Born in Baltimore, Maryland, his family lived in the inner city and used to struggle financially. Bob has been working ever since he can remember and he is very much used to making his own money. After almost flunking high school, he enlisted for the Marine Corps. In 1969, he served as a rifleman during a tour in Vietnam. He was wounded on duty and was hospitalized for about two months. He earned the Combat Action Ribbon, the Purple Heart, and the Vietnam Gallantry Cross.
Parsons acquired an accounting degree, graduating magna cum laude in 1975 from the University of Baltimore. In 1984, he established Parsons Technology and began marketing MoneyCounts, a home accounting program. In 1997, he established Go Daddy.