Common occupations for heirs and those financed by the bank of Mom and Dad

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:In high-paying fields like BIGLAW, I banking, medical specialties etc. it may be harder to tell who is "truly" self-made and who has family money as well.

It's easier to tell when you have someone who works in a museum married to a freelance producer living in an expensive apartment in Manhattan etc.

I was in Biglaw and also went to boarding school, top college, etc. I don't know anyone who comes from family wealth who went into law or medicine. My friends and acquaintances from truly wealthy families generally did something very lucrative (in finance) or fun (in the arts or charity or the random race car driver I mentioned above).

So the children of very successful lawyers and MDs don't follow their parents' career path?

I'm 18:41 above -- Lawyers and MDs don't make enough to set up trust funds. Their kids don't have student loans. They get a chunk of cash for a down payment, and their parents contribute to college savings for their grandchildren. But that's not the kind of wealth that allows for a trust fund.

That said, though, I disagree with the PP above who said trust fund babies never go into law or medicine. I have college and law school classmates who did exactly that. Though the lawyers dont' go to BigLaw -- they clerk and then do public interest law.

[Anonymous]

Anonymous wrote:I'm 18:41 above -- Lawyers and MDs don't make enough to set up trust funds. Their kids don't have student loans. They get a chunk of cash for a down payment, and their parents contribute to college savings for their grandchildren. But that's not the kind of wealth that allows for a trust fund.

That said, though, I disagree with the PP above who said trust fund babies never go into law or medicine. I have college and law school classmates who did exactly that. Though the lawyers dont' go to BigLaw -- they clerk and then do public interest law.

That's certainly not true. It's not just the "plutocrats" who set up trust funds, plenty of wealthy professionals (i.e. top 1 or 2%) do as well. It's not like only people in the top 0.1% that have trust funds.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:In high-paying fields like BIGLAW, I banking, medical specialties etc. it may be harder to tell who is "truly" self-made and who has family money as well.

It's easier to tell when you have someone who works in a museum married to a freelance producer living in an expensive apartment in Manhattan etc.

I was in Biglaw and also went to boarding school, top college, etc. I don't know anyone who comes from family wealth who went into law or medicine. My friends and acquaintances from truly wealthy families generally did something very lucrative (in finance) or fun (in the arts or charity or the random race car driver I mentioned above).

So the children of very successful lawyers and MDs don't follow their parents' career path?

I'm 18:41 above -- Lawyers and MDs don't make enough to set up trust funds. Their kids don't have student loans. They get a chunk of cash for a down payment, and their parents contribute to college savings for their grandchildren. But that's not the kind of wealth that allows for a trust fund.

That said, though, I disagree with the PP above who said trust fund babies never go into law or medicine. I have college and law school classmates who did exactly that. Though the lawyers dont' go to BigLaw -- they clerk and then do public interest law.

I'm to PP who said she didn't know anyone truly wealthy who went into law or medicine. I was not considering those with successful lawyer/doctor parents to be "truly wealthy" - I was referring to those with family offices and multi-generational wealth, or parents who were Fortune 500 C-suite or very successful (like 8 figures/year successful) in finance, that sort of thing. I'm sure some of those types go into law or medicine, but none of the ones I know did. Those careers are worthwhile but it's a grind, and if the money means nothing to you it's unlikely you'd choose that path. Conversely, if making money is what you're after and you have great connections, education, etc., something in finance is generally the way east coast private school types go - you can make much more than most doctors/lawyers (even successful ones). IME careers in law/medicine are more attractive to those who are well-educated and from MC or UMC families but who will largely need to make their own way in the world financially (like me).

[Anonymous]

18:28 here, I don't think of these households I mentioned (all in their 30s) are "truly wealthy" by PP's definition. 3 of the 4 do work, and the nonworking couple are probably going to run out of money the way they're going. But all 4 are enjoying a lot of UMC comforts without the UMC salaries.

[Anonymous]

I went to a school with a lot of these kids (NOT doctor/lawyer/etc. wealth but "My dad has buildings at Harvard and museums and hospitals named after him" wealth). Off the top of my head:

1. Public interest law
2. Writer for a women's magazine
3. Artist (without major commercial success)
4. Consultant at McKinsey (but is fairly young so may go to work for family)
5. Real estate investor
6. Works for family business
7. Professor
8. Venture capitalist
9. Startup
10. Musician

[Anonymous]

bikini inspector

[Anonymous]

To be honest, they can be anywhere. I have a friend who has multi-generational family wealth (they own a number of things including a well-known national chain of restaurants). One child got a JD and the other got an MBA.

The JD works for the government as a fed, yet truly does not need to work. Of course, they live in a multi-million dollar house paid for from a trust. Their sibling chooses not to work at all.

Neither have ever traveled in a commercial aircraft. The family owns several private planes.

[Anonymous]

Anonymous wrote:Whatever they want

Exactly.

This is where you see people taking risks with occupations they would otherwise not have dared try...
or people with strong family pressure to continue building wealth in business (which is kind of sad).

[Anonymous]

President of the United States

[Anonymous]

Anonymous wrote:President of the United States

Haha. I do know two personally who are local politicians in their home cities.

[Anonymous]

Venture capital (not necessarily good returns)

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:In high-paying fields like BIGLAW, I banking, medical specialties etc. it may be harder to tell who is "truly" self-made and who has family money as well.

It's easier to tell when you have someone who works in a museum married to a freelance producer living in an expensive apartment in Manhattan etc.

I was in Biglaw and also went to boarding school, top college, etc. I don't know anyone who comes from family wealth who went into law or medicine. My friends and acquaintances from truly wealthy families generally did something very lucrative (in finance) or fun (in the arts or charity or the random race car driver I mentioned above).

So the children of very successful lawyers and MDs don't follow their parents' career path?

I'm 18:41 above -- Lawyers and MDs don't make enough to set up trust funds. Their kids don't have student loans. They get a chunk of cash for a down payment, and their parents contribute to college savings for their grandchildren. But that's not the kind of wealth that allows for a trust fund.

That said, though, I disagree with the PP above who said trust fund babies never go into law or medicine. I have college and law school classmates who did exactly that. Though the lawyers dont' go to BigLaw -- they clerk and then do public interest law.

I'm to PP who said she didn't know anyone truly wealthy who went into law or medicine. I was not considering those with successful lawyer/doctor parents to be "truly wealthy" - I was referring to those with family offices and multi-generational wealth, or parents who were Fortune 500 C-suite or very successful (like 8 figures/year successful) in finance, that sort of thing. I'm sure some of those types go into law or medicine, but none of the ones I know did. Those careers are worthwhile but it's a grind, and if the money means nothing to you it's unlikely you'd choose that path. Conversely, if making money is what you're after and you have great connections, education, etc., something in finance is generally the way east coast private school types go - you can make much more than most doctors/lawyers (even successful ones). IME careers in law/medicine are more attractive to those who are well-educated and from MC or UMC families but who will largely need to make their own way in the world financially (like me).

Agree. The truly wealthy I know from previous jobs or business school help run the family business, do private equity, tried a bunch of failed startups, went off to live in SE Asia and work for some fund, politics, SAHM, boutique jewelry store in the hamptons, etc.

I'm talking truly wealthy, like so not need ordinary income at all. Do not know any in law, if they got JD they did M&A at a bank before jet setting off to some sexy GC role at a tech company.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:In high-paying fields like BIGLAW, I banking, medical specialties etc. it may be harder to tell who is "truly" self-made and who has family money as well.

It's easier to tell when you have someone who works in a museum married to a freelance producer living in an expensive apartment in Manhattan etc.

I was in Biglaw and also went to boarding school, top college, etc. I don't know anyone who comes from family wealth who went into law or medicine. My friends and acquaintances from truly wealthy families generally did something very lucrative (in finance) or fun (in the arts or charity or the random race car driver I mentioned above).

So the children of very successful lawyers and MDs don't follow their parents' career path?

Those are UMC careers unless you're talking Hollywood litigator or Dr Oz. And many doctors have a parent who was a doctor. Follow the path? Depends if the kid is grounded and has the work ethic to do well at school for a long time. If they get a $20-50k check a month, maybe not. Most doctors and lawyers do not have $50m+ at retirement to pass along, $10-20m yes but not shitloads of sweat equity from founding a company and monetizing it years later. High risk, high Renard. md is not high risk and even if you are a $500-1000k surgeon, you bank half of that after taxes and insurance. At least you work shifts and not 10+ hours each weekday. I thank you for volunteering so much at my kids private school.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:In high-paying fields like BIGLAW, I banking, medical specialties etc. it may be harder to tell who is "truly" self-made and who has family money as well.

It's easier to tell when you have someone who works in a museum married to a freelance producer living in an expensive apartment in Manhattan etc.

I was in Biglaw and also went to boarding school, top college, etc. I don't know anyone who comes from family wealth who went into law or medicine. My friends and acquaintances from truly wealthy families generally did something very lucrative (in finance) or fun (in the arts or charity or the random race car driver I mentioned above).

So the children of very successful lawyers and MDs don't follow their parents' career path?

Those are UMC careers unless you're talking Hollywood litigator or Dr Oz. And many doctors have a parent who was a doctor. Follow the path? Depends if the kid is grounded and has the work ethic to do well at school for a long time. If they get a $20-50k check a month, maybe not. Most doctors and lawyers do not have $50m+ at retirement to pass along, $10-20m yes but not shitloads of sweat equity from founding a company and monetizing it years later. High risk, high Renard. md is not high risk and even if you are a $500-1000k surgeon, you bank half of that after taxes and insurance. At least you work shifts and not 10+ hours each weekday. I thank you for volunteering so much at my kids private school.

Yeah, $10 million net worth is not enough to finance your offspring into adulthood or to leave big inheritances.

[Anonymous]

Anonymous wrote:Private school teacher l

+1