Wall Street Playboys - Advice from Real Wall Street Professionals
December 5, 2019 by Wall Street Playboys 84 Comments
December 5, 2019 at 2:38 pm
Incorporated a UK-based digital marketing agency. Looking to get a salesperson on commission (they’ll receive a percentage of monthly retainer). I’ve boosted a FB job post but I’m not satisfied with the quality of applications. I believe better talent could be found here, particularly as you stress we your readers focus on performance and learning sales.
Can I post job details here or link to my site’s contact page? This could help another reader get started on their career before pivoting to a product. Would be a great story for you guys if it works out.
Wall Street Playboys says
December 5, 2019 at 5:43 pm
Probably don’t want to recruit here but feel free to leave it. We wager it won’t work but go for it
December 5, 2019 at 6:39 pm
Will trust you on this, but please explain why.
December 5, 2019 at 10:53 pm
It likely wont work as 90% of our readership is US based and the chances of finding someone here versus a specific event tied to your needs is next to nothing.
December 5, 2019 at 11:13 pm
December 6, 2019 at 7:17 am
I am pretty interested, based in the UK originally a sales person for SEO agencies.
Where can I see the details?
December 5, 2019 at 2:44 pm
1) Is there any benefit in meeting face to face with a competitor if you know most of the things you want to know about them?
Clarification: Could there be beneficial coalitions or most of the times he wants to learn about your business?
2) It seems that talented people can accomplish more in less time than hard-working people, even if they work less.
In that sense, wouldn’t you want to try and hire talented people instead of hard-working for positions that are not easy to train for (i.e. product, sales etc)?
Thanks hope you enjoy your holidays soon!
December 5, 2019 at 5:49 pm
1) of course do this all the time, always stalk the competition to make sure you’re not missing anything. Just be smart enough to never reveal what you’re doing. Thats an art
2) Yes depends on the role… so again art vs. science neither are clear cut answers
December 5, 2019 at 3:00 pm
1. For someone who’s had an event recently and has only cash on the order of $1M and nothing else, how would you suggest to invest, given the high probability of bear market coming in 2020-2021? The idea of buying S&P500 for 100s of thousands of dollars white it’s at historical maximums doesn’t sit well with me.
2. What’s your take on how long the bear market will last?
1) already covered in triangle investing. Unless you have 3 streams of income no reason to bother “investing” you have to build 2-3 income streams before investing in addition to having $1 million
2) no clue and doesn’t matter, if it’s down more than 30-35% we’ll probably blind buy
Multiple Revenue Stream Brah says
December 5, 2019 at 3:08 pm
Advice on where to purchase Facebook accounts?
I need to set up an extra account to help run a new business. I tried creating an alias account but got banned when FB asked for a selfie. Seeing a lot of websites that sell accounts, but most seem shady and I can’t risk anything happening to my real account. (Run other businesses through that one)
December 5, 2019 at 5:41 pm
Hahaha! Yes that’s the grind part. Hardest part is getting good accounts so no we won’t give that away, no one smart would
Accounting Intern says
December 5, 2019 at 3:16 pm
Goal: $5 million+
I have an accounting internship starting in January and the firm also has an investment banking division that I am going to attempt to transfer into. I have already emailed a VP who works in the IB division who had an accounting background asking him about his path into IB in an attempt to network.
Do y’all have any advice on networking internally into a different position?
I want to get into a recommended career that aligns with my intelligence but I also don’t want to risk expressing too much interest in a different department and not getting a full time accounting job offer (would say the chances of getting the offer are 90%+). Even though I will be applying for IB positions (full time or internships) for after the internship I think my chances of breaking into IB are not great (liberal arts undergrad and one semester away from completing a Master in Accounting), therefore I want to play it safe.
All our networking advice is on this blog and has been covered in thousands of words… we won’t repeat here
Long story short that’ll work if you do it correctly/get lucky
It’s even covered in “recruiting as a non-target” we quite literally have posts on this already
December 5, 2019 at 10:10 pm
My apologies, I thought my situation was somewhat unique. Will definitely read more
December 5, 2019 at 3:25 pm
Continuing the family business, which is RE development. Issue is is that I need to raise my own money. Going to reach out to some PE firms I know as well as banks, but would love to hear any suggestions you would have.
December 5, 2019 at 5:48 pm
Again can’t help we never inherited anything like that and have no clue what the business really is. Come to think of it haven’t inherited anything not even $5K
December 5, 2019 at 3:30 pm
Hi WSP, I’m opening a high end gym in a European island (end of 2020 expected opening).
You’ve mentioned on a number of occasions that services take a hit during recessions. Any recommendations you’ve seen where services avoid taking a hit and still do well?
(Gyms tend to rely on services to make make most of the money, with memberships intended to breakeven).
PS – how many hours do you normally keep these Q&A’s open for, I missed the last one.
December 5, 2019 at 5:40 pm
Never ran a services business so we don’t know. Gym memberships are usually fine it’s the training/time for money part that basically gets crushed.
Never ran that type of business so that’s the most we can say
Usually closes by end of day. One question per purchase
December 6, 2019 at 7:57 am
Fair enough cheers.
I’ve noticed there’s another gym owner/personal trainer that comes through here, maybe they’ll pick up on this.
Thanks. Sorry I do have 2nd transaction ID but didn’t think the last question warranted it.
December 7, 2019 at 11:00 am
Weight lost supplements.
If you do a custom formula the margin will be there.
If they can’t afford a trainer, they’ll go for the easiest, quickest and cheaper option.
December 9, 2019 at 7:10 am
Yes thinking have to go down this route also incase additional services take a hit.
December 5, 2019 at 3:34 pm
1.It sounds like you guys outsource your customer service. Thoughts on hiring offshore engineers as cost reduction/finding talent with a reasonable price tag?
2.Can you vouch for the ROI of early morning meditation/workouts?Is it worth truly building those habits?
December 5, 2019 at 5:47 pm
1) yes it will work, just be smart about what you outsource
2) No clue, some people do better at night others in the morning. We don’t take those intense people on twitter seriously that are religious about mornings or night or whatever it is. Just eat healthy exercise 5 days a week and be done with it
December 5, 2019 at 3:38 pm
Quarter million to just below half a year now. 25 ~ for 4 years. Have not used most of my money. I know this is not much so I am watching. I have some property, some invested in other biz, medium sized robinhood account but nothing that is out earning my primary biz. I do not have a large investment account as of yet. Learning the curve and taking the small losses as lessons. What would you suggest to do?
I read triangle investing sorta. What would you suggest to revist.
I am interested in franchises but what do you all see that may be interesting to consider
December 5, 2019 at 5:39 pm
Same answer as always start a side business if you haven’t done this yet, you can’t waste your time with investing ideas until you have $1M
December 7, 2019 at 5:21 pm
Ok have one need another. Im at the top of my niche but in service industry (I manage people lol) any resources to help me get into product development. From what I understand you all recommend this in efficiency and triangle investing
December 5, 2019 at 3:53 pm
Will affiliate marketing still be relevant going in to 2020? Talking about the traditional form using a landing page and Google AdWords.
December 5, 2019 at 5:46 pm
Who knows what form factor it will be in but affiliate marketing will practically always be around. Always someone with a new angle and willingness to take on risk
December 5, 2019 at 3:58 pm
I’m currently running through your old post regarding office politics. What are the most important items to be aware of working a revenue generation role in a very bureaucratic environment? We are talking about a place where most people have 10+ years of tenure and where most colleagues are female (high emotional intelligence).
What do you do when a good contact of yours want to enter and compete in the same space at you, essentially become your competitor? What happen if that said close contact ask you for advice to enter the space?
December 5, 2019 at 5:38 pm
You have to be more specific than this… You never help your competitors. We’ve said thousands of times here your co-workers are never your friends. So you don’t help them, give them generic advice and wish them luck.
December 5, 2019 at 9:19 pm
It’s an inside sales role upselling service plan for a very big corp 2-5 bil rev corp. Because of the stable environment and very little firing/mobility, most people have been there for 10-20 years. Furthermore, my boss and most of my immediate colleagues are females. Would that change anything regarding office politics ?
December 5, 2019 at 10:44 pm
Doesn’t change anything at all. Co-workers are not your friends, the only people who matter are the ones who sign the checks and bring in the most money
December 5, 2019 at 10:11 pm
How do you avoid becoming too unable to relate to normal people? I have been “nod smile and agree”-ing and just focusing on scaling up my bussiness that I have no interest in participating in today’s hook up, shit face drunkardness, frivolous gossip culture of today.
I am starting to feel like a different animal than 99% people I meet including family.. notice how people complain ALL THE TIME, do nothing to change their circumstances, and learned “the hard way” not to give them any advice.. is this normal?
I am 32, came to the states at 27, and I am catching up by building my bussiness12-20 hour days, 7 days, months in row, past 3 years.
Thank you for all the information you are putting out there, between this blog, your books, and Felix Dennis’s “how to get rich”
My life has changed entirely the last couple of years.
Looking forward to the next book
Keep up the amazing work
Happy Holiday season
December 5, 2019 at 10:47 pm
No clue actually we gave up on that a long time ago. If we deem someone as mediocre we just smile and nod, make them feel great and never give out our information or respond to messages in the future
December 5, 2019 at 4:32 pm
What are your thoughts on buying property for Airbnb/STR? I’ve heard that returns can be great, but I’m hesitant at this point in the housing cycle.
December 5, 2019 at 5:45 pm
Do not know as we’ve never done it
If you had to start all over again, or switch industries.
BUT In a market without mortgages of any kind, would you still do Real Estate or would you go straight Local Business?
Thank you as always,
We would do the exact same strategy starting over. If we are choosing between RE and local biz, RE is easier (opinion)
1) Have you open any position on Zcash?
2) Any thoughts on LinkChain?
December 5, 2019 at 5:50 pm
Not involved in either
December 5, 2019 at 6:56 pm
Thoughts/predictions on the 2020 election?
December 5, 2019 at 10:45 pm
Already placed the bet, Trump wins again unless there is a severe recession
December 5, 2019 at 7:14 pm
What do you think of investing in high risk countries such as Zimbabwe, Russia, or Venezuela?
The investor Jim Rogers talks about this — but perhaps he’s a quack. Nevertheless, there’s something intriguing about buying say real estate in a developing country.
better to just buy emerging market index funds in our opinion
December 5, 2019 at 8:37 pm
I’m 25 and posted the dating question last month. I tried socializing more as per your advice but I’m spending 6k/mo in NYC while saving 60% of gross, working 30-35 hrs/wk, in good shape, and outfitted in high quality clothing. Girls my age 23-25 don’t believe a word I say. I do not want to lose everything I’ve worked hard for but there must be someway I can hide my success and still be good at dating. What would you guys do if you were my age?
December 5, 2019 at 10:51 pm
Your social skills are weak still. If you have to talk about your success you’ve already lost.
Don’t remember you (sorry), but if you’re already rich (we assume) then you should continue to go out until your social skills improve. No point in being rich if you can’t even enjoy life with the money.
We assume you’re a millionaire already
December 5, 2019 at 10:57 pm
Ok. Will the money help passively if I can get good at social skills? It would be great to not have to rely purely on social skills to succeed at dating but I can understand if the money won’t help.
December 5, 2019 at 11:53 pm
Yes, money exacerbates your social skills. So if you’re bad at socializing, it just emphasizes how bad it is “he’s rich but weird” is a common complaint about people with weak skills.
Gotta fix that, money isn’t that amazing once’s you’re a multi-millionaire anyway, better to have social skills at $5M versus $50M and be unhappy all the time
Lil Gator says
December 5, 2019 at 9:10 pm
Is there any reading you can recommend on SEO? Tried combing through efficiency and the site couldn’t find it
December 5, 2019 at 10:50 pm
No, you’d have to reach out to an SEO expert. It isn’t hard, simply go to a few conferences and find the right people
December 5, 2019 at 9:26 pm
Planning to move abroad next year (depends on where the opportunities lie). Issue is worrying about landing a decent career and end goal is business owner.
I am 26 and have 2X annual saving. Does it make sense to go all the way in and start it over?
December 5, 2019 at 10:49 pm
No this is an awful decision. Unless you’re sure its a better career/earning stream going to “find yourself” just destroys your future 99/100 times
I currently have an Amazon FBA side hustle that generates an okay amount of profit.
I’m thinking of purchasing another type of business in 2020 for a new stream of income
1) do you think this is a good idea since a recession is looming or should I keep cash for now? I did my numbers recently and realized I’m kind of financially independent (networth is 25x annual expenses)
2) I’m thinking of purchasing an affiliate site from empire flippers but I don’t have any experience. Do you recommend I start one from scratch first or it’s okay to buy a cheaper one and learn as I go?
Thanks again for the q and a
December 5, 2019 at 10:48 pm
1) this one is easier, purchase price less relevant if you can actually fix it. If you can generate 100% better profits… even in a downturn it doesnt matter as sales won’t go to zero. People think recessions are the end of the world, they are not. They just mean you only buy assets you can fix.
2) absolutely not on that one, never buy something you don’t know well. That’s just a gamble
December 5, 2019 at 11:15 pm
Thanks for clarifying 2). I thought about buying a cheap site that already generates $1k~ so I don’t have to start from scratch but its a biz I’m very unfamiliar with so definitely can’t fix. Will try to build one from scratch in 2020 for a new income stream 🙂
December 5, 2019 at 11:55 pm
Ha yeah that $1K is more like $400, they probably run numbers hard ahead of sale.
December 5, 2019 at 10:03 pm
Has your opinion on Modafinil changed since last time posting about it? I saw you mentioned you don’t recommend it, I was wondering why? A friend of mine was telling me about his success with it recently, describing his best period in life in terms of creativity, productivity seemingly no long term side effects if used in moderation.
Not one bit
December 5, 2019 at 11:10 pm
I’m 29. Currently in search of a new job after leaving my previous post (which stagnant my career growth as a digital marketer)
My question is what should I do at this point of my career since I’m way off from the career path/earning as stated in the book?
I’m living in the 2nd tier country which an annual earning of 48,000 (which consider as the bottom tier within my country)
What should I do now to restart the race at a huge disadvantage?
December 5, 2019 at 11:54 pm
Sure easy one again, you have to start a biz. Trying to get rich off $48K will never work, it won’t even work at $100K.
December 6, 2019 at 1:02 am
what is a realistic time to learn e-commerce product sales starting from scratch?
December 6, 2019 at 2:28 am
Another one of those things thats impossible to answer. Some people get into it and make tons of money in 6 months. Some people get into it and fail for decades and never figure it out
Probably a good timeline is 1-2 years assuming someone really gives 100% effort to it
December 6, 2019 at 1:14 am
Still having difficulty writing compelling and converting copy for physical products (vanity products like accessories, apparel etc), even after reading Ca$hvertising.
No problem writing for problem solving products/products with a pain point, though.
Are there any other resources you’d recommend for learning copywriting?
December 6, 2019 at 2:29 am
Seems like you’re suffering from the “juggler” problem. Don’t try to remake the wheel
Go and become an expert in problem solving products, you’ll make way more maximizing what you’re good at.
December 6, 2019 at 8:20 am
my issue with the problem solving products is that facebook is cracking down on my favorite angles… accessories would be a lot more white hat friendly
Sesame Street Playboy says
December 6, 2019 at 2:09 am
#1 I would like to copy simple and successful product (diet-like protein podwers) but have zero experience selling online. Better to sell on that niche as an affiliate to gain experience or to already test demand for own product with fake sales page (quicker but given no experience I wouldn’t know if the ads or the product are the issue).
#2 White hat affiliate marketing – does it make economic sense to buy ads? Does what you wrote regarding ads in efficiency apply also to white hat or just to black hat?
December 6, 2019 at 2:31 am
1) you should always start as an affiliate (our opinion) if you have no capital and no skills. If you’re talented at anything copywriting related always make your own product
2) there is enough in the book to figure out either one, if you can’t figure it out from that plus your own research it’s not going to be easy to “get it”. Black hat and white hat are both going to work.
Buying ads is always a “it depends” answer so we also can’t help there as it’s not really a question. Generally most affiliates that are “killing it” are black hatting going from next idea to next idea (grey hatting at minimum). You can easily tell who is black hatting since they have to sell a new product every few months and they are constantly grinding it out looking for accounts while never having anything consistent that justify their 100K income days that suddenly go to zero all the time.
The ideal one is to make a real product and do it white hat
December 6, 2019 at 5:10 am
Assuming the gig economy is coming, freelancers will be everywhere. What can we sell them / is this actually a good target group to sell to?
December 6, 2019 at 3:13 pm
The way to use the gig economy is by hiring them to outsource your own work. Create a biz and outsource work to freelancers
No point trying to sell stuff to people who don’t have money
December 6, 2019 at 6:22 am
You seem to prefer bootstrapped business with no or few employees but that’s limited to a 7 or low 8 figures revenues (6 figures profit) then Exit and start again with another business.
Why don’t you intend to use VC money to pass another level of scalability, more profitable ?
December 6, 2019 at 3:14 pm
First part is true, last part is incredibly false. You can make up to $10M net without more than 5 people.
Over time you won’t even need 5 people. We worked in finance and know the VC racket so we always avoid ever giving up ownership
Mr grey says
December 6, 2019 at 8:18 am
1. Started “grey” e-commerce brand that is going well. However, the main domain is associated with a banned ad account (one of the biggest traffic sources) so I can basically work with all traffic sources expect that one. Without spelling it out, I think you know what it takes to get on that source. Question is on the eventual sale of biz. When showing financials, since there will be basically 2 entities, what’s the best way to structure that for a sale?
2. I know you guys as well as anyone else in the know will never “give away” how to get accounts. But if you had to do it again, would you choose between finding a vendor for accounts or simply making your own and why?
December 6, 2019 at 3:17 pm
1) would never attempt to sell this one, if grey/tough to get out of better to run to zero and just assume sale is impossible
2) we’d do it our own given current network, vendors are less efficient, slower and lower quality
December 6, 2019 at 10:17 am
Currently 22, In January I will be promoted and will work directly with the CEO of the company on the company Growth Plan. As a CEO what would Expect from a young man and as a young man what approach would you take on the CEO?
December 6, 2019 at 3:18 pm
Not sure how to help here, all ceo’s Care about is making money so just focus on adding financial value to him
Never been in the position so can’t comment beyond that.
December 6, 2019 at 11:36 am
Thanks for all that you do. I’ve benefited a lot from your content. Efficiency is my professional and financial “bible.”
Have a few questions:
1. What motivates you guys to carry on doing WSPs? You say it doesn’t make you much (I believe you).
2. Have you changed your mind on anything major since writing efficiency?
December 6, 2019 at 3:19 pm
1) It’s just a fun hobby and takes almost no work
2) nothing has changed except more diet/performance enhancement items to be covered in next book
December 7, 2019 at 3:21 am
It’s really just a fun hobby?!?! You guys tweet every day and post a ton of articles, some of which are incredibly detailed and well thought out.
Either way, much appreciated.
December 9, 2019 at 2:15 am
Yep, if you look at how poorly this website is managed it would be obvious hahaha
December 6, 2019 at 1:07 pm
1) Do I stay at this bank after promo (if I get it) or switch banks if I do get it? (assuming dark cloud looms over)
2) Should I try to go into something sales-oriented like CRE brokerage if i don’t get the promo? (ie out of IB permanently)
Goal is to have enough time to work on side business but also generate active income. Pretty rough spot I’m in rn.
December 6, 2019 at 3:20 pm
You asked the same thing last time: 1) stay if promoted leave if not, 2) no stay in banking and spin up something in the side
No clue why people think this will ever change, if you never start a biz you will never ever be rich.
Majority of time in Banking is staring at a screen so you have the time, if it’s truly a sweatshop then leave
December 6, 2019 at 3:32 pm
Definitely did not ask this last time. Asked if i should switch gigs last time. You guys said yes – I did. This is current situation after switching to new job.
December 9, 2019 at 2:49 am
You stay in banking unless the sales role pays the same then choose the one with the lower hours of the two. Also the other position must have wage escalation equal to banking.
Leaving banking for anything besides PE/HF/Top Tech company/Quitting because a business you started ramped up… just doesn’t make financial sense.
Unless you’re rich you shouldn’t decrease effort, practically ever
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