How many of you have millionaire parents?

[Kale01]

For whatever reason my profession has a ton of really rich people (families worth 10 mm+). Half my friends are blinged out yet also work a lot to make their own money. If you're a rich kid, why not pursue something like art or a 9 to 5 straight out of college office job that requires little to no responsibilities?

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[ulikedaggers]

For whatever reason my profession has a ton of really rich people (families worth 10 mm+). Half my friends are blinged out yet also work a lot to make their own money. If you're a rich kid, why not pursue something like art or a 9 to 5 straight out of college office job that requires little to no responsibilities?

Being your own person and getting out from under your rich daddy's shadow is something I've found many rich kids have in common.

My parents aren't wealthy though, so I don't know first hand.

 

[Adloquium]

I've noticed that as well when I first entered med school. I thought there would be more people similar to myself who came from a poorer background. There were definitely a few times I felt like chucking one of my 50 cent can of black beans at some people when they talked about the latest car or gadgets mom and dad bought them. However, then I realized I love black beans too much to do that and that I should feel freaking fabulous because I got so far in life with so few resources.

 

[sourdoughllama]

I've noticed that as well when I first entered med school. I thought there would be more people similar to myself who came from a poorer background. There were definitely a few times I felt like chucking one of my 50 cent can of black beans at some people when they talked about the latest car or gadgets mom and dad bought them. However, then I realized I love black beans too much to do that and that I should feel freaking fabulous because I got so far in life with so few resources.

Why

 

[deleted500612]

Why

Because a lot of these people truly don't realize how good or easy they have it. They take their parents' wealth and the lifestyle that comes along with it for granted.

 

[Rendar5]

Because a lot of these people truly don't realize how good or easy they have it. They take their parents' wealth and the lifestyle that comes along with it for granted.

and you get mad at them for it why? if that's how you've lived your whole life, how can you not see it that way. do you realize how good and easy you have it that you have no problem going to the supermarket for food and have a better shelter than a rusty aluminum roof with your home open to the elements? There's a reason dirt poor means "dirt" poor

 

[PrideNeverDie]

Because a lot of these people truly don't realize how good or easy they have it. They take their parents' wealth and the lifestyle that comes along with it for granted.

and you had it way better than the crappy third world country i was born in

the fact that you can even contemplate throwing black beans is proof of this

 

[Rendar5]

well it wasn't sidefx who was going to throw black beans, it was the other poster, iirc.

 

[Anastomoses]

Even though PrideNeverDie is a misogynistic twit of the first order, I completely agree with his point. Some of the people on this thread are unaware of the fact that having merely 1K in your bank account puts you among the richest 10% of people on the planet.

Furthermore, why do you ask this question? It's none of your business whose parents have money. What really bothers me are people who obsess over these things. You are the real problem.

Also: some people have generous parents, which doesn't necessarily connote super rich.

 

[deleted500612]

and you get mad at them for it why? if that's how you've lived your whole life, how can you not see it that way. do you realize how good and easy you have it that you have no problem going to the supermarket for food and have a better shelter than a rusty aluminum roof with your home open to the elements? There's a reason dirt poor means "dirt" poor

Ok first of all I want to clarify that I am not talking about everyone who is rich. My point is not directed towards people who are self-made, I have no issue with them spending their money however they see fit. They've earned it, they spend it. My point is also not directed towards adolescents/young adults who appreciate how fortunate they are to be given opportunities and live a lifestyle that others only dream of. So the fact that I have it better than starving kids in Africa, or that millionaires have it a lot better than me is irrelevant to the point I am trying to make.

My point was directed solely towards those who are blatantly unappreciative of what is handed to them on a silver platter. I've seen kids call up their rich parents telling them that they need more money for text books, then drop $400 of daddy's money in one weekend on alcohol, none of which he knows about. I've seen countless kids on free rides through university curtesy of their parents' piggy bank, only to party the whole time and drop out. I mean who cares about 100k in tuition and living expenses wasted when it's not your money right? You think these kids understand the value of money or the concept of working to earn your living? And then there's the kids in med school with prominent physician parents... oh boy (disclaimer: not all of them are like this obviously!). I've lost track of the amount of these types I've met who felt they were "entitled" to medical school without doing much work simply because their parents are physicians. They don't even earn their way in either, their parents simply make a couple phone calls and as long as they are above the minimum requisites it's a done deal. These entitled students are far too good to bother with volunteer work, that is for the rest of us peasants. Then you see them roll up to lecture in the 2014 M6 they demanded their daddy buy them, because anything less is too uncool for them. "Hey guys look at the new macbook my Dad also bought me, the 2013 model I had was so outdated!" You wonder why I find this irritating? You think they are not to blame because this is "how they were raised"? Sure, when kids are so flagrantly unappreciative of their free ride through life, the parents usually play a role, but that's never been a valid rationalization for such unabashed pompous behavior in any other aspect of life.

 

[DermViser]

I've noticed that as well when I first entered med school. I thought there would be more people similar to myself who came from a poorer background. There were definitely a few times I felt like chucking one of my 50 cent can of black beans at some people when they talked about the latest car or gadgets mom and dad bought them. However, then I realized I love black beans too much to do that and that I should feel freaking fabulous because I got so far in life with so few resources.

Are you kidding me? Do you know how much tuition is these days?

 

[atomi]

Are you kidding me? Do you know how much tuition is these days?

Yep, med school is mostly moderately wealthy kids. A good chunk went to private prep schools and colleges. Very, very few 1st generation college people in med school. <waits for poor people to chime in and tell me how wrong I am>
Med school is not affordable to most people/families. "Regular" people don't see a half million dollars of loans as a reasonable thing to do.

Being around lots of rich kids growing up, one thing I noticed is that they are raised to put a very high importance on money. Even the kid I knew with a multi million dollar trust fund was trying to hustle up money when he was a teenager, starting websites, investing, etc. They intentionally make friends with wealthy people, marry wealthy people, and pursue work typically as entrepreneurs or bankers. They are raised to do this and think this way by their mothers. In high school, my buddy bought a new 5 series (with some of his trust) and I remember him telling how proud he was to drive it home to his parents house because now they would respect him and he felt like he would belong there in their mansion. Medicine is a respected choice, but low-paying relatively when your dad owns a regional bank and your mom is a vice president at Citigroup. Therefore, most "rich kids" in med school are typically doctor-rich. Parents have a few million from working as physicians for a few decades. There are as few truly rich kids in med school as there are truly poor kids (such as one guy I knew whose parents were royalty). Whereas middle class kids aspire to be lawyers and doctors, upper class kids aspire to be real estate moguls and NFL team owners.

 

[SouthernSurgeon]

Did anyone else not read the thread title closely enough and open this thinking it was about millionaire patients?

 

[Porfirio]

My point was directed solely towards those who are blatantly unappreciative of what is handed to them on a silver platter.

http://www.cnn.com/2014/03/04/justice/student-sues-parents-new-jersey/index.html?hpt=hp_t2

Why stop at undergrad tuition? This girl should go all the way to medical school with that Biomedical Engineering degree.

 

[F7foryou]

OP, if you actually wanted an honest answer to your question, I suggest reading Rich Dad Poor Dad. Normally, wealthier people know how to keep money within their sphere of influence. Money stays with money. The times that you see your fellow medical students splurge on a $400 alcohol binge, where are you? Are you in the same place drinking a $12 beer? Or are you quietly at home, quietly stalking their after-thoughts on Facebook? Just be aware that you only have one perspective. It may seem that there is an absence of financial responsibility to you, but to them, they justify every dollar that they spend, trust me.

I went to undergrad and became best friends with someone who came from old money. I have to agree with what /u/atomi said, because my friend spends every waking minute thinking of how to make money for himself, creating 3 successful and countless unsuccessful businesses. The money that he spends in clubs, he tells me, is always warranted. Each chance out is an opportunity to meet other wealthy people to network. At first, I had trouble accepting the fact that he literally has to "party" as a living, because it's essential for networking. But now that we've been friends for over seven years, I know that he doesn't even like it anymore.

He now does work in Singapore, and enlightened me on something that I was ignorant of. If you went to an international-friendly school, and you've seen Singaporean students driving M3's and GTR's, you might think that these kids' parents are irresponsibly splurging on their children. Well, in Singapore, you essentially pay around $300,000 to buy a Camry ($100,000 import license, and about $170,000 in import fees). Keep in mind that these are wealthy people, and they're able to afford $500,000 for a family car. When their children come to America for college, spending $80,000 on a car seems like a steal.

While it's not completely the same, I think there are parallels that can be drawn to your experiences as well. It's all relative, and all based on perspective. I implore you to just take a step back, and unless their actions are directly hurting you or making your experience in medical school any lesser than it should be, just chillax bro.

 

[ulikedaggers]

He now does work in Singapore, and he also enlightened me on something that I was ignorant of. If you went to an international-friendly school, and you've seen Singaporean students driving M3's and GTR's, you might think that these kids' parents are irresponsibly splurging on their children. Well, in Singapore, you essentially pay around $300,000 to buy a Camry ($100,000 import license, and about $170,000 in import fees). Keep in mind that these are wealthy people, and they're able to afford $500,000 for a family car. When their children come to America for college, spending $80,000 on a car seems like a steal.

brb getting adopted by Singaporean parents.

 

[sobored]

I don't give a crap about what rich people do with their money...good for them for being rich. The whole "I'm so poor blah blah" thing is played out. BUT, what I can say might be concerning is this contributing to public perception that all doctors are overpaid a-holes flaunting wealth. I can see a scenario where general public sees rich person (wealth comes from parents or some other avenue) --> happens to be a doctor --> must have made all that money as a doctor. Maybe they did, but it seems like most doctors aren't THAT kind of rich. And after all these loans I have, the last thing I want is some dbag lay person telling me I make too much money as a doctor.

 

[evilbooyaa]

For whatever reason my profession has a ton of really rich people (families worth 10 mm+). Half my friends are blinged out yet also work a lot to make their own money. If you're a rich kid, why not pursue something like art or a 9 to 5 straight out of college office job that requires little to no responsibilities?

So that you can grow up and be a valuable member of society? Is this a serious question?

I know you (apparently) have a well-paying job. Does that mean you will expect your kids to do BS degrees and loaf around after college?

I have a physician parent, and while I had to bust my ass to ensure I got into medical school, I do appreciate that I had some networking help (in setting up volunteering/shadowing/etc.).

As for the person rambling against volunteering in medical school - I don't know why volunteer work is considered a 'requirement'. Most medical students did more than enough volunteer work to convince medical school to take them. I think if medical students want to do volunteer work, more power to them. If they don't, it shouldn't be something to frown upon.

 

[TooMuchResearch]

For whatever reason my profession has a ton of really rich people (families worth 10 mm+). Half my friends are blinged out yet also work a lot to make their own money. If you're a rich kid, why not pursue something like art or a 9 to 5 straight out of college office job that requires little to no responsibilities?

Because nursing and medicine are the same job, right?

Oh wait, wrong thread. Apologies, Troll.

 

[deleted500612]

http://www.cnn.com/2014/03/04/justice/student-sues-parents-new-jersey/index.html?hpt=hp_t2

Why stop at undergrad tuition? This girl should go all the way to medical school with that Biomedical Engineering degree.

Pretty ridiculous. Even if she hadn't left home, the parents should not be obligated to pay for her private school tuition, or for a college tuition. Having your parents pay for your education is a privilege, not a right, regardless of how much money they have.

 

[KnuxNole]

I've noticed that as well when I first entered med school. I thought there would be more people similar to myself who came from a poorer background. There were definitely a few times I felt like chucking one of my 50 cent can of black beans at some people when they talked about the latest car or gadgets mom and dad bought them. However, then I realized I love black beans too much to do that and that I should feel freaking fabulous because I got so far in life with so few resources.

I have no shame admitting to people I have had ramen for dinner. Spicy shrimp flavor is pretty good

Tuition is high, but that's what loans are for. If it was a requirement to be moderately wealthy to enroll in med school, I wouldn't be here today.

After all, as a poor med student, don't have a lot of money to throw around.

Same now as a poor resident

 

[PrideNeverDie]

I have no shame admitting to people I have had ramen for dinner. Spicy shrimp flavor is pretty good

Tuition is high, but that's what loans are for. If it was a requirement to be moderately wealthy to enroll in med school, I wouldn't be here today.

After all, as a poor med student, don't have a lot of money to throw around.

Same now as a poor resident

you know i'm ballin' because i use shin ramyun ... none of that poverty top ramen for me

 

[cbrons]

Yep, med school is mostly moderately wealthy kids. A good chunk went to private prep schools and colleges. Very, very few 1st generation college people in med school. <waits for poor people to chime in and tell me how wrong I am>
Med school is not affordable to most people/families. "Regular" people don't see a half million dollars of loans as a reasonable thing to do.

You would think that, but I don't see it this way at all. With the government guaranteed student loans, any idiot can take out $100Gs to get a completely and utterly worthless degree with no hope of ROI (i.e. in sociology, ethnic and gender studies, "art", etc.) And so far as I can tell, many people do it.

I don't think the price tag is an issue for acceptees at American MD schools (sure they will pick the cheaper of two options, but with only one option, they are mostly going to take the debt and matriculate regardless of socioeconomic status).

 

[Perrotfish]

s

and you get mad at them for it why? if that's how you've lived your whole life, how can you not see it that way. do you realize how good and easy you have it that you have no problem going to the supermarket for food and have a better shelter than a rusty aluminum roof with your home open to the elements? There's a reason dirt poor means "dirt" poor

People get mad at unfair systems. If you have a class of 100 and 1 kid happened to grow up in the top 1%, then that's just the odds. However medical admissions is very much rigged to admit the children of physician's specifically and the wealthy more generally. Medical school matriculants have one of the highest median incomes of any profession in the nation. I can imagine that if you show up an realize you're basically in a country club it would be annoying, and the cluelessness that would engender would no doubt be grating.

For whatever reason my profession has a ton of really rich people (families worth 10 mm+). Half my friends are blinged out yet also work a lot to make their own money. If you're a rich kid, why not pursue something like art or a 9 to 5 straight out of college office job that requires little to no responsibilities?

To answer your question, I can think of three reasons the children of the wealthy often pursue medicine

1) To get out from daddy's shadow. No one likes being looked down on, and American culture has very low esteem for those who didn't 'make it ' on their own. No one wants to be seen as pathetic, by others or by themselves, so they pursue a profession that is, indisputably, respectable and real.

2) To get out from under daddy's thumb. Ever heard your parents say 'my house my rules?' That happens to rich kids too. Would you want your parents to be able to boss you around for the rest of your life?

3) To stay wealthy. Even assuming that most of your classmates aren't exaggerating their families' finances (many people do that) what you consider extremely wealthy could still be a long way off from the kind of wealth that supports multiple generations of work free debauchery. You used 10 million as a figure. While 10 million seems like an insane amount of money, it won't support the lavish lifestyle of a large family indefinitely, and the financial markets are also not that reliable if you're going to use them as a your sole source of income. Using the 4% safe withdrawel rule, 10 million produces 400K/year of income, any more than that and the bank account starts getting smaller (adjusted for inflation). After capital gains tax, and split between the parents and their (hopefully only) child, the kid will be taking home less than an Internist's salary. I'm sure the luxury items they get are very nice, but you might be confusing the window trappings of wealth (not worrying about a restaurant bill while you're in college/medical school) with the real thing (not having to work).

 

[touchpause13]

I don't understand why you care... Some people are rich, some people are poor. This is the way of the world. Med schools tend to attract more students from upper middle class (no matter how much you have, you always say this instead of rich) backgrounds.

One thing I've learned being married to someone who came from a different class than myself is that there are huge cultural differences. While you may think it's beyond stupid to drop several hundred dollars at a club, what they are doing is more networking than anything else. Rich people want to attract other people who are wealthy and have influence. You have to spend money in order to do this.

 

[evilbooyaa]

I don't understand why you care... Some people are rich, some people are poor. This is the way of the world. Med schools tend to attract more students from upper middle class (no matter how much you have, you always say this instead of rich) backgrounds.

One thing I've learned being married to someone who came from a different class than myself is that there are huge cultural differences. While you may think it's beyond stupid to drop several hundred dollars at a club, what they are doing is more networking than anything else. Rich people want to attract other people who are wealthy and have influence. You have to spend money in order to do this.

Regarding the bolded, Upper middle class != 'rich'. I'm not sure what the true cut off is, and it's obviously not the top % of the country b/c of the crazy outliers at the right side of the wealth distribution curve, but I'd say 100-500kish is upper middle class.

And about the 'networking' point, is that still as relevant to medical students? I get it in college for business majors/DJs/etc. etc. where the people you are currently with will end up being your business partners. For medical students, going to a club is not going to network you with residents or attendings (who are the ones who decide whether you will get a residency spot or a future job).

 

[Anastomoses]

Regarding the bolded, Upper middle class != 'rich'. I'm not sure what the true cut off is, and it's obviously not the top % of the country b/c of the crazy outliers at the right side of the wealth distribution curve, but I'd say 100-500kish is upper middle class.

And about the 'networking' point, is that still as relevant to medical students? I get it in college for business majors/DJs/etc. etc. where the people you are currently with will end up being your business partners. For medical students, going to a club is not going to network you with residents or attendings (who are the ones who decide whether you will get a residency spot or a future job).

Networking doesn't only mean for business purposes. It even means your social circle or being around those who share your lifestyle, potential partners, maybe even the sort of people who can influence where your child gets into school. If you've ever been at a party with people who drink $4 wine, you'll know how awkward it is if you don't share much in common with how they live, how they consume goods and what considerations they have which you don't share in common.

 

[evilbooyaa]

Networking doesn't only mean for business purposes. It even means your social circle or being around those who share your lifestyle, potential partners, maybe even the sort of people who can influence where your child gets into school. If you've ever been at a party with people who drink $4 wine, you'll know how awkward it is if you don't share much in common with how they live, how they consume goods and what considerations they have which you don't share in common.

Oh. I guess I don't call it networking when it's not ultimately for business purposes. I just call it socializing. 'The sort of people who can influence where your child gets into school"? I think I see what you're getting at, but it seems really far down the line (and requires a lot of 'if' statements to become true).

Also, if I'm drinking wine at a party (with no cheese or other food for my palate), it's already a bad night. Only way to not make it the worst night ever is to ensure that it's a white, tastes similar to grape juice, and is cheaper than $15 for the bottle. Just my opinion though, I know how people get over their wine.

 

[Perrotfish]

One thing I've learned being married to someone who came from a different class than myself is that there are huge cultural differences. While you may think it's beyond stupid to drop several hundred dollars at a club, what they are doing is more networking than anything else. Rich people want to attract other people who are wealthy and have influence. You have to spend money in order to do this.

I think you might be overstating the 'culture' of wealth. The willingness to spend a disproportionate amount of your income on status symbols (fancy clubs, cars, and clothes) to improve the view others have of you is a universal thing, not something that's associated with the rich and famous. You'll find the same balance between frugality and conspicuous consumption in all socioeconomic classes.

BTW I don't think that what you described qualifies as networking. Paying to go to a conference with your industry 's leaders is networking. Paying to hang out with rich people of your age with completely different jobs is socializing. While I'm sure that someone at some point has gotten job out of their social 'network' any spending with that low of a rate of return should be viewed as a luxury item and not an investment.

 

[HLxDrummer]

I wear magnetic strips off my daddy's card more than I replace through a roll of toilet paper.. but that is because my butler takes care of that.

 

[Apoplexy__]

I'm actually pretty surprised how much hostility there is in this thread towards the fact that poor people resent flagrant overspending. It makes me see that the majority of people on here can't relate to being poor. The logic of "you feel poor, but you're richer than 90% of the world" doesn't mean anything because the question of being poor compared to people in Africa was never the point; it was being poor compared to rich kids in med school. I mean, if we're comparing world wealth, these rich kids are richer than 99.9% of the world.

If I were rich, I would resent poor people thinking I didn't earn/deserve my money. I get that. But I think it's always a DB move to complain about nice things you have, or otherwise demonstrate a lack of appreciation for them -- and it just so happens that rich people do the majority of that. It's like a gunner complaining about their 90% not being a higher A.

 

[touchpause13]

Regarding the bolded, Upper middle class != 'rich'. I'm not sure what the true cut off is, and it's obviously not the top % of the country b/c of the crazy outliers at the right side of the wealth distribution curve, but I'd say 100-500kish is upper middle class.

My point was that no one likes to say they are rich. It comes across douchey. The majority of truly wealthy people I know call themselves upper middle class.

 

[touchpause13]

I think you might be overstating the 'culture' of wealth. The willingness to spend a disproportionate amount of your income on status symbols (fancy clubs, cars, and clothes) to improve the view others have of you is a universal thing, not something that's associated with the rich and famous. You'll find the same balance between frugality and conspicuous consumption in all socioeconomic classes.

BTW I don't think that what you described qualifies as networking. Paying to go to a conference with your industry 's leaders is networking. Paying to hang out with rich people of your age with completely different jobs is socializing. While I'm sure that someone at some point has gotten job out of their social 'network' any spending with that low of a rate of return should be viewed as a luxury item and not an investment.

People with money don't spend a disproportionate amount of money on clothes and cars. That's stupid. That's my point, wealthy people who stay wealthy spend in a very calculated manner. You get pro athletes who came from nothing and blow it all in several years, yes. But to pass on your wealth to the next generation, you are not going to spending your money stupidly.

 

[NontradCA]

There were definitely a few times I felt like chucking one of my 50 cent can of black beans at some people when they talked about the latest car or gadgets mom and dad bought them.

 

[Microglia]

People with money don't spend a disproportionate amount of money on clothes and cars. That's stupid. That's my point, wealthy people who stay wealthy spend in a very calculated manner. You get pro athletes who came from nothing and blow it all in several years, yes. But to pass on your wealth to the next generation, you are not going to spending your money stupidly.

This is largely due to just having a good financial manager and being willing to listen to them..really nothing to do with being all that 'calculated' on their part. Just letting someone who is tell you what to do.

 

[colbgw02]

This is largely due to just having a good financial manager and being willing to listen to them..really nothing to do with being all that 'calculated' on their part. Just letting someone who is tell you what to do.

Here's a recent article that debunks common misconceptions about millionaires in this country:

http://finance.yahoo.com/news/6-millionaire-myths-debunked-000000873.html

Most people accumulate wealth through aggressively saving money, living below their means, and by starting that saving early in their careers. Now, I'm not entirely sure what's not "calculated" about that recipe. Yes, any decent financial advisor will tell you to save a large percentage of your pay; that's not the point. It's also true that a personal trainer will help someone lose weight and get into shape, but it still takes effort by the individual to get results. If someone lost a bunch of weight by working with a personal trainer, it'd be stupid to say, "oh, well, all you did is what they told you to do".

The path to accumulating wealth isn't a secret, just as it's no secret that eating healthier and exercising more will make you healthier. Financial advisors provide - wait for it - advice, but even then a small amount of financial self-education can replace that. Just as a person can be self-motivated to lose weight and obviate the need for a trainer. In both cases it's still largely a function of the individual's willingness to do what is necessary, and that sounds pretty "calculated" to me. If it weren't, then we wouldn't have so many obese people in this country with next to nothing in their retirement accounts.

 

[Microglia]

Here's a recent article that debunks common misconceptions about millionaires in this country:

http://finance.yahoo.com/news/6-millionaire-myths-debunked-000000873.html

Most people accumulate wealth through aggressively saving money, living below their means, and by starting that saving early in their careers. Now, I'm not entirely sure what's not "calculated" about that recipe. Yes, any decent financial advisor will tell you to save a large percentage of your pay; that's not the point. It's also true that a personal trainer will help someone lose weight and get into shape, but it still takes effort by the individual to get results. If someone lost a bunch of weight by working with a personal trainer, it'd be stupid to say, "oh, well, all you did is what they told you to do".

The path to accumulating wealth isn't a secret, just as it's no secret that eating healthier and exercising more will make you healthier. Financial advisors provide - wait for it - advice, but even then a small amount of financial self-education can replace that. Just as a person can be self-motivated to lose weight and obviate the need for a trainer. In both cases it's still largely a function of the individual's willingness to do what is necessary, and that sounds pretty "calculated" to me. If it weren't, then we wouldn't have so many obese people in this country with next to nothing in their retirement accounts.

Ah, I should have clarified. I completely agree, *accumulating* wealth is very calculated. *Maintaining* it is also calculated, but typically not by the person who has it. That was all as far as the point I was trying to make.

 

[KinasePro]

1st gen college grad here and not bitter about coming from meager beginnings. That being said, I do find it difficult to get to know my wealthy classmates. People who come from money get along much more easily with other people who come from money. For example: when we have a lengthy break from rotations, most people fly home or travel to interesting destinations. When they return, they share stories and bond over their travels. People like me just kind of hang around town bc we're broke as fuark. My impression is that I come across as boring and relatively un-cultured, because no one knows I have only student loans and no money to travel. In reality, I'd love to travel but will have to wait until I'm an attending to do so.

This is just one example, but you can imagine how the difference in life experience makes it easier for wealthy people to relate to and get to know one another. There aren't many (any?) "blue collar" types in my school, even the minority students are relatively wealthy. It's all good though, I don't hold it against anyone. It's an interesting phenomenon though, and it definitely has changed the way I view the socioeconomic accessibility of the medical profession.

 

[LaughingMan]

I am often asked why I don't just take over my fathers businesses (and he definitely wants me to), but I would rather make my own path. This of course doesn't mean I won't have them support me.

Also one factor is that it helps diversify our income. Our family is more communal with income. So the diesel industry crashed in five years, my bro and I would be able to support our family while they rearrange their assets.

 

[madchemist89]

Read The Millionaire Next Door. You will find out how most of America's millionaires are people working fairly regular type jobs (mechanics, plumbers, electricians, etc.) However, they usually own their businesses. They drink Budweiser, wear cheap suits, and drive non-luxury vehicles. In fact, physicians and lawyers are, compared to their income, relatively poor due to their frivolous spending habits. Cars and country club memberships do not build wealth. If you wish to build wealth, you must save, invest, and avoid debt. Wealthy people use the time value of money to their advantage. Other people do not. The formula is simple, but it runs against the nature of most people.

 

[deleted307836]

Plus the word "millionaire" by itself doesn't tell you much. Does "millionaire" mean someone with a net worth of over 1M? That doesn't really tell you much about lifestyle and financial freedom. Someone who has 500k equity in their home plus 500k in retirement accounts isn't exactly able to bequeath a life of luxury and sloth to their offspring. They probably wouldn't be able to afford to pay for their kid's med school, either, despite their "millionaire" status.

 

[DermViser]

I don't give a crap about what rich people do with their money...good for them for being rich. The whole "I'm so poor blah blah" thing is played out. BUT, what I can say might be concerning is this contributing to public perception that all doctors are overpaid a-holes flaunting wealth. I can see a scenario where general public sees rich person (wealth comes from parents or some other avenue) --> happens to be a doctor --> must have made all that money as a doctor. Maybe they did, but it seems like most doctors aren't THAT kind of rich. And after all these loans I have, the last thing I want is some dbag lay person telling me I make too much money as a doctor.

Get used to it. It won't just be the dbag lay person saying it either, it goes all the way up to the dbag President of the United States, who uses class warfare as the go to card. No one will care about your loans.

 

[DermViser]

1st gen college grad here and not bitter about coming from meager beginnings. That being said, I do find it difficult to get to know my wealthy classmates. People who come from money get along much more easily with other people who come from money. For example: when we have a lengthy break from rotations, most people fly home or travel to interesting destinations. When they return, they share stories and bond over their travels. People like me just kind of hang around town bc we're broke as fuark. My impression is that I come across as boring and relatively un-cultured, because no one knows I have only student loans and no money to travel. In reality, I'd love to travel but will have to wait until I'm an attending to do so.

This is just one example, but you can imagine how the difference in life experience makes it easier for wealthy people to relate to and get to know one another. There aren't many (any?) "blue collar" types in my school, even the minority students are relatively wealthy. It's all good though, I don't hold it against anyone. It's an interesting phenomenon though, and it definitely has changed the way I view the socioeconomic accessibility of the medical profession.

So much for affirmative action policies actually helping those it was intended to help. I guess using race as a surrogate marker for being disadvantaged gets some false positives. Oops.

 

[LaughingMan]

Read The Millionaire Next Door. You will find out how most of America's millionaires are people working fairly regular type jobs (mechanics, plumbers, electricians, etc.) However, they usually own their businesses. They drink Budweiser, wear cheap suits, and drive non-luxury vehicles. In fact, physicians and lawyers are, compared to their income, relatively poor due to their frivolous spending habits. Cars and country club memberships do not build wealth. If you wish to build wealth, you must save, invest, and avoid debt. Wealthy people use the time value of money to their advantage. Other people do not. The formula is simple, but it runs against the nature of most people.

100%. It's crazy how many times I have to explain to people that the guy who drives that S600 and financed it isn't really "wealthy" but just is a high income earner.

 

[Kale01]

OP, if you actually wanted an honest answer to your question, I suggest reading Rich Dad Poor Dad. Normally, wealthier people know how to keep money within their sphere of influence. Money stays with money. The times that you see your fellow medical students splurge on a $400 alcohol binge, where are you? Are you in the same place drinking a $12 beer? Or are you quietly at home, quietly stalking their after-thoughts on Facebook? Just be aware that you only have one perspective. It may seem that there is an absence of financial responsibility to you, but to them, they justify every dollar that they spend, trust me.

I went to undergrad and became best friends with someone who came from old money. I have to agree with what /u/atomi said, because my friend spends every waking minute thinking of how to make money for himself, creating 3 successful and countless unsuccessful businesses. The money that he spends in clubs, he tells me, is always warranted. Each chance out is an opportunity to meet other wealthy people to network. At first, I had trouble accepting the fact that he literally has to "party" as a living, because it's essential for networking. But now that we've been friends for over seven years, I know that he doesn't even like it anymore.

He now does work in Singapore, and enlightened me on something that I was ignorant of. If you went to an international-friendly school, and you've seen Singaporean students driving M3's and GTR's, you might think that these kids' parents are irresponsibly splurging on their children. Well, in Singapore, you essentially pay around $300,000 to buy a Camry ($100,000 import license, and about $170,000 in import fees). Keep in mind that these are wealthy people, and they're able to afford $500,000 for a family car. When their children come to America for college, spending $80,000 on a car seems like a steal.

While it's not completely the same, I think there are parallels that can be drawn to your experiences as well. It's all relative, and all based on perspective. I implore you to just take a step back, and unless their actions are directly hurting you or making your experience in medical school any lesser than it should be, just chillax bro.

I guess people's experiences are different. The richest people I know (in my family no less) are just sponging off their parents since their parents set up trusts and throw money at them. They have around 100mm though, so I guess they never need to worry about money.

The sort of rich people I know (10mm) all work for a living. But that's partly because their parents aren't really giving them anything right now. Not sure they'd be working the same jobs if they inherit all of their millions.

My point was that if my parents were rich and my parents gave me money, I sure as hell would not be working as a doctor or a professional. So I guess an answer to my own question is that their parents aren't giving them anything. If they were, who knows how many of them would spend 10+ years in school just so they could work a lot during their life.

I don't understand it if someone did have a trust fund though - why be a working professional? I'm not saying they should do nothing and be unemployed. There are a lot of more interesting, more fun jobs out there - most of them don't pay well, but if you don't have to worry about money, then who cares. Another answer that pops up in my head - kids who are funded but who still pursue being a professional are talentless and have no real passions or interests.

To respond to someone else's post, none of the rich kids I know have parents who work as physicians or professionals. They are all business owners - that's where the money is.

 

[Kale01]

Plus the word "millionaire" by itself doesn't tell you much. Does "millionaire" mean someone with a net worth of over 1M? That doesn't really tell you much about lifestyle and financial freedom. Someone who has 500k equity in their home plus 500k in retirement accounts isn't exactly able to bequeath a life of luxury and sloth to their offspring. They probably wouldn't be able to afford to pay for their kid's med school, either, despite their "millionaire" status.

I mean probably at least 6mm in cash invested, basically if you can draw maybe 200k+ per year simply through investments. A lot of these parents still work on top of the investments. I would consider that rich, at least for a small family.

 

[PrideNeverDie]

1st gen college grad here and not bitter about coming from meager beginnings. That being said, I do find it difficult to get to know my wealthy classmates. People who come from money get along much more easily with other people who come from money. For example: when we have a lengthy break from rotations, most people fly home or travel to interesting destinations. When they return, they share stories and bond over their travels. People like me just kind of hang around town bc we're broke as fuark. My impression is that I come across as boring and relatively un-cultured, because no one knows I have only student loans and no money to travel. In reality, I'd love to travel but will have to wait until I'm an attending to do so.

This is just one example, but you can imagine how the difference in life experience makes it easier for wealthy people to relate to and get to know one another. There aren't many (any?) "blue collar" types in my school, even the minority students are relatively wealthy. It's all good though, I don't hold it against anyone. It's an interesting phenomenon though, and it definitely has changed the way I view the socioeconomic accessibility of the medical profession.

did you factor in the FMGs from third world countries?

http://economix.blogs.nytimes.com/2011/01/31/the-haves-and-the-have-nots/
http://www.forbes.com/sites/timwors...ive-better-than-most-of-the-rest-of-humanity/

"Even if you’re stuck in the bottom 5% of the US income distribution your standard of living is about equal to that of the top 5% of Indians."

if people who live with lower standards than anyone in the US are able to become US attendings, then the socioeconomic accessibility of the medical profession is greater than you think

 

[evilbooyaa]

did you factor in the FMGs from third world countries?

http://economix.blogs.nytimes.com/2011/01/31/the-haves-and-the-have-nots/
http://www.forbes.com/sites/timwors...ive-better-than-most-of-the-rest-of-humanity/

"Even if you’re stuck in the bottom 5% of the US income distribution your standard of living is about equal to that of the top 5% of Indians."

if people who live with lower standards than anyone in the US are able to become US attendings, then the socioeconomic accessibility of the medical profession is greater than you think

Most people in this thread are talking about medical school (and more importantly, paying for it). Comparing foreign-trained MDs (who don't have to repeat medical school) to US-trained students on the finances of medical school is comparing apples and oranges.

 

[Bacchus]

s
People get mad at unfair systems. If you have a class of 100 and 1 kid happened to grow up in the top 1%, then that's just the odds. However medical admissions is very much rigged to admit the children of physician's specifically and the wealthy more generally. Medical school matriculants have one of the highest median incomes of any profession in the nation. I can imagine that if you show up an realize you're basically in a country club it would be annoying, and the cluelessness that would engender would no doubt be grating.

 

[NontradCA]

Get used to it. It won't just be the dbag lay person saying it either, it goes all the way up to the dbag President of the United States, who uses class warfare as the go to card. No one will care about your loans.

How is wanting to reimburse PCPs more class warfare?