If you grew up poor

[Anonymous]

Anonymous wrote:Nothing like being poor in a developed country. Immigrant here - grew up in 2 bedroom govt housing for 6 people. One time we were in housing where water was pulled from a well by hand (!), clothes washed by hand, etc. Came to the US for college under a scholarship and now make over $500k and my husband also an immigrant, our HHI is over $1M. I send money home to my parents and siblings and so does he.

Money alleviates a lot of stress....

Are you both doctors?

[Anonymous]

Anonymous wrote:Congrats all

How do you feel about poor people today since all of you started with barely anything and are now doing very well?

I'm sympathetic towards people who try. I'm not out of touch and think everything I have doesn't involve some degree of luck. I haven't forgotten the struggles.

[Anonymous]

My dad was the first in his family to get any sort of degree (2 year associates). Mom stayed at home. 3 kids total. We didn't get a lot of new things, my grandparents helped my parents a lot, and vacations (day trip to Sea World for one) were paid for saving coins in a big container.

Now DH and I are sitting just shy of $300k, very flexible/awesome jobs/benefits, with an amazing life balance. I'm the first in my family to get a 4 year degree, the only one of my siblings to buy a home without help, and things are really good right now. We're putting a lot towards home reno right now, but I'm very much looking forward to a $20k vacation budget and take DC to see the world!

Also we're on track to retire (very comfortably) by age 55.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Nothing like being poor in a developed country. Immigrant here - grew up in 2 bedroom govt housing for 6 people. One time we were in housing where water was pulled from a well by hand (!), clothes washed by hand, etc. Came to the US for college under a scholarship and now make over $500k and my husband also an immigrant, our HHI is over $1M. I send money home to my parents and siblings and so does he.

Money alleviates a lot of stress....

Are you both doctors?

No, STEM degrees. For the poster who asked what we think of poor people today - every needs a helping hand to break out of the cycle of poverty. You just need one from each family to lift the rest up. Majority of our cash donations go to Catholic Charities and our time to the inner cities. I wish richer towns could have a “sister” poorer town and some of the taxes collected from the richer town could be used for the children of the poorer towns.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:LMC or lower, what do you do now? How much do you make? Are you happy?

Not sure what we were. My parents were very well educated, but have terrible mental illness. We had food insecurity and housing was not stable. Father ended up eventually homeless. Mother can't hold down a job but luckily has held down a man.

I only have 2 years in college and just did my taxes. Made 282k in 2018. I'm very happy, but this has nothing to do with money. I have a husband I love and two truly wonderful kids. Our lives are comfortable and full of a lot of love and closeness. My biggest worry is the thought of passing down mentally ill genes to my kids.

Are you in sales?

No

What field pays that well without college degree?

NP, but intelligent people who work hard and have charisma always move to the top. The VP of my division grew up a poor farm boy and doesn't have a degree. Obviously he's not going to be a doctor or lawyer, but certainly can succeed in business, IT or entrepreneurial efforts.

I wouldn't advise it for my kids because most people are born with these talents. However it's not exactly impossible.

[Anonymous]

Anonymous wrote:Congrats all

How do you feel about poor people today since all of you started with barely anything and are now doing very well?

I feel a lot of sympathy. As one PP noted, there is still a strong element of luck involved plus the hard work. When you are poor, any whim of chance can really set you back. Wealth can insulate you from an accident or severe illness; when you are poor in this country, these events of chance will likely make you poorer. Also, I am fortunate to have benefitted from an excellent education (scholarships at a very good independent school) and a mother who understood the value of a great education, which enabled me to attend an Ivy, and then earn a PhD, where I met DH who also grew up poor, but graduated with a top tier law degree. Our HHI is now in the 7 figures. We are frugal relative to our HHI, but have no qualms shopping at Whole Foods, paying for private school, lessons, etc. We don't drive fancy cars, though (Honda minivan and a Prius), and we didn't buy a bigger house than the small one we bought early in our careers in upper NW DC. Mostly, having that financial cushion is a huge stress reliever. As a kid, I felt my parents' stress from living paycheck to paycheck.

[Anonymous]

Anonymous wrote:Grew up poor. Current HHI is close to $400k if you count deferred compensation. I still constantly worry about money.

+1, about the same. I know we can afford to spend a lot more than what we currently do as our mortgage was already paid off years ago, but having lived the low income life makes me vigilant about spending. Of course there's also the extended family that I also expect we'll need to help take care of one day.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Nothing like being poor in a developed country. Immigrant here - grew up in 2 bedroom govt housing for 6 people. One time we were in housing where water was pulled from a well by hand (!), clothes washed by hand, etc. Came to the US for college under a scholarship and now make over $500k and my husband also an immigrant, our HHI is over $1M. I send money home to my parents and siblings and so does he.

Money alleviates a lot of stress....

Are you both doctors?

No, STEM degrees. For the poster who asked what we think of poor people today - every needs a helping hand to break out of the cycle of poverty. You just need one from each family to lift the rest up. Majority of our cash donations go to Catholic Charities and our time to the inner cities. I wish richer towns could have a “sister” poorer town and some of the taxes collected from the richer town could be used for the children of the poorer towns.

What do you do to have $1M STEM income! Look at engineers thread, we are curious.

[Anonymous]

Anonymous wrote:Congrats all

How do you feel about poor people today since all of you started with barely anything and are now doing very well?

I try my best to stay away from poor people despite growing up poor. I had an awful childhood surrounded by mentally ill family and addicts. I, perhaps naively, attribute most of my bad memories to being poor and being around other poor people. Bought a house in an amazing school district to give children a much better life.

[Anonymous]

Wow this post makes it seem like everyone can go from rags to riches.

I grew up LMC/MC and am still... MC I don’t see how I can ever get any higher and looking back I see where the mistakes were made and cannot believe I was not pushed in a certain direction. My parents did not think to “aim higher” if that makes sense. They came from nothing, so MC was a big step up. But I still don’t understand how i went out in the world, not understanding my options/having resources. Not making the same mistake with my kids. Even if I don’t have the connections or money, I’ll help them understand what’s out there, give them guidance on questions they may not have thought of yet.

[Anonymous]

Anonymous wrote:

Anonymous wrote:I grew dirt poor. Slept on floor in Living room till age of 12 with brother, Father an Alcoholic, both parents and 8th greade education. Lived in a very rough part of NYC as a kids, gun shots and stuff. Rent Controlled tiny apt. Went to college on financial aid, graduated college and got a job on Wall street, did MBA at night. Parents long dead. Dad died 16 liver failure, Mom died of Hep around 16 years ago.

Have three kids, a SAHM wife and make 500K and live in 6k square foot house in the DC area and my neighbors are all surgeons and lawyers.

Money means nothing to me. Could care less. I went to school with no hat or gloves, hole in a shoe, sometimes heat would go out in rental dump and in summer it was an inferno. We slept windows closed no AC on floor sometimes or window open a crack with a stick to block it so dont get robbed. I a bed, AC, Heat, food and own my own house and car which makes me feel rich. I acutally have a few million cash, stock and bonds, but does not feel real.

When was this? Went I went to college in early 2000s, wall street tended to filter for 'cultural fit' -- how did you squeak by?

I hit Wall Street in 1985. Back then a college degree was not even required. My two VPs did not go to college. 1987 cleared out the non-college degree crowed. I managed not to get laid off in the 1987 crash, did my MBA at night between 1989 and 1992 when street was dead as a door nail. From 1993 to 1998 stayed on the street, then went to consulting with broker dealers as my clients from 1998 to 2006 then ended up with a corner office back on Wall Street from 2006 to 2016 then moved to DC. My key was from 1985 to 2016 never out of work not even one day. I switched jobs five times along way voluntarily. The DC thing was well I finally go caught in a lay-off. But I had a record run for wall street. 31 years. I was always saving like crazy as on Wall Street it never lasts long. But I lasted 31 years. Even more impressive held onto same corner office with a water view for ten years. Screw salary and bonus had to hold on to a corner office. I lost that in DC. But still have an office.

[Anonymous]

I grew up LMC, husband grew up MC. We have a HHI of 250k. We feel very blessed.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I grew dirt poor. Slept on floor in Living room till age of 12 with brother, Father an Alcoholic, both parents and 8th greade education. Lived in a very rough part of NYC as a kids, gun shots and stuff. Rent Controlled tiny apt. Went to college on financial aid, graduated college and got a job on Wall street, did MBA at night. Parents long dead. Dad died 16 liver failure, Mom died of Hep around 16 years ago.

Have three kids, a SAHM wife and make 500K and live in 6k square foot house in the DC area and my neighbors are all surgeons and lawyers.

Money means nothing to me. Could care less. I went to school with no hat or gloves, hole in a shoe, sometimes heat would go out in rental dump and in summer it was an inferno. We slept windows closed no AC on floor sometimes or window open a crack with a stick to block it so dont get robbed. I a bed, AC, Heat, food and own my own house and car which makes me feel rich. I acutally have a few million cash, stock and bonds, but does not feel real.

When was this? Went I went to college in early 2000s, wall street tended to filter for 'cultural fit' -- how did you squeak by?

I hit Wall Street in 1985. Back then a college degree was not even required. My two VPs did not go to college. 1987 cleared out the non-college degree crowed. I managed not to get laid off in the 1987 crash, did my MBA at night between 1989 and 1992 when street was dead as a door nail. From 1993 to 1998 stayed on the street, then went to consulting with broker dealers as my clients from 1998 to 2006 then ended up with a corner office back on Wall Street from 2006 to 2016 then moved to DC. My key was from 1985 to 2016 never out of work not even one day. I switched jobs five times along way voluntarily. The DC thing was well I finally go caught in a lay-off. But I had a record run for wall street. 31 years. I was always saving like crazy as on Wall Street it never lasts long. But I lasted 31 years. Even more impressive held onto same corner office with a water view for ten years. Screw salary and bonus had to hold on to a corner office. I lost that in DC. But still have an office.

Cool story.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Nothing like being poor in a developed country. Immigrant here - grew up in 2 bedroom govt housing for 6 people. One time we were in housing where water was pulled from a well by hand (!), clothes washed by hand, etc. Came to the US for college under a scholarship and now make over $500k and my husband also an immigrant, our HHI is over $1M. I send money home to my parents and siblings and so does he.

Money alleviates a lot of stress....

Are you both doctors?

No, STEM degrees. For the poster who asked what we think of poor people today - every needs a helping hand to break out of the cycle of poverty. You just need one from each family to lift the rest up. Majority of our cash donations go to Catholic Charities and our time to the inner cities. I wish richer towns could have a “sister” poorer town and some of the taxes collected from the richer town could be used for the children of the poorer towns.

What do you do to have $1M STEM income! Look at engineers thread, we are curious.

Ha! That thread is correct - u have to get into management, that is where the money is in the form of bonuses, RSUs, stock options. Our base for both of us is $800k but w bonuses and all the rest, it can go up to twice and that is not counting SERP plans.

I am grateful to this country - we would not be where we are today if we did not come here. I was the first in my family w a college and graduate degree, and in turn I paid for my sibling’s education and now one of my nieces and nephews all have college degrees including a PhD. All we needed was a helping hand to let one of us break out of the cycle of poverty.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:I grew dirt poor. Slept on floor in Living room till age of 12 with brother, Father an Alcoholic, both parents and 8th greade education. Lived in a very rough part of NYC as a kids, gun shots and stuff. Rent Controlled tiny apt. Went to college on financial aid, graduated college and got a job on Wall street, did MBA at night. Parents long dead. Dad died 16 liver failure, Mom died of Hep around 16 years ago.

Have three kids, a SAHM wife and make 500K and live in 6k square foot house in the DC area and my neighbors are all surgeons and lawyers.

Money means nothing to me. Could care less. I went to school with no hat or gloves, hole in a shoe, sometimes heat would go out in rental dump and in summer it was an inferno. We slept windows closed no AC on floor sometimes or window open a crack with a stick to block it so dont get robbed. I a bed, AC, Heat, food and own my own house and car which makes me feel rich. I acutally have a few million cash, stock and bonds, but does not feel real.

When was this? Went I went to college in early 2000s, wall street tended to filter for 'cultural fit' -- how did you squeak by?

I hit Wall Street in 1985. Back then a college degree was not even required. My two VPs did not go to college. 1987 cleared out the non-college degree crowed. I managed not to get laid off in the 1987 crash, did my MBA at night between 1989 and 1992 when street was dead as a door nail. From 1993 to 1998 stayed on the street, then went to consulting with broker dealers as my clients from 1998 to 2006 then ended up with a corner office back on Wall Street from 2006 to 2016 then moved to DC. My key was from 1985 to 2016 never out of work not even one day. I switched jobs five times along way voluntarily. The DC thing was well I finally go caught in a lay-off. But I had a record run for wall street. 31 years. I was always saving like crazy as on Wall Street it never lasts long. But I lasted 31 years. Even more impressive held onto same corner office with a water view for ten years. Screw salary and bonus had to hold on to a corner office. I lost that in DC. But still have an office.

You’re not ready to retire?!?! That money goes a lot further in DC than NYC.

Still, I admire your hustle! I have a buddy from the Bronx who did the same trajectory as you: started on Wall St in early 90s as a back office trade-filler while doing night classes at PACE, worked his way up and passed his Series test, started trading, made a killing, left the Street after 9/11 to invest his money in real estate and small businesses around NYC and Miami (he owns a few hair salons, bars, and small apartment buildings).