Do I Have to Disclose Side Hustle with Firm
Current IB Analyst thinking of picking up a side hustle (i.e., taskrabbit, write monetized medium articles, college apps mentor, part-time golf coach, youtube channel, etc). Do I need to disclose this as an OBA / will anyone care? Feels like firm would think Im not dedicating 100% to them if I tell them I want to do something else. Anything I do, I plan on doing during the weekends
Thanks in advance!
I think it’s better to overcommunciate. Better safe than sorry
“During your association with a firm you may not be an employee, independent contractor, sole proprietor, officer, director or partner of another person as a result of any business activity outside the scope of the relationship with your firm, unless you have provided prior written notice to your firm pursuant to FINRA Rule 3270.”
Thought of this cause I just took the SIE exam
Nice
You're not going to get in trouble for scooping some cash from being a part time golf coach. However, if you register an llc and try to make a real college app mentor business, you'll be in a bad spot. I don't know how you have time to do any of this as an IB analyst.
Don’t disclose it, IMO you gain nothing.
Just don’t EVER fuck up a work or miss a deadline thing because of your side hustle and covyour ground correctly (use a pen name if you write, that’s what I’m doing). If you get caught, it’s almost 100% because you did something stupid or said too much and someone found you way too easily.
If you’re truly good at your job and not an idiot, they’ll never know and they won’t need to because you do your job and you do it well.
Read your contract.
If your contract requires you to disclose it (as many do), then this is terrible advice.
You realize if your contract states that you must disclose all jobs outside of your current one where you make money, and you don’t, the almost immediate reaction is firing you (especially if they believe you knew about it and purposefully didn’t disclose).
You are risking a $100k+ job (and future opportunities, etc) to make a few bucks on the side. Risk vs reward...
how would they even know unless you say something? I assume auditors don’t go through your personal tax returns
If my MDs barely even read my emails and compliance can't spell my name, I doubt they'll find out. Just don't give them a reason to look
why would you need a side hustle?
Because its my hobby and I want to get paid for it
Are you also the same IB analyst that complains about how much work you have? Seems odd that a current IB analyst would have so much time for a side hustle given the quacking these days.
Taskrabbit as a side hustle? Surely you can get better returns by investing in self-education and your social life in your free time, no?
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