Career Advice.
hey, new user here.
seeking any input regarding career or just general financial advice.
to give a bit of short background, currently first year undergrad student, umich. used to lurk here around age 15-16 for a while, i still remember some memorable posters so if they would like to chime in that would be fantastic, @heister" , @DickFuld" , @Eddie Braverman" , @BTbanker" @BlackHat" .
im debating on whether to go the IB route, dental school route, or perhaps something else entirely. as i see it, different options and their pros and cons and such will be outlined below, so like i said any input is appreciated.
IB - i could go throu, aim for an analyst job once i graduate, eventually get an mba, and climb a ladder im sure the vast majority of members here are currently on. the upside i suppose would be potentially good money over time, but it would take risk and lots of effort to get there, with zero guarantee i would ever do well. if we assume i make it and dont burn out or something, i guess we could say i would make anywhere from 70-200k pre mba, then take another 2 years to do that, and then be able to make 200k+. again these are obviously all extremely rough estimates, just for the sake of having some kind of numbers to work with here. so, good money, but lots of time, hours, stress, and effort, and of course risk involved. maybe i end up becoming an md making 7 figures, maybe i end up failing to even break in or burning out before i make any "good" money.
dental - go pre dent at hopefully get into and go to a decent dental school, maybe stay at or go where my father went, stay the course, and upon graduation take his practice as many dentists i know do with their own children, and go from there. the downside of course is 4 more years of school and the cost involved with that (i believe in IB when u get ur mba , it is paid for? , so only the time is a factor rather than cost of school). upside is if i do all of that, performance whilst in dental school wouldnt be of the utmost importance since i would have no real intentions of working for another doc., and the guarantee of at least doing well given the fact i will take over a pre existing practice, and if all goes fine, likely open a second location at some point. this route , once i have 2 locations, would make me anywhere from 400-800k, again rough numbers, annually.
I think meaningful work is undervalued today - chillin all day and living off the returns of $2m would probably be very unfulfilling.
Perhaps , but I'm not sure if I'm looking to be "fulfilled". I'm just trying to decide what route I can take in life with the options I have to make as much money as possible with as little physical work , time , cost, stress, etc etc
I think you should adjust your expected earnings off the $2M to be more like 7% average per year, and you should only be taking 3-4% of that if you want you yearly income to grow at least with inflation. So you're looking at maybe $80k passive income? If you can see yourself living on $80k for the rest of your life, then great. Go for it if you really don't want to work that much.
But can you imagine $80k cutting it in your 30s, 40s, or 50s? Let's say at some point you meet a nice person that appeals to your sexual orientation. You get married. Have a couple kids. Now your passive income is getting stretched pretty thin, especially if you live in a high cost of living area. You start to regret not going for it when you were young and had the time and wherewithal to pursue a career in IB or dentistry. But that time has passed. Analyst roles aren't handed out to 35 year olds who've been out of school for 13 years. Dental school is now even more of mountain to climb when you have kids. You missed your chance.
Adding to that, you're kinda supposed to work hard in your 20s. That's how we're built and how the system works. If I were you I'd try to embrace the idea that it's gonna be a slog for the next few years, but when you get to the otherside you'll be happy that you gutted it out instead of taking a premature retirement.
As to IB vs dentistry, you should be basing your decision on which career path would make you the most fulfilled, or happy, or whatever. Either path can take you to financial well being - who gives a fuck if you make $300k, $800k, or $1M+? I think it would be unwise to make your decision based on something so superficial.
Hey, thanks for your input
In regards to marriage and children I won't go into too much detail, but I'm not attractive/ugly and a virgin, so I can't see myself getting married and having kids lol.
As for the income, 80k is a bit low.... If it were 200, I would happily just live on that passively and be done with it. Perhaps I could make more than just the 7 percent expected roi if I were to start investing in real estate or land.
Thanks again for the response.
Hi, I'm new in the forum. I'm appreciated to get a member. I'm a finance student and I'd be a financial adviser. I've to learn something about this subject from here and other. So help me and share your knowledge to get something learning. I'm very conscious about career.
dental school is the way to go, i'll even tip ya if you do a good job
bump
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