Banking doesn't pay enough?
So before we start this off, seriously no trolls.
100K a year is terrible as a 1st year student.
Currently I manage a few items for sale on ecommerce sites and earn about 75k/year. I spend less than an hour managing it, have an employee who runs it, and literally it's the easiest thing in the world.
However, I'm getting to a point where I'm going to have to select a college and start working for a company. However, it wouldn't make sense working for a company or in a sector which doesn't pay enough.
So, 1 thing i've learned is, this 75k has no security vs a job does.
The 75k might not be able to grow, while the job by the 10th year you might make 500k.
So where I'm getting at is, which type of fields should I join to earn 10M++ a year.
For example, Mergers and Acquisitions, from a quick glance, if im 50 and have all the connections in the world i might be able to sell a company for 50 million that was really worth 55. And get a million dollar cut.
Etc
Or, if I'm a stock trader, i may get some inside knowledge allowing me to make million dollar cuts.
I know a lot of trolls will come. But, im dead serious. Which field of banking or finance do you think I should focus on?
This post reeks of high school. What makes you think you'll ever be worth $10,000,000 a year? Keep your head down, put in the work, and stay humble. If you truly have what it takes the opportunities will present themselves.
It's like going to Mcdonald's and working a $8/hour job and saying OPPORTUNITIES WILL PRESENT THEMSELVES!!!!!
He tried to help you out by pointing out that you should stay humble.
Flippin burgers is a good place to start. When you make it to the drive thru window, you get to play with a cash register. All up hill from there..
Lol I can't tell if you're trolling, but it's close to impossible to make more than 10MM a year unless you are an entrepreneur/investor. There's no salary (outside of entertainment/sports) in any profession that approaches 8 figures, and even MDs will rarely make 8 figures on salary/bonus alone. Unless you are an entrepreneur that owns a company/firm, or you're an investor/chairman that has significant carry in the firm's profit, it's tough to break 7 figures.
However to answer your slightly idiotic question, you'd probably want to go into IB for two years, do PE for a couple of years, and try to either climb the PE ladder or join a HF and somehow prove that your 20 something year old mind is superior to 50+ year old finance professionals
You do realize I mentioned "entrepreneurial" in my comment right? I suggest you consult a "dictionary" and understand what that means before completely misinterpreting my comment.
You clearly don't understand how finance works. Successful firms are built purely off of reputation and relationships. Look at any HF/PE firm that manages >$1b of capital and I guarantee you'll see household names next to the partner/chairman name's. The thing is, unless you have significant personal capital and are willing to prop trade it, there's no way in hell you'll secure ANYWHERE near $1b of investor capital without a strong track record and reputation. Nobody gives a shit if you own a few franchises and made a few million. The only way institutional investors with billions and billions in capital will let you touch their money is if you have a compelling value prop that puts you above established funds.
The CEO of my F100 company barely makes $10M a year.
I think OP should consider becoming CEO of a F50. The odds are not so bad, I mean there are 50 after all right?
I don't think a finance forum is the place where you'll find a roadmap to $10 mm + / year.
MDs don't routinely make that. Senior people in HF and PE don't routinely make that. People running very big funds, with a good amount of carry make that. Unless you believe you are the top 0.1% (or some much smaller figure, who knows?) of finance minds, you're wasting your time talking about making that much money in this industry... but then again, if you are THAT smart, why would you do finance in the first place (seriously).
If you are as brilliant as your aspirations make it sound you are, I suggest you become a serial entrepreneur.
What about in trading?
What i'm trying to see here is like, so I have to run my own firm?
Once upon a time people in trading could make ridiculous amounts of money. Think Solomon Brothers, Goldman and Drexel in the 80s. Over time, increased competition and more access to info has compressed spreads / fees and made it harder to make a lot of money with trading.
Occasionally, you'll read about someone who made a huge killing and traded billions (or sold billions of something) and got 8 digits. These are very exceptional circumstances.
I don't see how you could expect that much money without being partner-level and thus benefiting from combination of carry and participation in earnings.
Even people who run their own firms a lot of times don't make that much money... Here's basic math: 1. Say you work at a 2 and 20 fund 2. You get 10% IRR, which over the long run is better than a lot of funds 3. If you manage $1 bn, your firm as a whole will make $40 mm 3.1 Pay all your associates, VPs, directors, etc. Cover all expenses of the company - marketing, $$$ in research, Bloomberg, rent, etc. 3.2 How much is left? How many partners you have? 4. I'm inclined to believe the above lets you net off just around $10 mm. For that to happen though, you needed a lot of money and great results. This is so very hard.
You'll say: "yeah, but that's $1 bn. Bridgewater has hundreds of billions." Yes. And hundreds of employees and expensive real estate and expensive IP, etc. Is Ray Dalio making $10 mm? Sure, probably 10x that. He's Ray Dalio though and BW is BW.
You asked "so I have to run my own firm?" No. You have to do more than that. You have to kill it. You have to run a great firm, and generate great returns, and have enough capital from before that you don't need a lot of partners. Running your own firm is the easiest of the hard parts.
But hey, what do I know - I'm just a guy who's content not setting his sights in a 8 figure pay check.
A "few items for sale" is making you 75k/year? Been watching too much Narcos?
Whut iz ecommerce??
I was just wondering whether people like you still exist in the world post 80s. You sound like a troll.. You're the type of person to screw people over so you can make a quick buck.
$75k a year without a degree is a lot of money . congrats. I would focus on building that before I would think about banking
You say the $75k a year does not have security, while "a job does;" however, if your $75k a year relies on a broad customer base, I would argue that is more secure than relaying on one source of income (normal job).
The people who make $10 million a year generally have produced something incredibly valuable (drug cartel, professional athlete, facebook or other company founder, F500 CEO etc.).
Quit saying "a lot of people make $10 million a year" .. that's like saying there are "a lot" of people in the top .001%. It's asinine. A lot relative to what? relative to the number of planets in the solar system? sure. A lot compared to the number of dreamers who hope to break the top 1% of income earners? no.
"Then you are mistaken."
about which part?
"Ever heard of wholesale?"
never, what is it?
"I know people bringing in 10 million a year."
I know a guy who had a beer with sasquatch - am I doing this right?
You know who I actually think legitimately makes 10 bucks? My LASIK surgeon. That dude had like three offices; two in LA and one in SF. He would line up all the pre- and post-op appointments through other in-house eye docs, and this guy literally saw me for a grand total of 15 minutes. A couple minutes before the procedure and then the procedure itself which lasted about 12 minutes. I'm guessing dude books 15-20 operations a day, ~4300 a year, x $6,000 bucks a pop. That's $25.5mm revenue. Take out $3mm for office expenses / laser equipment leases, and another $5mm for staff of eye docs, techs, hot admins, and deduct $5mm for uncollectable accounts, and dude still probably clears $12mm a year! That's the life right there man...
You want to maximize your odds of making eight figures, start studying optometry and biophysics now my friend!
But, i'm just not a medical guy.
You could try being adopted by a wealth family
NewLife: as I'm sure you noticed, I've tried to keep pretty genuine and answer your questions and all that. I will say one thing though, and although I can guess how you'll react, try to take it somewhat positively.
Your post has a bit of absurdity to it, which you know to be the case since you preface it as "no troll". Most of peoples comments, even the ones "negative" have been fairly moderate. And yet I've seen you slash and dash and take on a quite offended approach to people's comments.
Look, I'm not gonna waste my time telling you to change your personality. You do you. Honestly though, I'm not sure finance is the place for you. The level of push back you experience here is very minor and in no way comparable to the shit you'll have to smile through as an analyst. If this post (and people's responses) have gotten you so worked up... and you have a good way of making money on your own... I honestly think you're better off doing other stuff man.
Take as much or as little of it at you'd like. Just know that it's coming from a genuine place and I have no stamina to get out of my way and insult you.
If you really want to make a lot of money, there are a lot of things to consider. And there is no such things as "the path" because in order to advise you, I need to know a set of variables:
1) How old are you? What is the time frame? 5 years, 10 years? 2) What is your exit strategy? US$10MM as net assets (or in cash)? Clean money or Shaddy Money? 3) Are you married? Will you consider marrying into wealth to get a jumpstart? 4) Are you good looking or charming? To work on question 3. 5) What sort of wealth are you looking at? You want to be on the Forbes list or you want to be like Putin where most of his wealth are held through proxy? 6) Are you passionate about anything? Or do you just want to make money? 7) Are you willing to travel exotic/difficult locations to make money where you may die? (i.e. Middle East, Southeast Asia, China, Latin America, Nigeria?) 8) Do you need a work and life balance? 9) Are you born rich? Or belong to a high net worth/elite circle? 10) Is morality an issue for you?
You should focus on getting laid first. If you do that, you probably won't think that you need 10M a year.
Operations. I've heard they pay good bonuses.
Arrogant youthful optimism :). I can tell you're a really smart person but you're probably just not experienced enough. Either you're with going to kill it or be extremely disappointed with your lot in life.
Some advice:
Don't become a banker. It's a professional service industry which simply means that you work for the people making 10MM a year and you eat the crumbs off the table.
Whatever you're doing now sounds like a great business. Keep doing it and try to expand. No security = entrepreneurship. The same way that no risk = no reward. College you can always go to at any point. And it's mostly useful for those who aspire to 1 above.
If you yourself are a troll. Congratulations, I've wasted 5 mins of my time.
But why? Nothing about your post, troll or otherwise sounds the least bit appealing. It's like you just threw out a number and decided that's what you needed.
If you had $400-500k invested in dividend players you could retire in Chile or Thailand or some other corner of the world and want for almost nothing. It'd be so terrible to want for nothing in SoCal weather like that. What if you had a house in the states paid off, rented it out and also had a comfortable dividend portfolio? How well could you live then?
What's the goal? Are you trying to own a bunch of Ferraris that you can drive around at the speed limit? If the point is "Fuck you" money, then you don't need anywhere close to $10M, but you do need to know what you actually want.
But that begs the better question, the actual question you should ask yourself: If you know what you need to retire, what kind of work and lifestyle would keep you from 'checking out' and actually saying 'fuck you'? Find a well paying field that you'd be good at and could learn to love, the rest will fall into place. Especially if you have an idea of what you need to actually 'check out.'
Since you know people who bank 10M a year, you should ask them how to get there. We beggars just don't know...
The reason why they pay bankers so little (Originally Posted: 08/19/2017)
Error Error messagePDOException: SQLSTATE[42000]: Syntax error or access violation: 1064 You have an error in your SQL syntax; check the manual that corresponds to your MySQL server version for the right syntax to use near 'Array ELSE field_confirm_title_value END AS label ' at line 16: SELECT *, 'rgb(54, 162, 235)' AS pay_border_color, 'rgba(54, 162, 235, 0.2)' AS pay_background_color, 'rgb(75, 192, 192)' AS bonus_border_color, 'rgba(75, 192, 192, 0.2)' AS bonus_background_color, CASE field_confirm_title_value WHEN 'Director' THEN 'Director/MD' WHEN 'Executive Director' THEN 'Director/MD' WHEN 'Associate Director' THEN 'Director/MD' WHEN 'Managing Director' THEN 'Director/MD' WHEN 'Senior Vice President' THEN 'Vice President' WHEN '1st Year Associate' THEN 'Associates' WHEN '2nd Year Associate' THEN 'Associates' WHEN '3rd+ Year Associate' THEN 'Associates' WHEN 'Intern' THEN 'Intern/Summer Analyst' WHEN 'Summer Associate Intern' THEN 'Intern/Summer Associate' Array ELSE field_confirm_title_value END AS label FROM node, field_data_field_company, field_data_field_confirm_title, field_data_field_paytype, field_data_field_pay, field_data_field_cashbonus, field_data_field_compensationyear WHERE node.nid = field_data_field_company.entity_id AND node.nid = field_data_field_confirm_title.entity_id AND node.nid = field_data_field_pay.entity_id AND node.nid = field_data_field_paytype.entity_id AND node.nid = field_data_field_cashbonus.entity_id AND node.nid = field_data_field_compensationyear.entity_id AND field_data_field_compensationyear.field_compensationyear_value >= :report_start_year AND field_data_field_compensationyear.field_compensationyear_value company_compensation [:entity_type] => node [:report_start_year] => 2015 [:report_end_year] => 2017 [:positions_0] => Other [:positions_1] => N/A [:positions_2] => Developer [:positions_3] => Trader [:positions_4] => Incoming Analyst [:positions_5] => Operations Analyst [:positions_6] => Financial Advisor [:positions_7] => Prospective Monkey [:positions_8] => Research Associate [:positions_9] => Assistant Vice President [:positions_10] => _none [:positions_11] => 0 [:positions_12] => 10 [:positions_13] => NULL [:positions_14] => Business School [:positions_15] => Assistant [:positions_16] => Trading Assistant [:positions_17] => Financial Representative [:excluded_nids_0] => [:industry_0] => Investment Banking [:company_ids_0] => 122789 [:company_ids_1] => 122796 [:company_ids_2] => 122799 [:company_ids_3] => 122803 [:company_ids_4] => 122807 [:company_ids_5] => 122857 [:company_ids_6] => 122862 [:company_ids_7] => 122863 [:company_ids_8] => 122866 [:company_ids_9] => 129980 ) in CompanyDBReports->stacked_compensation_data() (line 809 of /home/wallstreewww/sites/all/modules/custom/company_db_reports/includes/company_db_reports.inc). The website encountered an unexpected error. Please try again later.
sounds like you already have all the answers, no need to post...
What the fuck did I just look at
Bankers trying to use mysql
Stawp it, Russia :(
Here's a (hopefully) helpful guideline and somewhat of a life lesson. I hope my fellow monkeys can build off it.
In order to achieve the top tier in ANY professional, it is primarily about creating, building, and maintaining relationships with other people. For example, Mike Piazza was the 1,390th pick of the MLB draft. Why? Because the manager of the Dodgers manager (Tommy Lasorda) owed Mike Piazza's father a favor...he ended up being the greatest hitting catcher of all time. An outlier? Of course.
Your freshman year college roommate may end up being a MD in 20 years and willing to vouch for you at his firm.
Now, here is what you need to truly consider and I hope that you're trolling so I what I am about to say is not a true reflection of who you are as a person. Solely based on the way you have approached this, the manner in which you have responded to other people in this thread and the simply way that you have carried yourself - you are going to have one hell of a hard in creating, building, or maintaining any type of relationship with something that is not your dog. I would never want to work with you, I would never vouch for you and I surely would never want to allocate any of my resources to helping you.
Harsh? Yes. However, if how you have presented yourself is who you truly are, I bet I speak on behalf of most people in saying that it is the god's honest truth.
There are thousands upon thousands of intelligent, motivated, humble, and caring people who would go out of their way to help one another. I just don't see that in you.
Best of luck, kind of.
If the only reason you are considering going into finance is for the money, you will hate your job and be unhappy. Many of the people that makes millions in finance are the ones who have a genuine passion for finance. The ones who don't burn out before they can get to that point.
The most successful people in anything are the ones who have passion.
If money is your passion, you can make it in finance, but it is people like you that give finance a bad reputation. Your greed will overtake ethics and you WILL F$&% PEOPLE OVER for you money.
Read the "Millionaire Mind". It gives plenty of insight into the common traits of people who became millionaires. The majority of them are entrepreneurs that live under their means accumulating wealth over a lifetime.
Also from your example, how do you have 1M to put down at age 22??? That is absolutely impossible if you grew up in a household outside of the top 1%.
If you want more money, just ask dad for it.
Dude I can get you to your goal. All I need is like $100K to get started. I'll send you the wiring info.
Our society is really taking this "You can be anything!" concept way too far.
"Stock trader" "Million Dollar Cuts" "Inside information" I try to be constructive in my advice/criticism of others- especially on here, where we all do our best to help ourselves and each other out- but this is the most cringe-worthy post I've seen in a while, assuming that this isn't a troll.
This post reads like you got really hyped while watching "The Wolf of Wall Street" on Vyvanse and decided that you wanted to clear 10mm and be "the next Jordan Belfort, yo". If you think that finance/banking is a rock-solid way to crack 8 figures, you're either too stupid to understand the cost-benefit, too lazy to do your research before asking substantive questions about the industry, or an extremely unfortunate combination of the two.
I also read a few of your comments, just to make sure that I have a decent idea of who you are: " 8 figures is fairly possible......many people all around the world do it wholesale? Agriculture?"
Confirmed: You know nothing.
My advice: Do some actual research, throw those misinformed opinions about how easy it is to make 10 mil away, and get rid of that ego. You appear to be both ignorant and thin-skinned, as evidenced in your responses to hearing that you're wrong on certain things. If you were ever to make it into finance or banking, you have to get used to hearing that you're wrong. You will hear far worse. Your response will either demonstrate that you have potential and are willing to learn/grow, or will confirm that we have you dead to rights on your shortcomings and flaws. I look forward to seeing whether it will be the former or the latter.
This is it. The worst post of all time. Shut her down.
The easiest way to make $10mm is inheritance. Good luck.
Fuck off you little shit.
I've never seen a negative account before on here.
If you want to make 10MM a year your'e going to do it through entrepreneurship. Not through finance job exclusively.
I suggest going into investment banking because with an attitude like that maybe you'll get a slap in the face and wake up to reality.
Voluptatem ipsa quia ut repellendus rerum. Odit inventore sed vel quia perspiciatis facilis consequatur aut. Et possimus dolore possimus sit natus quasi a. Et aut esse quaerat autem quos nam. Omnis a dolorem laboriosam corrupti nihil sapiente ad.
Tempore tenetur qui laborum illum. Ut iste neque omnis ea.
Non aut qui soluta. Debitis vero ipsum non adipisci asperiores et fugit. Consequatur ipsa et enim soluta delectus mollitia aperiam. Et in porro repellat quo.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Voluptas itaque sint quas culpa nisi. Harum consequatur qui quidem quam et pariatur molestias officiis. Temporibus quos id non vel rerum. Suscipit in voluptate ducimus.
Porro totam harum aut laborum. Id omnis qui sapiente illo ea pariatur quis velit. Et quaerat nostrum qui ea. Nesciunt dolores dolor dolores voluptate.
Atque neque est sequi sed voluptatibus quia. Ut ut officia quasi totam molestiae dicta. Nostrum quos illum dolorem dicta voluptas non molestiae. Perspiciatis voluptatem hic voluptate hic. Labore incidunt est neque.
Ipsam ducimus culpa sequi. Dolores quasi ratione eaque. Voluptatem ea incidunt facilis voluptate deleniti non in.
Iusto asperiores id itaque nam. Quia repellat dolorem ea cum tempora non accusamus aut. Eligendi sunt non dicta aut aut.
Accusantium eligendi aut doloribus nulla hic. Provident est ratione voluptatem saepe sed. Officiis et autem voluptates nobis.