If you or your partner happen to be wealthy, you might want to think about creating a job backed by a trust fund. This strategy allows you to boost your social standing, remain significant in your community, and deflect any doubts about your productivity.
As I age, I recognize that there are many people who engage in jobs financed by trust funds, simply passing their time away. These jobs serve as a façade, masking their true reality. Initially, I had little regard for these individuals, and I wondered if they had any respect for themselves.
Over time, my perspective changed. I began to see establishing a trust fund job as an intelligent approach for affluent individuals to keep critics at bay. During a long market surge, it was bound to happen that people, with the help of their families, would amass large fortunes more quickly than anticipated, leaving many without much to do.
The concept of a trust fund job is intriguing, and some examples will show that some individuals in these roles have achieved great success.
Definition of a Trust Fund Job
I believe I’m the first to coin the term “trust fund job.” So, here’s what it means:
A trust fund job is a position you take or create that isn’t essential for your livelihood. The main aims of such a job are to confer social status, personal satisfaction, and a sense of direction. The term becomes derogatory only if the individual has done nothing to earn their prosperity and continues to do nothing for others.
For those more confident in themselves, a trust fund job can be a way for Stealth Wealth followers to seem more conventional. A well-designed trust fund job helps the holder blend into society rather than stand out.
Examples of Trust Fund Jobs
To understand what a trust fund job is, here are some examples I’ve encountered since 1999. These are the standout ones, and for privacy, details have been altered:
- Boutique Clothing Store Owner: An events coordinator married a wealthy hedge fund client. After quitting her job, she started a high-end clothing store, spending lavishly on global fashion trips. Though losing money, it kept her occupied and content.
- CEO of a Private Tech Company: Creating a tech startup and becoming CEO is an ideal trust fund job. One such person, whose father made a banking fortune, assumed this role with no apparent business success but a lavish lifestyle.
- A Venture Capitalist (VC): Becoming a VC after starting and selling a company provides status and relevance. It’s like a trust fund job, as success isn’t apparent for many years. Alternatively, becoming an angel investor offers similar prestige.
- Being an Author/Writer: Writing can be a respectable trust fund job, offering prestige if published. Even self-publishing gets your work out there, while blogging can prove surprisingly lucrative.
- A Consultant: Starting a consultancy can be code for unemployment but also an ideal trust fund job, cloaking what you actually do. It’s accepted as a meaningful occupation, commanding respect.
- A Grade School Coach: Coaching or teaching is an admirable trust fund job, appreciated for helping children succeed. It brings satisfaction and social respect.
Trust Fund Jobs Serve a Positive Role in Society
Trust fund jobs offer purpose and meaning, counteracting potential post-retirement depression. It’s good to have something that keeps you relevant and fulfilled. If it benefits others, even better.
For example, having my retired father edit my writings for Financial Samurai offers him purpose, making it a trust fund job. Podcasting, too, is a passion that keeps me engaged.
As you age and grow wealthier, you’ll likely encounter more people in trust fund jobs. Rather than looking down on them, understand that they’re striving to remain engaged in a world that can quickly forget them.