So about 10 years ago and many years after that I always wanted to break into banking but never could. I still feel a bit aggrieved by it, but looking back I don’t think I would’ve lasted 5 weeks with all those hours. Although I also tried to get into Corp banking but would always just get to s final interview and pipped at the post.
I spent most of the last 10 years working in big 4 on and off in a niche area (I’d take time to travel and move countries etc). Yea big 4 sucks, but certainly to start wasn’t bad as you get decent training and learn a bit (I wasn’t in audit so can’t speak about that main area). I only even made it to manager as total working time was about 6 years.
And where am I now well I finally got out of big 4 about a year ago and working for a government org pulling about $110k + pension. The work isn’t all that stimulating but at least varies as it’s project based and my hours although meant to be 40 are more like 35 a week as I seem to be able to come and go as I please. Plus on the job I take hour long lunches and will go for a couple coffees in the morn and afternoon.
So it’s oretty good and salary isn’t all that bad for it. But to be honest I still hate it. I hate having to go into an office everyday, working for others, commuting etc. feels like prison for me. But I get that I have it far better than others so I shouldn’t complain. But it’s still how i feel.
Now the feather in my cap from taking time off and not being chained to banking is about 3 years ago I just started an ecommerce website. Selling other people’s junk. And to this day it has grown to about 200k to 250k a year. There is potential for more of course, although I do find myself lacking time and energy to grow more. The site is taking up more and more time each day but I’d say no more than 2 hours. I tried several online ventures along the way with nothing really taking off like this (I.e. time spent the money made just wasn’t worth it, even if they did actually generate sales)
So all in I’m doing about $300k a year. I think I’m doing ok and probably have far less stress than banking. Of course I’m not pulling in the 500k+ you guys do in your early to mid 30s but I have more freedom I’m guessing (not sure maybe higher up in banking you do). I have loads more online ideas I’d like to do but just lack the time now with work and life.
Just a story for all the banking isn’t all and life can turn out ok still without it. I know some bankers wouldn’t trade what they have for wha to do in a million years, but probably there are some that would. I know from what I saw at big4 I’d rather be making what I am on the hours I do rather than what many of the partners make and the hours and stress they have. Although senior partners earn a much higher Comp so they are harder to compare.
You make 2x your main job in your side job and your main job feels like a 'prison'. Why are you staying there?
+100 Life's too short to be in a prison, esp if you hold the key.
dawg you make selling thrift store shit on ebay sound complicated hire someone to do your listing and packing
Bro - I don’t selll on eBay. It ain’t that complicated once you got it up and running. Like I said it’s up to 2 hours work a day, which is a good return for what it earning.
DROPSHIPPING businesses are gay
would LOVE to know what you're doing. My wife's a stay-at-home mom and would be keen to have something to do when the baby's at school.
Thank you for sharing, I really enjoyed the perspective!
Edit: Not sure why I received MS for showing appreciation, I have always been genuinely curious about taking the route OP did
moneyman,
I don't want to call BS, but I have to ask how you're pulling down anywhere close to $200k doing the ebay thing. My bride has been a stay-at-home for 20 years and I made plenty of jack for her to try to do the same. She had a network of friends who did the same thing. They all shared notes, ideas, shared when free-posts were available, etc. etc.
Granted, none of them were incredibly driven, but one in particular literally had to do the ebay thing just to help her husband pay their mortgage. That said, even this woman finally admitted to my bride that the ebay/on-line sales gig just isn't what it used to be. Between AMZN, all of the automation/virtual shopping that can be accomplished these days, and the fact that millennials are typically not willing to pay full price for items has driven this type of on-line money-making ventures much more difficult to be successful with.
All that said, if you've found a niche that you can exploit to make those kinds of dollars, good for you. Pulling down $300 + in your 30s is a pretty amazing comp package. I consider myself a smart individual, I've been in the electrical engineering field for well over 20 years, and I'm actually in a management position with ~ a dozen people under my charge, which provides for a pretty nice comp package, but 300k in your 30s in phenomenal for most of America.
If you really have built the better mousetrap, so to speak, good for you. I obviously chose the wrong career path if remuneration is my biggest concern. Fortunately, I chose a field where I not only feel like I receive fair pay for a solid days work, but that I actually find meaning and pride in what I do. That is something that a price cannot be placed on.
Kind of blubbering now. Congrats on whatever it is that provides you w/the dough you're making. That's impressive. Only in America! I mean that, too. So many people have no idea how literally true that actually is.
You can absolutely make a killing on Ebay. Look up RockstarFlipper on youtube and look at all the related links too. There are lots of people doing this. I was making about $5K profit a month doing this really passively on weekends and at my old job an hour a day or so. If it's just you though, you'll hit a cap. That's why I stopped. You need to hire if you want to scale the business and I didn't want to do that. If you don't hire, it's just a job and not a particularly interesting one.
Firstly just because your wife is not making that on eBay doesn’t mean that everyone won’t.
Secondly I never said eBay. Some guy said it here I think in a comment now it’s been assumed.
It’s my own website. I’m venturing into eBay though now and testing a few products. But this is for a different market and not included in the numbers I stated.
Thanks for the words otherwise.
A triple negative sentence...
I read this thrice ... what does it mean ...
Just because you read it thrice and don't know what that means doesn't mean that everyone won't.
Ok well I meant - basically you’d said your wife ain’t making bank with her shitty little online venture so no one else should be.
We just because she’s shit at what she doesn’t and can’t make a decent crust, others can make bank from it.
I don’t do ebay but know many who run shops on t making hundreds of thousands a year.
My bad for the ebay thing, dude. I'm just trying to be funny. But will you tell us more about your product? What industry it's in? Anything? Must be some ultra specialized shit to be on its own site. Or like Kanye Snuggies..
Congrats on your success! You have really defined that life isn't Investment Banking or Bust and that there are other ways to succeed. Your side-hustle is really impressive.
And the point of this post is what? Sweet, good for you. Who gives a fuck.
Btw - what’s the revenue you make to net 200k in profit? I have buddies that do amazon and reselling and the margins aren’t that rich. Besides everyone else doing it.
You just said who gives a fuck then asks da question. So clearly you do.
I shouldnt answer you on that. But I’m aware margins can be shit on amazon and that. Firstly I’m in a niche where I’ve worked out how to get higher margins, secondly I’m not selling on a platform I have my own site. And finally your buddies are probably just drop shipping the same old shit as everyone else on there and if doing that not selling it well.
Glad we have an online reseller bragging on a finance forum.
And I don’t care.
Whoa this is literally my life. I stay in my PE middle office job so I can use the salary to qualify for apartment rentals, as they would not approve using side gig income.
I still prefer a more meaningful Corp job, because the e-retail is just a grind, nothing skillful -.-
lolol whaaat
Actually it does take skill as I cover a lot of areas. And it’s a lot more skill than a lot of corp fi gigs I reckon.
I wish it were as simple as you say. Otherwise I’d have built more sites like this
Why don't you just say the site - it's free marketing.
Congrats on your success!
I think we can agree that marketing is probably the most important aspect. Can you share some resources you used to learn?
How much of your traffic is organic vs. paid?
Wow.... happened to stumble upon this thread. Not asking for your particular niche but would you mind elaborating on the steps you take to verify the product has demand?
Do you also do A/B testing? If so, how?
Thanks mate.
Mind if I ask what you use for your web stack? I'm hoping to do what it sounds like you are doing... I don't like the price etc of Shopify but it looks easy. Do you spend most time on SEO, and do you actually touch the product or have you optimized the supply chain so it's all automatic?
I use shopify. Looks good. Runs well. Always up. And easy to use for a non programmer.
Used to use Wordpress and it was far less stable for me. And when I ran into programming issues for simple things would need to outsource.
Shopify is $30 a month. If you’re making money that’s nothing. There are thre % costs per transaction though - I’ll give you im getting stung a lot there
Don’t touch product. I have suppliers who send direct.
Most of the time now is spent on just day to say customer service and filling order info to suppliers each day. More time would be for growth but I don’t have the time to do that as I maintain my full time job as I don’t have the balls to leave yet.
I don’t know why but by the tone of your post it feels like you are still a bit upset that you didn’t manage to break into IB.
Hay guiz I never got into med skewl but now I realize I never could deal with losers who get sick all the time. I don’t make that much but I have my own biz and I clear about a million. Also f anyone who questions me I am totally over med skool and yes I’m super successful. Don’t you never double negative doubt me. Also don’t copy me lol you jealous losers. Btw did I mention I’m over it.
You type like you're 12 years old.
my thoughts exactly
read this a couple of times and still don't get the point of the post
carry on bro
Wtf are you talking about? These questions make no sense. All I said was I’m doing ok having not managed to go the IB path moron. You need to stop trying to complicate shit. Probably why you hate your life and don’t move forward anywhere.
Just do son, follow your gut. Wanker.
You're one unusual cat.
Troll post - gotta love it. OP tries to create a scenario where he initially is down on himself and garners pity from folks yet drops some BS towards the end of the post to inflate his success and have monkeys tell him “wow man that’s not bad. You are actually doing awesome!” Meanwhile he really makes a fraction of what he says... once he gets called out he gets pissed and begins to lash out
I make and do far better than you.
I’m not here soliciting or marketing shit. So I ain’t making anything up to make more money.
Sounds good "OnlineMoneyMan" Thanks for the reply
Weird flex but ok
There are so many people who are successful outside of IB. However, this isn’t my idea of success outside of IB. Like his income is fine, but what are his long term goals? Where is he setting himself up for the big bucks in his 40s?
I think that’s what people miss. We focus too much on current income and don’t think about our future. Who cares if you make $200k right out of college if all you’ll ever do is continue making that amount plus inflation? I’d take the job making $40k that puts me on the path to being in charge
You didn't make it into banking and you turned out fine. I admire the hustle, but you're a grown ass man making ~$300K a year, stop comparing yourself to everyone - it's probably one of the worst things you can do to yourself. I can tell you for a fact you have it better than most. Do what makes you happy, roll with it and don't look back. Fuck what other people think; life isn't a dick measuring contest.
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