I lost my job back in June and I've been looking for a job since, living at home. My parents are apparently tired of me, so I'm getting kicked out of the house on the 1st. I'm seriously considering joining the army. I just feel so tired right now and I don't know what to do and I'm feeling really hopeless.
I'll take any advice anyone can spare.
Thanks.
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what kind of job did you have?
https://docs.google.com/viewer?a=v&pid=explorer&chrome=true&srcid=0B6lf…
mebe just me but i see some grammatical/tense and formatting errors
Are you not having any luck with jobs specifically in finance? Have you tried other fields?
I have had zero luck in finance and economic research. To be honest, I don't even know what other fields I would be qualified for. I have about 130k and was seriously considering buying a 7-eleven franchise, but I've been reading weird things about their contracts. I am really scared about being in a position where I am living off of savings and have to pay rent. I am living in the suburbs right now, so there really are no jobs around here other than slinging pizzas that I can think of. The thing that worries me the most is that I don't have a plan and the future is sort of sitting there, a black empty nothing. I don't want to be working as a walmart greeter in 5 years, but I no longer have a career path.
Anyone have any experience with the army?
why did you leave the fed
Not sure if this helps at all, but my buddy lost his job about a year and a half ago. He took the opportunity to visit some college friends around the country and slept on their couches. He's now in the process of starting a business with some friends he went to school with that also lost their job.
I wouldn't join the army. Keep plugging away, something will come along eventually - you have a solid resume. From your previous posts, it seems like you're set on working as a trader (correct me if I'm wrong). For now, maybe you should broaden your job search to other positions just to pay the bills while you continue your search for a trading position.
MBA?
How about a MSF or MBA?
Why not apply to a administrative part of the military, such as accounting, operations, logistics, etc.? You've got a good degree with good experience, you'll be able to find something.
p1aty - The position was a two year contract, but because of the recession grad school admissions got crushed. I was hoping for an extension but didn't get it - we were getting way more qualified people on the undergrad side applying after the recession hit.
livingthedream86 - I really really REALLY want to be a trader. But at this point, I don't think it will happen. What is going to happen when that "paying the bills job" becomes what I "do for a living"? Do I get a temp job or what and if so IN what? I'm not saying this is bad advice, but I need more direction than this. Probably because I'm so lost. I guess my business idea was to open a franchise, but with a 125k down and maybe 50k in take home (assuming no catastrophic years) I'm assuming 5 years to make my down back. 90 percent of businesses fail and I don't have any "killer" ideas.
mas1987 - I've thought about the MBA. I'm currently doing a CFA so it's a start. I only worry that the MBA market will turn into the law degree market - there's a lot of lawyers out there who can't make their tuition back. Was seriously considering going to law school at one point so I feel I may have dodged a bullet. So now I'm shy of getting a degree without more experience.
I hope these aren't sounding like excuses. I'm really appreciative of the input, I'm just trying to explain where I'm coming from. Thanks, keep em coming.
I totally know what you mean when you say "What is going to happen when that "paying the bills job" becomes what I "do for a living"? " I was in a very similar position. I graduated with a degree in finance but couldn't land a job in this economy. I needed money so I took a job working as an accountant for 2 years to pay the bills, but I also got great experience working with financial statements. I recently got a job working as a corporate bond analyst and my experience working with financial statements played a huge role in me getting the job. So my advice would be to get a job that will strengthen your resume in any way and be a stepping stone to the job you do want.
1) MBA and JD are very different. Even so, if you go to a decent school and work hard/do well you can come out of either and get a decent job. The thing with the MBA is youre setting yourself up for a lot more exit ops because of what you've learned in my opinion.
2) I am assuming you can get in a top 20 MBA program, and while the #20 isn't going to do for you what HBS will, it's definitely still worth it. At the very least you'll come out of there and find a regional job making $70k/yr. With your work experience I am guessing you will be able to find a 6-figure job (all-in, bonus etc) coming out of an MBA program. (I just threw the 20 number out there, dont worry about it)
3) After you get your MBA you're not limited to what you were working in before. While you may like what you had done, you can always apply to a job in what you HAD done, and apply to a number of other places as backups. You could very well get a corporate finance job where you're working 40-50 hours a week, but that leaves you a whole hell of a lot of time on your hands to maybe try and start your own business, or network, which leads me into...
4) Network. You've been around a long time on here so you know the score. You don't have a job, so you might as well start cold-calling/emailing, getting in touch with friends/coworkers/etc. Who knows someone may have a job or be able to line you up with one.
Note: I didn't read everything you had wrote before so I was assuming your last job was in the field you wanted to work in. I don't really feel like re-writing this, so if you're looking to go into S&T and you can get into a decent MBA program, you shouldn't have a problem finding a job. But if you go into your MBA program you damn well be ready to bust your ass and come out on top your class. THAT is how you ensure your job prospects. I was looking at your profile and saw you had a ~3.5 or something in undergrad. Aim for a 4.0, you may not get it, but if you go in with the goal of being perfect youll come out probably looking at some good prospects
I know you've been around WSO for a while and you're not an asshat, it'll all come together whatever you decide to do. Just pretend you're a 1st year analyst and put (minimum) 70 hours a week into what you're doing.
depending on what you do/dont know in regards to your career path, Anthony mentioned Dukes MMS (Masters Mgmt Studies) is like an MBA light. Theyre requirements are more geared to overall learning to help you narrow down your decisions...
check it out
http://www.fuqua.duke.edu/programs/other_programs/mms_foundations_of_bu…
ive read alot of their stuff. Unlike UVA's program, its in their B-school so you get alot of the same/similar services and potential use of their alumni. Recruiting is different, but their website says you MAY be able to attend MBA recruiting sessions "generally no" is hardly a NEVER.
Lastly, and this is coming from a military family and someone who has yet to even get his feet moving on his own career path. Dont do the military. Its very honorable and serving your country is a great accomplishment and service, but clearly your heart isnt in it. Dont do it to just do it. Getting back to where you were (if you were to join) isnt impossible, but its not super easy either. You seem to have some solid experience and your a smart kid (800 gre, high lsat)...
make a list of better options than military service then write out pros/cons. Talk to close friends about their thoughts since they know you when your NOT freaking out and can offer less biased advice then you can to yourself right now.
However, if you chose military, youll be an officer. Youll have responsibility and leadership roles. So make sure your heart is in it
Hope something rings a bell... Keep your head up. And hey, its Jimmy V week so ill offer his words for encouragement...
"Dont give up... dont ever give up"
If I were you I'd invest that cash into a good MBA program and try to find a job. The army seems to be too extreme of a way out.
Thanks dmcd - I'll definitely look at that program. As far as military service goes - it's not that I'm against it. You know it's funny. There's a lot of work out there like economic trial damages (think RIAA saying one download is worth $5000 - they use "economists" for that) or transfer pricing (finding legal loopholes to get corporations to pay no US taxes - GM payed $0 in taxes in 2009) that is DIShonorable in my opinion. So when you say the work is honorable you really have no idea how important that is to me - to be able to sleep at night.
Frankly, I don't know a whole lot about it and I don't know whether I would wash out or not so I have to give it more thought.
Don't go into the army on a lark. I just sent you an email. Read it and get back to me.
I just thought of this too. If you have 100k+ then you MIGHT want to consider one of those BKCT trading type places that requires a capital investment. I feel like you could at least get in the door there and even if you dont end up staying, you could use that as the experience you're lacking.
Sent you a reply. Definitely wouldn't be on a lark if I did decide to do it. I've known a few young vets personally, some with good experiences, some with horrific ones, and I need to really mull it over right now. I think if I was choosing between that and say, transfer pricing, I would want to join the army simply because that kind of work seems immoral to me. My best answer right now is I just don't know.
Go couch surfing
couchsurfing.com
You've got the capital to start a business. Just have to find that idea.
As far as BKCT trading goes I think my Vanguard account (sweet deal on an inheritance) has better commissions on leverage and options (for example a straight trade is 2 dollars and I think leverage runs 5 percent). I'm just scared that if I don't have the proper training and support of a reputable company I'm going to get in deep water quick. Then I'll be out the money and stuck where I am now.
DO NOT join the Army. That would be so ridiculous at your age. Join the military out of conviction, a court ordered ultimatum, or to escape child care payments. You come from a great school have decent experience that would be a big waste. Try your best to go back to school.
Also you have 130k saved and your worried your going to starve? As single, recent grad, early 20's, single guy, you should be able to live off of that for like...ever bro. I'm pretty sure I could go two years on 5k grand.
Here's what you should do: 1) Move to Chicago 2) Get a cheap ass place with your buddies from undergrad 3) Get a shitty day job a gamestop or whatever 4) Network your ass off with alumn's friends of friends whatever 5) Do that long enough and I swear to god you'll get a job in trading, just don't quit
There are a lot of ways to get a job, in your parents basement in Naperville isn't one of them.
I could go 2 years on 5k too, but that's not the point. I'm worried I'll work at gamestop and live in an apartment in Chicago and it will be two years later and I don't have a job. I've been applying to jobs and doing interviews for six months, how am I going to network with traders by working in retail? I've been hanging around Ceres at the CBOT, I've GONE to every one of the trading companies in the city and tried to con my way past the security desk to hand a resume to the reception of the company (worked with positive results at two actually).
Still, no dice.
I'm scared to death, because I know enough about the economy to bet it isn't going to recover in the next ten years. I can't live beyond my means right now, even if I do have a little saved up. What will I do when the money runs out?
H-O-L-Y Shit bro you need to calm the fuck down haha. You are putting way to much thought into this, its OK these jobs don't come easy trust me. If anything you NEED TO GET OUT OF YOUR PARENTS BASEMENT, that just sounds depressing. Yeah this market sucks, but high finance jobs have always been tough to get. Didn't work the first 6 months? Try another six months. Get on linkedin and find every UofI alumn in Chicago and cold email every single one. Find a temp agency, shit whatever. They have to be bursting out of the woodwork there so I'm telling keep tapping the alumni jar.
Dicking around and working at Gamestop for a year, living with some good buddies, getting trashed 4-5 nights a week at bars in Chicago for a year sounds like heaven man. Just chill the fuck out start packing and be persistent and I swear everything will be fine.
Dude you have 125k why dont you take like 10k of that put it into Lightspeed/Interactive Brokers/Velocity Futures and trade index futures. If your ideas are as good as they say they are you have more than enough capital to start trading on your own. Honestly at this point given your situation im not sure you have a better shot than to try trading on your own and just see how thins pan out.
For more information on this search through bondarbs stuff he gives the best advice on how to approach it.
Stringer Bell - I guess what I'm trying to say is that I would rather be old and rich than young and stupid, but I guess we don't get a choice.
trade4size - I'm starting to stock trade equities, but I have to apply for options through my broker and I am a little nervous, like I said, because the only way to make money is with risk. When I'm learning I'd rather lose the company's dime than my own, because one can be recovered from, another can't be.
On that note though, living in Chicago isn't a bad idea seeing as I'm getting kicked out anyway. Anyone need a financially sound roommate who is neat and has zero idea what to do with his life, give me a ring.
Options are tougher I really recommend trading index futures in your situation.
You have some experience, man. You must have contacts somewhere. Start at least trying to network with people you went to school with, old jobs, etc. Unless you're a total dick, someone has to want to help you.
Looking at your resume kind of brings to mind a research position at a Moodys/S&P/Fitch type of gig. Pretty decent pay, and itd be better than doing what you're doing now.
A CFA could be a good start. PE Fund of Funds tend to be a little easier to get into than some others. There are a lot in the connecticut area I would start cold-emailing.
Its a tough market now, getting into trading is hard enough for target school grads with 3.8 GPAs, nevermind someone in your spot. If its going to happen it will, but for now start thinking elsewhere.
Idk what else there is for you to do. You should talk to Anthony . . An MSF program sounds perfect for you, you'd definitely be able to get into some good ones and the OCR would help you get a nice job.
Just relax, people are in MUCH worse spots than you are. You could easily network into any job imaginable. Just don't give up. Try to find a basketball/softball team to join where professionals play. Thats literally how I got my last couple offers.
Things will work out. I don't even know you but I can promise they will, somehow it works out for everyone one way or another. If what I wrote doesn't help out whatsoever, I apologize. I just feel for you and like to see a guy on here make it happen.
Network, Network, Network.
Thanks for the advice mas1987.
zee4 - I haven't fixed that problem on my anon resume but I have on my real one. Good catch though, thanks.
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