The ultra-wealthy minimize taxes by buying equities, letting them compound tax-deferred, and then borrowing against their portfolio for liquidity. Upon death, the assets receive a step-up in basis, allowing heirs to inherit them without paying capital gains tax on the appreciation.
If your portfolio is already well-diversified across asset classes (e.g., only 25% in stocks), the urge to sell during a downturn is an emotional reaction. Resisting the impulse to time the market and instead "do nothing" is often the most rational and effective strategy.
The grueling hours of jobs like investment banking are not just a "toxic" environment, but a deliberate trade-off. Young professionals agree to sacrifice their personal life in exchange for the chance to achieve by age 30 the financial security and responsibility their parents may have only reached at 50.
Careers are like rockets; the trajectory is largely set by the initial intense burn of fuel in your 20s to escape the "soupy inner atmosphere." While potentially unfair, the effort and choices made early on disproportionately influence the rest of your professional life, so it's critical to "burn a lot of fuel" early.
Anxiety before starting a high-pressure job can be neutralized by proactive preparation. Instead of worrying, immerse yourself in the work: read prospectuses, follow the markets, and use AI to understand recent deals. This tactic, where "action absorbs anxiety," shifts focus from internal fear to external, controllable tasks.
When caring for family, you have a fundamental obligation to yourself and your future family to establish your own career and economic security. While noble, being a full-time caregiver for extended family like aunts can compromise this. The people you care for would likely want you to prioritize your own life trajectory.