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Is success tied to having rich parents?

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Re: Is success tied to having rich parents?

#51
I don't say it very often but I'm going to say it again now:

I'm dirt poor. I have been for at least a decade and was homeless for nearly six years of that.

I also have nearly six years of college and my mother's mother came from a low level noble family. They sold the title when they fell on hard times so I'm not nobility, though I finally realized in recent years the conservative "dress code" I was raised with sounds like what I've read about the rules the British royals are expected to follow.

Currently, my failure to make ends meet gets blamed on me and any complaints I make about my gender being a barrier to effective networking, etc, get routinely handwaved off dismissively like I must just be doing something wrong.

I imagine if I ever get successful, people will rewrite their perception of me and focus on the privileges I've been fortunate to have.

No one is a monolith. We all have both good things and bad things in our lives.

It's useful to get some idea of how it was really done as a means to help you figure out how to find a path forward. Money per se is never the whole story.

Plenty of people from monied backgrounds do not become the next Bill Gates.

I would like to think the human race has finally achieved enough that it's possible for us to provide some basics to everyone so most people have maneuvering room and choice in how they live their life. But trying to talk about that seems to get me branded an SJW or something when similar interests from millionaires gets viewed as philanthropy or something.

There's a huge bias in the minds of most people that filters things in what seems a strongly classist fashion. I have yet to find a way around that.

Re: Is success tied to having rich parents?

#52
Are we seriously debating whether having access to more money helps you in business? Via proxy by reddit post none the less.

Yes, some people in the world have access to opportunities that others don't. Not all 8 billion people on the planet have the exact same set of circumstances. This isn't controversial or even interesting.

Re: Is success tied to having rich parents?

#53

Everyone give me some counterpoints to this for inspiration. People that came from abject poverty and made it. As an aside I do feel strongly that moving up more than one social class is difficult due to not being taught about money and how to handle it. My parents are working class, their parents were poverty level and never taught them anything about money. When I try to teach my parents about money it seems like t…

There's a saying in Mexico: 'rich granddad, millionaire father, miserable son'. Meqning that as families take money for granted, they dont learn what's needed to generate it.

Re: Is success tied to having rich parents?

#54
post #21

Once you don't have to worry about not having to pay rent, not having to pay electricity etc then your appetite for risks grows. To get to that point you either need to start from a rich household (parents) or get to a certain age, have some money to support you (from previous work) and then go into entrepreneurial experiments. This is a big reason why you see older entrepreneurs embarking into that journey.

your appetite for risks grows Your need for success diminishes with wealth though. A lot of founders struggle to motivate themselves to push through the hard stuff, get over the pits of depression, and to drive themselves following mistakes and rejections if they have resources to fall back on. It's a lot easier to take a month off and book a nice vacation after you've been told "no" by an investor or a major custome…

Motivation is nice, but building something new and novel requires skill and being on the edge of the right social/environmental phenomenon (timing).

The skill development part requires free time (to learn and practice) and access (to computers, tools, people, etc.)

If we're talking about creating just any kind of business, then sure hard work and determination are enough. If we're talking about outlier success stories in tech, then privilege is almost always a component of the story.

Re: Is success tied to having rich parents?

#55
I don't have rich parents and I'm not a successful startup founder. I guess this confirms it!

Joking aside, I don't think it's just about the money or the safety net -- most parents can afford to support their kids for a few years after college. I think the biggest advantage is an understanding for entrepreneurial spirit.

When I started my business (not a startup), my biggest problem was having no role model and having no-one I could have asked for advise. I quickly made more money than my parents, but I still had no idea how expensive everything else would be. When I talked to anyone I knew about my expenses, they were all freaking out how much money I was paying my employees. I was extremely reluctant to pay an accountant (why throw away 1000€ a year when I can do it myself!), or even to hire someone to clean the office. The frugality I learned from my parents is not something that's useful when running a business.

If your parents are "rich", chances are they are entrepreneurs of some kind themselves, and they can mentor you, which is a huge advantage.

Re: Is success tied to having rich parents?

#56
Rags to riches is often a multi-generational project. This is why family is so important - while it's possible to succeed wildly from nothing, the guidance, financial resources, connections, etc. from your family makes things so much easier. I don't see anything wrong with this - the family is a core institution and I nourish, develop, and protect mine accordingly.

Re: Is success tied to having rich parents?

#58

This is the thing that drives me crazy. The true rags to riches stories are incredibly rare. In the USA we love the stories about the person that came from nothing and the self-made millionaire but in the vast majority of cases if you look at the person's history you will see they grew up in at least an upper middle class family. This applies to a lot of actors and musicians as well. After all, most of us couldn't af…

its because appearing humble is a much better PR than saying "yeah I did it, it was easy"

And also because the public likes the idea of themselves moving up the socioeconomic ladder (“temporarily embarassed deca-millionaires”). I think a lot of the political strife in the recent past is due to the increasing inability to ignore how unlikely and how unrealistic this goal is for many.

Re: Is success tied to having rich parents?

#59

Absolutely, as an orphan with many different ideas and no safety net I was frequently put in places where I should have been a co-founder since I was technical and the idea was mine, but basically until I was 29 I had no leverage because I had to have income (and health insurance, I was born with a couple heart defects.) I eventually co-founded a company with two others and it went well, but after exiting I am still…

>They don't want cockroach people in my estimation.

This is true. It matters much more who you are than what you bring to the table (unless you're bringing in something spectacular).

Re: Is success tied to having rich parents?

#60
post #42

If you’re looking for an excuse to not start a business, you can’t get better than this. The game is rigged. Thus you would be a fool to try. Problem solved. If, however, you kinda like the idea of running your own business, it’s worth knowing that you do not in fact need rich parents or any of the other prerequisites that non-entrepreneurs think are required. Ask around here and you’ll find plenty of us. (And, of co…

I think the bigger numbers game is guessing when you'll be both experienced enough and risk tolerant enough to make the leap. At 23 I sure as hell didn't know enough to start a company, led alone code a product end to end. At 27 sure I know a lot more, but the idea of steady income is pretty freaking great - reaching a point where "more money" ever month is sort of a diminishing return. Tbh, I think the people with t…

For me, it was having that first $10k in the bank.

That, combined with knowing I could pick up another dev gig quickly if needed, was my safety net, used in lieu of inherited wealth or whatever else.

But you’re right, it takes a few years to get to that point. I was happy ditching work for a year at a time to travel by my late 20s, but I didn’t commit to relying on the product stuff to live on until most of the way through my 30s.

It seems a lot easier to pull off today, in a world with google/Facebook total comp packages for those first few learning years while building up the net.

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