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Unless you're re-selling pilfered research reports, I think you're fine. Isn't the whole point of doing your own thing that you don't give a fuck what the boss thinks?
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If you work for a broker/dealer that's regulated by the SEC you have to report your other activities to your employer.
Work finance job AND build own startup on side --anyone done this be4? (Originally Posted: 03/10/2012)
anyone do this or know anyone who's done this with much success? say you get home around 8 every day, hours are not too bad, but your finance job mentally/emotionally drains you to the point you question whether you still want to work on your own side projects
let's say your 8-8 finance job makes you absolutely miserable from all the bs you have to deal with, and your willpower noticeably falters.......is it worth it to just stick it out for the cushy 70K when all you really want to do is join the startup world?
conflicted and fatigued,
Z.
Wrong. You have to report other employment to your BD. You certainly don't have to tell them you're selling car parts on eBay. Your own gig is your own gig (unless it involves a regulated market or service).
I believe when you register with your U-4, you have to report your own gig as well to FINRA, and thereby you report to your firm as well. This is from FINRA U4 instructions,
"Enter "yes" or "no" to indicate whether you currently are engaged in any other business, either as a proprietor, partner, officer, director, employee, trustee, agent, or otherwise. Exclude non-investment-related activity that is exclusively charitable, civic, religious or fraternal, and is recognized as tax exempt. If you answer "yes" to this question, provide the following information:"
If someone is conducting business on their own, they're still technically considered a proprietor for tax purposes, and therefore they still have to report it. However, just because you have to report it, doesn't mean you're disallowed from doing it. That would be up to your BD.
If you're already registered and decide to earn money doing outside business activities, here's what FINRA says,
"The proposed rule would prohibit any person associated with a member firm from being employed by, or accepting compensation from, any other person for any outside business activity unless the individual has provided his employer firm with advance written notice. The rule also would apply to business activities that are outside the scope of an associated person's relationship with the employer firm."
So, if you're running your own business, you're still accepting compensation from a person for an outside business activity. Therefore, you would provide written notice for your employer. At least that's my interpretation of it. Feel free to correct me.
i would only jump ship if you have it in the bag. the people that the press focus on are the lottery winners. it is almost impossible to win the game as a small fish. i saw some black people focused magazine recently and they were talking about internet start ups. i dont care if you think im racist but that game is near peak or maybe only a few years away.
Awesome.
lmfao imagine saying that today XD - dudes absolutely right nonetheless
Work on it on the side. If you are really passionate about it, you will make time. Some anonymous internet poster should not be able to discourage you.
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