OMG UPDATE: Question? Answer.

Updated on Thursday, February 13

#5918

QUESTION: Anyone here who's parents are millionaires? I mean in finances not including your homes and assets. What's it like?

8 comments

  1. My dad is a partner in a "group of companies". Not going to disclose the name but they have many branches to the company: private equity, consulting, SR&ED, and an engineering/design division. He doesn't act like a millionaire; still a frugal brown man. I have to work and earn all of my money because he feels like otherwise I'd take advantage of my situation. Plus he feels that I have to go through what he did when he was a new "penniless" immigrant so I stay humble.

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  2. My grandparents were multi-millionaires in the third world country I came from. Their home was beautiful with acres of managed gardens. They never built a decent relationship with any of their grandchildren who were just accessories to them.

    After my grandfather passed away, his will to distribute money between his three children was not followed properly because of the weak legal system in the country. I got a 5 grand from it (that has been spent on tuition) and so did my siblings but my father was denied hundred of thousands of dollars he was allotted. He didn't have the energy to go fight his mother and aunt for it, since they took it all. In their wills they are leaving it all to a charity for children which is alright despite it not being theirs to rightfully do that.

    Like number 1, I was always led to believe that I should be a self-made woman. I've never gotten anything else from my grandparents and I kind of don't want to since I meant nothing to them. When my family came to Canada, my mother told me at the age of 15 to get a part time job like all the other Canadian kids and that was the start of my financial freedom. I pay all my bills and tuition on my own now and I'm happy that I can do that.

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    Replies
    1. I really like your life story, you seem like a really nice person

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  3. My grandpa is a millionaire I assume - I don't know his exact numbers.
    He is 87 and is still working. We don't talk about money. But we all secretly worry about it behind his back because we know it will be a hell storm when he passes away (he has a lot of greedy younger siblings that are constantly hitting him up for new cars/houses/ etc).

    Anyway. We were raised not to discuss finances. His generosity to us comes randomly and never when you think it will (ie - you get almost nothing at a wedding, but he will randomly offer to pay for a course or something once in a blue moon). My parents have benefited greatly from him. A nice new home, old mortgage paid off, used vehicles. Most of these things he loans and gives a little to none interest rate on, if not for free. My parents have no financial planning strategy, but both work and bring in middle class incomes. I don't take handouts from my parents (though they try because they want to give to me what my grandpa gives to them). I think this all taught me to be self sufficient because I don't like how my parents count on a large inheritance or support. I want to know I can support myself. I've paid all my own tuition, have retirement savings already, bought my car in full with cash and have never owed a credit card balance past the due date. My grandpa taught me to be money wise and only buy something if you cash for it (apart from minimal student loans)...something lost on my stupid parents.

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  4. Parents? Why not students? Poker players, startups, etc. Some students are millionaires.

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  5. much respect to you guys working hard for yourself

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  6. Are there any self made millionaire students at UW currently?

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  7. Parents? No. Great-uncles/aunts, grandfather, great-grandfather? Yes. They were very wealthy from resource rights out west from what I have heard.

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