How did the rich people you know get rich?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:All the very rich people I know are white men. None of them came from money, all solid MC or LMC. But definitely had the privilege of race and sex.

They’re all exceptionally smart and work-obsessed. Most are lawyers, and combined big law with smart investments to grow wealth. One also dabbled in business on the side - bought, grew, and sold a company, then reinvested. The only non-lawyer I know is a gifted computer software engineer who happened to be in the right place at the right time to join Amazon in the late 90s (when they sold books) and has worked his way to the upper echelon.

You’re old and out of touch.

Yeah very few LMC people can fathom taking on current law school debt for a shot at BigLaw, which itself has become more classist and pedigreed in last two decades.

well, my friend who worked in biglaw was an immigrant from really humble beginnings (though with very smart parents). she went to a public Law school and knocked it out of the park and got a big law job. It is possible.

Since 2008?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:All the very rich people I know are white men. None of them came from money, all solid MC or LMC. But definitely had the privilege of race and sex.

They’re all exceptionally smart and work-obsessed. Most are lawyers, and combined big law with smart investments to grow wealth. One also dabbled in business on the side - bought, grew, and sold a company, then reinvested. The only non-lawyer I know is a gifted computer software engineer who happened to be in the right place at the right time to join Amazon in the late 90s (when they sold books) and has worked his way to the upper echelon.

You’re old and out of touch.

Yeah very few LMC people can fathom taking on current law school debt for a shot at BigLaw, which itself has become more classist and pedigreed in last two decades.

well, my friend who worked in biglaw was an immigrant from really humble beginnings (though with very smart parents). she went to a public Law school and knocked it out of the park and got a big law job. It is possible.

How many UMich grads make partner? Not just get a Big Law job but make Partner.

[Anonymous]

Stocks, real estate investing. No inheritance or family help.

[Anonymous]

Mostly family money, a few made money in tech. My mom has a friend who is in her 70s. This woman entered the convent and then left with only the clothes on her back and a teaching certificate. She worked as a teacher and made some smart real estate and investing choices. Now she's rich.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:All the very rich people I know are white men. None of them came from money, all solid MC or LMC. But definitely had the privilege of race and sex.

They’re all exceptionally smart and work-obsessed. Most are lawyers, and combined big law with smart investments to grow wealth. One also dabbled in business on the side - bought, grew, and sold a company, then reinvested. The only non-lawyer I know is a gifted computer software engineer who happened to be in the right place at the right time to join Amazon in the late 90s (when they sold books) and has worked his way to the upper echelon.

You’re old and out of touch.

Yeah very few LMC people can fathom taking on current law school debt for a shot at BigLaw, which itself has become more classist and pedigreed in last two decades.

well, my friend who worked in biglaw was an immigrant from really humble beginnings (though with very smart parents). she went to a public Law school and knocked it out of the park and got a big law job. It is possible.

How many UMich grads make partner? Not just get a Big Law job but make Partner.

Don't Big Law people make like $400K even without being Partner? Two of those salaries and you don't need to be Partner to get rich over time.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:All the very rich people I know are white men. None of them came from money, all solid MC or LMC. But definitely had the privilege of race and sex.

They’re all exceptionally smart and work-obsessed. Most are lawyers, and combined big law with smart investments to grow wealth. One also dabbled in business on the side - bought, grew, and sold a company, then reinvested. The only non-lawyer I know is a gifted computer software engineer who happened to be in the right place at the right time to join Amazon in the late 90s (when they sold books) and has worked his way to the upper echelon.

You’re old and out of touch.

Yeah very few LMC people can fathom taking on current law school debt for a shot at BigLaw, which itself has become more classist and pedigreed in last two decades.

well, my friend who worked in biglaw was an immigrant from really humble beginnings (though with very smart parents). she went to a public Law school and knocked it out of the park and got a big law job. It is possible.

How many UMich grads make partner? Not just get a Big Law job but make Partner.

Don't Big Law people make like $400K even without being Partner? Two of those salaries and you don't need to be Partner to get rich over time.

You only get to be an associate for like 7 years. It’s a great start but you have to scramble to some $170k GS career for rest of career.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:All the very rich people I know are white men. None of them came from money, all solid MC or LMC. But definitely had the privilege of race and sex.

They’re all exceptionally smart and work-obsessed. Most are lawyers, and combined big law with smart investments to grow wealth. One also dabbled in business on the side - bought, grew, and sold a company, then reinvested. The only non-lawyer I know is a gifted computer software engineer who happened to be in the right place at the right time to join Amazon in the late 90s (when they sold books) and has worked his way to the upper echelon.

You’re old and out of touch.

Yeah very few LMC people can fathom taking on current law school debt for a shot at BigLaw, which itself has become more classist and pedigreed in last two decades.

well, my friend who worked in biglaw was an immigrant from really humble beginnings (though with very smart parents). she went to a public Law school and knocked it out of the park and got a big law job. It is possible.

How many UMich grads make partner? Not just get a Big Law job but make Partner.

Don't Big Law people make like $400K even without being Partner? Two of those salaries and you don't need to be Partner to get rich over time.

You only get to be an associate for like 7 years. It’s a great start but you have to scramble to some $170k GS career for rest of career.

Oh, the horror!
Kinda kidding because you may be right and $170k salary won’t get you rich, which is the topic here. But $170k for the government gets you a decent lifestyle and a secure retirement. Even more if their SO works.

[Anonymous]

Anonymous wrote:Brother: regional plumbing business. Has about 50 employees. Just turned 45 and started in the business at 18. Three other
sibs are white collar professionals who get by. Rumored to be worth 35 million.

The guesstimate of a $35mm net worth is doubtful. However the plumber is no doubt doing better than his white collar sibs.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Brother: regional plumbing business. Has about 50 employees. Just turned 45 and started in the business at 18. Three other
sibs are white collar professionals who get by. Rumored to be worth 35 million.

The guesstimate of a $35mm net worth is doubtful. However the plumber is no doubt doing better than his white collar sibs.

Stealing $$ does not count…does it? Ripping people off obviously highly profitable

[Anonymous]

Mostly inheritance, also .com in 90s, great stock picks with inheritance. Also 3/4 billion company sale by married guy cheating with daughter of a MLB owner. Owner gave a company to affair partner along with a patent that was super lucrative and affair partner eventually sold company. Stayed married to wife, didn’t leave during affair….

[Anonymous]

Law firm partners

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Brother: regional plumbing business. Has about 50 employees. Just turned 45 and started in the business at 18. Three other
sibs are white collar professionals who get by. Rumored to be worth 35 million.

The guesstimate of a $35mm net worth is doubtful. However the plumber is no doubt doing better than his white collar sibs.

Stealing $$ does not count…does it? Ripping people off obviously highly profitable

Are you ripping your employer off? Is your employer ripping it's customers off? How do you sleep at night?

[Anonymous]

Sold company that he founded. Nicest couple I know are worth around $10-20M we think. He lived in a tiny 1 bedroom apartment with his now teacher wife while bootstrapping his company. You wouldn't know it at all if you saw them.

[Anonymous]

Anonymous wrote:Birth.

This. I know some UMC people who grew up poor/LMC. But - rich? That’s generational.

[Anonymous]

Close family friend started by inheriting a failing regional department store chain in the 70s. He turned it around, sold it, and became a real estate developer. At one point, he was the largest private landowner in the state. Currently a billionaire. Super nice guy with an even nicer wife.