Steering child to a high-paying career?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We have talked about it but it's difficult because neither are drawn toward money-making careers. They also see how some of these careers are incredibly stressful and can have poor quality of life.

This!

Being poor and underpaid is also incredibly stressful and definitely results in poor quality of life.

Yes and no. I was poor once as an immigrant. It wasn't the minimum wage that made living hard, it was several totally different things.
I took my minimum wage, did some magic, and retired in mid 40s. I never had a career and won't be telling my kids what to do.
All I know is that they sit at the computers 14 hours straight and better be working just as hard after college.
I really want both financially free by 30. Older one will be more of a challenge. Younger one will be set, because of his investment account. I feel like I have more control over our money even in this environment than we have over careers and health.

I think you have posted about this before. How did you achieve this?

DP. Spin straw into gold.

[Anonymous]

Yes, why not? Many people who are paid low wages work just as hard, if not harder, than those making much more. Sorry, money is important, and I'm not going to tell them it's not.

[Anonymous]

Anonymous wrote:

Anonymous wrote:In my opinion, if he is smart enough to go to a T10 college, then he is smart enough to figure this out on his own. I would back off and let him.

I had to figure everything on my own because my parents did not come from the same backgrounds. I would have loved and welcomed more help along the way. For example, I would have skipped engineering and studied economics saving myself two years in undergraduate. I would have worked for a firm that paid for my MBA. I would have targeted a more prestigious firm after grad school and made Partners 5 years earlier. Lots of opportunities costs lost because I had to do it trial by fire.

Similar here.

You don't know what you don't know.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:We have talked about it but it's difficult because neither are drawn toward money-making careers. They also see how some of these careers are incredibly stressful and can have poor quality of life.

This!

Being poor and underpaid is also incredibly stressful and definitely results in poor quality of life.

There is a middle ground.

I have seen a lot during my career. Some died of heart attack in a client meeting. Other overdosed while divorced.

Fair enough.

Believe it or not, there are surgeons, lawyers, inventors, bankers, and business owners who love their jobs, are healthy (I myself compete in triathlons), and are well compensated.

That's not "healthy." That's obsessive narcissism.

[Anonymous]

Send them to college to grapple with the big questions of life, not to make a lot of money. Smart people figure that out after college.

Otherwise, forget college and help them become an influencer. Or, set them up in a small business

[Anonymous]

Agree with the posters who figured it out on their own. At the time I did undergrad I had no idea what IB VC or PE were. Not that I would have picked them for careers, just not my thing. Which leads to another point I want to make OP, the high flying careers you mentioned are definitely NOT for everyone. Does your kid match the typical personas for those roles - have the skills traits work ethic stamina? If not let him figure out his own path.

[Anonymous]

I know a lot of miserable people whose parents pushed them to be doctors and lawyers.

[Anonymous]

Anonymous wrote:I want my kids to like what they do and leave the world a better place. Honestly. I think it's fine to help them realize there are financial tradeoffs to certain career choices, but it's also important for them to realize there are life tradeoffs to other career choices. The money people make in some of these careers is compensation for the fact that they suck in every other way.

+1000.

[Anonymous]

Anonymous wrote:I want my kids to like what they do and leave the world a better place. Honestly. I think it's fine to help them realize there are financial tradeoffs to certain career choices, but it's also important for them to realize there are life tradeoffs to other career choices. The money people make in some of these careers is compensation for the fact that they suck in every other way.

Tell me you’ve never made 7 figures without telling me

[Anonymous]

Anonymous wrote:

Anonymous wrote:I want my kids to like what they do and leave the world a better place. Honestly. I think it's fine to help them realize there are financial tradeoffs to certain career choices, but it's also important for them to realize there are life tradeoffs to other career choices. The money people make in some of these careers is compensation for the fact that they suck in every other way.

Tell me you’ve never made 7 figures without telling me

No one needs to make 7 figures in a single year to live a comfortable and meaningful life. What planet are you on?

[Anonymous]

Anonymous wrote:I know a lot of miserable people whose parents pushed them to be doctors and lawyers.

Really? Where? They make a comfortable salary. Would they just complain with anything?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I want my kids to like what they do and leave the world a better place. Honestly. I think it's fine to help them realize there are financial tradeoffs to certain career choices, but it's also important for them to realize there are life tradeoffs to other career choices. The money people make in some of these careers is compensation for the fact that they suck in every other way.

Tell me you’ve never made 7 figures without telling me

No one needs to make 7 figures in a single year to live a comfortable and meaningful life. What planet are you on?

Yup and no one aiming for a high paying career wants merely an average life.

[Anonymous]

Not only should you discuss what career paths can lead to having income to live an upper middle class or higher life style. And they can decide from there but will have the understanding of what careers have the potential for income.

You should discuss relationships too.
It’s important to understand what a man or woman in college is also aspiring to do.
That is you successful people pair up to build wealth. I’m sure I’ll get flamed. But dating those looking to be a doctor, NP, lawyer, finance, is going to be a better return in life then low earning careers.

[Anonymous]

Anonymous wrote:Have you had a conversation with your DC about what careers pay?

My oldest is headed to college and went to a private high school on aid. Many classmates are going to study finance or law because that is what their parents do. My DC has no idea what the path is to make money but he wants the lifestyle that he's seen around him at school (and didn't have). He's a smart kid and is going to a top10 college. We've never talked to him or our other kids about Wall Street, finance, consulting, top law firms or anything of that sort. It makes me cringe to think about saying "hey, if you're serious about wanting a nice home and XYZ, you should probably consider this major vs that major (because btw--you're not coming into any money or significant inheritance from us)." I assume he can figure it out while registering for classes and during the course of his first few years of college but he has had no exposure to these careers in our family and no real idea what these people do. Thoughts?

The bolded means these kids will land plumb jobs because of their parents. Your kid, even if he studies the same field and does better than them, will always be on the back foot. The playing field is not level and even worse for women and people of color, and especially women of color. I'd have the whole conversation with him - starting with life is not a meritocracy, don't expect it to be fair and you won't be disappointed. He can (and probably will) be successful because he will know that he has something to prove, while the others start on 3rd base. And yes, absolutely have the conversation about lucrative career paths, just know for every big law partner, there are many lawyers making 100k struggling with crippling law school debt. For every successful person in finance, there are many who entered into the corporate world and earn very mediocre salaries. Every lucrative field I can see has this component.

[Anonymous]

Anonymous wrote:In my opinion, if he is smart enough to go to a T10 college, then he is smart enough to figure this out on his own. I would back off and let him.

I disagree. Some of the smartest people I know are the worst decision makers and lack common sense. What it takes to get into these schools is not what makes financial success.