Personal Finance
1) What is Your View on the Personal Finance Industry? This requires an extremely lengthy response (outlined by hundreds of posts on this blog). In short, the current personal finance industry is a scam in our view where each individual attempts to *seem just like you* in order to sell you advice that will only lead to $1,000 in extra *savings*. The standard pitch is “I was 25-35 years old with $XX in credit card debt and made it by…. “. In reality is no one gets rich by penny pinching, the same bloggers giving out such information make $500K+ from their personal finance blogs which is how they really make money. It is not mathematically possible to get rich with $30K per year in total savings. You need to move your income into the multi-six-figure range before you start accumulating real wealth. If you were to make $400K in a single year your total savings could be $300K+ which is ~60x larger than the median of just $5K assuming a 10% savings rate.
2) What Do You Think About the Stock Market Levels? Always the same answer, do not worry much about the stock market. In general you shouldn’t care if the S&P is at 1,700 or 3,000… simply dollar cost average into cheap ETFs such as VOO, SPY, DIA, etc.
If you’re trying to beat the stock market and you only have a half million dollars or so in the bank, your time will be better spent elsewhere (starting a biz!). $500K in the bank does not give you enough leverage to see out-sized returns. It means if you beat the bench mark by call it 5% that is only $25K. You may as well go and chase real revenue in a business. $25K for 10+hours a week is only $48/hour… That is significantly lower than what you’re making in your career anyway.
If the economy collapses? It doesn’t matter again. Generally recessions last about a year so you simply sit around and take the extra cash that was on the sidelines an buy any time there is a large correction. Your cash was on the sidelines because you want to continue buying through the dips so you get lower entry prices. Maybe you lost your job for a few months. No big deal. You had cash on the side to keep buying and get your next position.
If the market goes up 20%? Great already exposed getting richer!
What if inflation goes “crazy”? If you own assets… you’re getting richer! If you own an asset such as a home, it typically goes up along with inflation.
3) I Make $50K and I am X Years Old What Do I Do? Some tough love, we think you can do better. If you look around there is money everywhere. A weekend in a high cost city driving an Uber will net you $30+ an hour. That is an extremely low estimate and yet that gets you an extra $60K per year. Why is it an *extra* 60K per year? Well, if you’re not working at least 80 hours per week and you’re not happy with your income… you have no one to blame but yourself. Anyone who believes they should be rich working 40 hours a week is going to be in for a rude awakening.
If anyone believes that anything over 40 hours is “too much work” then how exactly will that person catch up to someone with *more* talent putting in *more* time? If Person A is working 60 hours a week making $100K per year and you’re working 40 hours a week making $50K… You’re already making significantly less than Person A on an “hourly basis” and there is no way you’re going to catch up by working less and learning less.
Get to the grind! We also strongly suggest you read our post on careers. Finally, if you really want to get rich, you must start a business.
4) I get it, Sales, Wall Street and Silicon Valley are the Only Careers to Get Rich, Which Position do I Take?
We are glad you see the light! As stated many times, the *fastest* way to get rich is with a scalable business where you are selling a product that adds value to everyday lives. Assuming you do not have an idea yet, it is wise to hedge your bets and build skills in one of those three positions. (IE: may as well start a career until you have at least one revenue generating idea)
We do not give out advice that is not based on real experience so for Silicon Valley we suggest you reach out to top tier Silicon Valley people. We are not the best people to ask. Search around, find people who are worth at least $1M (liquid, earned by themselves, $0 inherited) by the age of thirty or so and ask them for advice.
Sales is partially related to Wall Street (it relates to the sell side). With that said, if you don’t want to go into sales, then we suggest looking up mentors (again) in the sector you wish to work in (again) and background check the mentor to make sure he earned it all himself (again). The one piece of advice we can give, is that recurring higher end sales will be much better than trying to sell in volume (we recommend enterprise software sales)
Wall Street, this one we can easily answer. Go to the position that is closest in relevant work experience. If you want to run a long-only portfolio in the future (long-term) it makes sense to have an internship at the bottom of the totem pole in Financial Advisory and work your way up to wealth management/asset management. If you want to work in private equity, then you need to build you experience in transaction based work. You go from a low end boutique in investment banking to a bulge bracket to a PE firm.
When it comes to Wall Street, always always always choose the job function over the bank name. If you can become an investment banking analyst at a mid sized bank this is going to be significantly better than working at Goldman Sachs wealth management. Again, always.
Finally, when you’re deciding where to start you should always ask what your resume looks like. Ideally you have some connections and can get some relevant experience somewhere near the lower end of the totem pole (lets call it wealth management). In that case you then work up from there and improve your options. If you are starting from zero then you simply blast your resume to anyone and everyone who will listen. Remember, if you don’t have any offers, you don’t have any options so you may have to start from the bottom.
5) Where Do You Track Your Investments? For those that are serious about developing multiple streams of income and a high net worth, we can recommend Personal Capital. The Company offers *free* software tools with the following four key features: 1) ability to avoid losing money by tracking all fees associated with an investment product allowing you to choose the best possible fund for your future, 2) portfolio analysis where your risk profile is stacked up against your current age and retirement goals, 3) in addition to these free tools, you can also track your net worth and path to becoming a millionaire and 4) when you hit $100K in networth you’ll receive a free one time consultation with an investment professional at Personal Capital. After linking up all of your accounts you’ll be able to sit back and watch as your net worth goes up and your fees remain minimal over the next several years. We strongly believe that Personal Capital is the premier personal finance software tool when compared to its competitors such as Mint. If you’re looking to avoid personal financial collapse, it makes sense to track everything in one place for *free*.
Wall Street
1) How Much do People on Wall Street Get Paid? Here is the breakdown. We have listed information beyond the entry level positions. If you don’t believe the data, feel free to purchase a full compensation package from Glocap or another headhunter firm. You’ll be wasting your money because we have the numbers right here for free. This is a *guideline*. The numbers below reflect the latest bonus cycle.
Investment Banking (2016 numbers)
Analyst – Base ~$80-100K (100% targeted bonus) 150-200K (age 22-25)
Associate – Base $125-180 (100% targeted bonus minimum) $230-365K if you are promoted to VP (age 26-33, wide range due to young talent and MBAs)
VP – Base $200-225K (100%+, call it 125% targeted bonus due to revenue generation, total $400-550K) (age 30+)
Director – Base ~$250K (Variable call it 1.5x base salary target due to revenue generation, somewhere around $600K) (age 32+)
Managing Director – Base ~$350K (Variable, call it 2x base salary as a target due to revenue generation, somewhere around $975K) (age 32+)
*Note: Yes base salaries at the junior level are moving up a tad, call it $5-10K depending on if you’re an analyst or an associate. However, as the numbers show, your goal is to get promoted since the variable numbers become larger and larger as a % of your salary
2) Should I Take a Financial Modeling Courses? No. Absolutely not. We have given a free three statement model when we first started blogging and that is all you need to be able to build. Income Statement, Balance Sheet, Cash Flow and bottoms up by segment. It is older but this does not matter. Replace it with any company and you’re set. You should be able to build this in 1-2 days maximum.
Spend the rest of your time developing people skills, sales skills etc.
Nail in Coffin. Every bank has different models and will train you for several weeks before you start your career. If you can build a three statement model (clean) you’re going to be fine. If you *must* take “classes” then take excel courses that teach you short cuts (formatting short cuts – alt e-s- (letter), navigation short cuts – F5 and others).
Most won’t listen and will become financial processing monkeys (career suicide). You will do much better than them in your career if you focus on what matters. Salesmanship, strategic thinking (reading about the sector/industry/structuring of deals) and relationships.
3) What Bank/Group do I Join? This question misses the point by a country mile. The question is, which bank/Group will allow you to get promoted the fastest. Always choose the one with the highest promotion rate. If you have no idea which group is good and you are starting blind then you turn to prestige for long-term career development and the rank order is as follows. Elite Boutique: (Moelis, Qatalyst, Centerview, Evercore, Lazard, etc.) Bulge Bracket (Goldman, Morgan Stanley, Citi, etc.); Middle Market (Jefferies, Piper Jaffray, etc.) No-Name Banks (simply make sure it is the same job function).
Importantly, if you want to go into Private Equity and get a career offer in private equity you *take* it. If you want to go into banking and get an offer in banking…. you *take* it. There is no point in “learning something” to jump later. Always jump straight into the position if possible.
Remember after your first job none of this matters at all anymore. From that point forward you choose the firm that is going to promote you the fastest. Think smart. It is about responsibility not prestige. Reiterate: Promotion and responsibility first, prestige last. People who obsess over prestige will earn less than those who focus on getting promoted and obtaining more responsibility.
4) Industry Overview on XXX Sector? It depends on demand, these are for Wall Street folk and we’ll do them if an industry gets hot. This means it’s likely but no promises. We have done quite a few industry overviews and you can see them below. These take a lot of time since we don’t want to constantly update valuation tables.
A Detailed Look at Financial Institutions Group
Overview of the Consumer Sector
Overview of the Healthcare Sector
Overview of the Oil and Gas Sector
A Detailed Look at Technology Media and Telecom (TMT)... also find Part 2 here
We will try to do more of these over time.
5) Will You Do Resume Reviews? No thanks, we do not trade time for money. In addition, everyone should learn how to best present themselves (ie: sales!). With all of the time in the world… you’re learning how to communicate your value in a single page. Better to learn these important skills early. Once you have the email and resume templates, the rest is up to you to work on and master. We have clear outlines on how to write a better resume and how a one page resume should look. Yes we said one page for a reason, 2 page resumes will be thrown in the trash.
6) Can You Hire Me? No. We thought about using this as a recruiting tool but it took too much time. We have helped a large number of people obtain careers already and many of them were from non-target schools.
This blog was much much smaller back then and based on our 100% conversion rate we knew the blog had the correct tools to allow anyone interested to break in. If you follow the advice here and grind it out, you’ll be much better off long-term. IE: getting into the Street with no hand holding will serve you well in your actual career.
7) I am XX Years Old What Do I Do to Break In? We also get this one far too many times, here’s the general guideline.
Student: The same structure always applies. 1) Target School, 2) 3.5+ GPA with finance courses taken, 3) Work Experience – this can override a bad GPA and 4) start networking.
Major? Choose the closest to finance. Business + emphasis on finance classes. Engineering + finance is also great. Economics + finance also works. Finally, triple check at the career center to see where people end up. Accounting + corporate finance classes are *required* otherwise the recruiters/HR won’t think you are prepared or serious about a Wall Street career.
If you have to choose between target and non-target. Bite the bullet, go to the target.
If your GPA is a 3.4? Take a couple easy classes bump it to a 3.5
If you have no work experience? Will be extremely difficult to get any interviews. Start networking and start at the bottom if you have to in a job such as asset management intern at a tiny firm.
If you don’t have contacts? You are increasing your reliance on the filter system. Not a good idea.
Analyst: If you are 25 years old or younger, keep gunning for an entry level slot as an analyst. This means you pass CFA level 1 if you have absolutely no finance experience to prove you understand the basics and then you get straight to networking. If you’re at a non-target then read our post on how to network/recruit. Now if you are from a no name school, no work experience and low GPA. You have next to no shot and are better off going to get an MBA later in life. This is the truth. As a non-target or older candidate with no experience, you need to have something to bring to the table otherwise you will lose time and time again to 22 year old candidates with banking internships, top GPAs and a great school.
Associate: If you are 26-33 years old this is your second chance to break in. If you have nothing related to finance, probably best to get an MBA.
Vice President and Above: Likely 33+ years old and you’re making a switch from a revenue generating career. In this case you should already know if you’re well qualified. Generally speaking, if you’re in a sales role or run a product line at a firm and are paid $300K+… You’re likely a good fit (this is general as most people who are in this slot know if they have the skills to move to the sell-side or not)
There you have it, it will answer 99% of questions. If you’re young you simply network and spin your resume assuming you have some skills that are transferable. If you’re in your late 20s you’re likely better off with a top MBA.
8) Networking?
This is now the most common question, none of these answers will ever change.
Part 1: Networking Email for Work
The only reason to change the format is for extremely small boutique type shops (No name, we are not referring to solid firms such as Lazard/Moelis etc.).
1) Introduction of who you are (one short sentence)
2) Why you want to work for them and how you can contribute (2 short sentences)
3) How you can be reached (attach resume)
Thanks,
Name
Simple Example:
“Hi, my name is XXX I have worked at XXX bank for 1 year as an investment banking analyst in the Healthcare group. I am interested in joining the team at (Firm) and believe I would be a great fit due to XX and XX transactions. In addition, I understand the group specializes in XX and XX where I have experience due to XX and XX. If there are any opportunities to join the team, I can be reached at (xxx) xxx-xxxx and have attached my resume as well.
Thanks,
Name
That is it, no reason to boil the ocean, keep it simple. You can change the words around to be even more concise or appropriate to your specific situation but this will ensure you get to the point and show what you have to offer immediately.
The most insulting thing you can do is send them a long winded email. Why? You’re wasting their valuable time.
Part 2: Networking for Career Events
This is even shorter than the email because you’re going to get into a conversation as soon as you go through this introduction. Shake the person’s hand when it is your turn to talk to the person at the booth and proceed as follows:
“Hi, I’m (name) a (junior/senior/sophomore) graduating in 20XX studying (major). I am interested in joining (group/division) because of (reason) and (relevant experience) which I think can add value to the firm. Do you mind giving me a quick overview of (specific question about group/division)?”
That is all, filling in the blanks is up to you.
Part 3: Networking to Meet Women
Again we are getting even shorter. The skills needed to meet women are hard to master but are easy to understand. There are only four currencies you barter with: 1) Looks, 2) personality/entertainment/social skills, 3) Money and 4) other women
Night Club: Your main currencies are other women (now you are friends with the staff), Money (tip heavy now you are good friends with the staff), Dress/look sharp (now it is easier to meet people everyone wants to talk to attractive men/women).
Day Game: Main currencies are 1) looks and 2) social skills. It is harder to show your net-worth in this environment beyond dressing sharp.
Social Circle: Main currencies again are entertainment/personality/social skills. This is followed by money which you can use to buy more entertainment/excitement. Looks are less of a factor since you’re already part of the “in group”.
It really is as simple as above. Ask yourself where you’re weak and begin fixing those weaknesses. It will take a large amount of time to get good.
Part 4: Networking to Meet Business Partners
Even shorter!
Fill the Gap.
This means develop a skill and fill the void for people who need this skill. If you work in real estate and have an incredible ability to add ROI to a home through renovation but don’t have the cash, then you should search out people who have broken down properties that need renovation (with ROI in mind of course)
Final Notes: If you have no skills, no money, no friends, and you’re not interesting… You’re not ready to network at all. You need to build a set of skills first. Go practice on everything that will help you network first (work skills, money, entertainment skills – living an interesting life)
Life
1) How Do I improve my Diet? We have covered diet advice in a post. If you haven’t taken a look then go ahead and read the post. If you’re slogging 80 hours a week you need to be efficient and as we stated before, if you don’t want to read the post, here’s the basic outline:
Breakfast: Fruit + Protein. Worst case a protein shake in the AM and a banana/fruit bowl on your way to work
Lunch: If you have a high paying job, lunch is used to improve your political positioning so you always eat with people so suck up the $10-12 meals
Dinner: You can get $25+ from your company, do not waste it on unhealthy food. Most people will eat terribly which starts the downward spiral. There are hundreds of options online using seamless. If you don’t have to work late… then make your meal at home after your day is done.
By doing this you guarantee 2/3 of your main meals are healthy. Lunch may be hit or miss, but if you’re smart all 3 will be perfectly fine and you won’t break the bank.
2) When Should I Work Out? Well do you even work out? If you’re under 30 years old and you don’t work out 5 days a week you’ve already lost in the first place. If you have been working out 6 days a week, you probably already have a healthy routine! See how that works? So the question is not when you should work out, it is if you even work out in the first place. We got this question many times and the answer when pushed is exactly the same.
“There is no science, there is simply consistency.”
Consistency is how you keep yourself honest. If you can make it to the gym and lift correctly, you’re going to see gains.
3) Does Money Attract Women? Yes. Anyone who says otherwise has never made a good amount of money. Here is a general guideline since the question is asked so frequently:
$50K or less: it will be a negative to your sex life because you are not making enough
$50K – $100K: in a regular city this will be perfectly fine, in a *major city* it is still a detriment to your sex life
$100K-$175K: in a regular city you’re doing well, in a major city it now has no negative or positive impacts to your sex life
$175-$250K: Positive impact to your sex life in practically *every city*
$250-500K: Significant positive, less because of your life but because of the value of your time. At this point you’re extremely busy, you’re traveling, you’re not available, these are traits that will make you incredibly attractive. It won’t be possible to fake these trips/traits.
$500K+: It is practically impossible to blow through this type of money with common sense and everything in the previous tier are truer.
$1M+: If you can make this income at any point in your life you’re set. Your life changes because all of your actions value your time and comfort. You fly business/first class and do not care. You live a life that is impossible to fake.
Given the range and scope of this blog, it is certainly possible to get to $250-500K (before mid 30’s of course). This is achievable for anyone who wants it. When you start pushing up on high 6 figures and 7 figure numbers, you’re going to have to do something special.
4) Are You Writing a Book? Maybe. The answer has not changed much. At the end of the day we don’t want to put in the effort to actually earn money from it at this time. Based on previous product launches in other business lines we know the sales number would equate to low to mid five figures, this is simply not worth the amount of time necessary to create the book. As of now, this blog will remain as a hobby and we’re happy to help people with smart questions left in specific posts.
5) What College Should I Attend? You need to attend a top tier college or you need to attend a junior college and transfer to a top tier college. If you don’t want to do this, then you must become an entrepreneur. Many people now suggest avoiding college all together. We disagree depending on the math. You will find that most successful people at least obtain entrance into top schools and then become successful later by dropping out or starting a company later.
With that said, college is a *major* life changing decision, you do not rack up $100K+ in debt just to get a piece of paper. If you can make say $30K a year without a degree or $80K with a degree, then we suggest that your college education is worth $50K of debt. The point is that the degree you obtain needs to increase your earnings otherwise it is of no value. Our full post on college is here.
Having a bit of a challenge transitioning from phone numbers to meeting up and then onto the bedroom. I’m able to meet converse and charm and get the number, but after that it fizzles pretty quick since I can’t get a date with calling/text. Thoughts?
If you are not getting dates it means she is giving you her phone number as an end to the conversation. This means you have to do a better job of making a connection before you grab the phone number.
Hard to trouble shoot without dialog, but if her rate of speech does not increase (excited) during the conversation it is usually not enough.
What time should one go to the gym assuming I can pick any time of the day?
Going at 7:30 am frees up my day but the gym is empty. Going at 5 pm lets me approach more girls.
Morning is better, forces you to maintain a healthy and regimented sleeping schedule.
Did you buy shares during the Facebook IPO last year? Just having the knowledge that everyone you know has a FB account should have been enough to invest in it.
What do you think of the Twitter IPO? It seems like the perfect vehicle for this increasingly narcissistic attention-deficit addled country. But it has limited appeal compared to FB. Why does the average joe really need a twitter account?
We don’t advise on investing in individual stocks per SEC rules. As mentioned in our about us page you would need to contact a professional.
We only provide high level looks at companies as thought experiments from time to time.
Any thoughts on becoming a better conversationalist with women, especially ones that haven’t traveled as much or are less social/talkative?
Generally in valuation model all sectors have important matrices.
For ex.
Telecom => average revenue per minute
Hospitals => average revenue per bed
Please keep adding sectors and respective matrices!!
Cheers, Rishi
Hello,
I’m a 21 year old guy who has been skinny-fat, depressed and a virgin until I was 19. I managed to fix all this, and now I got a hot girlfriend, good body (got to 22 chin ups @ 6″2) and I’m studying the 2nd best business programme in my country.
There’s only one problem: I don’t know what to do with my life. I had crappy grades during my whole 1st year of business school, and even though I have greatly improved my GPA, it went from crappy to slightly below average. I have one more year left, and if all goes well I can get a decent GPA.
I started my own fitness blog 4 months ago since that’s where my passion lie, and even though the blog is growing, people are getting results from my advice and I have almost 100 email subscribers now, I don’t know if blogging is where I should put my energy?
While I’m building my blog, most of my classmates are studying abroad, doing internships etc.
Do YOU think that blogging may be worth it in the end, or am I wasting my time on the internet and would be much better off working an internship for someone else?
We do not know what your other opportunities are. If you can build enough income off of your fitness blog to support yourself then we would lean in that direction.
Overall it seems like this is unnecessary stress. Continue to get high grades and apply for high paying positions when you’re close to graduation. Once you have all your options on the table you can make a decision, your goal right now is to maximize your options.
Thank you for the quick reply, it calmed me down. I’ll continue building my following and studying hard.
What are some good side hustles to do from your iPhone or computer?
Hard to give one out without knowing your details. A good idea is to go on fiverr, find out what people are willing to pay for. Then carve out a specialty niche from it and charge a premium for the niche service.
Ex: if you speak language X fluently. Find the people who want those documents translated, then in turn you can become more specific by translating business documents and sales pitches.
Your goal is to capitalize on niche knowledge, it will always command a premium.
Question. I know that banks love taking their summer analysts for the full time analyst spots. What happens when you worked at a legit buyside summer internship (not banking) and absolutely don’t want to return and would rather go into i-banking? What is the timeline like for bulge bracket FT recruiting from now till mid-2014? If it matters, also attending an Ivy.
Thanks, and love your blog. Keep it up.
You’re going to be knocking on doors yesterday in that case. The majority of recruiting has been happening/is happening right now. B-line it for your career center and find the places to drop your resume off.
Spring is for summer interns and has a significant drop off in full time recruiting.
Finally, if you’re stuck at a legitimate buy-side firm it won’t be a bad starting spot at all. Assuming your role is front office.
Do you have any thoughts on profitable long term careers outside of wallstreet/banking? What do you think of software engineering, supply chain management for major retailers, sales/category management from a purely income potential perspective?
I do not have the network or location to break into banking, but I think I have the basic knowledge, perseverance and network to break into the aforementioned careers. I would have to go back to school to get a grad degree in software or an MBa for the career switch, but that shouldn’t be more than a $20k-35k total cost (I’m near a large and fairly decent public school). I also figure that with software I will also have a better chance of working for myself down the line.
I’m currently in Engineering and can realistically hope to break six figures in 6-7 years without a side job. I live in a rather low cost area so that’s another multiplier.
We are not well versed in other professions outside of the Street. We believe the most lucrative moves are 1) Starting a company, 2) Wall Street/BigLaw and 3) Silicon Valley (in no particular order)
How can I change my belief system in the next 24 hours?
There is no way to overhaul all of your beliefs in 24 hours. Any one trick pill/technique is marketing fraud, something hardset such as a belief system will take several months or even years to overhaul. You’re chipping away at walls and there is no other solution but grind to improve.
Thanks. What do you do exactly? I thought you were in investment banking, but working 100+ hours a week I didn’t think you would have time to take the gym seriously. I’m very passionate about health and fitness outside of finance. Will I be able to hit the gym if I begin my career in IB?
Both large banks I’ve worked in have discounted gyms in the basement. You don’t have to work out every day. Two days a week is just fine.
Are you really that passionate? Make time for anything by prioritising. Simple as.
Yes I have to do it, it’s part of my life. Once every other day is what I do. I’m not sure if the UK IBs have gyms but I’ll look into it. I can sacrifice everything else, but I need to workout.
We have several writers the expertise is: Investment Banking, Sales and Trading, Equity Research, Private Equity, Hedge Funds (more heavily skewed to sell side as most of our readers are trying to break into Wall St).
In terms of the gym, you’ll miss days for sure as an investment banking analyst. However you should be able to work out 4 days a week at minimum on a ~80hr per week schedule. Live close to work. Do not max our your dinner limit (choose healthy food). Do not drink lattes stick with black coffee, yerba mate and tea.
After 3 years the hours decrease by roughly 33%, it gets easier.
Good luck with your first pitchbook and remember to always check the foreign exchange rate on those annoying PV charts you’ll be making for foreign companies.
Thanks. I’m considering doing IB for two years then move to private equity. Can I ask if analysts need sales and/or speaking skills, or are the responsibilities very “introverted”?
By year ~4 you should have sales skills. After 4 years of doing primarily excel jockeying and powerpoint presentations you need to begin speaking up and adding real monetary value.
No one gets paid that does not generate revenue or raise funds.
See item 4 here: http://wallstreetplayboys.com/10-working-life-truths-you-dont-learn-from-business-school/
I have started to go out clubbing in a new country (SE Asia.) As a little backgrond, I am 18 and I am used to daygame, my game isn’t pro but its better than your average dude. I usually bring girls from day to the club to trade up. I really want to get this club on lock.
Now a few questions, how do I recognize the club floor manager?
How often should I go (I go Saturdays, and am planning to go Fridays too, should I add in Thursdays?)
Thoughts on bottle service, I’m not yet well off, is it necessary?
We do not know anything about SE Asia clubs as we are stationed in the USA.
With that said, focus more on networking and making money at your age. Bottle service should be free, simply make friends with the promoters (USA comment). If you cannot get “hooked up” in SEA, then your best bet is to focus on expanding your network and making more money.
Knowing the club owner > simply having table service. You want to make friends and connections not increase the cost of your nightlife with no benefit.
Best way to get connected is to show up with 3 girls who are attractive. Befriend the bartender, chit chat about how the venue operates. If they think you know several attractive women they’ll quickly introduce you to the promoter/owner. That is how nightlife works. They are paid to bring in women since men blow money at the clubs if it is full of attractive women. Note this commentary is again USA based.
At your age 2 nights a week is usually enough since again your focus should be your long-term outlook. Once you hit 30 and are established you can go out as much as you like.
Ok, how can I figure out who the club owner/promoters is? He’s probably going to be at one of the tables I’m assuming, but like I said, I’m new to this.
These clubs are very much American, your advice seems pretty accurate.
Thoughts on picking up software engineering as a second bac degree is the cost is minimal (<$12k total) and you can foot the cash? I'm thinking in terms of doing app development on the side, job flexibility and potential to start a software business on the side.
Software is a great degree to have if you can land a high paying job at a place like Google.
Again our focus is on finance so we cannot comment beyond the knowledge of pay grades for software engineers.
just wondering your thoughts on modafinil and the likes (nootropics)
Already covered, we do not condone illegal activity, simply stating how each drug works. Yes most people on Wall Street have taken many drugs before, you don’t work 120 hours a week drinking water all day.
I have 6 interviews coming up this week (4 in one day and 2 on anotherother) in Canada and feeling a bit anxious. Any advice?
The two most important questions you need to have down: 1) Why should they hire you,? 2) why you want to work for each bank?.
Beyond that review your technicals and the following themes should be given in all your answers without being explicitly stated: 1) Hard Working, 2) Decently intelligent, 3) Humble.
Avoid stating the three items above verbatim and weave your answers to imply all three of them.
Good luck! Also review the Q&A on this blog.
I got a position with a BB. Q&A helped tremendously. Thank you guys so much. Keep up the good work, especially articles on building a lifestyle for a young 20 year old.
Hi, I am working in Toronto, Canada, and I find that the front office finance opportunities here are very limited. How is it in New York these days? How easy is it to move from Canada to New York and find a front office job?
We do not focus on Canadian banks also without more information it would be hard to give advice. Cutting to the chase if 1) you have previous front office experience finding a job would be significantly easier, 2) with no finance experience we would guess Canada would be easier unless your school is well recognized in the states (again this is a guess as we don’t have Canadian authors), 3) Wall Street generally is picking up (excluding a few banks such as Barclays and UBS).
Overall with no experience we would guess you have a better shot at smaller banks in Toronto. If you have front office experience that would make your chances in NYC much better.
Where would you invest in the next six months?Let’s say around 10,000 euros.
We have stated in the past we don’t provide stock picking advice.
Hi. OK so I’m 18-21 and I’m still a virgin. I’ve never had a girlfriend. I’ve been focused on my work and every time I do eventually go out, I have to drink to help talk to girls. But it wears off fast and my social skills are basically as bad as they are when I’m sober. I’m drunk now by the way and it’s past 3AM. I try to work hard as I have big goals in life, but I’m lonely… I mean I don’t care most of the time, but sometimes it gets to me. Even if it sounds arrogant, I feel like I’m above the girls I speak to, but even so I get a bit frustrated with rejection and only end up approaching a few girls and then give up. Then I head back home with no one just like always, back to my work. Eventually I’ll go back out, get drunk (or not), fail to initiate anything and go back home depressed.
OK so I can work hard. I can make money with some work and I’m looking to start a new project while I’m studying. I love working towards my goals. But I’m a lonely guy. I don’t really have friends anymore. I feel awkward approaching girls and I can’t get myself to do it. It feels “wrong” or “unnatural” to me. Like it’s not for me. Whatever I try. Plus girls can’t even hear me in clubs and I’d rather talk. What can I do? Baby steps or throw myself out in the street sober and try with loads of girls or something?
I’ve managed to get numbers in the past to be honest… and kisses occasionally, but these were generally landed for me by friends. Only a couple I’ve pulled off myself.
P.S. I have an above-average physique and don’t look bad, at least average or better all-round. I know what I NEED to do now, but I just can’t do it. Depressingly, I could relate so much to 40-year-old virgin.
There is a lot going on in this post.
1. Believing you are better than people will drive them to dislike you as it will likely come out in body language which will hurt your game
2. You’re very young so being under 21 is not a huge deal you have another 60+ years to constantly improve, you’re not going to be a 40 year old virgin if you really put in 5+ approaches a day
3. Feeling “wrong” or “unnatural” is simply because you haven’t done it enough. If you play basketball for the first time shooting a free throw feels “off” but if you do it 10,000 times you won’t feel “off” anymore as your body is used to the repetitions
4. You’re trying to find a girlfriend, this is a bad vibe to put out. You’re going out to have fun and try to have sex. You likely know some men in your peer group who are good with women, you’ll notice all of them push for sex as fast as possible and don’t worry about a relationship. We live in a hook up culture so you’re going to need to adapt to the faster pace.
5. If you have an average physique continue to build to an excellent one
6. You know what you need to do: approach more.
You should check out the post on alcohol confidence, because, if you’re only able to chat to new people drunk it means you’re trapped in your own head space. Get out of your head space by singing out loud in the morning and changing your vibe every day, a slow and steady overhaul of your mental state.
In your shoes the best way to improve is as follows: 1) talk to everyone, when you wake up say hello to strangers when you’re getting coffee/on the way to class etc. at this point do not worry about the outcome as much as you’re teaching yourself to become comfortable interacting with new people, 2) if your future job/career/fitness routine is in tack then there is no reason not to go out as frequently as possible, 3) work on your voice, if people can’t hear you you either speak louder or start pulling them in when talking to them (not leaning in).
Just like everything else in life, you’ll likely fail a lot but there is no other way to learn. Get rejected and enjoy it. Rejection is fun because you learn very quickly that your life doesn’t “shatter” if a girl gives you a head turn. Just laugh it off and move on, the opinion of a stranger should not impact your self esteem.
Thanks… in a nutshell, I need to slowly change my mindset and ultimately talk to more people and do it every day (while keeping career and fitness in check). It’s just that I always think: 2 hours of going out = 2 hours that could have been spent working on my future. Perhaps I should try allocating X hours a day to interactions, that might help boost my productivity during my remaining hours awake.
You have to change your mindset.
Game is 24/7/365. Why do you have to stop everything and say “for 2 hours today I will try to improve my social skills”? Instead just improve your social skills 24/7.
Start talking to people at the library when you’re taking a study break, start chatting with the cashier when you buy groceries, when you have nothing to do for a few days go out and party at night.
Its not an on and off switch. Its a personality.
Thanks, I’m glad I came here. You know I’m very analytical. I’m always trying to break stuff down into “formulas”. I guess I just need to open up. It’s just so hard, but I’m going to try. It’s just so easy to pussy out… but I have to do it because I know I won’t truly enjoy being alive at the rate I’m going.
By the way a couple things you misread:
a) I said I have an above average physique (not average). BUT not excellent so I still need to work on that. I think getting leaner will help in this area. I love health and fitness though, I deadlift probably over 430 now, bench probably over 260 etc.
b) I’m not looking for a girlfriend, but I’m thinking maybe it’d be the faster way to losing my virginity… when I step into the club I feel really daunted, like I know what I have to do but no idea how to do it. I’d love to just get a one night stand, but it’s about making that happen…
Hay I’m going to be open up to you here. I think this entire problem built up over the years. Even after my teen acne cleared up (which I had to get on accutane for), I still lacked confidence. I was too shy to ask this 9-10/10 out and it went downhill ever since. As I got older, I never had that confidence. My dad never shared anything in terms of girls, we don’t have that kind of relationship at all. In fact my upbringing I believe is largely the cause, but I’ve just failed to snap out of it now.
Side question… let’s say in one year from now I’m a true alpha male with everything working out. Would you advise I try, or avoid, going back to that one girl that I liked all those years back and just picking her up (even for just a couple of dates or something) just for closure? Or forget it… I don’t have feelings, I haven’t seen the girl in years but it’d be kind of cool to do. You’re going to know best though.
P.S. Do you think I should focus on dates and then sex or try to get a one night stand, which should I focus on? Basically day game or night game (just to lose the V)? I know you said game is 24/7, but I’m talking specifically getting laid game.
P.P.S. Sorry for all the questions… going to re-read your alcohol confidence and ‘game’ articles again now.
Forget about that girl. In the 1/1000000 you run into her again feel free to try and pick her up but for now she’s gone.
We live in a society where fast sex is rewarded. Women will think you are weak if you do not try to sleep with them on the first date so always try to push as far as you can go. If you get turned down at least she won’t think you’re weak for not even trying. “Dates” are dead, its drinks and that’s it.
All game is to get laid, if you want phone numbers and makeouts you’re not playing the game in the first place. Sounds harsh but it is how our society now runs, just look at the explosion of hook up apps. Always Be Closing. Always.
Read in the “Only Four Things That Matter Post” that a viable option for getting to 100k without working in finance is to take a desk job and bartending job, while investing bonds to get 7% returns. What kind of desk job would you recommend? Do you know of 50k desk jobs that don’t need college degrees?
No college degree and you’re stuck to 1) temp agencies and 2) starting your own biz.
On a glance if you’re trying to avoid college, consider picking up a trade or a 2 year degree to go into something like nursing, x-ray tech, air traffic controlling etc. Find an in-demand job that pays around 60K and pick up a night shift and you’ll easily be at 100K or so.
What book is best to learn how to get laid?
Thanks for helping me out. I thought this video would be a good help for Tommy and I think you would appreciate it to.
[Mod Note: Link removed, we strongly discourage such youtube videos as 9/10 it makes your game weaker. Brings up a good point don’t watch pick up or confidence instructional videos. Always find a real life mentor so you know you are getting verified advice. Most video demos are scams.]
If your present position is unstable and there is a real risk of losing your job in the near future, is it better to quit and focus entirely on finding a new position, or stay on and spend time doing ground work on other opportunities? Also, is this a good time to consider going back to school and/or changing careers?
Always easier to find a job while you are currently employed. Search while you have a job. Wall Street in particular is always privy to which banks are doing good/bad so your resume won’t be a surprise.
Never quit a job to search for a new one, always always always easier to get a job while you’re employed.
The second question is up to you .
Question: do you believe in being a gentleman e.g. holding doors open for women?
If you want to get laid in the United States 95/100 no. Do whatever ends up working for your environment.
Similar to dinner and a movie dates in the USA, it doesn’t work so don’t do them.
If holding doors on dates gets you laid in the future feel free to adapt, don’t hold your breath.
Chivalry died here decades ago because it simply does not work.
I actually live in the UK. Maybe it’s the same even here though.
We would wager it applies to all Westernized countries.
So i am science major at a top tier university in canada. However, i have gotten a 3.0, 3.8, 3.0 and will likely get a 3.0 this year too, in my first, second and third years reapectively. I had hopes of getting into a good med/grad school but the way the competition is shaping up (you need minimum of 3.7 avg to get looked at for these programs) its likely not going to happen, at least in Canada. I have a few options: go to medical school in the carribbean (they are harder than normal med school with high attrition rates) and then do residency in the US. However, most people get residency spots but not all and most of these are in family med (pays 100-150k a year one of the lowest salary ranges in medicine). Also, it is possible to get into general surgery or more competitive specialties but im not sure i can get them based on previous undergrad performance. Another downside of this route is that ill have to pay 300k in comparison to 25k in canada. Other options include: do more years of undergrad until I get high enough grades to get accepted to domestic schools but it will possibly get harder every year to get in, find a job in a science based profession after graduation, get an mba go into sales save some money and try for med again, or sign up for the military. Which option would you recommend?
We do not provide information on Medical school as we have no knowledge of the space.
The best information we can give is simply run the math: 10-20 years down the line choose the path with the highest chance of monetary success.
When you open a finance book and see all these complex (at least on first glance) formulas for all kinds of calculations… do you think the centimillionaire and billionaire investors know all of these formulas? I’m more interested in private equity… but take Carl Icahn. He’s a machine, but he did philosophy at degree level.
Getting a degree in philosophy is not going to help you get into Wall Street. Using anyone in the multi-billion dollar range is not a good comparable unless you have similar connections.
When you get on the job, no you do not need to know how to memorize *every* formula, but your average interview will expect that you know the basic ones. DCF/Accretion Dilution/CAPM/WACC etc.
If one’s goal is to start their own private equity firm in the future… what would be best path to take early on after college:
A) The typical IB > PE route, before starting a fund.
B) Start, build and sell a company, before starting a fund initially focused on the same industry.
If you can build and sell a legitimate company for millions that is not even close take path B.
If you cannot build a company then you can try with plan A, however note that the vast majority do not stay on much longer than an Associate level. If you are very good they will keep you and you can take some equity in the deals so you have a small slice and that would be how you build up.
Simply put generally plan A is “safer” but your returns are lower plan B is much riskier with higher returns.
Without knowing you plan A is usually smarter because you save more money in case you find out you aren’t good enough to move up in PE. Remember that most people don’t last more than 3 years on the Street in general and that’s usually a heavy filter already.
I believe I have enough passion to make this work, because I can’t see myself doing anything else eventually. But yes with plan A I would ideally spend exactly two years in IB before going to PE for experience and then looking at starting my own firm. Not all private equity firms are based on Wall Street though.
But if my plan was to start a PE firm one day… would building and successfully selling a company put me at a disadvantage in other areas, like being able to work through deals, knowing all the intricacies of the industry, raising capital and so on? That’s really my dilemma.
But I believe I could do either plan A or B with a strong work ethic, which I have. The company wouldn’t be a highly risky tech idea or anything of that sort. It’d be a simple business with high potential scale that would basically just require sales.
P.S. I would say both will be as rewarding as each other in the end… I expect to make more money in PE than by selling a company ultimately, though any kind of windfall would certainly help to give me some credibility and seed capital.
Naturally, there are different skills one is groud up and you are running it. The other is a 3rd party view.
If you do either successfully you’re fine. Notably unless you’re rich being a PE associate to then starting a PE shop is quite a leap but if you got the contacts go for it.
The answer is in our previous reply, get to revenue generation in PE where you take equity then quit with good contacts or start a company today. You know the risks/rewards of each path and it is a decision you need to make, not a third party. Good luck!
Regarding an earlier comment about running the numbers for education/career path and choosing the path with the greatest chance of monetary success: is it prudent to factor in a lifestyle/joy of work percentage or factor when calculating numbers? i.e if a job that gets you to your investment goals slower, but lets you live a lifestyle closer to your ideal at 35 (e.g being an app/software developer vs a petroleum engineer) – would you consider that as a good option?
Yes. Life is a game of maximization. Choose the path that is going to give you the most opportunities, best life style and highest amount of happiness. Long-term.
Most people think short term and end up hitting a wall early in life unable to recover.
On a similar note, keep in mind that people who say college was the best time of their life and people who believe your low twenties is where you have the most fun… Are on the wrong path.
One of these days I hope I run into you, so I can shake your hand and buy you lots of shots. Thanks for the real talk.
I study in a poor area. No one here seems to be particularly ambitious. Until I get out and into the real world, how can I connect with people outside of just email who share the same drive as me? Thanks.
Find a job in a better city, move.
Otherwise your best bet is the library (read a lot) if you’re young read hundreds of books a year since it is free)
The Internet is great but it is nothing compared to real life contacts.
What are your thoughts on audiobooks vs regular books?
I want to do a lot more reading but its hard when balancing full time job/ 2 side businesses/6 days gym
Are they as effective? Do you think you would retain less information as opposed to physically reading a page?
They are great for downtime, overall reading is usually better because you are not multi-tasking. Try it once and see how much you retain, usually it is better for fiction.
Thank you for this blog. It has been a great help as I try to break into ibanking from a non-target school. My question, and it may have been asked, is how to go about landing an internship at a boutique investment bank when there is no formal application process. I have never had a bank respond to the general recruit@banksname email address, and other then that there is normally no other way to get in contact. I am really interested in TMT LevFin and am struggling to get in contact with some of the smaller specialty firms.
Linked-in.
Also first.last@bankname.com
We covered non-target recruiting in a post as well.
Hello, I want to thank you for all of your help. I have been reading your blog for a year now and finally secured a position as an intern at a middle market bank. I am from a non-target school and by heeding your advice I have made it to NYC. Thanks again and keep up the great blogs.
What’s with this chick – hot, tiny, successful and fun, invites me over all the time, drinks and gets cozy and physical but refuses to do anything further. We made out the one time – didn’t lead to anything. Something about me being wonderful but doesn’t want to get attached. Still invites me over and has alcohol and despite my advances refuses to do anything further. I know she’s had a fbuddy in the past, and she gives me bedroom eyes but WTF. Inviting me over again tonight. Wasting my time? Is her role in my life better served as a wingwoman/rich friend?
Try to close or move on. After a few dates you should call it a wash and go to a different girl.
So you finally meet, date and bang a solid 9, great to hang out with, into you, sweet caring etc – wtf am I still more interested in hooking up with other chicks 7s, 8s whatever else comes my way?
Sure that’s a quality/quantity personal choice. The answer is to simply avoid losing the social skills you have built, that is why you continue to chat with girls you find attractive.
How do you build attraction / close the same night? Can you walk us through what you do from the introduction / your go to moves . I always hit a blank on stuff to say. As a note, I am a senior in college right now and use a lot of “alcohol confidence”. If you can walk me through of a real-life example of you or hypothetical example thatd be sick.
Already covered with an example. Although it is dated.
I come off as creepy in the club/bars.
I’m from a big city and went to college in a small town moving away from my parents. It’s all social circle game over here. No one approaches cold in the club, a lot of people go out in groups of 5+, no one goes out alone/in 2’s.
Whenever I enter the venue usually with one wing, we get stared at heavily. I honestly feel like the whole venue is watching my every move. Guys don’t want to talk to me (for getting into a social state). Tons of girls will give IOI’s, but when I go up to speak to them they get all nervous and shifty, looking away etc. I’ll eventually get some girls to dance with me and chat but she’ll get pulled away by her social circle.
This has been going on for so long now; I don’t know if I suck at game or it’s the city. I know it’s fucking stupid to blame external factors but I don’t know what to do.
Move cities is always the best solution. Otherwise if it is a small town, you have to crack a social circle as it is difficult to overcome the stigma.
What are your thoughts on working in Treasury, managing a multi billion dollar bond fund/sinking fund for the public sector? What are the exit opportunities, transferable skills and pay compared to private sector workers?
It seems guys who graduated from Harvard typically would work at Goldman and end up in Treasury like Hank Paulson.
Thanks!
Sure if you can get a high paying job managing a public fund that is fine job. Always follow the responsibilities and money.
Most entry level treasury jobs are terrible though.
Thanks for the reply. The job pays $83K with a guaranteed 5% bump each year. Would you mind elaborating why most entry level treasury jobs are terrible?
Exit opportunities are bad. Also the pay you outlined is ~60% of what you can make on Wall Street at the entry level where pay increases are roughly 10-25% a year.
I’m in Canada and most IB Analyst positions start at $70,000 with a 10-20% bonus. Wall Street and Bay Street are miles apart when it comes to compensation but then again, the standard of living is much higher in New York.
Also, Canada has several large pension funds managing trillion dollar bond portfolios. Perhaps the skills are transferable to these roles after.
We are not based in Canada so that is much tougher comparison (we do know a few canadian bankers).
Simply look down the line about 3-5 years and see what positions people obtain. Even in Canada your typical banker can get up to $200+ by 27 or so.
If the treasury is your best bet, or offers better long-term options then jump in.
What do you think the perfect weight would be at 5’10” at 10% body fat? For general quality of life, attraction, networking, etc.
Also, outside of juicing (we’re talking about shakes here of course), what is your diet like generally?
Thanks.
You guys are getting good that is the next post.
Going to be a bit specific to someone working 60+ hours a week though.
Thanks, I’ll look forward to it. I don’t think your followers work less than 60 hours a week though anyway. If you aren’t rich, 60 should be a minimum!
How do you stay anonymous online?
Already covered,the best way without reading the article is 1) own multiple properties, 2) logmein accounts and 3) leave digital traces to obscure people who could be mistaken for you.
On the cheap can be done for $100
What do you think of an MBA for someone in my situation?
I graduated from a complete non-target (Southeast Missouri State University), joined a no-name boutique after graduation, and managed to lateral to a NYC bulge-bracket IBD after 1 year. I am currently contemplating an MBA to boost my prestige…
Given that I want to stay in IBD long-term and have zero interest in PE, do you recommend an MBA?
Lastly, what disadvantages might I face as I move up the career (or chaos) ladder compared to the guy who went to Harvard or Wharton, and what can I do to overcome them?
Thanks a lot!
1. Try to get an A to A at your bank
2. Try to get an A to A at a slightly less prestigious bank, if you’re ranked in the top you can try and sell the bank that they did not have room for you but would have kept you
3. Try to go A to PE/HF then to business school, this will make the school you attend much better
Long-story short going from Analyst to Business school is usually a terrible move as someone got an A to A promotion and will be well ahead of you when you come back (close to VP level more likely than not)
Non-Target or target school issues disappear when you generate revenue until then prestige will continue to weigh in positively or negatively on your career.
I know you are a fan of aggressive game – telling girls they’re cute being physical early. Has this ever worked for you in social circles like college and the gym? This has worked for me at parties but I haven’t figured out social circle game yet.
The gym is not a great place for that. At the gym you want to establish rapport joke around and tease for maybe 2-3 interactions (different days) then grab a number and get her to go out and back to your usual routine.
This blog isn’t a great site for social circle game since 1) the last thing you’d want a girl to know is that you work on Wall St. and 2) social circles today consist of highly successful men. Always choose a business connection over a new hookup, girls will always be there.
The only difference in social circle interactions is the girl usually puts you into the “possible relationship bucket” so it usually takes 2-3 dates. Depending on your own goals, what you do etc, it may be smarter to avoid social circle game. This is a personal preference though.
I’m looking to try and get myself out more to the clubs, just to hook up, lose my V, improve my overall game, confidence, social skills, etc. I’ll probably be alone but I could potentially get someone with me. I think going alone would be a steeper (better) learning curve, but should I also avoid alcohol from the start i.e. go sober?
For me, this would be very difficult and I’d most likely come home alone as always… hopefully not depressed, but I know how hard it will be for me to make approaches. It’s just something that needs to be done at some point. I’m still under 21, but time goes past quickly.
Also, how would you advise I go about it if no girl around me is as ambitious as me or at least mildly intelligent? When I see girls, after recognizing their looks I immediately try and identify their level of intelligence and/or drive… if they have neither, I feel bad mixing with them (honestly). I think this is something I need to get around if I want to actually get laid…
You can choose to go dead sober or drink, overall not drinking is of course the best for long-term game /health. In that case day game is a good bet as well.
The last question you have there is really a paradox. If you think you are “better” than someone or “above” some girl you’ve already lost. Ask yourself this “If i’m so smart why can’t i get laid?”. That should end the belief that you’re better than her immediately.
Generally people who act entirely out of selfishness and “better versus worse” mindsets have weak game. You’re going out to have fun, meet a girl and make her have a good time. The goal is not for you to have a good time, your goal is to make everyone else have a good time. Once people start calling you and hitting you up to go out because it’s more fun with you around, you’re walking down the correct path.
So you are correct you need to work that mindset out and the alcohol thing is up to you. 2-4 drinks a week isn’t going to kill anyone. Much respect if you can do it dead sober as well.
Thanks. I find my game really isn’t that much better WITH alcohol, in fact once I’m drunk it’s significantly worse; I can barely put a sentence together. OK, you make a good point here about regarding the flaws of thinking I’m above other people. This is something I really need to get around… BUT damn, it’s very hard.
You know, I’m always focused on progress in life… even with girls, I end up asking them what they’re doing in life and try to motivate people to take bigger steps… but this doesn’t really get me laid ever. I usually end up talking to guys nowadays. I like the idea of just going out to help girls have fun, that might help. It’s difficult to switch off but I’ll have to try. Alright, thanks for this.
This is game suicide right here: “I end up asking them what they’re doing in life and try to motivate people to take bigger steps”
Second rule of thumb after knowing you’re there to make everyone else have fun. the furthest in the future you can talk about = 5 feet in front of you. When it comes to game, live in the present.
Alright… so if I’m not talking about the past or the present, I’m talking about right that moment… so am I right in thinking the only stuff I should be drawing attention to is her clothes, body language, friends, drink, (hopefully) single status, etc. and the music playing in the background?
Correct social commentary. Live in the present. Never ask if she’s in a relationship. You have to pretend like today is the last day you’re going to live. Don’t bore her with things she doesn’t care about ie: she doesn’t care about your future or big plans, she doesn’t care about your past, she doesn’t care about anything that doesn’t make her feel good at the moment.
Is the Bloomberg Aptitude Test relevant? Would you include it on a resume?
Unless you are applying for your first job, exclude it. Or make it a 2-4 word point at the bottom of the resume.
One other question: the 401k has a maximum contribution of $17,500. Does this include what the employer matches, or what the individual can contribute individually?
If you make $200K a year with an employee match of 5% the max you can get is
17.5K + 10K = $27.5K
So it does not include the match
I enjoyed the article on overcoming depression – thanks for that.
Any advice on overcoming ADHD and developing bulletproof focus?
We do not have ADHD so we cannot comment.
Increasing long-term focus, the best two things to do are 1) change your diet entirely and 2) take up long-form reading (500+ page books).
I currently have a fairly decent paying job in a low living cost situation – but I’m 25, in the job for less than two years, burned out and feel like I’m wasting my time. The potential income is fairly good if I stick with it, but I feel like I would much rather do something that I actually enjoy doing most of the time. I think that could potentially be coding/software (and perhaps open avenues up to start my own business down the line). I am developing and resuscitating that skill on the side, but I’m thinking a full immersion is the best way to really know something.
I have an opportunity come up for a lower-paying, 6 month internship at a higher cost city:
Pros: They’ll teach/train me, I’ll be in a city prime for software engineering opportunities (San Francisco), it’s a pretty good shot at finding out what I truly want to do in life.
Cons: $1k-$2K hit on savings (overall), another $10k-$12k lost income (after taxes), leaving friends, girlfriend & giving up the band/music.
Any thoughts/advice on giving up money and a decent life, and venturing off into the uncharted for the hope that it might be your life purpose?
Very difficult to give any advice based on this as 1) we don’t work in your industry and 2) don’t know what your end goals are. We are not the best people to ask and suggest you find people who work in technology instead. Don’t want to lead you astray.
Overall the answer is always “what is going to give me the best long-term life”.
What’s up Wallstreet PB,
I’m 22 and have managed to save up 55K while still in college (worked two jobs in the summer, 60-80 hours a week, plus training athletes). Mom pays for school. I am not studying business or anything wall street related, but I wanted some advice on investing my money to get a nice return. I live in Canada. I also train college and OHL/CHL hockey players with a buddy of mine. I am studying sports medicine (physiotherapy) and plan on opening my own business so I want a decent return on my money. Any advice would be great. Also, been reading your stuff for the last year and has changed my game and work ethic A LOT. I juice vegetable and fruits everyday, have a 4.0 GPA, approach 3 girls EVERYDAY, dress well and got a good body. Keep the good shit up.
Carl
First of all good work. $55K is a grip at your age. With that said, there is not much else for you to buy beyond index funds and bonds at this point. Here is why:
1) you’re still too young to understand a full industry well to make stock calls or invest in a business
2) you don’t have enough money just yet (you’ll get there) to invest as a silent investor in other projects and
3) You don’t have enough time to manage said investments
Now the good news is when you start investing that $55K and dollar cost average you’re going to learn two things 1) how to control you emotions when you are “down” a few thousand dollars and never sell and 2) you’ll see how much money you’re willing to lose.
There is no such thing as risk free good return. There is decent volatility and good return or high volatility high return. You’re going to see volatility and decent return over the long term.
Look up our dollar cost averaging post to see how controlling your investments will actually give you positive net returns even in a flat market.
Hi guys, I’ve been thinking about how I’m going to save for a mortgage deposit (in the UK) and I don’t like the low interest rates on savings. Would you guys recommend to take a risk and invest the deposit savings rather than put them in a savings a/c? If so, what would you recommend me to invest in? I’m focused on living in LN so I’m not concerned with lower geographical mobility after I get a mortgage.
So we’re not in the UK, but your best bet is index funds. Checking accounts and saving accounts are losing propositions.
How do you guys feel about higher income job vs decent income but more fulfilling? Any thoughts on finding the right career? Is doing a few internships in different companies/industries the way to go?
Mr. Playboy.
Avid college juicier at the age of 21. Everyday, 2 full cups. Like your articles on it. Crazy how college kids eat nowadays….anyways, I’m looking for some ways to get nice glowing skin. Any fruits, vegetables, supplements or natural ways to go about it? Not sure about the fake tanning thing…
Good Stuff! You’ll have some days where you can’t juice/eat poorly if you end up having a tough school schedule or intense job so great work on 16 oz a day already!
That said we have recommended a website on here called fit-juice.com
While we’re no expert skin seems to be more tied to lycopene and cartenoids.
Tomatoes, guavas, watermelon, parsley, carrots, asparagus come to mind.
Really hoping you do financing/working politics. Your game advice is great, but there’s so much shit written about that already. Take a step away from the manosphere and do something that will really provide for your readers (I’m sounding selfish now.)
If you really think you have as much info on game that’s never been touched on before as finance info that your readers have never been across go ahead. As a young guy, I’ve probably read 5 books on game. Not a single book on finance (aside from 37 signals.)
So in conclusion, yeah I’d personally be more interested in a book on finance than on game.
Thanks for the comment, will think about what type of finance book is needed.
I’m a 19 year old college junior at a top 25 school, 3.8 GPA in computational math (no finance courses, all math + comp sci stuff). Looking into breaking into finance, have a few options for internships at the moment:
(1) Cousin works at a hedge fund, could hook it up
(2) S+T firms have been recruiting me, nothing locked down but making it through the rounds
(3) Actuarial internship – yeahh this is the safe route to 80k/yr and stable 45 hr weeks
Basically I’m torn between doing (3) and knowing I’ll have a decent income and time to pursue my hobbies (mainly just game and working out right now), or doing (1) or (2), jobs with much heavier hours but also much higher potential reward. Building my career is important I do want to have the time to bang some hot girls in my 20’s as well too.
If you were me, what path would you take and why?
Thanks
No brainer, #1 or #2.
In 5 years there will be a 6 figure difference between your pay between paths 1 and 2 versus number 3. Don’t sell yourself short. Becoming an actuary is not even in the discussion.
Would you advise a virgin to prioritize and correct this even above one’s career and other endeavors, until corrected? In other words, should a virgin put the vast majority of his energy into game over his career, in order to lose his virginity first before then going back to working hard?
There is no excuse for not being able to do both. When you enter the workforce your life will become 100x more stressful relative to college.
In one of your posts you mention Brooks Brothers suits are poor quality. Could you recommend a good place to buy suits for entry-level, analyst type guys? How about a level up from there? Also, what to look for in general suit shopping? Thanks.
If you’re entry level you should have 1 staple suit that is well fitted and higher quality. The rest should be cheap $200-300 suits (Joseph A Bank has decent sales) that you have tailored so the brand name will not matter. Brooks Brothers is just an overrated banker targeted brand, no reason to buy expensive dress shirts when you’re not even ready to sport cufflinks on a daily basis at the entry level.
After your first 2 years or so your weight will likely change by ~20 pounds so there is no point in stepping up. Once you’ve made it to a higher paying position simply switch to Made to measure/bespoke wool suits.
the TL;DR for entry level is that people blow a bunch of money on things they certainly don’t need. You won’t miss a promotion because you’re not wearing the banker collar + brooks brothers + loafer combo.