Despite being the son of one of the richest men in the world, 29-year-old comedian Pete Palmer lives a modest life: he lives in a simple two-bedroom apartment and has been using the same car since 2015.
The comedian's title makes it impossible to hide: He is one of the three heirs of Steve Ballmer, the former CEO of Microsoft and one of the richest men in the world, with an estimated fortune of $120.5 billion, according to Forbes. In an interview with Business Insider, he revealed how his education led to a more humble life.
“I live in a two-bedroom, one-bathroom apartment with my girlfriend, and it's perfect for our purposes; it's not too big. […] I drive a 2015 Ford Focus that my parents bought for my younger brother.
During the conversation, Pete said that he learned from his parents the importance of not wasting money. Although he and his siblings had a good living situation, they were not spoiled with expensive gifts. He states that this principle was fundamental in shaping his relationship with wealth throughout his life.
“Having a lot of money was a relatively new experience for my parents, as was raising children. They raised us the same way their parents raised them, and since they didn't grow up talking about wealth, they didn't talk about it either,” he said in the interview.
While growing up, Pete recalls that he began to feel the weight of belonging to a family that was wealthier than his peers, and that he wanted to distance himself from stereotypes as much as possible. “I started to feel proud that I wasn't as spoiled as I could be, and I didn't have a lot of money. People started saying nice things about the way my brothers and I handled money,” Pete explained.
During his years at the school, Pete said he worked toward his own things. He explained that in elementary school he received only $10 in bonuses, and that after ninth grade, he said he learned the value of work after searching for temporary jobs and starting a small landscaping “business” with his friends.
Despite receiving an inheritance from his grandfather at the age of 25, Pete chose to pursue a freelance career, working as a producer manager and investing in his passion for stand-up comedy. “Between what I get from my inherited investments and comedy income, my money has remained fairly stable because of my spending habits,” he said.
In addition to maintaining a seemingly simple lifestyle, Pete also allocates a portion of his finances to donations. He said he never asked his parents for money again after puberty and chose to seek financial independence.
“After graduation, I borrowed $1,000 from my father for an international trip I had planned with some friends. But that wasn't enough to cover everything, so I borrowed another $1,000 from one of my roommates because I didn't want to ask my parents for more money. The experience of not wanting to go back to your parents for more is a completely human and universal experience; “You don't want to be seen as irresponsible,” the heir explained.
For Pete, true wealth lies in the ability to find happiness and fulfillment beyond material possessions. Furthermore, the billionaire's son explained that he knows he can have better things, but realizes that he has a simpler routine for fear of a superficial and meaningless life.
“Obviously, money can do a lot for a person,” Pete added. “Growing up in a comfortable life (and being around people who live a comfortable life), I have experienced firsthand and observed in others the fact that it is still possible to remain unhappy despite having a lot of money.” the money”.
