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Ask HN: 8 figure parents

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Re: Ask HN: 8 figure parents

#11

Post by Inconel »

If you don't have to worry about finances and you have the ability to take time off for yourself, you could always travel the world and meet new people, explore new cultures. You might end up inadvertently being exposed to something that you become passionate about. In the worst case scenario, you'll probably get to experience some incredibly beautiful places.

How do you feel about charitable work? Is it something that would give you satisfaction? And do you enjoy working with people? I always imagine how great it would be to have money and be able to make small loans/donations to entrepreneurs just starting out. I think I would find it equally satisfying to providing funding for small businesses as much as the next world changing startup.

Do you have some hobby you really enjoy? Maybe you could start a small business involved in that as a sort of side job, without the pressure or drive needed to launch a full time business.

Slightly off topic, but I couldn't even imagine what I would do with that amount of money. I remember when I first started making $35k-$40k here in LA, not exactly a low COL area, and I had more money than I knew what to do with.

Re: Ask HN: 8 figure parents

#12

Post by namlem »

pinnbert wrote: post #4
tlb wrote: post #3

Graduate school is wonderful, and AI departments are looking for students. Grad school made for some of the best years of my life. Eventually you have to crank out a thesis, but the journey is very rewarding.

Already have MS computer engineering.

So get a doctorate. You could even afford to avoid TAing classes, since you don't need the money.

Re: Ask HN: 8 figure parents

#14

Post by pinnbert »

Inconel wrote: post #11

If you don't have to worry about finances and you have the ability to take time off for yourself, you could always travel the world and meet new people, explore new cultures. You might end up inadvertently being exposed to something that you become passionate about. In the worst case scenario, you'll probably get to experience some incredibly beautiful places. How do you feel about charitable work? Is it something th…

In my case, I'd need to convince my parents or trustee to start loaning out the money. I suppose that makes it a loan or angel arrangement over a donation. True about small businesses. My dad's mainly into apartments, commercial real estate, and housing on long term (rented) basis. Myself I work as a programmer in a small business. More to life than the BIG FOUR or whoever wants to become the fifth.

Re: Ask HN: 8 figure parents

#16

Post by sprocketonline »

sprocketonline wrote: post #15

I'd recommend taking a look at projects such as 80,000 hours - from their site "Make the right career choices, and you can help solve the world’s most pressing problems, as well as have a more rewarding, interesting life." https://80000hours.org/

Somewhere there's the intersection of: (a) what you want to do - i.e. your interests & 'passions', (b) your skillset, or potential to learn a skillset (c) worthwhile problem to work on (d) something that will financially support you; but this is not a concern in your case (e) something that provides you with dignity, purpose and meaning in life

I like the idea that it's an optimisation problem, to seek something which achieves these criteria and maximises beneficial impact to society.

Re: Ask HN: 8 figure parents

#17

Post by gumby »

Why not just ignore the money and work like anyone else (not being sarcastic, being serious). You'll have resources if it all causes problems, or to modulate around the edges (pay cash for your home, take slightly nicer vacations than you and your spouse might otherwise have done, have a full time nanny when the kids are small).

I've sold some companies here in the Valley and I've noticed that the most fun people to hang out with do the same old stuff as everyone else (scout troops, poker, skiing, writing code, etc). If you're biking with your buddies does it matter how much money any of you have? If you have kids they'll be easier to raise and will themselves have more fun if they're just like their classmates. Even at Paly (Palo Alto High School) there's a mix of kids whose families have little (yes, even some getting food stamps) and kids whose parents have private jets. Don't you want your kids to have the maximum set of possible friends? If you live it, they will too.

I sent my kid to private school (for certain specific reasons) and the worse part of selecting a school was finding one without the snotty factor.

Re: Ask HN: 8 figure parents

#19

Post by Grustaf »

It sounds like you're pretty young, so I definitely don't think you should consider retiring, or even travelling the world, just yet. Let me tell you why.

I grew up in a very affluent area in Stockholm, and although my parents were far from 8 figures, we had it very comfortable. My parents were extremely strict about not spoiling us, so we got nothing for free. When I was around 15 or so however, my grandmother gave us a tiny inheritance so she could spend the rest of her money backpacking with a good conscience. Anyway, that very small amount of money meant that I could take long breaks from university to travel the world, live in Shaolin, China etc, and I definitely didn't have any financial motivation to work hard and finish university quickly.

I did have some great experiences, but I ended up never finishing my degree, despite also being very technical and finding university extremely easy. It hasn't been a problem for my career, but it has stopped me from pursuing other goals, such as getting a PhD.

What I'm trying to say is, very few people can handle being even slightly free from economic constraints without becoming idle, and as nice as idleness may sound, it's really harmful in the long run. If you're anything like me, you'll regret it.

I think the best thing you can do is to get a degree, not because you need it but because learning is interesting. If you're past that stage in your life, join a startup (such as ours, kitex.tech), your financial freedom means you don't have to get a second job, you'll be a great addition to any team.

If you really feel the urge, take a year to travel, but be disciplined about it. But in my experience, travelling, like anything, is much more rewarding when there's a goal. Better work with something that involves travelling to exotic locations, than bum around as a directionless backbacker.

Re: Ask HN: 8 figure parents

#20

Post by jasonkester »

Imagine how good it would feel to be able to say to your parents:

"It's been really nice to know I'd be taken care of if things didn't work out, but as it turns out I don't think I'm going to end up needing anything from you guys. Is it too late to restructure things so that any inheritance skips me and goes straight into a trust for the grandchildren?"

That's a realistic position that you can get yourself into (it just happens that the rest of us need to get there). Having the inheritance as a safety net will actually make it a bit easier, since you'll be able to take a few more risks, career-wise, or even do some of that entrepreneuring that you don't seem interested in.

But I think you'll be surprised what it does to your feeling of self worth to know that you actually accomplished something on your own, rather than just waiting for a trust to mature.

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