Bad Wigins wrote:
Making and keeping money has nothing to do with brains or hard work, it's all about connections and nepotism. Some may deny luck was involved, but they won't deny being connected.
There are millions of intelligent hard-working people, and the vast majority are employed by lazy rich people.
I think if you work hard, you have a better chance of having a good life. However if you think hard work alone is going to get you the very best jobs, you are insane.
I have degrees from two ivy league colleges. From all the people I know, those that got the best paying jobs were super connected and from wealthy families. If your family is worth over 10 million, you will have zero trouble landing a great wall street job. Here are a couple of stories.
One of my friends was traveling overseas for a job interview with an investment bank everyone has heard of. After the interview, he was told he didn't get the job. The hiring manager asked what he was going to do with the rest of his time in the city. My friend said he was going to visit some of the companies his family owned locally. At that point the manager asked my friend why he hadn't mentioned who his relatives were and offered him a job immediately. The manager was literally begging my friend to join the company as he left the building. Once the manager realized that my friend was from a billionaire family, my friend went from unemployable to highly desirable.
Another friend is raking in 5-10 million a year as a hedge fund manager. We studied the same area but academically I was way more accomplished than he was. I was always baffled as to how he got his start in the industry whereas the doors always seemed shut for me. He gave me the "I work hard, I am super talented" bs speech. Turns out one of his relatives is worth over 75 million and during interviews he would let that fact slip out.
Finally during one finance interview I had, the interviewer told me his son went to the same school I attended and was offered a job at the firm but in an overseas location. I smiled and said that was great. He asked if I knew his son and I asked what his major was. It turns out the son majored in the equivalent of art history which was a joke of a major at the school I attended. Very impressive way to prepare for a career in finance! I am sure who his dad was in the company had no bearing on him being hired.
I could go on for days about politicians kids or super rich kids I know getting unreal job offers. I think it is important to work hard but who you know and how much your family is worth trump hard work and it isn't even close.