoid specific numbers.

Don't talk to the new girl about the random trip you just took to Vegas, don't go to the most expensive restaurants, etc, if you are really trying to hide how much you're worth. Doesn't seem that hard to me.

Aug 30, 2012
FinanceGirl:
Imperialian:

7/ Dating is weird. I don't purposely flaunt money, but when a mid-20s guy takes random trips around the world, pays for expensive meals without flinching, and has a nice flat in a good part of an expensive city; people tend to assume things. It always comes up pretty early, but I try to keep it abstract and avoid specific numbers.

Don't talk to the new girl about the random trip you just took to Vegas, don't go to the most expensive restaurants, etc, if you are really trying to hide how much you're worth. Doesn't seem that hard to me.

When you're used to a certain lifestyle, it takes a lot of effort to hide your wealth.

On the topic of birth control... If your girl does get pregnant and you get married with a prenup, the prenup can be voided because they were "under duress"... Just a heads up fellas.

I don't accept sacrifices and I don't make them. ... If ever the pleasure of one has to be bought by the pain of the other, there better be no trade at all. A trade by which one gains and the other loses is a fraud.

Aug 30, 2012

damn it feels good to be a gangsta?

Aug 30, 2012

What did you do? founder of startup ? early employee of a company that IPO'ed (FB,ZNGA,GRPN etc) - couldn't resist as their lockout periods ended recently :D

Aug 30, 2012
someusername:

What did you do? founder of startup ? early employee of a company that IPO'ed (FB,ZNGA,GRPN etc) - couldn't resist as their lockout periods ended recently :D

The OP doesn't have $10 million. The guy he's quoting does.

Aug 30, 2012
illiniPride:
someusername:

What did you do? founder of startup ? early employee of a company that IPO'ed (FB,ZNGA,GRPN etc) - couldn't resist as their lockout periods ended recently :D

The OP doesn't have $10 million. The guy he's quoting does.

Finally, someone else noticed.

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Aug 30, 2012

Yeah if you are so worried about hyper inflation move 250 K into gold and store it out on your new ranch in Montana where you keep a massive cellar of aged liquors, wines and spirits.

I suggest you travel the world for 1 year and alternate between lifestyles of extreme frugality and highly frivolous spending.

Aug 30, 2012

Note to self: In some ways I wish I was born to a less advantaged/rich background, so I thought 10mm was enough to "do whatever I want"... That's not even enough to buy a nice apartment in the city.

Aug 30, 2012
International Pymp:

Note to self: In some ways I wish I was born to a less advantaged/rich background, so I thought 10mm was enough to "do whatever I want"... That's not even enough to buy a nice apartment in the city.

Can't tell if serious or not.

Aug 30, 2012
International Pymp:

Note to self: In some ways I wish I was born to a less advantaged/rich background, so I thought 10mm was enough to "do whatever I want"... That's not even enough to buy a nice apartment in the city.

Is douche transferred genetically among the rich or what?

    • 1
    • 1
Aug 30, 2012
BigBucks:
International Pymp:

Note to self: In some ways I wish I was born to a less advantaged/rich background, so I thought 10mm was enough to "do whatever I want"... That's not even enough to buy a nice apartment in the city.

Is douche transferred genetically among the rich or what?

Looks like we got some fresh Humblebrag...
http://longorshortcapital.com/short-the-humblebrag...

Aug 30, 2012

Also, to the poster - here's what you do about your inflation concerns, it's common practice among peopel who have substantial assets (and "normal" people too) that you probably know, but just in case... Buy an extremely "safe bet" 5 million USD apartment in your CORE city of choice, the best city is NYC but if you don't like it SF, LA, Chicago could be okay, though each is more risky in my mind... put 40% down, i.e. 2 million dollars. Get a custom jumbo mortgage at an extremely low rate like 3.5% (30 year), this is entirely possible because you can show such a juicy amount of liquid assets and strong income (from asset growth), etc., also because of your large equity cushion (40% down).... Then you'll have 3 million in debt working for you to counter inflation. As the value of your money goes down, so does the value of your outstanding debt, so it'll become a wash (or close, depending on the size of your mortgage versus liquid assets). The value of the real estate itself is also a further hedge against inflation. No more inflation worries, and a nice place to live while you're not traveling.

Aug 30, 2012

Guys, I have over 1 billion dollars I paid cash for my bike, not the voucher my mom gave

Water pokemon 4 life

Aug 30, 2012

Also, good on you OP, I'm not jealous, just fascinated. It's interesting to consider what it would be like to have that kind of coin in your mid twenties.

Aug 30, 2012

pymp is a bit extreme but he has a point, what always shocks me is how many ppl on here think 150'-200k / year is good money..

Aug 30, 2012
leveredarb:

pymp is a bit extreme but he has a point, what always shocks me is how many ppl on here think 150'-200k / year is good money..

Coming from a typical flyover city where everyone thinks 40K is a great starting salary, it SEEMS like 200K is a lot. I can see now how it isn't so much anymore, but the gap to get there is still extremely wide. Hell, I know head managers of F50 companies in the city that only make 200K, they just live like ballers because of they charge everything to their expense account.

Aug 30, 2012
leveredarb:

pymp is a bit extreme but he has a point, what always shocks me is how many ppl on here think 150'-200k / year is good money..

considering an individual earning that amount yearly would be in the top 10% of household income (and im sure like top 3% of individual income), how is that not good money? I mean it may not be great money and certainly not "fuck you" money but it is good money.

    • 1
Aug 30, 2012
BigBucks:
leveredarb:

pymp is a bit extreme but he has a point, what always shocks me is how many ppl on here think 150'-200k / year is good money..

considering an individual earning that amount yearly would be in the top 10% of household income (and im sure like top 3% of individual income), how is that not good money? I mean it may not be great money and certainly not "fuck you" money but it is good money.

it really does depend on perspective / location. In NYC/London, you won't get that far on that if you're trying to raise a family.

Aug 30, 2012
leveredarb:

pymp is a bit extreme but he has a point, what always shocks me is how many ppl on here think 150'-200k / year is good money..

I realize I'm being a bit extreme and clearly 10mm dollars is a lot of money and one could live a glorious life with those assets, etc, etc... but my point is just that if I had 10mm dollars in my bank account, I wouldn't consider slowing down / changing my career objectives etc... clearly I'd go out for nicer dinners and on nicer vacations, but I wouldn't "take it easy" at work, etc... I'm extreme but I'm also right, if you want to live a full on NYC life with 3 kids at private school and have an apartment in manhattan and a house in the hamptons (I'm not talking about private jets, etc.) you could get a lot of marginal improvement between 10mm and say 30mm... I really, really nice house in NYC really does cost 10mm dollars. Not the nicest house in the city, just a nice ass fucking house (i.e. a 4 bedroom apartment).

Feb 13, 2015

.

Aug 30, 2012

... Has anyone bothered to look at the OP's thread history? His other posts are things like "networking with someone younger", "advice for intern at boutique", threads asking about CFA, CFM, asking about how to get into trading, is a Masters of Finance better than an MBA, and so on and so on...

While I love the whole feel good story about a kid killing it in a start-up, I don't think this one's it.

Aug 30, 2012
Kanon:

... Has anyone bothered to look at the OP's thread history? His other posts are things like "networking with someone younger", "advice for intern at boutique", threads asking about CFA, CFM, asking about how to get into trading, is a Masters of Finance better than an MBA, and so on and so on...

While I love the whole feel good story about a kid killing it in a start-up, I don't think this one's it.

Click on the link. This is NOT the OP's story, it is copy/pasted.

Harvey Specter doesn't get cotton mouth.

Aug 30, 2012
ScoobyDoobie:
Kanon:

... Has anyone bothered to look at the OP's thread history? His other posts are things like "networking with someone younger", "advice for intern at boutique", threads asking about CFA, CFM, asking about how to get into trading, is a Masters of Finance better than an MBA, and so on and so on...

While I love the whole feel good story about a kid killing it in a start-up, I don't think this one's it.

Click on the link. This is NOT the OP's story, it is copy/pasted.

Then he should have posted that at the TOP of the page. There were posts where they addressed the OP assuming they were his points or concerns about inflation and I don't see any posts from him correcting this.

Aug 30, 2012
Kanon:

... Has anyone bothered to look at the OP's thread history? His other posts are things like "networking with someone younger", "advice for intern at boutique", threads asking about CFA, CFM, asking about how to get into trading, is a Masters of Finance better than an MBA, and so on and so on...

While I love the whole feel good story about a kid killing it in a start-up, I don't think this one's it.

Due dilligence fail.

Aug 30, 2012

Its all relative and someone will always have more money, prestige, fame, etc. than you will. Getting to a point where you're able to do things without having to worry (note I said worry not consider) the monetary costs, I think, is most peoples' realistic goal.

If I had asked people what they wanted, they would have said faster horses - Henry Ford

    • 1
Aug 30, 2012
happypantsmcgee:

Its all relative and someone will always have more money, prestige, fame, etc. than you will. Getting to a point where you're able to do things without having to worry (note I said worry not consider) the monetary costs, I think, is most peoples' realistic goal.

exactly, it's all relative

Aug 31, 2012

There was a point earlier in my career where I was making $200k. Let me tell you, $200k is a lot of money. It will allow you to travel wherever you want in the world, go out for $500 dinners and not stress out about it, and buy you all sorts of toys. The reality is that you reach a point where the marginal value of the dollar falls off a cliff. Personally, I think that point is even before $200k for a single guy living anywhere but NYC. Living in a mansion with multiple vacation homes / helicopters / boats sounds awesome, but the reality is that it ends up creating a ton of stress as well.

    • 1
Sep 1, 2012
CompBanker:

... Living in a mansion with multiple vacation homes / helicopters / boats sounds awesome, but the reality is that it ends up creating a ton of stress as well.

Mo' money, mo' problems.

Regards

Aug 31, 2012

There is an enormous difference between living single and living with a family, obviously.

200k is a lot for a single guy, sure. A lot to the point where past 3 or 400k you have no use for it: can't buy a very big house if there's only one person, Ferrari is no biggie if you are frugal early on, late 20s or early 30s and its yours. Everything changes with a family. thinking of having kids? half a million bucks a pop from birth to putting them through private college. 2 kids, average family, assume 200k yearly income, you cant even put them through a top tier college with education costs these days unless you live in bumfuck nowhere in rural texas.

you need to be making half a mil or more to truly be comfortable with a family if you "want the best for them" and be able to retire when and where you want. 300k at age 40 is not worth it (going through IB, dealing with 2 decades of 80 hour weeks and day in and day out douchebaggery) AT ALL if you want a family life, which you will.

FWIW my version of "fuck you money" whatever that is would be 3M+ a year. I think of it not from a financial standpoint, but if you are in a position to make that much, you are probably established in your career to the point where you can say "fuck you" to shit you really dont want to do anymore.

Aug 30, 2012

@chrishansen, I agree - when one is single it may be a lot of money but when you have children/wife to provide for everything changes... try 3 kids in NYC private school. That'll cost you $120k per year in after tax dollars... PER YEAR for 14 years.

Aug 31, 2012
International Pymp:

@chrishansen, I agree - when one is single it may be a lot of money but when you have children/wife to provide for everything changes... try 3 kids in NYC private school. That'll cost you $120k per year in after tax dollars... PER YEAR for 14 years.

International Pymp, putting three kids through private school living in NYC is NOT a middle-class or even an upper-middle class lifestyle. First off, a person with three kids should not be living in the city, they should be out in the suburbs. Second, sending three children to private school is a luxury reserved for the 1% or for those that place a heavy, heavy emphasis on education and their children. At $200k a year, a person can still support a family of five, have a nice house, drive luxury cars (BMW, Lexus, Audi), eat out often, and take family vacations. I know you grew up in a family where money was never a factor (so did I), but the vast vast majority of the world and even America does not live this way. I have countless friends that grew up in families where the kids worked since age 16 to help pay the bills. Where $100 checks would bounce if accounts weren't monitored properly (this happened to me when cashing a kid's parents' check for intramural soccer). Who had never been on a plane until they started work because vacation consisted of driving to their grandparents house in the same state. These people have never left the country and don't even have passports. THAT is the reality of most of America these days and is why I think $200k gives someone a VERY good life.

Aug 31, 2012
CompBanker:

sending three children to private school is a luxury reserved for the 1%

Is this serious? Top 30% maybe but not top 1%, or 5 or 10%...

Aug 30, 2012
CompBanker:
International Pymp:

@chrishansen, I agree - when one is single it may be a lot of money but when you have children/wife to provide for everything changes... try 3 kids in NYC private school. That'll cost you $120k per year in after tax dollars... PER YEAR for 14 years.

International Pymp, putting three kids through private school living in NYC is NOT a middle-class or even an upper-middle class lifestyle. First off, a person with three kids should not be living in the city, they should be out in the suburbs. Second, sending three children to private school is a luxury reserved for the 1% or for those that place a heavy, heavy emphasis on education and their children. At $200k a year, a person can still support a family of five, have a nice house, drive luxury cars (BMW, Lexus, Audi), eat out often, and take family vacations. I know you grew up in a family where money was never a factor (so did I), but the vast vast majority of the world and even America does not live this way. I have countless friends that grew up in families where the kids worked since age 16 to help pay the bills. Where $100 checks would bounce if accounts weren't monitored properly (this happened to me when cashing a kid's parents' check for intramural soccer). Who had never been on a plane until they started work because vacation consisted of driving to their grandparents house in the same state. These people have never left the country and don't even have passports. THAT is the reality of most of America these days and is why I think $200k gives someone a VERY good life.

tl;dr version- not everyone was born with a silver spoon.

Aug 30, 2012
CompBanker:
International Pymp:

@chrishansen, I agree - when one is single it may be a lot of money but when you have children/wife to provide for everything changes... try 3 kids in NYC private school. That'll cost you $120k per year in after tax dollars... PER YEAR for 14 years.

International Pymp, putting three kids through private school living in NYC is NOT a middle-class or even an upper-middle class lifestyle. First off, a person with three kids should not be living in the city, they should be out in the suburbs. Second, sending three children to private school is a luxury reserved for the 1% or for those that place a heavy, heavy emphasis on education and their children. At $200k a year, a person can still support a family of five, have a nice house, drive luxury cars (BMW, Lexus, Audi), eat out often, and take family vacations. I know you grew up in a family where money was never a factor (so did I), but the vast vast majority of the world and even America does not live this way. I have countless friends that grew up in families where the kids worked since age 16 to help pay the bills. Where $100 checks would bounce if accounts weren't monitored properly (this happened to me when cashing a kid's parents' check for intramural soccer). Who had never been on a plane until they started work because vacation consisted of driving to their grandparents house in the same state. These people have never left the country and don't even have passports. THAT is the reality of most of America these days and is why I think $200k gives someone a VERY good life.

I'm catching a lot of heat on this one... i absolutely believe in everything you say there. It's not even close to a middle class life to send 3 kids to private school in manhattan, it's a 1-2% life... but my point is, you can't do "Everything you want" with 10mm... you can certainly do everything you need and 95% of things you want.... and you never have to worry again, you are in the 1% etc. etc. etc., but my point and the point of all my posts is that if I had 10mm in my bank account, I wouldn't stop working hard and trying ot make a whole lot more just because I was secure and my family was going to be provided for etc. with the money I already had... that's my point. My point is not that having 200k per year isn't a lot money, or that having 10mm dollars in net worth isn't a lot of money, but rather that it's not the end all be all - and it's not even at a point where marginal happiness created by having MORE is close to meaningness... there is clearly a point where more money doesnt matter much at all aside for philanthropic interests etc., but 10mm is not close to that level.... that's my whole point. I hope everyone can understand what I mean and not thing I'm an out of touch asshole who doesn't think anyone survives on less than 200k a year (most people survive on 50k per year, i realize this)

Aug 30, 2012
CompBanker:
International Pymp:

@chrishansen, I agree - when one is single it may be a lot of money but when you have children/wife to provide for everything changes... try 3 kids in NYC private school. That'll cost you $120k per year in after tax dollars... PER YEAR for 14 years.

International Pymp, putting three kids through private school living in NYC is NOT a middle-class or even an upper-middle class lifestyle. First off, a person with three kids should not be living in the city, they should be out in the suburbs. Second, sending three children to private school is a luxury reserved for the 1% or for those that place a heavy, heavy emphasis on education and their children. At $200k a year, a person can still support a family of five, have a nice house, drive luxury cars (BMW, Lexus, Audi), eat out often, and take family vacations. I know you grew up in a family where money was never a factor (so did I), but the vast vast majority of the world and even America does not live this way. I have countless friends that grew up in families where the kids worked since age 16 to help pay the bills. Where $100 checks would bounce if accounts weren't monitored properly (this happened to me when cashing a kid's parents' check for intramural soccer). Who had never been on a plane until they started work because vacation consisted of driving to their grandparents house in the same state. These people have never left the country and don't even have passports. THAT is the reality of most of America these days and is why I think $200k gives someone a VERY good life.

I'm catching a lot of heat on this one... i absolutely believe in everything you say there. It's not even close to a middle class life to send 3 kids to private school in manhattan, it's a 1-2% life... but my point is, you can't do "Everything you want" with 10mm... you can certainly do everything you need and 95% of things you want.... and you never have to worry again, you are in the 1% etc. etc. etc., but my point and the point of all my posts is that if I had 10mm in my bank account, I wouldn't stop working hard and trying ot make a whole lot more just because I was secure and my family was going to be provided for etc. with the money I already had... that's my point. My point is not that having 200k per year isn't a lot money, or that having 10mm dollars in net worth isn't a lot of money, but rather that it's not the end all be all - and it's not even at a point where marginal happiness created by having MORE is close to meaningness... there is clearly a point where more money doesnt matter much at all aside for philanthropic interests etc., but 10mm is not close to that level.... that's my whole point. I hope everyone can understand what I mean and not thing I'm an out of touch asshole who doesn't think anyone survives on less than 200k a year (most people survive on 50k per year, i realize this)

Aug 30, 2012

One reason not to send your kids to expensive private schools is that many become wildly out of touch with the average person. Things like thinking a doctor is 'middle class'. The potential for your kid to become a ginormous douche is just too much for me.

Aug 30, 2012
SirTradesaLot:

One reason not to send your kids to expensive private schools is that many become wildly out of touch with the average person. Things like thinking a doctor is 'middle class'. The potential for your kid to become a ginormous douche is just too much for me.

yeah i can second that from personal experience lol

Aug 30, 2012
SirTradesaLot:

One reason not to send your kids to expensive private schools is that many become wildly out of touch with the average person. Things like thinking a doctor is 'middle class'. The potential for your kid to become a ginormous douche is just too much for me.

Third this.

I don't understand how some people feel the need to send their kids to private schools... plenty of people make it out of the public school system just fine... give your kids more credit.

Aug 30, 2012
Culcet:
SirTradesaLot:

One reason not to send your kids to expensive private schools is that many become wildly out of touch with the average person. Things like thinking a doctor is 'middle class'. The potential for your kid to become a ginormous douche is just too much for me.

Third this.

I don't understand how some people feel the need to send their kids to private schools... plenty of people make it out of the public school system just fine... give your kids more credit.

there are downsides to public school as well, mainly that your best friends will not have as much money as you which often times makes things awkward (just look at all the ppl on here saying how its difficult for them to hang out with their highschool friends because they made bank in finance, I dont have that problem since most of my friends will never have to work :/).

Private school also gives you a pretty good network (both in terms of your school friends and their parents)

Aug 31, 2012
Imperialian:

mod note: this post is from quora answers "What It Feels Like To Be Absolutely Loaded By Age 25" (link below)
I just paid myself a salary from investments. The salary (equivalent to $300k/year pretax) wasn't huge, but definitely affords a life of nice dinners, theater tickets, and frequent travel to exotic locations. That said, it's really not enough to start buying yachts, helicopters, or a brownstone in Manhattan.

Long story short, the lifestyle probably isn't much different from someone making a few hundred thousand per year in a corporate job. Anything more would involve unsustainable spending habits.

.

Let me say, I'm assuming he is pulling in $200k from his investments per year, or 2%. This guy is clearly not a finance guy, must be a computer geek. 2% could be from a savings account/CDs, or even if he's making 5% and sets aside 3% for inflation, he is not investing like a banker.

Secondly, this is not comparable to a $300k salary, maybe more like $500k, because he does not have to worry about setting aside money for the future, it's $200k of "disposable income".

Also, I am surprised that you guys are right that $200k is not that much, most 1% incomes are listed at 200-300k, but this one from the WSJ:
http://blogs.wsj.com/economics/2011/10/19/what-per... list the top 1% as more than $500k per year, it must be including investment income whereas others only considered salaries.

I usually have scored in the 99th percentile on tests, rarely below the 97th percentile...I guess I should aim for $500k+ if those tests are worth anything!

-No comment-

Aug 30, 2012
donkeymoney:

I usually have scored in the 99th percentile on tests, rarely below the 97th percentile...I guess I should aim for $500k+ if those tests are worth anything!

And they're not!

Aug 31, 2012
illiniPride:
donkeymoney:

I usually have scored in the 99th percentile on tests, rarely below the 97th percentile...I guess I should aim for $500k+ if those tests are worth anything!

And they're not!

You're right--they don't measure my inheritance, family connections, whether I will be an extremely talented athlete/musician, or if I'm a hardcore Type-A person. Beyond that, it's decent for a simple measure applied to the population as a whole.

Don't get me wrong, the Type-A and interest-in-money characteristics are very important. Most scientists make less than 100k, and most of them are smarter(by standardized tests' vision of intelligence) than people on Wall Street.

-No comment-

Aug 31, 2012

And oh yeah, someone pulling in that sort of salary (300-500k) is probably working 100 hours a week. This guy is more like an entrepreneur who has made it big and has delegated his responsibilities to the company. The free time is priceless.

-No comment-

Sep 1, 2012

I'm giving my kids the best educational/networking opportunities I can afford.

I'm hoping I can send them to Le Rosey for their schooling

Aug 30, 2012

if you send them to le rosey expect coke addicted lazy entitled pricks to come back out.

eton/westminster/harrow or bust

Aug 30, 2012

Some of you guys are acting like the choice is between some shitty public school and a very nice private school. In reality, the question is between the high school in Greenwich or Short Hills or a magnet or a private school. I worry about my kids being a douche at one of those public schools, let alone at a private school. I would argue, that if your kid is really talented they will likely have better opportunities at the public school and have at least somewhat lower probabilities of douchehood.

Aug 30, 2012
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