There is no doubt about it ever since I was born I have been a failure. As a teenager the failures accelerated. *pop pop pop* You learn to distinguish between gun shots and backfire early in life. The difference is that it was two in the morning. Instead of waking up and exiting the room I decided to freeze and do nothing. Normally, any loud gunshot noises would be attributed to my father’s gun underneath his bed but for some reason… I had a feeling. Call this spiritual, call me a hippie it doesn’t matter because he’s dead now and there is no doubt in my mind that if I had run out to simply call 911 he would be alive. Strike one and a failure at life. Life isn’t baseball so if you don’t act in the moment you don’t get any second chances. “You are not a man
Overview: We have written about basic ways to hack your 401K for additional liquidity but one question that does not seem to be addressed is this: “When have I over saved in my 401K?” The truth is it depends. If you intend on living in the USA forever and have no interest in leaving the country for more international exposure (wink, wink) then you are likely going to contribute the max for life. However… for those of you that are interested in going international, there is certainly a limit we should all be aware of. When you’re fresh out of college the answer is simple. Always obtain the Company match and if possible max out the entire $17,500 limit. For additional details review our post on investing priorities. With the background out of the way lets jump into a detailed chart and highlight the important markers. Chart Summary: 1) Dashed
Welcome to The Street: Every single day you work on Wall Street you develop an obsessive compulsive disorder for formatting errors, grammar errors, periods at the ends of bullets… etc. You start to become that Psycho VP or that “Managing Associate” you have always hated since day one. It is a slow process. You don’t notice it until one day it happens. It happened to me. It will happen to you. The event: You walk into a restaurant ordering up some sort of sushi so you can pretend you’re living a healthy lifestyle on the company’s dime (ignoring dem dere 100+ hour work weeks mind you) and you see it… A typo on the menu. You: “Man this place is hilarious there is a typo right here! I see it man you guys catch this?” (the dinner group goes silent) Them: “Dude you’re looking for typos on a Menu at the
So you’ve realized it is time to see the world. “The world is a book and if you’ve only spent your time in one country you’ve read a total of one chapter” The first international trip will burn an image in your brain for the rest of your life. You certainly won’t forget it. With that said a lot of mistakes will be made so lets try to avoid them and look at multiple countries and cities worth visiting. Logistics: If you don’t have a centrally located apartment in the hot nightlife districts you have decreased your ability to have an awesome vacation by 75% or more. Alright no more jokes you have decreased it by 95%. You should spend your time researching each neighbourhood/venue and find where the bustling night life is and have an apartment rented no further than 5 minutes in a cab from the center of
Overview and Landing an Interview The career path to working at a hedge fund is less defined than that of investment banking, but at the junior levels the majority of opportunities are available to those with backgrounds in either research or investment banking. The best way to land a hedge fund interview is through networking, but… a large portion of the recruiting process is outsourced to headhunters, who primarily target bankers and research analysts in their searches (management consultants are also successful). The job responsibilities are not exactly the same, but the skillset and intelligence necessary to be a junior banker serve as a baseline for the kind of work that is expected of hedge fund personnel. Hedge fund managers are busy people, so they recruit from pools of bulge bracket bankers for the same reason that bankers recruit from target schools. This post will assume that you have secured a hedge fund interview and will focus on the interview process from the perspective of a junior investment banker.
Who says you can’t learn something from a video game? If you are over 20 years old you shouldn’t be playing them… but you can learn some lessons about success in a virtual environment. Yes this is where most keyboard jockeys and losers hang out but lets learn something from the actual game itself. Overview: Massively multiplayer online role-playing game (MMORPG) is a large community where people essentially go online to play a game. The name of the game involves building an army to fight each other (Warcraft … StarCraft …) or you build up a single character (World of Warcraft etc…). There is a LOT of money in this business. However. There are many business and life lessons to be learned from the actual video game. This is an out of the box post indeed. We’ll focus on the former… Games where you build an army. Lessons and Take
This is going to spur on some horrible nightmares for the Wall Street folk that read this blog. For fun we have gotten requests to outline what life is like if you work for a psychotic person on the Street. Needless to say it isn’t pretty. The Red Flag: So you’ve been asked to work on a new project with the most intense Managing Director in the office. You’re shaking your head. You walk in with the rest of the team to go over the material. The problem? He doesn’t even acknowledge that you are in the room he moves his chair so he is only looking and facing the right side of the table where the Senior Vice President is seated. You may as well be a chair. The meeting lasts over 20 minutes and he waits for you to get up and leave before shutting the door (still
We don’t feel like this post needs to go up but we have been asked about the topic numerous times and stated we would cover the topic as part of a series. Most people, including those with a relatively high net worth ($1-2 million), have no reason to dabble in such ventures. With that backdrop, we would not recommend any of the following ideas to your typical reader but below is an outline, by increasing risk tolerance. Single Security: We assume you already have a large portfolio, it is growing (no matter what the doom prophets say – they have been wrong the last 3 years) and you have excess cash on the sidelines that you would like to use to invest into a single security. “Diversification is protection against ignorance, it makes little sense for those who know what they’re doing.” – Warren Buffet If you have niche knowledge
In our overview on How to Invest as a Bachelor and Part two outlining how to obtain a high paying job we’re continuing down the journey to financial success and the message remains the same: You must invest. We already know that a savings account is yielding at best 1% this day and age. With that in mind how is that helping you obtain financial freedom? It is not. In fact you are going broke. This article could not have come at a better time as Janet Yellen recently took over the Fed and stated the following: “Inflation remained low as the economy picked up strength, with both the headline and core personal consumption expenditures, or PCE, price indexes rising only about 1 percent last year, well below the FOMC’s 2 percent objective for inflation over the longer run. Some of the recent softness reflects factors that seem likely to
Starting Out Parked. Hit the switch for the tunes to get into the mood. Slip on the outfit you wouldn’t have fun without it. Start the Engine The engine is humming its time to get running. Approaching the club no need for lines they are a waste of your time. Glancing at the bouncer the music is getting louder Both of you open up the gait. Flag down the bartender the drinks are on the house but you throw down some cake its not worth a costly social mistake. You’re sippin slippin into a trance as people begin to dance. Ten minutes to eleven you spot a seven. Up Shift. Someone gets there first but fortunately all he does is mumble. Welcome to the jungle he’s about to take a tumble. Pick up this young man’s fumble. You can’t overcome temptation and ask her about his skills in the conversation.