I am going from middle class to upper middle. Not sure how you define “rich” reach = millionaire? billionaire? Im not rich
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I grew up in the former Soviet Union at the time when it was breaking up, in the 80s and 90s. Everybody around was pretty poor then, even by local standards, including my parents. I think my parents were making about $200-400 a month. Won a scholarship to come to the US high school for a 1 year exchange program, paid by US government as a way to increase ties with the former USSR. In my school, competition for that scholarship was probably like 500 kids for 1 place. When I got to American high school, I somehow ended up in a graduating senior year class, even though everyone in my class was a year older than me. Most of them were applying to colleges and taking SATs and ACTs, so I did the same. I knew I couldn’t afford even the cheapest community college, so a full-ride scholarship was the only option. I scored better on ACT than most of my classmates, good enough to get into most US colleges, but not good enough for a full-ride scholarship. I started looking for schools that would give me a full-ride based on that score and GPA, and finally found a college that would waive only tuition, but not room and board. It later turned out to be one of HBCU colleges (Historically Black Colleges and Universities) in the South. I didn’t mind, and got a degree from there 4 years later. Even with a full-ride, I had to work while studying, since I literally had a few hundred bucks in my pocket to last me the first year when I started. Fast forward 10 years, I now make over 70K (was about 90K in my previous job) and have about 250K in liquid assets which we saved up with my wife, who makes about the same as I do.
I just purchased December registry for CFA, I feel like I went from middle class to rags.
turik Wrote: ------------------------------------------------------- > I grew up in the former Soviet Union at the time > when it was breaking up, in the 80s and 90s. > Everybody around was pretty poor then, even by > local standards, including my parents. I think my > parents were making about $200-400 a month. Won a > scholarship to come to the US high school for a 1 > year exchange program, paid by US government as a > way to increase ties with the former USSR. In my > school, competition for that scholarship was > probably like 500 kids for 1 place. > > When I got to American high school, I somehow > ended up in a graduating senior year class, even > though everyone in my class was a year older than > me. Most of them were applying to colleges and > taking SATs and ACTs, so I did the same. I knew I > couldn’t afford even the cheapest community > college, so a full-ride scholarship was the only > option. I scored better on ACT than most of my > classmates, good enough to get into most US > colleges, but not good enough for a full-ride > scholarship. I started looking for schools that > would give me a full-ride based on that score and > GPA, and finally found a college that would waive > only tuition, but not room and board. It later > turned out to be one of HBCU colleges > (Historically Black Colleges and Universities) in > the South. I didn’t mind, and got a degree from > there 4 years later. Even with a full-ride, I had > to work while studying, since I literally had a > few hundred bucks in my pocket to last me the > first year when I started. > > Fast forward 10 years, I now make over 70K (was > about 90K in my previous job) and have about 250K > in liquid assets which we saved up with my wife, > who makes about the same as I do. That’s a great story. Mind if I use that on my MBA application?
Naked, Bizbanker, good wit on your sarcasm… My story: grew up in a poor country, where my parents pulled in a combined income of $50-$80 dollars a month for 15 years. On top of that, mom retired early due to medical problems. They now make $200 a month total income in my home country. No milk, steak in my country when I grew up. Even cloth, sugar and cooking oil were rationed for a good decade. Studied hard and scored the top 1% of GMAT, Toefl, etc, got scholarship at a top 5 MBA program. Got my CFA along the way too. Now I am in my late 30s, I admit that I don’t fit that moderate riches level by any means. I pull in $500k a year myself and my wife makes around $200k. So you can see why I have such a strong opinion on the income taxes in this country… Needless to say, my parents are well taken care of now.
^Dayam. What’s your job?
Great stories, guys. Very inspiring to hear what some of you guys have done to make successful careers for yourselves in spite of challenging circumstances. To everyone else – to quote our favorite aspiring banker Aleksey Vayner, “Impossible is Nothing!” http://video.yahoo.com/watch/3105915/8832626
So basically everyone on this forum is a total f****** loser and underachiever compared to alphaseeker.
i pull in 10% of what Alphaseeker makes 
“50-$80 dollars a month for 15 years” That puts s*** in perspective.
Unless Alphaseeker lived in that country in Eurotrip when the gang found some change in their pocket and were treated like kings. I am just waiting for some of these hedge fund billionaires to buy some countries and create their own laws.
^^^ Yep, guys. That’s how shitty things were under a coummunit/socialist government with not a sliver of capitalism. That was from the 60s to 1980 in my country. After that, the government started to introduce some market economy and local flavor of capalism, a lot of people got rich and the country is much stronger now. Joemontana - I suck at football…!
Ocean Mist Wrote: ------------------------------------------------------- > ^Dayam. What’s your job? Hey Ocean, “I am in finance” (like in the WSJ ad page) and have a portfolio of my own money on the side.
^^^ Did you answer that craigslist add of the gal seeking a 500k + husband in NY? That is priceless.
AlphaSeeker, any advice for success?
Ocean Mist Wrote: ------------------------------------------------------- > AlphaSeeker, any advice for success? IMO, work your tail off to get thing going - such as get into a desired field; or save enough money; and stay away from unnecessary personal drama… and after that, take a certain amount of risk. If you look at the rich, it’s a fairly common theme that they let their money make money for them… That said, I am a lot older than many of the guys on this thread so I should be doing a little better in general… BizBanker, that Craigslist Ad was just hilarious and classic…
I went from riches to rags, comparing my dad’s income to mine. That’s got to count for something right?
Raised by a single mom who probably made <30K per, although in the 80’s and early 90’s that wasn’t poverty by any means. Lived in the “bad” area of town although I was never scared. The “bad” areas in the midwest aren’t that bad. Went to state school thanks to student loans and got a degree in civil engineering. This provided a decent living until I switched to finance. Married a girl who came from similar circumstances and neither of us take our fortunes for granted. We both have professional jobs and make about $250K combined, which comes in handy when paying off about 170K in combined student loans (seriously). We live in my hometown which has a low COL so we live pretty well, all things considered.
Wow great stories. Keep them coming guys, I enjoy reading them!