Microsoft billionaire Steve Ballmer’s son has lifted the lid on what it really means to become rich – from what they got for Christmas to why he was ashamed of his wealth.
Pete Ballmer, who currently lives in San Francisco, spoke with Business Insider to give details of his enviable childhood.
He grew up as one of three sons in the Ballmer family with his father, former CEO of Microsoft and current owner of the Los Angeles Clippers, at the helm.
Pete, now 29, who pursued a career as a stand-up comedian, said: “You can still be unhappy and still have a lot of money.”
Pete Ballmer, who currently lives in San Francisco, sat down with Business Insider to give details about his enviable childhood.
He grew up as one of three sons in the Ballmer household with his father (pictured), former CEO of Microsoft and current owner of the Los Angeles Clippers, at the helm.
Pete began: “Until late elementary school, I thought my family was rich, but I didn’t know we were rich on a global and historical scale.”
He explained that his family were not extravagant spenders and, instead, offered that their approach to money was: “If it’s something you ultimately need, we can get it.” buy for you.”
The beloved son disclosed that his Christmas presents were no more lavish or more expensive than those of other children he knew – with notable gifts at different points in his life including a Gameboy, a weight bench and a ping-pong table.
Pete explained that both his parents “hated to see stupid or unnecessary purchases being made, so the unspoken rule was don’t waste.”
The couple encouraged their children to “be smart about what you spend your money on” and also implemented these rules themselves.
Pete explained that his mother drove a Ford Fusion rather than a Mercedes Benz and she once even denied that he bought a “nice lacrosse stick” because he had just started playing.
He said that as teenagers, he and his brothers were more than content with their relatively modest lot: driving their father’s old ’98 Lincoln, playing on an Xbox and eating Chipotle.
“There were indications that we were rich. Our family took some great vacations, but as a kid there was a disconnect between things and how much they cost. I just thought, ‘Oh, I guess we’re in Japan now,'” he conceded.
Pete began: “Until late elementary school, I thought my family was rich, but I didn’t know we were rich on a global and historical scale. »
The doting son revealed his Christmas presents were no more lavish or more expensive than those of other children he knew – with notable gifts at different points in his life including a Gameboy, a weight bench and a Ping pong table.
Pete said his parents weren’t used to “having a lot of money” and so they raised their family the way they themselves had been raised – including no talk of wealth.
“It was nice to be a kid and not really think about it, but as I got older I started to feel quite uncomfortable being in a family that was wealthier than any of my peers.
“I didn’t like people having assumptions about who I was based solely on that,” he candidly told the outlet.
Despite preconceptions, Pete said he was able to “take pride” in the fact that he wasn’t as spoiled as he could have been.
He explained that he received a $10 per week allowance in elementary school, but then started working as a summer job.
In college, for example, his parents agreed that they would pay for his new cell phone plan if he paid for the phone himself.
He found a job as a caddy at a golf course near his home before starting his own landscaping business with friends.
Elsewhere, Pete landed a handful of software engineering internships, adding “which I got – I think it’s important for me to say this – with no connections.”
Pete explained that his parents paid all of his tuition and board fees at the university, also admitting that he borrowed $1,000 from them after graduating to venture on an international trip with friends.
“But that wasn’t enough to cover the amount, 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 to ask for more is quite human and universal. You don’t want to be seen as irresponsible.
He worked as a project manager for about four years before deciding to quit and pursue his dream of becoming a stand-up comedian full-time.
He said he never makes purchases worth more than a few hundred dollars and is “practical” about his spending.
Pete got a job straight out of college at a game development company as a project manager before inheriting a sum of money from his grandfather aged just 25.
This included Microsoft shares which were then worth “hundreds of thousands of dollars”.
‘MMy first reaction was that I would refuse. I was still quite uncomfortable with my family’s wealth and thought I could get a fairly well-paying job in tech and wouldn’t need their money.
“But then I turned 25 and I didn’t turn down the money. In retrospect, this would have been a very stupid decision.
He worked as a project manager for about four years before deciding to quit and pursue his dream of becoming a stand-up comedian full-time.
And the risk taken by Pete has been rewarded since he is now a regular on the circuit.
He now performs about five shows each week and often appears at festivals in and around the Bay Area.
“Between what I receive from my inherited investments and my income from acting, my money has remained pretty stable due to my spending habits,” he shared.
Pete now does about five shows each week and often appears at festivals in and around the Bay Area.
Steve Ballmer made headlines when he purchased the Clippers in August 2014 for $2 billion, following the Donald Sterling scandal.
He has since shown off his impressive sideline moves during the team’s basketball games – previously he was recorded screaming, waving his arms and dancing like no one was watching.
Pete explained that he has since remained true to his thrifty upbringing.
He said he never makes purchases worth more than a few hundred dollars and is “practical” about his spending.
He never flies first class, lives in a two-bed, one-bath apartment with his girlfriend, and drives a 2015 Ford Focus.
Instead, Pete admitted to spending his money on health care, donations to charitable causes, and occasional expensive trips such as Burning Man.
Pete and his brothers have until now avoided asking their parents for big cash injections because it “would be pretty rude and pathetic.”
He frankly concluded: “Obviously, money can do a lot for a person. Having grown up with a comfortable life (and being around people who had comfortable lives), I have both experienced for myself and observed in others the fact that you can still be unhappy and still have a lot of money .
“I know I could have more enjoyable things, but I try to be aware of hedonic adaptation – I know that I would eventually adapt to these lifestyle choices as a new baseline and that I I might go down the slippery slope of a more opulent life, which ultimately leads nowhere.
Steve Ballmer made headlines when he purchased the Clippers in August 2014 for $2 billion, following the Donald Sterling scandal.
He has since shown off his impressive sideline moves during the team’s basketball games – before being recorded screaming, waving his arms and dancing like no one is watching.