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[query] Is it a good idea to say a firm No due to medical reasons to a new night shift project I'm hired in?Accenture
I recently got a night shift project (2 days ago) that requires me to work from 10:30pm till 7:30am
I'm not comfortable with these timings and I'm thinking to ask my manager to put me on Bench (Due to medical reasons that involve mental health)
Is it a nice idea to say a firm No to a new project I'm hardlocked into, due to night shifts?
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Social dynamics, mostly. I’m not one of the lucky trust fund types, but I was once engaged to a young woman whose family gave her a generous quarterly stipend.
They work because it allows them to have something to talk about when they’re at social functions, and it’s less forced than the trust fund types who become artists or “have a boutique thrift store” — if you know the type. If you’re in consulting, it’s relatively safe, the name looks good on the business card, and it reduces social friction.
Of course, you’re still living in a house beyond your salary, taking vacations beyond your salary, and driving a car that your father signed the lease for. The money you earn from your job is simply additional entertainment, and you’ll never deal with the stress of “losing your job” because a job loss won’t change your financial circumstances.
I will say this, and it’s probably obvious — it isn’t always easy to navigate these situations, socially speaking. I wasn’t comfortable with her family paying for extravagant vacations, so for a while I tried to keep up and pay my own way. It also leads to strange power imbalances, because you’re working hard to save up the 20% down payment for a house, and the person you’re dating was simply gifted a home. It’s hard to “work towards goals together” when one person doesn’t actually need to work towards… anything.
I don’t mean to sound resentful or bitter, it’s just a strange situation, dating someone who basically doesn’t need to work, but chooses to work because they find work amusing and a nice way to make friends.
Booz1, that’s an amazing decision you made. Good on you
I barely work 40hrs a week lol. Get in the right service line bro
Yea tell me babes
I honestly just want to know what did your parents do on earth for you to inherit a couple mill. It seems I’m from a different world 😩😪😂
I mean, I don’t know many people in this category because I come from normal middle class, but the ones I know w the small trust funds were doctors. So that’s fairly easy to achieve, not something over the top for once in a generation. Now prob primary care docs aren’t going to earn like that but docs w specialties can. If you have two parents like that, easy to get to net worth of $10M+. Our family friends (one ER doc, one OBGYN) are in the $15-30M range now. Their kids will get at least $5-10M each (2 kids).
Because you have all the confidence, no fear, a network that matters from your rich family, you choose to work on your own terms (just have to pretend to be humble, lie low occasionally etc).
I’d say why not?! Many of my colleagues come from money- they do jack and are always being promoted, are the headmasters’ favorites etc. One doesnt even have a basic background, but was helped.
They joined through referrals (never applied), and their kids will do the same.
Life is unfair, just bite the bullet, eat humble pie and accept that you are of inferior stock.
Was referencing D5 comment.
I’m inheriting 10 million next year and I still work so that I can respect myself for not being a lazy f$&k.
I dont want to just invest. I like to help create something useful for society. Obviously I can just live off the interest, but that’s beside the point.
As a European, can I ask where all this trust fund money originated? Yes the baby boomers had it good, but what kind of occupations generated such amounts? Any examples that can be replicated under current circumstances?
The comment about small business not being able to thrive in the US just isn’t historically true. It’s becoming more true in time, but even today not all small business needs corporate backing. People in the US start businesses all the time that succeed wo corporate backing. And historically even more so. So there are thousands of lower middle market businesses on their 3rd Gen of owners for example, where the family might have small trust funds (sizeable enough to us regular folk but small for Bezos). There are loads of wealthy people that came from small and medium sized businesses (as well as the oligopoly larger businesses too - they are fewer and have bigger trust funds but also are out there and not so uncommon)
Pro
I don’t want to be lazy. I think my parents also respect that I make money for myself rather than just spending theirs.
My wife is a Trusts and Estates lawyer and tell me about those kinds of kids. Long story short $5m is not enough money and they will burn through it within 2 years.
Also, just because they “have” a $5m trust doesn’t mean they have $5m. Sometimes the trust is written in a way where they can ONLY use the money for specific things: house bills, medical bills, education, etc.
Chief
$5 million with a 3% dividend yield (very doable in today’s market) gives me $150k/year with no drawdown. I can live on that or take a side gig to make another $25,000.
I can’t get my trust fund until I’m 30. One of the stipulation is that I also make my own money.
Also, I enjoy working and achieving things on my own. Knowing I have a trust is great security, but I never want ppl to think of me as only have made it bc of mommy and daddy. Therefore, I feel like I work twice as hard to prove myself.
Also, $5M is nothing!
As someone who definitely would choose to live on $100-200k for life and be thrilled w that, I do get what SM is saying about the true costs to execute a trust and the risk of big downward swings and how in the end $5M might not actually be enough for comfort. Usually too in wealth mgt, the tax avoidant and risk-avoidant, volatility reducing strategies are what’s prioritized. So you’re returns on your $5M aren’t going to be the market average for stocks (just took a class on municipal finance in fact - muni bonds are almost exclusively bought by the wealthy due to the tax avoidant nature. But your rate of return is lower than the stock market - like 5-7% on a good one in a pre 2022 market. This should be considered, it’s a typical example.) I think maybe $10-15M you could def stop at 18 and just live. And a very humble person (or risk tolerant person) could w $5M. But $5M is a bit shy of what’s needed to really do what you’re suggesting comfortably
I'm not a seven-figure trust fund kid now, but I do have six figures and stand to inherit several sevens.
It's about expectations. I was raised with the understanding that my trust didn't exist for me to get a fancy car, take expensive trips, etc. It existed to A) make things like buying a house easier (trust paid the down payment) B) get an education (trust paid tuition, books, room, and board - I had to pay for incidentals), C) grow the trust by being successful using those advantages, D) use the trust to help others through charity and good works, and E) ensure I didn't end up on the street.
My trust is a privilege and a responsibility. Like any privilege, it can be revoked. Like any responsibility, it has to be lived up to.
Pro
No. Only poor plebians work 70 hours a week. Trust fund babies magically find chill high visibility fast promo projects that are much less hours.
Also the stress hits different when you don't need this job to survive. If not this one, another one. If not this manager, another one. They are looking for the right place for them. Not becoming the right person for that place. Very different types of stress, one liberating, one toxic.
Besides, you think trust fund baby comes home to a dirty house, a million errands, and no food in the fridge after a week of travel? No, they order a meal plan, get groceries delivered, and have a cleaning service. So home time is relax time, unlike everyone else who is playing catch up and is exhausted by Monday.
Great answer pm1
You can make more as a partner than many have in their trust funds
Only the ones doing it wrong 💁♀️
Why are all the trust funds at EY lmfao
Work at T2, if I want my inheritance then I have to work, end of story.
Chief
Not sure – if I had that much I’d be allocating capital for my job. With $10 million a better spend of your time is thinking of how to get 1% better returns ($100,000) than working for $80,000. If it’s long-term capital gains the pctg. gain is even narrower due to tax differences.
Chief
Fully agree G2, but you can do smarter strategies like beta adjusting and covered call writing to add 1%, or go into property rentals. They point is to spend your life building something for yourself and not for someone else.
I do it in mbb... Zero clue why - was raised to work maybe?
Rising Star
I don’t work big 4. What else do you want me to do?
Hazing
https://m.youtube.com/watch?v=xdfeXqHFmPI
In ten years you have $6m
Chief
I ran mine pretty damn well – 3 years @ 50%/year. Had to go more passive as my work picked up. Definitely can’t run the same strategy now I’m working more and don’t have enough to go passive, yet…
Because not everyone lives off of their parents like the common narrative portrays as an insult
Pro
No idea! I mean both my parents grew up dirt poor. Through hard work and luck, they achieved great success. They don’t want their kids to suffer and want to ensure future generations are set up for success.
Idk why that’s such a terrible thing. Personally, my goal is to never have to need the money. If anything, their success just sets the bar and motivates me to aim for that on my own.