Ex consulting partner now make 70K a year Q&A
Hey all, title says it all really Ex consulting partner (non MBB) took a job for £70k 2 years ago and have never looked back. Firm was decent sized changed jobs for lifestyle reasons, ask away!
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Assume there's some other kind of upside? I've seen plenty of folks leave high paying IB jobs (often VP+ making over 500k) for startup roles that pay 100k or less. But they also get equity that would make them several million if the startup does well.
if
If means there’s a probability above 0
Your point?
Just like WeWork.
They're all just like WeWork. Never start a business. Never do anything entrepreneurial. Stay in the corporate world because that is guaranteed success. Why try to be Steve Jobs or Jeff Bezos when you could try to be Jack Welch instead, amirite?
i would expect the min comp you would be looking at to be over 200k....so...what gives?
what were you making before? what kind of company did you join?
what does "PS"70k mean?
Believe he means 70k pound sterling / GBP.
Thank you.
Does the title really say it all? You took what is probably a 90%+ paycut, gave no real detail on your old job or your new job, but are happy...
More detail on the situation would be helpful.
Probably not a 90% paycut since he’s UK based.
What's your financial situation?
-Age -Does your wife work? How many kids? (if applicable) -How much did you save before you took the new job?
Work-life balance must have been the reason.
I'd assume so, or a move out of London. From what I understand both comp and COL are much lower in the rest of the UK. I'm still not impressed. It would be generous to say that I work 40 hours a week on average, although I am always on call and have seen 100 hour weeks. My base in NYC is ~100K pounds sterling depending on the day's exchange rate, nevermind a bonus that could flirt with half his salary in a good year.
OP: How old are you, and why did you switch? How many hours were you working before vs. how many now? What's the location of both jobs? Were there other factors like repetitiveness of the old job
I was in non MBB consulting and making partner was pretty legit. Something seems off here - maybe partner means something else there.
Going to try and answer all of the above in one shot
Was at a boutique firm making around £300k a year, have moved way out of London to a town up in the north of England where my wife was born and the average salary hovers around £20k so still doing pretty well by these standards.
Reason for the move was 100% lifestyle based, I was a young partner and got there by being totally obsessed with my job I worked all hours of the day and the turning point for me was when my one year old son was visibly more upset at our AuPair going on holiday for two weeks then whenever I left for a similar amount of time. I felt like I wasn't connecting with my child and he didn't really know who I was except for the guy that occasionally made it home early enough for when he woke up fussy in the middle of the night.
Now I work 9am - 5pm never any more than that and take a full hour for lunch, I had previously won work with my new companies CFO and I report into the guy a few rungs below him but due to our previous relationship I have a direct line to him whenever I want and he's very aware why I left and what sort of lifestyle I want. My immediate boss doesn't bother me and my work is okay (no where near as fulfilling as when I was in consulting but you can't win them all).
Pretty sure my pay is very high for my role and the size of the company but I never lived a high flying lifestyle and my wife makes good money (she's a doctor) therefore have a large savings pot that we can use for whatever we like
Edit - Sorry missed one. I made partner at 31 was a partner for 2 years and am turning 35 soon
Money is a resource, plain and simple. Once you have some, you can make decisions based on choices and desires. Most would choose a different direction than OP at his age. In fact he probably would choose differently under different circumstances (no kids), but life happens and things change.
Always interesting to hear / read young people with limited life experience opine on this type of thing realtive to their more experienced counterparts.
Ask yourself the question: If money wasn't a key driver, what would you do? What type of work? Would you be willing to travel for work? Spend weekends working? Would the work itself provide satisfaction and enjoyment (some people really like what they do and would do it anyway - which is the goal BTW).
Seems like OP made a decision that most don't get to until they're much older. Will be interesting to see how he evolves as his family grows / ages. Will he eventually get bored with the work and NEED to do something else? Time will tell.
^ what rickle said
You guys never heard that old joke about the successful businessman trying to teach the poor fisherman how to build a fishing empire?
Here:
An American investment banker was at the pier of a small coastal Mexican village when a small boat with just one fisherman docked. Inside the small boat were several large yellowfin tuna. The American complimented the Mexican on the quality of his fish and asked how long it took to catch them.
The Mexican replied, “Only a little while". The American then asked, "Why didn’t you stay out longer and catch more fish?" The Mexican said he had enough to support his family’s immediate needs. The American then asked, “But what do you do with the rest of your time?”
The Mexican fisherman said, “I sleep late, fish a little, play with my children, take siestas with my wife, Maria, stroll into the village each evening where I sip wine, and play guitar with my amigos. I have a full and busy life.”
The American scoffed, “I am a Harvard MBA and could help you. You should spend more time fishing and with the proceeds, buy a bigger boat. With the proceeds from the bigger boat, you could buy several boats, eventually you would have a fleet of fishing boats. Instead of selling your catch to a middleman you would sell directly to the processor, eventually opening your own cannery. You would control the product, processing, and distribution. You would need to leave this small coastal fishing village and move to Mexico City, then LA and eventually New York City, where you will run your expanding enterprise.”
The Mexican fisherman asked, “But, how long will this all take?”
To which the American replied, “15 – 20 years.”
“But what then?” asked the Mexican.
The American laughed and said, “That’s the best part. When the time is right you would announce an IPO and sell your company stock to the public and become very rich, you would make millions!”
“Millions! Then what?”
The American said, “Then you would retire. Move to a small coastal fishing village where you would sleep late, fish a little, play with your kids, take siestas with your wife, stroll to the village in the evenings where you could sip wine and play your guitar with your amigos.”
I like this. Gonna use it. +1
https://bemorewithless.com/mexicanfisherman/
Wow this really hit hard. One of the best comments I’ve ever read on this site.
Love love love to see someone referencing this short story in here - it's one my dad (a Harvard MBA who left wallstreet to 'entrepreneur' the rest of his life) has told us since we were kids and I continue to consciously keep in the top half of my mind.
If you have savings, why not just buy some rental properties and call it a day. Why even bother with a "job" at that point? There's a whole world outside of the office, and plenty of opportunity if you want to move from being just another servant into the investor role (aka OWNER).
Just my two cents
I have actually done this, currently own three properties two being rented and the profit from them paying off the house we actually live in (+ bills). The money I make is just for more savings / splash on random things.
Generally feel i'm too young to stop working, wife and myself are working towards a goal of having 1 - 2 million saved before I stop and pursue more charitable work or potentially become a teacher which is something i've grown to see as quite an interesting profession. Hopefully this is doable in the next ten years or so (wife makes >£100k as well)
There is great wisdom in your idea. One of my favorite deal sources was a commercial property broker who for whatever reason couldn't close any of the really big chunky commercial real estate deals he was asked to. Pity, as he really did go out of his way to source great off-market opportunities. However, in his personal investments he bought 16 houses/apartments in the SF Bay Area during the recession. Now he's decided he's sick of being a broker, and would rather just mentor his teenage son and play golf 4x per week. There's ways out of the rat race for those willing to do the legwork.
how much has your hooker budget gone down by?
same number of engagements, but with lower caliber service providers
Lol the best part is buying a Gulfstream and crashing into the Iranian Embassy, and getting sent to Heaven with 12 Lamborghinis and 4 Virgins. Not retiring on a damn dollar-store boat, catching high mercury exposed fish.
this response makes me think you are indeed the real Jamie Diamond.
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