I come from a family of doctors or engineers, same with DH. I feel like I have no advice for my dd

[Anonymous]

Anonymous wrote:I went to Barnard. Banking and Wall Street suck and have terrible bro cultures, steal money from the middle class and are general on the side of greed. Your daughter is interested because of the money. I’d be disappointed.

Just curious, how you think Wall astreet steaa money from the middle class? Middle class people cannot even invest in IPOs.

[Anonymous]

Pp, wall Street just sucks trillions out of the economy without doing anything of much value

How have hedge fund managers helped society in any way?

[Anonymous]

Yawn. My husband went into finance (not I banking, but close) from a family of teachers. At every step of the way he was ridiculed, lambasted, and abjectly criticized for the line of work he chose. But an MBA, CFA, and a successful career later he is the only sibling in the family who isn’t begging his parents for money, can help with estate management (my parents and his), and isn’t underwater in their house.

Please do not vilify or alienate your child because they make different choices than you did. Celebrate the value they can add to your family.

[Anonymous]

Anonymous wrote:Pp, wall Street just sucks trillions out of the economy without doing anything of much value

How have hedge fund managers helped society in any way?

By donating billions of their dollars to charities?

[Anonymous]

Anonymous wrote:Pp, wall Street just sucks trillions out of the economy without doing anything of much value

How have hedge fund managers helped society in any way?

They bankroll doctors’ clinical trials through philanthropic donations, for one. NIH funding barely exists anymore, guess who funds medical discovery these day? Yep, rich people. You should thank a rich person the next time you need to get a cancer treatment. That research was probably funded privately. Also, if you’ve been to the symphony or an art museum anytime in the past twenty years? Probably not funded by the NEA. That exhibit was brought to you by private funding. Seen a good movie lately? That was funded by rich people too. A lot of good stuff in your life was made possible by private funding. Read the small print and read the donor names on the wall.

[Anonymous]

Anonymous wrote:who goes to Columbia, (just finished her first year), and she is completely motivated by money and wants to go into banking. Is there anything I should be telling her she "should do" to get to that end? She went to college, she is 18 so still young.

OP, what your daughter 'should do' is try to get an internship, summer or year-round, at any of the big name banks. From what I've heard, those are pretty hard to obtain but if she succeeds, she'll be able to see for herself what's happening inside those venerable institutions.

I know a kid who got a Wall Street job straight out of Penn and lasted about 5 years before quitting and getting a lesser-pressure gig somewhere closer to home. The hours are brutal, the pressure is intense, and yes, there are bros and their culture (and I don't think it's changing anytime soon) but the pay is also well above average for a recent graduate. You know your kid, so if you think she'll survive and thrive in that environment, more power to her!

As an alternative, banking' also involved back-office, marketing, research and other departments that might be a little less insane, but they're insane nonetheless.

[Anonymous]

op-thanks all, good advice all around

[Anonymous]

She is at a great school for what she wants to do.

Tell her to go watch Satan and Adam on netflix to see her city and neighborhood in a much grittier.

Won't help her with her future, but she'll enjoy the two hours and think you are cool.

[Anonymous]

Anonymous wrote:She is at a great school for what she wants to do.

Tell her to go watch Satan and Adam on netflix to see her city and neighborhood in a much grittier.

Won't help her with her future, but she'll enjoy the two hours and think you are cool.

I mean, much grittier era.

[Anonymous]

Anonymous wrote:

Anonymous wrote:who goes to Columbia, (just finished her first year), and she is completely motivated by money and wants to go into banking. Is there anything I should be telling her she "should do" to get to that end? She went to college, she is 18 so still young.

OP, what your daughter 'should do' is try to get an internship, summer or year-round, at any of the big name banks. From what I've heard, those are pretty hard to obtain but if she succeeds, she'll be able to see for herself what's happening inside those venerable institutions.

I know a kid who got a Wall Street job straight out of Penn and lasted about 5 years before quitting and getting a lesser-pressure gig somewhere closer to home. The hours are brutal, the pressure is intense, and yes, there are bros and their culture (and I don't think it's changing anytime soon) but the pay is also well above average for a recent graduate. You know your kid, so if you think she'll survive and thrive in that environment, more power to her!

As an alternative, banking' also involved back-office, marketing, research and other departments that might be a little less insane, but they're insane nonetheless.

Thank you, rich person. You’re a total douche. Everyone knows rich people don’t pay their share in taxes and one way they get around it is by giving to charity, aka bribing their alma maters to admit their children. F you.

[Anonymous]

Anonymous wrote:Weird to raise an 18 year old obsessed with money IMO

Not when you don’t come from money.
My parents were educated but they took the high road with low pay. When I was 18 I wanted money. I got over it, though I’m not sure that was wise.

[Anonymous]

There are lots of fields where the experience resulting from "paying one's dues" can have long-term benefits. Some years of a high pressure environment that eventually lead to something more balanced down the road is not necessarily a bad, evil path.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Pp, wall Street just sucks trillions out of the economy without doing anything of much value

How have hedge fund managers helped society in any way?

They bankroll doctors’ clinical trials through philanthropic donations, for one. NIH funding barely exists anymore, guess who funds medical discovery these day? Yep, rich people. You should thank a rich person the next time you need to get a cancer treatment. That research was probably funded privately. Also, if you’ve been to the symphony or an art museum anytime in the past twenty years? Probably not funded by the NEA. That exhibit was brought to you by private funding. Seen a good movie lately? That was funded by rich people too. A lot of good stuff in your life was made possible by private funding. Read the small print and read the donor names on the wall.

Nah, they lobby Congress to get tax-favored treatment for things that add little to no value to society (e.g. quantitative trading)...and then they pretend to be "generous" because they've sucked all the value out of the economy and dole out crumbs to feel better about themselves. It's pretty f'ed up. I have more respect for the people in finance who are at least honest about what their value is.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:who goes to Columbia, (just finished her first year), and she is completely motivated by money and wants to go into banking. Is there anything I should be telling her she "should do" to get to that end? She went to college, she is 18 so still young.

OP, what your daughter 'should do' is try to get an internship, summer or year-round, at any of the big name banks. From what I've heard, those are pretty hard to obtain but if she succeeds, she'll be able to see for herself what's happening inside those venerable institutions.

I know a kid who got a Wall Street job straight out of Penn and lasted about 5 years before quitting and getting a lesser-pressure gig somewhere closer to home. The hours are brutal, the pressure is intense, and yes, there are bros and their culture (and I don't think it's changing anytime soon) but the pay is also well above average for a recent graduate. You know your kid, so if you think she'll survive and thrive in that environment, more power to her!

As an alternative, banking' also involved back-office, marketing, research and other departments that might be a little less insane, but they're insane nonetheless.

Thank you, rich person. You’re a total douche. Everyone knows rich people don’t pay their share in taxes and one way they get around it is by giving to charity, aka bribing their alma maters to admit their children. F you.

You really have no clue, but that’s ok, I’ll laugh all the way to the bank.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Weird to raise an 18 year old obsessed with money IMO

Not when you don’t come from money.
My parents were educated but they took the high road with low pay. When I was 18 I wanted money. I got over it, though I’m not sure that was wise.

I became an engineer, and do what I love, and 12 year old me would be so impressed

40 year old me rues the choice to not chase the money, and I had a shot since I went from LMC to Ivy, so Ibanking might have been in the cards.