How to Become a Millionare by the Age of 30
There's no denying it, money is a huge driving factor in many of life's choices. I'm also sure that many of us have dreamed of swimming in benjies and recording our own rap videos.
I am young and I want to know if an investment banking, private equity, and/or hedge fund career path is an accurate trajectory towards earning $1m to frollick around with. Is this possible without being an heir or a founder of a successful start-up?
Trading my own portfolio can only get me so far. With the addition of cap gains, how realistic or common is this?
I'd love your guys' honest takes on this question, and how fantasized or not this "dream" is, since many of you live in the real world haha.
Throw all the monkey s*** you'd like, but it's a question that we've all had at one point in time. Anything is possible.........right?!
or corp finance/consulting for that matter.
I suppose all the paths you mentionned (except maybe consulting / corp finance) could make you a millionaire by 30 if you're good, you're at the right place etc...I think it's mentionned all over the site that if you execute perfectly the 1st steps of the "path" you can be making 300k+ when you're 25 so 1m by 30 is not far stretched (still, that means you went to a target school, landed in a top BB group, and then transitionned to a mega fund, not exactly a walk in the park). Still if you're 100% driven by money, you should probably pick other paths where you have a more direct impact on your income, I think when you're a junior in IBD and PE (HFs perhaps a little less) your performance is very loosely correlated to you're income as you don't have a direct impact on revenue generation, and that could be very frustrating. The most money hungry people I've seen are usually in S&T or physical commodity trading where you have a much more direct impact on your income (and I would guess it's more common to see 30 years old millionaire there, whereas in banking to make real money you have to be a rainmaker with plenty of industry contact etc, which is unlikely before you're at least 35 etc).
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i'd SB if I could
Statistics are against you. But may the gods smile upon you, and may the odds be forever in your favor.
You should take a more balanced and pragmatic approach. 1m a year is not a bad goal but saying that it must happen by thirty is, in my opinion, too narrow of a goal. There are a lot of fields you can make that much money in (or close enough) if you are good at what you do. If you just focus on making as much money as humanly possible by any means necessary, you might just find that you are a teensy bit unimpressed with your 1m a year milestone, given that you may or may not have any significant relationships after burning your twenties overachieving at everything in order to make some arbitrary goalpost.
Why is $1M your goal? Maybe it should be $10M
How will you have time to spend $1m a year if youre working such long hours anyway..
My ideal path IB Analyst: 22 --> 120,000 IB Analyst: 23 --> 120,000 PE Jr. Associate 24 --> 200,000 PE Jr. Associate: 25 --> 200,000 MBA: 26 --> (-80,000) MBA: 27 --> (-80,000) PE Associate: 28 --> 300,000 PE Associate: 29 --> 350,000 PE Associate: 30 --> 400,000 PE VP: 31 --> 600,000
Ah good enough I guess lol
Don't forget taxes - cutting these numbers in half
sadly, yes
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