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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]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] Those are UMC careers unless you're talking Hollywood litigator or Dr Oz. And many doctors have a parent who was a doctor. Follow the path? Depends if the kid is grounded and has the work ethic to do well at school for a long time. If they get a $20-50k check a month, maybe not. Most doctors and lawyers do not have $50m+ at retirement to pass along, $10-20m yes but not shitloads of sweat equity from founding a company and monetizing it years later. High risk, high Renard. md is not high risk and even if you are a $500-1000k surgeon, you bank half of that after taxes and insurance. At least you work shifts and not 10+ hours each weekday. I thank you for volunteering so much at my kids private school. :)[/quote]
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