Most Unconventional Ways To Make Six Figures???
It seems like every week I come across a new article about some kid making six figures through some outlandish way. Whether its from reselling Jordans, selling antiques on eBay, or creating a new app; there is always some unconventional way. It almost makes me feel disappointed in myself, like I should be doing what they're doing. I feel like I should've been able to recognize whatever opportunity they took advantage of.
Here is an example of someone doing well on Amazon,
As I write this, I have three products on pace to do six figures or more in profit this year. And I have one product line that is poised to do over well over a million dollars in sales in 2014 alone.
125K Per Month On Amazon
Here is a reference to 10 ways people have made six figures,
10 Profitable Ideas
What are some of the most unconventional ways you know of people making six figures?
Become a male bar personality in Japan and smooch women for a handsome wage in downtown Tokyo.
http://www.dailymail.co.uk/news/article-2285423/Meet-man-makes-100K-yea…
you could also whore yourself out to a thousand girls for a hundred dollars, or a hundred dumpster fires for a thousand dollars. they need love too, but they gotta pay (thanks quagmire).
you could just become a super successful youtube star... you will make the $$$ but you just have to settle for not being respected by thefinancekid
Depending on the level of success and even seasonality (in no particular order):
1.) Public organizer. Essentially if a politician wants to make it seem like he or she is very popular your job would be to organize 100s or even 1,000s of people to hold signs and chant to give the impression that the politician has a huge following. This is a real business although I don't know if they make six figures.
2.) Cash lending to small businesses, either in-person or through a POS system. Basically if a small business owner needs cash fast and doesn't want to use his or her credit card you can step in a provide fast cash at high interest rates with quick turnaround for payment (i.e. 10, 20, or 30 day pay periods). Similar to a fast cash place you see in the hood but geared towards small business owners. High risk, high reward.
3.) High end "buddy" but not necessarily an escort. Rich, single investment banker needs a companion for a gala? Why not sell your time for $X,XXX/hour?
4.) If you're a very good tutor and can guarantee high SAT, GMAT, or an A+ in Thermodynamics II students, especially those with money will pony up and you could depending on how many clients make a lot of money.
5.) My favorite way to make money but grueling work. Open up a gas station. There is a reason why Asians who have gas station (for the most part) are pulling in $150,000+ annually without a high school degree.
Do you know people who did #2? How did they protect themselves - take collateral? I assume a contract is useless in this case. If somebody wasn't planning to pay back in the first place, a contract won't phase them.
td12 I know people who did something similar where they would lend money to small business owners (approvals and check given within 24 hrs) but this involved signing documents, providing guarantors, tax returns, and filing a lien.
The in-person (and this will sound weird and shock most people) was actually done based on trust. I come from a community where if you tarnish your reputation you instantly turned yourself into a pariah and were "banished" from the informal community lending network that exists.
To better answer your question scenario would be as follows. Let's say I know td12 to be a fine, outstanding individual and someone I have done business with without issues. td12 calls me and says, "I need $5,000 in the next hour can you help me?"
I'd respond back with a YES and provide him cash (cash is what was mainly being lent as the businesses are cash-heavy) and in turn it was agreed that I would charge say 15% interest rate and need to be paid back within 30 days or so.
td12 being the fine person he is would promptly pay me and in turn for being someone I can trust he now has access to someone who can provide him cash whenever needed without having to rack up credit card debt or go to a bank.
Again this sounds strange and it has been difficult for me to explain but this type of community-based lending as been going on since I can remember and various Asian groups have their own variation of the above.
Also you're right someone who wouldn't want to nor have the intention of paying back would never be lent money. The target client if you will is always someone who has a steady business and can be vouched for by multiple people.
Its a strange way of vetting someone and believe it or not, I've seen first hand that this informal process has a much lower default rate than hell even banks who go through an expensive and long drawn out process of lending money.
There isn't a conventional way to make six figures, if it was conventional the average wage would be over 100k.
The internet has really opened up so many opportunities to make money in "unconventional" ways.
3 Simple Questions: Viability of an Unconventional Career Path (Originally Posted: 10/18/2016)
In this post, when I refer to "consulting firms", I mean MBB, big 4, AtK, LEK, and Oliver Wyman. When I refer to "consulting roles", I mean any non-entry level, non-advisory, non-compliance, client facing role, based in the US, with a base salary of $110k or above.
With 3.5 years of banking / consulting experience and a 2 years masters of strategy from a non-target non-elite European business school, what are my chances of securing interviews for a "consulting role" from "consulting firms"? With 3 years of banking / consulting experience and no masters, what are my chances of securing interviews for a "consulting role" from "consulting firms"?
Keeping in mind my definition of a "consulting role" and the background described above (3.5 years experience + masters of strategy), what firms would I have a 50/50 shot or better at getting an interview? What firms might I be considered "likely" to get an interview? What firms might I be "very unlikely" to get an interview?
Do "consulting firms" prefer to interview MBA graduates to Masters graduates and why? Does this hold true if the masters is functionally relevant, for example a masters of strategy or quantitative finance?
Thanks to all responders in advance. Your guidance / thoughts are much appreciated.
These are my anecdotal observations:
With general consulting/banking experience you will most likely have a tough time getting an interview, since in the US firms typically hire senior year of undergrad and then hire at MBA or alternative programs. If you have big time brand name BB IBD experience (GS, MS, etc) you may have a shot at an interview, other than that would be tough. Also may be possible to get into an FS specific group, though this will again depend on the brand name of your bank. Trading up firms in consulting is tough without an MBA.
Hard to say without better knowledge of background. Again, trading up firms w/o MBA is tough. If you have the right banking experience you can potentially transition into an FS group, maybe OW or the like. Know a couple people who moved over to OW after working in industry for a year or two, so they seem a bit more open than MBB to early career switchers. Someone who is a bit knowledgeable about some of the other firms may be able to provide more info, though I can say my MBB firm wouldn't hire non-MBA/ADC folks with 2-4 years work exp (exception to this was BB IBD and PE experience), though there may be a very rare one off exception here or there.
I would say that is overwhelmingly the case in the US, though I know less in Europe. Have seen VERY few Masters degrees at my firm (and we are probably more open to that than most firms). Of the people with Masters, most had engineering degrees from absolutely top tier schools and worked in our energy or chemicals groups. There is probably the odd MPP from HKS as well. "Relevant" masters degrees don't really matter (and finance isn't particularly relevant since consulting firms don't do much finance work), the prestige of the school is generally more important.
Honestly, with the limited information you've provided, your best bet would be spending some time on linkedin and seeing if anyone from your company/potential b-school has gone to any of your target firms and reach out to them. That is most likely your best bet for an interview. Good luck.
Aut maxime non adipisci culpa. Reiciendis nam modi ab neque dolore mollitia consequuntur. Maiores id temporibus assumenda quia. Occaecati pariatur ea aliquam sit et. Facere quis molestiae quia. Mollitia qui accusantium nostrum omnis ut nulla qui. Qui mollitia delectus recusandae aut eligendi magnam provident mollitia.
Odit est deleniti ea. Aperiam corporis ut enim veritatis qui. Vero sed libero dolor.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...