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Will you ever be as rich as your parents? watch

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    I think I have more disposable income atm than either of my parents, but they had already married, had two kids and were buying a house by the time they were my age. They also have jobs close to home, which are all things I can only dream off.


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    yes easily my parent most held at one time is 10k for my mum and £800 for my dad
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    Easily.
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    I'm not sure; I've no idea how they did it!
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    I don't think I can surpass my Dad's salary no
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    Already earn more than my parents ever have combined, so yes I guess so.
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    Already am, but neither were very wealthy at all.
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    My mum doesn't work so I already earn more than her

    Will probably never earn more than my dad, even if I ever do become a consultant doctor. Combined earnings with my partner, maybe just, but not on my own.
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    As a kid, my dad was nearing the peak of his career. He would get multiple job offers to go to foreign countries on expat packages; these would include a large home, free school, a free car, a maid and free tickets (business class) to fly anywhere on holiday. His peak salary was around £140k but including all the perks, it was probably closer to £250-300k. My mother also worked, she was in HR as a senior manager. She brought home about £50k. All in all, the total household cash income was around the £200k mark, with a very low level of tax as we where in Asia for most of the time.

    Unfortunately, when I became a teenager my dad passed away and my mom had to take time out of her career. So nowadays the luxury is gone, to say the least.

    Personally, I believe it's entirely possible to attain (and beat) what my parents had achieved. The career routes I'm looking into (banking, consulting, law etc) pay handsomely and, in most cases, lead on to even better paying opportunities down the line. Obviously, I haven't started yet, but having secured a few internships already for when I start university is a good enough starting point for me.

    My dad was an absolute rockstar, he started off in an african village with virtually no prospects and made it to where he did by studying hard, he was so smart that companies started throwing jobs at his face even before finishing university. In that sense, no I will never match that but I can at least come close if I fulfill my goal of starting, financing, and growing a large tech company or even reaching the heights of management at a large company or partnership at a PE house.

    The question very much depends on: a) your starting point (knowledge and drive wise), b) your parents' starting point, c) your career aims. Not everyone will care about matching their parents, whilst on the other hand, for some it will be quite easy to do so.
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    Not off my own back, but my parents' wealth is fairly stable (properties etc) in the long term so my family will be relatively well off for quite a long time.
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    Generally speaking, not exactly the conditions to earn much money, unless you're lucky.
    I'm happy that my education gives me insight - which personally is enough for me.
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    My mum has never been particularly wealthy, I think that's started to change now as she works self-employed as an accountant for quite a few people. But I don't actually have any 100% idea of her income range, I just assume she's doing better than before.

    I will probably become wealthier than her but that obviously depends how the rest of her life plans out, as she hasn't even hit 40 yet so yano.. got a long time for things to change.
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    There's a difference between being rich and high earnings. In London, people can feel rich (and in a way are) if they own a property outright, but if they want to continue to live in London, then it's really just a roof, regardless of valuation. If you inherited a London property and moved elsewhere, then you could well be just as rich or even richer than your parents.

    Incomes though is a different thing - real incomes, eg, incomes compared to prices, have stagnated generally in the UK over the last 15-20 years. Since the rise of the neoliberal doctrine favoured by Thatcher and governments since then, the incomes of the top 1% and particularly the top 0.1% have risen drastically, but nearly everyone else has trod water. Therefore it is very technically challenging to earn more in real terms than one's parents once did. The likelihood if current trends continue is that most people will earn less overall in real terms than their parents did.

    There's a close correlation between falling real living standards and the crushing of organised workforces. Most work is now casualised - it is difficult in many sectors to obtain genuinely permanent jobs, for example. That leads to a collapse in organised labour and makes it difficult for many to sustain pensions and savings and the other things that in past times led to a strong, affluent upper working class and mainstream middle class.

    This isn't the whole story, because many people are still earning a lot, but even lots of people who do superficially earn a lot are very much less secure than their predecessors. Their standard of living is not guaranteed or stable.
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    My dad has done incredibly well for himself. He's worked very hard for a long time so he deserves it all. There's some things which have helped him more such as buying property before the huge increases which I don't think I'll benefit from.

    However he helped us all get an education so me and my siblings are now all in well paying jobs. That's an advantage for us over him as he didn't have much formal education.

    Doubt I'll be able to buy as much property as him and put all my kids through private school like he did but currently like for like age-wise, I'm ahead of where he was (my salary is higher) but I don't think I'll be in that position in 5-10 years time when he was at his peak.

    My dad also didn't get any help and had more obligations in terms of helping the wider family (his siblings) - I'll never have that responsibility and if anything, will get a lot of help from my dad too.
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    In general, the current young generation will remain a lot poorer than the current old generation. The statistics on this are quite shocking and not widely known.

    http://www.mindfulmoney.co.uk/retire...ey-retirement/

    In total, over 55s hold 57% of the nation’s wealth
    I do an exercise with my students where they imagine what their lifestyles will be like in 10 years' time (i.e. age 29/30). The general ideas are HUGELY optimistic - many imagine they will be living in London, owning a house with a holiday home elsewhere in the UK or abroad, pursuing expensive hobbies like sailing or horse-riding.

    I guess they are copying their parents' lifestyles and imagining theirs will be similar. But the truth is very different. Interesting review of a book about it here: http://www.theguardian.com/books/201...david-willetts

    I don't think I will ever be as rich as my parents.
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    tfw when you're already multiple times wealthier than your parents and they keep asking you for money.....feels annoying man
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    (Original post by Zerforax)
    My dad has done incredibly well for himself. He's worked very hard for a long time so he deserves it all. There's some things which have helped him more such as buying property before the huge increases which I don't think I'll benefit from.

    However he helped us all get an education so me and my siblings are now all in well paying jobs. That's an advantage for us over him as he didn't have much formal education.

    Doubt I'll be able to buy as much property as him and put all my kids through private school like he did but currently like for like age-wise, I'm ahead of where he was (my salary is higher) but I don't think I'll be in that position in 5-10 years time when he was at his peak.

    My dad also didn't get any help and had more obligations in terms of helping the wider family (his siblings) - I'll never have that responsibility and if anything, will get a lot of help from my dad too.
    You have to adjust for inflation, so on a real basis you might find your salary is actually lower.
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    I hope so! Because neither of them have very much money... If I was poorer I wouldn't be in a great position tbh.
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    (Original post by MAINE.)
    You have to adjust for inflation, so on a real basis you might find your salary is actually lower.
    My statement was based on personal circumstances and not numbers. At my age, my dad was on a small salary which just enough to scrap by on for a family of 5. It was thereafter that he started his own business and did amazingly well for himself.

    If you compare raw numbers or adjusted numbers for inflation, I still make a lot more than he did at my age. But that comes from the fact that he was able to provide us the support to get Uni degrees and come out with well paying jobs after that.
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    If i don't i'll never hear the end of it
 
 
 
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