Side Jobs you can do while working in Asset Management?
Hi,
I'm wondering if there are any side jobs that you can do while working in an investment management firm? I know in the beginning it might be hard to find time but I've heard the hours get better. So considering the important of multiple flows of income, I'm wondering if there are part time jobs you can do, that are preferably (but not necessarily) related to asset management, while working in investment management? And how should you go about looking, and starting, that other side job?
Thank you!
Uber
Get into selling physical products on Amazon.
Jungle Scout has a youtube channel that teaches you how to sell products on amazon, how to find products to import and products manufacturers from china on alibaba....its free to learn on youtube...takes about $1500 to get started (first batch of products to sell costs about $1000...plus a couple hundred for advertising, shipping, inspection, giveaways). you don't need to dominate a category...but if you can buy products from china for $2-4....ship them to the US for $1 each, sell them for $16-20 on amazon (amazon takes 15% plus shipping and handling fee of about $5-6 for small light items)...so your $4 item can net you ~ $6-8....and after subtracting all your costs (product, click thru ads, etc)...you can avg a 50% return on your investment, and turn that over monthly (until you hit the max sales for a category depending on demand). Its an interesting business to get into. There are millions of products purchased on amazon...and about 40% are sold this way (not by the original name-brand manufacturer, but by a 3rd party reseller who white labels the product from china). If you keep reinvest the profits into creating other product lines, you can grow this into a very large business that will dwarf what you'll make in your "job"....but that usually takes a couple years.
This can be challenging. Many people (myself included) have an outside business clause where compliance has to sign off on all outside business activities. (Mine even includes selling your old stuff on craigslist or Ebay.)
easy...you can do this under somebody else's name...parents for example...or a friend. Since its not securities investing, i doubt anybody would ever find out...or care.
thanks want2trade. Yeah I have actually heard about this and was looking into it a while back. I just thought it was a big time commitment because you had to keep looking for a product to sell that doesn't already have a lot of sellers. Would you agree? How much time commitment do you think it as in the start and later when you have some products?
Freelance consulting.
Any more thoughts on this? I have always wanted to do this as a side gig but was never sure where to start. My initial idea was to try and consult with local non-profit organizations to review their investment portfolio (e.g. review and/or set up investment guidelines, portfolio allocation, etc.). I recently started on a board of a local non-profit organization which kinda reinforced this originally idea because their investment allocation is definitely out of line with their time horizon and spending needs.
Freelance consulting is easy
Step 1) Get Clients Step 2) Work
Most people fail at step 1
Thanks TheROI. Yeah I think I would actually like this. I'm not sure how to go about starting this though. Any advice?
Porn
Depending on your skill set, give personal training lessons, coach youth sports team, give budget advice, hustle the ebay/craigslist/amazon seller game, pick up a weekend bartender/barback/waiter job, uber/lyft, tutor students, make & sell furniture
hours might be better but if you plan on staying in AM, then plan on allocating 15-20 hours/week 4-6 months/year for the next few years studying for the CFA.
Yes I'm thinking about taking level 1 next June after I graduate. Do you think that's a good time. What do you think is a good time for level II and III?
selling information
LMAO
This might differ on where you work, and maybe even by officer level, but I work for a BB and there is a strict "no moonlighting" policy. So you might want to check to make sure you're not sacrificing your salary and benefits for some ridiculous "side hustle".
Thanks GoingToBeAnMD, I didn't mean an actual job. I was thinking more like freelance/independent contractor stuff. What do you think about that?
That's just playing semantics, isn't it? The whole point of "no moonlighting" policies is that the company wants 100% of your focus and time, it doesn't matter what you call your side job.
Again, it's possible that it varies from company-to-company and even officer level. For example, at my BB, there is an increased number of benefits when you reach the VP level. It's possible that they include these types of "no moonlighting" at that level and higher and don't care what the other levels do.
Advising anxious parents (and, to a lesser extent, their kids) on college admissions and standardized test tutoring. In cities like New York you can charge a certain type of parent $1000+/hour if you have the right credentials.
Thanks. How would I go about this though?
It's not really a side gig, but I work for a boutique consulting firm specializing in helping companies raise capital internationally through the federal EB-5 program and we're recruiting a full-time associate with a PE or consulting background. Our managing partners are Forbes 30-under-30 winning for the company and started the company after working at BCG and in private equity/commercial RE for several years. We're growing really quickly and are looking to bring on a full-time associate working remotely - our work culture is super-modern and we all work from wherever we are. Personally, I live in SF and visit our offices in Puerto Rico and South Florida a few times a year, but mostly I travel places I want to go and work remotely from there. It's not a side gig in that it's full-time, but it's a much more flexible position than a traditional finance job so I thought y'all might be interested. Check out the job post here: https://eb5-affiliate-network.workable.com/jobs/649959
I like to buy and sell watches on the side on eBay. There are plenty of arbitrage opportunities if you know the values and have the ability to make a convincing post. For example, an old Omega Seamster could be sold by some dusty old fart in Quebec with a shitty picture. You can buy it a deep discount, wear it for a bit and put it back with grade A pics. I had a 68% overall ROI last year fiscal year. Went through 6 watches, plan on an exponential increase in volume in '18. Kinda brutal because its just computer work, but its a good way to get the same joy of making a profit that you get at your job in AM
I am very interested to hear more about this if you don't mind sharing. Brands to target? Price range? Customs issues?
No customs issues that I've come across, I don't usually mess with third-world countries and I'm very cautious in Europe. Stay away from Rolex seems to be a lot of fakes out there. At the end of the day you want to buy a real watch and you simply have to know you are buying a value from comparables/research. Just like picking a stock!
This guy gets it.
I make $150 an hour tutoring High School and Middle School kids in Manhattan. It's usually brings around 2k a month working maybe 4-6 hrs a week. The way you get this job is through high-end tutoring companies. You also need big name schools on your resume: parents paying this much per hour want to see a pedigree - national brand name high school (Andover, Fieldston, etc) AND college.
Thanks jhd311, I actually enjoy tutoring and have been doing online tutoring through sites like Chegg. Can you tell me what kind of high end tutoring companies you're talking about?
I'm the Chuck E Cheese character in the suit on some weekends. have a few too many scotches before work and scare little kids. Not about the money obviously but pure entertainment.
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