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

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]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.[/quote]

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).[/quote]

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

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.       [/quote]

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).[/quote]

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