The video speaks for itself. I'm interested in hearing what this forum thinks about the statements and comments this guys was making, the author of Rich dad Poor dad. It starts at 14:00ish.
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I'm about 7 minutes in (starting at 14min) and still unclear what he's trying to sell - equity in some MLM scheme?
If his argument is that bankers take salary, bear income tax and are afraid to be entrepreneurial - I'd restate it as bankers like to be paid pre-tax as if they were taking entrepreneurial risks (and generally get away with it to some extent), but aren't prepared to take that much risk.
As much as banking is "risky" due to cycles, the reward is highly asymmetric. When the market is good, you get a great bonus. When the market is bad, you don't get negative bonus. You typically get retention bonus. At most, you get fired. There is no claw back. So the distribution of returns is skewed favourably to the right.
The risk/reward trade off for an entrepreneur is generally a lot less attractive. While the occasional Zuckerberg makes it big, a lot of others get very mediocre returns. Many fail and put their personal assets at risk to keep the business going. The distribution is fat in the middle, heavy on the left and pretty thin on the right.
The Sharpe ratio for banking looks a lot better to me than being an entrepreneur or most other professions I could do. This is why I work in banking (along with the interesting work). I love the asymmetry of the remuneration.
i like that explanation! thanks.
Are you trying to recruit people from WSO for vemma
@"SSits" Well put.
@"Will M": To answer your question, NO. I'm not affiliated with vemma or any other mufti level marketing company. I'm currently an undergraduate student looking to become an Investment Banker, but I get frustrated sometimes and question myself in regards to the grinding and if its worth it. So, when I see videos like this it question my purpose and what the fuck do I really want and if this current path that I'm currently all in is really worth it.
@"SSits" and @"Will M" , how do you guys deal with that inner voice that asks you the following questions: Is it worth it? Do I want to work for somebody, don't I want to be my own boss? I mean look around most of the mufti millionaires come out of mostly other industry.
Even if you own your business, you would be working for your customers or clients. So you would always work for others.
I read it somewhere that of all the top 1% wage earners, about 1/3 are corporate executives, 1/3 are medical professionals, and 1/3 are from the financial industry.
Strongly agree with this.
The exception would be where you've got your own capital (eg you're a cashed up property developer).
Even if you are self-employed, you still have someone who is your boss, telling you what to do - your wife.
To be a successful entrepreneur, you should never, ever start a company to "be your own boss". That mentality is a sure formula for either a mediocre, one-man company or a failed business. In fact, the "be your own boss" reason for starting a business is the WORST reason to start a business.
A true entrepreneur starts a company because he sees a market opportunity and seizes it. Ask any VC guy and he'll tell you that is true.
Such self aggrandizing drivel.
Why does he say (at 23:30) that there are 146 million Americans working at minimum wage? This is incredibly misleading and the truth is closer to 3.6 million.. Source: http://www.bls.gov/cps/minwage2012.htm
I am so sick to death of people saying stuff like investment banking is for looser's etc... Honestly everywhere I go it is what peoples views are. The ironic thing is its the people who could not or can not break into the industry that voices these opinions. There are many occupations that are genuinely for looser's but you dont see nearly half the stuff on them.
Shouldn't you be encouraging this?
The less people want IB roles, the easier it will be for new people to enter the industry.
thats a good point but competition makes a person better, I honestly believe that if a person is good enough for investment banking they will break in regardless of the competition.
This is complete and utter nonsense. I couldn't stand him when I saw him on TV a few years back and this just reinforces why.
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