Personal Finance

I grew up in a wealthy household and want to grow my own fortune without my parents’ help. Where do I start?

David Beren

Published: November 9, 2024 2:30 pm

24/7 Insights

• This Redditor wants to strike out on his own. 
• Their wealthy family has covered all expenses, including college and private school. 
• The Redditor hopes to develop a business idea and make their own money. 
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For those fortunate to grow up in a wealthy household, wanting to continue living the high life makes a ton of sense. The real challenge starts when anyone who grows up wealthy begins to enter the real world, likely after college, and finds themselves at a crossroads of what to do next. 

This is the exact case for our Redditor posting in r/RichPeoplePF, who wants to create their fortune separate from that of their parents. Of course, if it were that easy to make money from nothing, everyone would be doing it, so this Redditor is stuck trying to decide what to do next. 

What I love about this thread is that this is someone who understands they grew up with privilege and now wants to do something on their own. This isn’t always the case, as plenty of spoiled, rich children will want to live and thrive with their parents indefinitely. 

The Scenario 

Our Redditor says they are 19 years old and are currently studying at a “very prestigious” university in another country. This level of study comes after attending a private high school in New York City, where private school costs are among the highest in the United States. 

The parents rarely discuss money with the children, but the Redditor believes his father makes upwards of seven figures yearly. As a result, there is no debt as every school, including university, has been paid for. 

Our only real money indicator is that around $20-$25K of the Redditor’s own money is in a high-yield 5% savings account. Beyond that, there isn’t any additional mention of funds from the parents. Perhaps most important to know is that this individual wants to grow wealth without tapping into the parent’s resources, which is admirable. 

The Recommendation 

While I am not a business advisor, financial planner, or tax accountant, I have experience in the real world trying to come up with business ideas. In this regard, we know the Redditor studies economics, production, and geography, so this might be a good starting point for where to look to build wealth initially. 

The Redditor is considering starting a business with their best friend, who is studying renewable engineering. It’s impossible to say if any idea would work without knowing it. Still, it’s important to remember that, according to the U.S. Bureau of Labor Statistics, almost half of all small businesses fail in the first five years. 

Given this reality, this individual should consider a couple of scenarios. First and foremost is switching their degree to finance, which, based on the Redditor’s responses to comments in the post, is the same field as the wealthy father. Knowing this, they could attempt to learn from their fathers, as having a mentor is often the best way to get ahead in any field. 

One recommended note or more of a personal opinion is that I don’t think the Redditor needs to start reading any books recommended in the post’s comments. Instead, he or she would be better off learning to invest the existing $25K and generating a bigger return. 

Ultimately, as their degree will emphasize supply chains, investment, and import/export, the best starting point may be to get an internship in this field. This way, they can lay the groundwork for a high-paying job in a field known for big money. 

The Takeaway

While it sounds like a sizable inheritance could one day come this Redditor’s way, I’m quietly applauding their desire to learn independently. This isn’t the reality with every spoiled rich child, so having a desire to get out in the workforce and become successful on their own is something to be applauded. 

This said wealth doesn’t come easy, and children can’t always follow their parents, who often benefit from being at the right time and place decades ago. The biggest hope is that by studying something they are passionate about, they can convert it into a high-paying role.