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Rising Star
There’s a big unquestioned premise here that one’s parents make $200k+ (If you peak at M/SM, you’ll likely be somewhere around $200k TC eventually). The median household income in the US is a fraction of that, so your reference point is…interesting.
As an M, I make more than either of my parents make or made at their peaks, so no, no weird feelings on my end.
My parents have never crossed 150k combined. In fact, they didn’t cross 100k until about 5 years ago. Ironically it was due to my mom retiring with 100% pension and collecting social security (she worked at one place for 40 years 😵😵😵)
Chief
This post is pretty emblematic of the fact that consultants disproportionately come from well off backgrounds. We clearly need to do a better job of recruiting
Vp1 is just absolutely wrong here
Chief
What? Are you suggesting that success can only be had for consultants if they make PPMD?
I know of many folks who left consulting at the M level and are doing extremely well right now. Believe it or not, there are even ex-consultants who make more than PPMDs.
Nope, I’m an analyst and I already make more than my parents.
My friends with rich parents just followed their parents line of work and will easily make as much as them, you should probably have done that if money was your ultimate goal.
Period
My dad made north of 10 million in startups and I’ve been chasing that goal forever and yes I feel like I’m on a endless treadmill of unreachable goals and there’s no way out but whatever I guess god has a cruel sense of humor
Please tell me you did this ^
Don’t know how this feels like. Good problem to have OP!
I swear people on this app think median income is like $200k. America is broken man.
S2, that’s true, salary itself isn’t really important. Starting your own company, having substantial equity, contributing to and growing the family wealth are the priorities. So it just grows and grows but everyone is too scared to spend it, because it’s seen as frivolous and disrespectful to the family members who earned it (which I can understand). Don’t get me wrong, I live a good life based on what I personally earn, but nowhere close to what it could be if I matched some of my family members personal earnings.
I remember once, I told my dad I wanted to be a teacher. You know what he said? “Why on earth would you want to be a teacher? They make no money. Start your own company”. That’s my family right there.
There is an enormous difference between providing with a high income and a good childhood. So what if you can't give all the bells and whistles, that's not what makes a good childhood.
Just be there, love em, and make them laugh. You win.
This is so naive, C2. No one is saying you have to have money to have a good childhood. But in general, higher family incomes are incredibly and clearly correlated w a myriad of outcomes in children including their own incomes / markers of success.
This also misses the fact that for generations, the expectation in the US is that children can and will be more successful than their parents were (American dream blah blah) - which just isn’t true these days in the same ways it has been even just a few decades ago.
No offense, but this post is the epitome of white privilege. My dad moved to the US with $500 in his pocket and worked his ass off to make it in the US. He didn’t make the most money but gave me an opportunity to live the American dream.
Use your opportunity to do the best you can and stop pitying yourself.
I make more than my parents combined and they came here as immigrants in the 80s. If I was given all this opportunity and didn’t exceed their salaries then I would feel so much guilt.
Not white but I understand that struggle of expectation. I often talk to my richer friends about their duty to uphold the generational wealth and the pressure is immense
I think the perspective here is that you may not NEED to be making as much as your parents to able to provide financially like your parents.
This is assuming you may not have school debt, so you can save earlier than they did or if the parents can provide some support later too (down payment support, childhood development support, gifts, inheritance).
No, I made more than their combined income when I was in my 20’s. That being said, they worked their asses off to make sure we had anything we needed. I am so grateful for my parents!
Pro
Same! Really thankful!
Also thankful to not be a tone deaf rich kid.
Must be nice to come from a privileged background. I was making more money than my parents just a few years out of college working in industry, so I can't relate to this question at all. I feel like the only thing people care about on this app is money
Yup.
I'm a consultant but already make more and have a higher net worth than my parents. This is a perspective thing I think.
My parents are dirt poor, I’m a white male who’s had to claw his way into consulting. Honestly feels like the odds are stacked against me, so many of my peers come from well off backgrounds. I’m excited at the opportunity I have to provide my kids a better up bringing.
Same but I’m a woman
Way more worried that I'll lose the person they raised me to be. I made more starting out of school than my parents combined. It makes me feel a little fake - like I didn't work hard to earn it like they did (not true just worked hard in a different way, but doesn't make me feel better).
Also way more worried of not teaching the value of money or hard work to my kids. I have a good appreciation for this, and this whole thing stresses me out.
This!
Chief
My dad peaked somewhere in the ballpark of $180k, and that was late in his career after my siblings and I had all flown the nest.
For most of my formative years we were solidly in the middle of the middle class--family of 6 on a single income in LCOL and MCOL areas.
My wife and I combined made more than that in our first year of marriage, let alone where we're at now, and even then made way more than her parents ever made, albeit we're in a HCOL vs their LCOL/MCOL.
Rising Star
Immigrant with parents still overseas. My dad didn’t know what a bathroom was until he was 9. My grandma, an orphan, lost her husband to an accident at the age of 32 and raised my mom (grandpa died when she was 6 months old) and my 7 aunts and uncles all by herself.
So no, i made wayyy wayyy wayyyy more that my parents make/made. And I am pretty sure all they want is for me to have a life void of the struggles that they have encountered.
As long as you are happy, they will be happy.
My parents made less than my husband and I make now, and I had the best childhood that I wouldn’t trade for anything. My parents saved like crazy, gave my brother and I tons of love & attention and set us off on a great path. I’m still really close with them. My childhood BFF came from a wealthier family but mine was and is a much happier one. Don’t forget, it isn’t all about the paycheck. People on this app have really screwed up priorities.
Daughter of a teacher and high school teacher here. I make more than them combined, at peak, yet somehow my Dad gets more in retirement income now than I make. #savingsgoals
Oops- Daughter of a nurse and high school teacher…
Come on man - the only downsides to having rich parents are the issues you make up in your head. Just do you and appreciate all the benefit you’ve had along the way.