400k/year in HVAC sales?

https://www.wsj.com/politics/policy/joe-biden-tax…

Came across this WSJ article on Biden’s proposed tax increases on those making over $400k. One guy they profiled was making $425k a year doing HVAC sales in Kentucky. Really making me regret my life choices lol. But there’s a lot of money to be made out there in other industries that aren’t Tech Law or Finance.

 

Very true.

Investor (30+ years); IB/RE/PE/Corp (MD level); currently, head of boutique private equity firm; principal of family office.
 

There is a lot of money to be made in non-finance roles.  Most of the wealth in this country is coming from those people/businesses.  It's just slow and takes hard work and a lot of entrepreneurial risk, none of which really appeals to the kinds of people who go into finance, which attracts risk averse people who want to be wealthy very quickly.

 

You go into finance for the prestige, not the money. People who really want to make money and not be white collar slaves become entrepreneurs, which actually takes skills. Same reason people go to top universities, it sounds good. Most millionaires went to state universities and took some initiative to do something on their own. America wasn't made my bankers and lawyers, it was made by people pulling themselves up by their bootstraps. 

 
The Cryptid of Appalachia

You go into finance for the prestige, not the money. People who really want to make money and not be white collar slaves become entrepreneurs, which actually takes skills. Same reason people go to top universities, it sounds good. Most millionaires went to state universities and took some initiative to do something on their own. America wasn't made my bankers and lawyers, it was made by people pulling themselves up by their bootstraps. 

I mean, this is pretty false too.  America wasn't made by "people pulling themselves up by their bootstraps".  Most Americans who achieved something of note were reasonably well-educated - many of them were, in fact, lawyers!  I just hate this idea that education is somehow inimical to real success, the same way that shitty books like the Millionaire Next Door use shitty statistics to tell shitty stories about how saving and scrimping and being a small business owner is the real route to success and wealth.

Education is good.  Going to top universities helps you if you want to go create a business.  Yes, many millionaires go to state universities... but only because there are, statistically, way more enrollees at state universities than Ivy Leagues or whatever.

 
monkey0114

Yes you do go into finance for the money because its guaranteed money unless you're trash. Other stuff involves much higher levels of risk which is why it's less desirable for smart college grads.

10% chance of 500k vs 80% chance of 500k there's a reason IB is so competitive.

I mean, where this falls flat is that if you own a business throwing off $500,000, then you have a lot more than just your $500,000 salary you'd get in IB.  That's without the more complex calculations of tax savings and all that.

And there is also a much higher ceiling than in banking.  I know someone from where I grew up who sold their HVAC business for well into the 9 figures (or he cleared at least $100mm).  That is obviously a tip of the pyramid outcome, but I think most people on this site would be surprised at how many UHNW people come from those kinds of industries.  This site is oriented towards finance, and the people on here are obsessed with prestige and rankings and other nonsense, and that is hard to extrapolate to a world of blue collar business owners.  But there are far more people making huge sums of money owning HVAC distributors, or construction subcontractors, or what have you, than there are people starting their own banks or whatever.

So yes, assuming you get a seat at an investment bank and are willing to spend your life grinding upwards, you can probably assume an 80% chance of a high six, low seven figure annual payday.  And yes, your likely outcome as a small business owner is probably far less than that.  But there are fatter tails to that, as well, and if you're willing to take entrepreneurial risk (something most people in finance are extremely averse to, on a personal level Wall Street is one of the most risk-averse sectors of the American economy) you have a much better chance at creating generational wealth.

 
thebrofessor

comparison is the thief of joy

Wow bro you’re back!!!! Hope all is well.

"If you always put limits on everything you do, physical or anything else, it will spread into your work and into your life. There are no limits. There are only plateaus, and you must not stay there, you must go beyond them." - Bruce Lee
 

I think talented sales guys have it easy in life. Most of them are extroverts who love talking to people. They build great relationships and effortlessly maintain them. 

"If you always put limits on everything you do, physical or anything else, it will spread into your work and into your life. There are no limits. There are only plateaus, and you must not stay there, you must go beyond them." - Bruce Lee
 

100% you gotta ask REAL questions, provide relevant information unrelated to products and be “politley agressive”. The days of pushing product and bulldozing firms and people are long gone.

I took a cold call from two different fisher investments guys and they were wildly different. I already have an fa and the first guy was respectful and asked if id be ok with hearing other ideas and examples and if not asked if he can reach out in a few months to confirm. The second guy tried to pressure me and implied i could be at risk if i dont just hear him out…after i mentioned i already have an Fa. Thats a tough job so i get it but that turns me off

 

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Investor (30+ years); IB/RE/PE/Corp (MD level); currently, head of boutique private equity firm; principal of family office.

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