Wall Street Playboys - Advice from Real Wall Street Professionals
November 9, 2019 by Wall Street Playboys 116 Comments
November 9, 2019 at 11:55 am
Do you guys have a framework for finding product-market-fit?
Personal framework for identifying trends?
Wall Street Playboys says
November 9, 2019 at 4:28 pm
Unfortunately no to both, this is just general “intelligence” being able to spot future trends etc. Serial business makers are successful because they do this naturally and can’t “teach it”, it’s just a culmination of life experience and effort
November 9, 2019 at 10:43 pm
I’m in tech and have worked with some Product Managers. The two things I can recommend for product market fit:
1) Map out the user stories (“As a , I want so I get “). If you can’t do this your product or market needs tweaking.
2) Read “Crossing the chasm” it’s a book a lot of pms have recommended to me
Both suggestions are tech focused but can easily be adapted to a non tech product
November 17, 2019 at 11:10 pm
it depends on the industry. for eCommerce there are ways like using fb pixel
November 9, 2019 at 12:06 pm
Carreer is at zero.
– Had to drop out of my top 50 undergrad because I took on debt that must be payed in order to get my BA. 2 years left
pay debt in 1 yr > finish school (Energy banking target ) 2yrs > banking or tech sales
– Currently work at a due small due dilliagence firm on the production side. I may be able to transition to sales within the firm. Most of our clients are PE and VC firms.
Transition to sales within firm 1yr? > Build 1 or 2 years experiance > try tech sales with no degree
If I’m trying to advance to the 6 fig salary as fast as possible (3 years max), What is the best bet?
Open to alternative/ solutions that does not involve the above.
November 9, 2019 at 4:14 pm
This is not worded well, please respond with what exactly your options are
And how much money is made and time is spent….
November 9, 2019 at 5:28 pm
1) Investment Banking = Time cost is 3 years (1 year paying off debt and 2 finishing degree). 120k all in when offer secured in Banking. I could also use this degree to get a job in enterprise software.
2) Trying Enterprise Sales with no degree = 1 year to transition fully into sales. 2 years to transition completely into software (not sure if even possible). Money – end of year one 50k year two 60-70k Year three 70k-90k ??
3) Trade School? Military? Start Biz? Open to creative solutions that I haven’t considered
November 9, 2019 at 10:26 pm
Since you’re young.. .easily 1 or 2
Of those two our answer isn’t relevant, it is based on what you’ll be good at. If you’re good at selling in general, go to sales. If you’re not then go into banking and do power-point slides to collect good checks for a few years
November 9, 2019 at 4:59 pm
Currently in Tech Sales, no degree. Experience is king.
November 10, 2019 at 10:39 am
Appreciate it, What’s your comp all in?
And how many years of b2b sales to transition to tech?
November 9, 2019 at 12:20 pm
Some EU politicians (also Trump) and central banks have been discussing banning Bitcoin. It makes sense – they can’t control it, so what else would they do? Of course they can’t prevent people from using it, but making it illegal would probably slow down / stop mainstream adoption. What do you make of it? Do you think this presents a real risk?
November 9, 2019 at 4:13 pm
It could happen which is why you simply limit your exposure as a percent of net worth. That’s really it not much else to say, if you know the risks you just adjust your exposure
Commie Insider says
November 9, 2019 at 12:22 pm
What do you think of leveraged ETF such as TQQQ as a vehicle for DCA during downturns?
Offshoot question: Do you believe Alibaba founder Jack Ma is a real person or is he just a figure conjured by really powerful chinese players who want to remain hidden.
November 9, 2019 at 4:12 pm
1) we would buy small caps for more upside, there is a post on this blog about it. leverage is tricky since timing could be off and you go to zero
2) Don’t really follow Jack Ma so no comment on conspiracy theories
November 9, 2019 at 5:39 pm
Interesting, so are you saying that if SP 500 drop more than 33.33% TQQQ basically go to zero?
November 9, 2019 at 8:57 pm
Don’t want to go through the math with you, just google leverage and how it works. If your down like 2 points and then the market goes up 2% you’re actually down a lot.
November 9, 2019 at 12:30 pm
1) Is WSP 3rd book still being released before end 2019?
2) With the recession nearing, are you betting mild or strong?
November 9, 2019 at 4:11 pm
1) hopefully has been a crazy year, maybe delayed but we’ll see
2) not sure what this means, we’re just getting cash and crypto all year. If a recession doesn’t come we won’t care if it does come we’ll buy after unemployement reaches high singles or so. Keep it simple!
November 9, 2019 at 12:32 pm
What’s your favourite way to get converting cold traffic to a brand new ecommerce store (gadgets)?
Have no problem converting a retargeted warm audience but getting a cold audience to convert off facebook and google isn’t working for me.
November 9, 2019 at 4:27 pm
There is no way we can solve this for you… ads simply need improvement along with the sales page
Impossible to help with this one
November 15, 2019 at 10:35 am
I want to contribute here… First of all, noticed how WSPs said “sales page?”
You shouldn’t be driving traffic to an ecommerce, but to a very specific funnel.
Also, the key to converting on cold traffic is making sure there’s demand (test, test, test) and that you have an attractive offer.
Copy must be dialed in too.
November 9, 2019 at 12:40 pm
30 year old male here. Net worth in the 1% but I sacrificed my entire 20’s to get there. I have aspergers and am very eccentric & socially awkward. I have to read books in order to understand most people.
Any advice on how to rehabilitize myself from a decade social isolation and make friends with people outside of my industry?
November 9, 2019 at 4:26 pm
Yes an easy answer! go out every single day for a year. If you’re rich already you can do this
November 13, 2019 at 12:06 pm
A great answer here is join a Jiu-jitsu school or some type of combat sports gym (boxing, kickboxing, etc).
Will help with Aspergers (I have students with Aspergers) as well as connect you with people from various communities.
Tribe is much stronger in Jiu-jitsu schools and kickboxing/boxing gyms.
Just my .02
November 9, 2019 at 12:42 pm
During my free tine I try focusing on my health, personal development and working on diffrent projects. The question is: How do I get away with this without being seen as boring or just a dick by family and friends who want to hang out?
November 9, 2019 at 4:10 pm
Can’t help here, if you’re doing work and people complain you dont’ want those people in your life anyway
November 9, 2019 at 12:51 pm
– Current work in a PE Fund of Funds.
– Always thought you guys were against taking a pay cut until I read your recent post that cuts were acceptable provided the upside justified it.
– Not sure if relevant but intention of moving is cause you don’t develop a good sets of skills in a PE FOF.
Question 1: Should I take a pay cut to move into venture capital / corporate M&A? I once received a vc offer with a 20% lower comp but turned it down without thinking much since it was a cut.
Question 2: What would you view as a reasonable paycut?
November 9, 2019 at 4:25 pm
1) it always depends. Leaving for a paycut only works if you’re getting more responsibility or going into a faster growing segment. Most obvious example would be someone going from a declining business like “media” to go work at a fast growing company like amazon. Even if you lose a few dollars, you want Amazon stock not the NY times
2) no clear cut answer always depends on the math.
November 9, 2019 at 1:12 pm
1. AI, blockchain, big data, robotics . . . are there any more high-growth industries I should target for software sales?
2. Is there a hidden opportunity in choosing alternative ad platforms like Taboola over stalwarts like Google and Facebook Ads?
November 9, 2019 at 4:23 pm
1) go into B2B where possible and only go to the best product/firm. There is no point in trying to gamble on these small hopes and dreams. If the Company has the best product the sales are easier and the customers are stickier
2) There are a lot of other options and they work for sure… that’s all we’re willing to say.
Dual Monitor says
November 9, 2019 at 1:20 pm
I’m a senior with a potential job as a sort of “Analyst” in a wealth management team ranging from 50-60k starting out. I’m an international in the US on an a scholarship and my firm offered to sponsor me (green card ). Should I try to look elsewhere for a higher paid position, or take a possibly lower salary and be set securely with my firm and move up the ranks? After several years I could always jump ship and take a higher paying position somewhere else, as I’ll have status.
I understand it may be difficult to answer as you haven’t experienced this situation yourselves.
November 9, 2019 at 4:22 pm
Easy answer try to get into one of the three careers now not “later because i like these guys”
You cannot “easily switch later” that is a big lie. Where you start initially is a big life change.
November 9, 2019 at 1:30 pm
1) What would you look for in a good property manager? I have some criteria (take a look at their current portfolio, will play dumb about RE to see if they lie about a basic thing, etc.) but was curious as to your thoughts
2) I’m making a decision about whether to stay in software engineering or move to tech sales (as a sales engineer/solutions architect, not worth going into pure sales for me).
I’m not amazing at numerics when it comes to the tests in the efficiency, but when it comes to actually coding and doing things I have zero issue (good at my job, did very well in my CS degree, etc). What are some further tests you would use to make the decision?
Thank you very much for taking the time
November 9, 2019 at 4:21 pm
1) ideal manager is actually a small group of people with niche knowledge. Not managing a large number of homes, also look at their current cap rates and number of repairs
2) If you’re doing well in your career (good performance reviews) just stay
November 9, 2019 at 10:39 pm
Makes sense – thanks for the reply.
Tax Man says
November 9, 2019 at 1:31 pm
Age 24, in one of y’all’s most recent posts you set out a financial timeline where if net worth is below $100,000 (me currently) you focus on freelance work only and then between $100,000 to $500,000 you focus on freelance work and selling (reselling hot products). I am wondering where the affiliate marketing -> starting your own e-commerce business path outlined in efficiency fits into this timeline. Do you still recommend affiliate marketing or do you now think reselling hot products is a better method to achieving financial independence?
November 9, 2019 at 4:09 pm
You can start a biz any time… The point of the article is people think they are entitled. So if you only have $100K why wouldn’t you do every single money earning angle possible
That was the real point of the article, it basically means you’re not worth that much so your time is “less” valuable since you’re not actually rich yet. If you’re worth a few million then doing resales isn’t going to be worth your time (legitimately)
November 9, 2019 at 1:36 pm
No questions. Just wanna share something I discovered about a month ago, that made my performance go through the roof.
Raw garlic. Chop it up, scoop it with spoon and quickly wash it down with water. No chewing, no odour.
If you want to be 100% sure about odour, after chopping, pour some olive oil on it and let it sit for a minute. Even milk will do, as fat lowers odor-emitting compounds from garlic.
Benefits: improves your blood flow and breathing. You really have to try it to understand the feeling.
Most potent combo so far: morning coffee with butter, followed by 2-3 garlic cloves. No crash afterwards, no jittery caffeine rush.
You are in control. Your windpipe feels two times wider. Brain is bathing in extra oxygen. Awake and alert.
I know it sounds like I’m trying to sell you something. Nope. Garlic is dirt cheap.
And it’s not a placebo either. Been doing it for almost a month now. Feels great.
P.S. Don’t take the garlic pills. They make them by aging garlic. Doing that greatly reduces amount of allicin, compound that boosts the blood flow.
As always, do your own resarch before.
Thanks for all the good info you put out there, hope you find this useful.
November 9, 2019 at 1:42 pm
Thanks for your guidance these last years. I just landed a buy-side role in a F500 tech company.
My question is regarding post-grad education:
What would look better if my final goal is VC / Entrepreneurship?
1) Undertake the new Upenn Master in CS Online for the total cost of 10K (Just got admitted, the employer will cover most of the cost)
2) Apply for M7 MBA programs and take the 2 years off if admitted–> Top VC?
Brief background: Underrepresented Minority, Top BB IB background, 26 years old, 3.8+ GPA from NonTarget school in Econ
Thanks for your time, a dosis of WSP and Wall Street Oasis definitely saved my life.
November 9, 2019 at 4:08 pm
Honestly neither of those will matter. VCs are all about ability to raise funds at your young age.
The easiest way to get into a top VC is always the hardest… start a real company and sell it
The whole “MBA to riches” doesn’t really work anymore
If you force us to choose M7 MBA is better of the two because you’are a minority so you might get it for free (or close to free), yes realize that’s contradictory but you’re forcing us to choose between two items we would never do
I currently have a field job in a technical trade making mediocre money which will get way better within the year when I become licensed and earn at least $75k/yr. However, I just came into enough money that I’ll be getting around $3k/month for the rest of my life, enough to put food on the plate and wine in the glass as Felix Dennis says. I also have the GI Bill so I can get any degree I want for free, and have a bachelor’s in Applied Mathematics from a state university in the mid 3’s GPA.
If you had infinite runway with no consequences of going hungry, what would you do?
I can leverage the technical skills I have to try and start a niche business though I don’t know what it would be. I could go into something completely different. I could just head to the beach! Would the business-starting advice in Efficiency change if a full-time job wasn’t necessary?
November 9, 2019 at 1:43 pm
Forgot to add, I’m 30.
November 9, 2019 at 4:06 pm
This is pretty much your call… We can’t tell you how to live life
Since you’re only 30 probably makes sense to do something you enjoy. Live somewhere you actually enjoy and then decide if you want to be rich. If you want to be rich you have to kill yourself building a company at some point. If you don’t care about being rich, go make $60-100K doing something you like, use the $3,000 to pay all expenses and you’re set
November 9, 2019 at 1:44 pm
I know you said you are only stacking BTC/cash these days, going into the upcoming recession. When/if do you plan to sell some BTC, how much (% wise) do you see yourself selling? I’m assuming you do plan to liquidate some BTC prior to the recession, as when the shit hits the fan everyone will likely get desperate and dump everything for cash.
November 9, 2019 at 4:04 pm
We never sell, that’s the ideal holding period. Never have so much exposure to anything that you need to sell
Just make more money and use that cash flow to diversify, this year for example is all crypto and cash which means we think the stock/RE exposure was too high. No need to sell though
If you have $1M and save $200K next year… You can move the portfolio mix by 20 percent
November 9, 2019 at 1:56 pm
Turn 29 this december and have a finance degree from FIU in miami
Only work experience is in customer service from a a call center dealing with payday loans in 2015.
Went all in on ebay business now looking to get a desk job & make ebay my side income.
Created a fake resume using my friends and family as references to vouch for me
Already interviewed for merchant cash advance company for a sales position have not gotten an offer yet.
Have another interview lined up next week with with bankers life for sales role
Will this method backfire on me in the background check ? if so any suggestions on what to do ?
November 9, 2019 at 4:19 pm
Employees run background checks so yes it could easily backfire if you get into a major firm since they would have access to all your old employment
November 9, 2019 at 1:59 pm
If you’ve an unique edge & insights about something you could teach, what’s better:
1. Doing workshops/seminars & charge high-ticket (not scalable)
2. Do online course (scalable but easily copied – applying knowledge may lead to significant uplift of revenue, and I’d want to milk cow as long as possible)
November 9, 2019 at 4:02 pm
We’d do option #2 since it is location independent
If you want to get immediate cash flow, seminars are better
November 9, 2019 at 2:31 pm
Got a position as a working student in private equity. Writing a thesis related to investing/asset management. Which career path is the most viable “to make it” quickly without being extremely time consuming (40-55 hours per week): private equity (traditional, REPE, Infra), enterprise software sales or asset management? (of course combined with online business as you recommend)
November 9, 2019 at 4:01 pm
Lowest hours is always sales, PE/banking are time drains. Tech is also an option
So Tech or Sales … or Tech Sales (the combo)
November 9, 2019 at 5:37 pm
Just to clarify it’s a PE fund of funds. I have only briefly been here but work seems very relaxed. Normal PE must be different from this. Wonder if there is a large difference in pay…
November 9, 2019 at 9:34 pm
Oh that’s a much easier job then
You should focus all energy into starting a side biz in that role. If you’re in a real PE role your life would be rough working 60-80 hours
M&A (PE/IB) is a good career path if you want to make the switch
November 9, 2019 at 2:33 pm
What are the growing career fields to change into during the coming recession? Assume 1 year to train to a new skill set while employed, and no software degree.
November 9, 2019 at 4:00 pm
No real change, you just don’t want to be in a services industry (like fitness trainer)
If you’re good at the careers mentioned here you’ll be fine in a recession too (assuming a good performer)
November 9, 2019 at 2:40 pm
How do I rewire my brain to never ask a question again? – the type of question to distract rather than to learn.
November 9, 2019 at 3:59 pm
Before asking anything in the future pause and say “will this result in anything actionable”
If not don’t ask
Howard Langston says
What do you think is better for side business: B2B or B2C?
November 9, 2019 at 4:18 pm
easiest is B2C – make money now
mose money is B2B – highest margin best long-term
Sesame st playboy says
November 9, 2019 at 2:41 pm
Vegan, plant-based and natural/organic products… seems like the market is growing every year and people are emotional about it, willing to pay a premium for these products. Seems a good niche for the next decade. Anything that makes you disagree with that?
No debate here, don’t know the business model well enough to give advice though
Would agree it’s a growing space.
November 9, 2019 at 2:43 pm
1. Thoughts on trends towards Remote Working in the next decade? Will it accelerate or just a phase?
2. Currently reading a WSPB recommendation on copy: Breakthrough Ads by Eugene Schwartz. Question is, given the book’s framework, what stage of sophistication (1-5) is the market for hiring Software Developers currently in?
1) probably accelerates as a cost cutting mechanism
2) Not close enough to know, but it seems to be pretty high/maturing
James Keating Walsh says
November 9, 2019 at 3:01 pm
I’ve been educating myself on real estate (specifically buying a rental property) from Triangle Investing and BiggerPockets and I created an excel formula after your model income statement in Triangle Investing to evaluate opportunities.
While financing depends on many variables, are any back of the envelope percentages drastically different (closing, holding period, repair % of purchase price) if looking at single-family vs. multi-tenant as first property?
November 9, 2019 at 4:17 pm
All of our advice is in the book, we won’t give more than that as there is always some “art” to it
We’d never be foolish enough to give everything away (increases competition)
Scandinavian Guy says
November 9, 2019 at 3:05 pm
As part of my education, I have a semester (spring) in which I have no coursework but JUST have to do an internship.
I managed to land an internship in a very large pharmaceutical company as part of a new large scale digital transformation program focused on robotic process automation, business process management and business intelligence services to the various business units of the company as well as manufacturing automation.
At the same time, I have been offered a part-time and freelance interim head of operations position at a different firm if I can manage to recruit X amount of interns from the same line of study as I AND I can manage to negotiate a full day of remote work with my own internship company.
I have a question (and a bonus question if you are OK with it):
– What is the best way to negotiate 1 day of remote work a week with my internship at a place in which I have no political power yet?
– Bonus question: To leverage IT-Business experience focused on IT projects, change, digital transformation and business process management the best during my career, should I aim to go private equity or tech route? Right now my plan, roughly is this: digital transformation and IT project management in pharma + freelance work while I finish my studies –> MBB consulting 2-3 years focused on transformation projects and portfolio value creation + affiliate/ecommerce –> Private equity + flipping online businesses until I am officially rich.
November 9, 2019 at 3:58 pm
Unfortunately there is next to no chance that will work. Interns are bottom feeders in the totem pole so why would you negotiate when you’re not even a full time employee. We have no advice there as we doubt it would work
This seems like a crazy situation honestly, just choose the one with the best income streams and move on to building something on the side. Your follow up has already been answered more than 100x on the blog (MBA and best strategy)
It seems like you haven’t read the blog at all, re-read the book and blog and come back next month
November 9, 2019 at 4:24 pm
I have definitely read your blog and the book. I guess it’s the classical Millenial overanalysis and my second question was pointless.
Going JUST by income and considering my background (Not pure tech, not pure business, lack of finance) I can see that average comp for product managers in tech, without being in a senior position, is at LEAST 100k and I gather that hours are not nearly as bad as in IB or PE (more time for side income). Plus product management is a great transferable skill to own biz.
I have an answer.
Thank you for cutting through the bullshit as always.
Perfect sounds like you got the answer!
November 9, 2019 at 3:42 pm
Started to work in sales development in a very big tech company 2 months ago. Working 60 hours a week on avg. and still far away from hitting my quota. If this continues this way -> will probably get fired after 6 months.
After work I’m just too exhausted to pursue sidebiz and go to sleep early to survive the next day.
Question: Would it be smarter to switch to a job(probably smaller company) where you only work 40hours and have low risk of being fired so you have more time for sidebiz?
November 9, 2019 at 3:55 pm
Generally you always want to be in a real career since there is no earnings leverage from a job
Only go to a basic 9-5 if you’re sure you have a good side biz idea already that will work
November 9, 2019 at 4:20 pm
November 9, 2019 at 4:29 pm
Ha that’s another good one.
November 9, 2019 at 3:48 pm
1. I’m on track to max my 401K contribution by year end with a total of $28,500 (generous match by employer). Currently the 401K is invested in S&P 500 index funds. If it is possible, do you think it would make sense to move the money towards buying Bitcoin, since a recession is around the corner? For context, I’m a new grad with no investment in anything.
2. I’m restricted from running a side business until I get my green card (2-3 years from now). Currently have a good chunk of free time after work (I’m still earning >$100K/yr) that I would like to put towards something. I have been hitting the gym and I’m working towards starting a video freelancing “business”, where I am building my own portfolio of videos for business/non profit to help advertise their company. I do not charge them a fee (because I’m restricted with my current VISA), but I am doing it for building goodwill/network so that I can leverage it in 2-3 years when I can actually do something more real. I’m also writing blog post to build up my brand. Besides this, what else should my priority be (what should I also focus on, if anything)?
November 9, 2019 at 3:54 pm
1) just max it out at all times since losing the employee match is losing 100% guaranteed returns. Just toss it into basic index funds, 401K money is illiquid so you’re playing the 30 year game
2) same answer, no excuses, use a family member.
Small Town, Gotta Get Out says
Currently 35, out of military (Mar, 2019), immediately started working back in small town (50k people, mostly military) making 100K doing IT contracting for the government. Taking calculus/linear algebra classes at local Community College. Obviously extremely limited financial upside on current path.
I see my options as, 1.) move to silicon valley in the next 3-6 months and really push to make it out there, learn as much as possible, and eventually start my own company.
Or? 2.) Maybe work+school for next few years and get to a grad school for law or business?
Feel limited and feel the time pushing in on me. What do you feel is the best option? How dire is my situation?
November 9, 2019 at 4:31 pm
Honestly if you’re in the military for that long you might be better off staying in military work and getting that pension/guaranteed money
After that’s locked in (you’re set for life from a cost of living perspective) then go ahead and choose between any of the careers we mentioned before
You’ve been in the military a while so tons of upside by closing it up and getting the guaranteed money
November 9, 2019 at 5:11 pm
Unfortunately I joined late, at 30, and got out in March of this year.
Part of the reason I got out is wouldn’t hit retirement age until 50.
November 9, 2019 at 9:04 pm
In that case learning a trade and real estate is probably best. Otherwise you have to try and get into sales would be our two picks
November 9, 2019 at 10:37 pm
Not sure what your contracting gig is like but if you are already making money from it and are confident about your ability to scale, maybe it makes sense to consider a biz based on that?
November 9, 2019 at 4:52 pm
How will selling consumer products be in the upcoming recession?
I have read both of your books multiple times so I’m very clear about the correct path.
I’ve invented some stellar new consumer apparel products that range from $15 – $100.
I’m very confident the biz will blow up once I properly launch and gain some traction. Products are significantly better than the competition and I have succeeded in similar business before.
However, I’m concerned about the imminent global economic meltdown. I see gaining a bunch of momentum and then the economy tanks. No idea about what things will look like selling consumer products in an economic landscape like this.
All in on this new biz so your thoughts and advice are really appreciated. Keep up the quality work.
November 9, 2019 at 9:18 pm
It really depends, we don’t know the consumer product you’re selling.
Generally speaking, cosmetics, food and alcohol sell the best in recessions
November 9, 2019 at 4:57 pm
Age 23, based in UK
Skilled in Synthesis and Numerics
Cost of education: Zero, just time
Option 1: Top 15 University, PhD Finance 1 yr full time then part time for 2 years
Do CFA 1+2 to boost resume
Network into IB Quant/consulting role in Sep 2020
Option 2: Continue with dead end office job
Average wage but limited salary growth
Have lots of free time
Leaning towards option 1, just want to make sure I’m not being blind.
Regardless of path, I will be working on online business and real estate investments.
I appreciate any thoughts you have.
November 9, 2019 at 9:07 pm
Yeah neither of those are good please re-read the book. PHD doesn’t help with anything…
November 9, 2019 at 5:29 pm
When you are in a career like tech sales/ wall street where your money can grow exponentially year by year vs. Other jobs where you can excel and still have to beg for a 4% pay raise, is it worth putting side-biz projects in the back burner if you continue seeing consistent growth to your pay or should you still prioritize starting side-biz as early as possible even if overall earnings take a hit initially.
Goes back to your talk about the career guy vs. Enterpreneur guy in Wall Street.
November 9, 2019 at 9:35 pm
No, because if you’re really good you will be able to maneuver around the politics and work a lot lower hours.
Well liked internally frees up a lot of time, this can be used to make a side biz (don’t take foot off gas till rich)
November 9, 2019 at 5:34 pm
Mid 20s living in a major city.
Career: Top BDR at software company selling a true enterprise-wide solution. OTE is 80k. Would love to move up into mid-market sales and eventually enterprise sales.
Side biz: Been in nightlife since late teens. Net about $1500 a month after taxes from promoting 2-3 nights a week with minimal effort.
Do I drop nightlife to pursue a scalable business (goal is to be rich), or do I try to make it in nightlife to eventually own and operate own restaurants/nightclubs (my actual passion but competition is insane).
Pros of promoting: extra cash, access to 8’s and 9s and easy dating, not having to pay for dates because I go to high-end restaurants, nightclubs, sporting events for free.
Cons of promoting: terrible sleep schedule. Can go out and get 3 hours of sleep and go to work, crush it at work but then when I get home I’m absolutely dead and end up napping 3 hours (this cuts into time where I can be working on another business, gym, meal prep/etc).
What would you do? Build up a side biz and quit promoting once I’m making more $ than I am from nightlife, or quit nightlife asap to get health back on track and have more time to build a new business?
(Btw, I don’t have any hard skills/talents. The only thing I know how to do is cold call, write emails, network/social skills/etc, and hustle, so I’m not sure what kind of business I can actually build.)
November 9, 2019 at 9:05 pm
Same old answer unfortunately.. we don’t know the industry so we can’t help. Have never been a promoter never owned a nightlife business.
So simple answer again – start a business if you didn’t go into sales, tech or wall street M&A
November 9, 2019 at 5:46 pm
25 – been a reader for a while
Bought 1 condo (as a rental), saved up enough down for a 2nd property.
Bank won’t loan for a 2nd due to tougher regulations (and short income history), even though it’s feasible on my side.
Currently deciding between paying more tax if showing more income, or saving more and forgetting about the 2nd property for some time.
November 9, 2019 at 9:33 pm
Not sure? This isn’t an issue in the USA, you can get 4 mortgages pretty easily
If you can’t get the second then suck it up pay the whole thing off ASAP and re-lever up
November 9, 2019 at 6:26 pm
Any upcoming UFC/boxing bets?
November 9, 2019 at 8:53 pm
Not right now, only bet on boxing announced on twitter
November 9, 2019 at 6:30 pm
Have about $10K in credit card debt (failed startup venture + other bad decisions) but I also have about $10K tied up in a traditional IRA. Recently came across your article addressing retirement accounts, so now I’m wondering: should I liquidate my IRA and take the withdrawal penalties to help pay off the credit cards?
update from last Q&A: landed a $150K job with stock options (company plans to IPO in 2-3 years) so hopefully that event rockets me into the $1M net worth territory. Ideal future would be $10M by age 40.
November 9, 2019 at 9:01 pm
If you got that much money coming in just live cheap for a month and pay it off no need to liquidate your IRS/401K
November 9, 2019 at 6:59 pm
Hi do you think becoming a Certified Equity Professional is worth it? (3 levels, $1500/level, can complete all 3 levels in 14 months, 50 hour prep/level) I have a BA in Econ, live in Utah, and am trying to move to California. Most I’ve made previously is $70K as a stock broker’s assistant at a large retail investment bank, thanks!
November 9, 2019 at 9:24 pm
No we don’t our careers are listed in our books and this blog
November 9, 2019 at 7:29 pm
What’s your favourite tailor(s) for suits and shirts? I currently stick with Zegna but I’m looking to expand my warderobe.
November 9, 2019 at 8:48 pm
No favorite, the best way is to avoid tailors and just go and get them made. Google custom suits in the city you live
November 10, 2019 at 9:08 pm
Recommend Chang’s at Dragon Hill if you are in Seoul
November 9, 2019 at 7:39 pm
Did you read any books/blogs/forums for Real Estate when first getting started?
My background is in REPE. Now that I’ve started buying duplexes – some things don’t translate (i.e. deal structures with investors)
November 9, 2019 at 9:19 pm
Bigger pockets is good
Gregory Ip says
November 9, 2019 at 8:32 pm
Currently 25, in law (luckily, no debt as parents paid for law school).
Have choice between two streams of work.
– Work A, more free time (less hours), but very low chance of becoming partner, very few exit opps (basically will be a lawyer for life), I am better at this work.
– Work B, less free time (very high hours), slightly higher chance of becoming partner, higher chance of jumping in-house into cushier job a few hours down the track, more exit opps, I am not as good at this work.
Which work should I choose? Gut says Work A so that I could start business on side (probability of making it rich thru side biz higher than probability of making partner, making partner is very hard) . Correct intuition?
More info: My gut says to be partner at a large law firm you need to be either very smart, very hard working, or very sociable. I am none of these, I am not a good salesperson FACE TO FACE, I don’t think I’d be good at getting my own clients. But I think I have top tier copywriting skills (very naturally talented at English) and I think I have great online sales skills.
November 9, 2019 at 8:37 pm
Also, have no elite academic credentials to ‘carry’ me to high position (currently at a very good, but not great firm). In other words, probability of me getting rich thru career is slim!
November 9, 2019 at 8:47 pm
Choose A easy call, more time and chance to get rich still
November 9, 2019 at 8:50 pm
Read efficiency – would do best in sales, however 26 years old, no degree and book covers very well the IDEAL plan if I was starting from 18. (But obviously am past college age) Can I do well and climb the ladder without a degree or is going to back to school a good idea?
Or perhaps do you have another recommendation for mid-twenties, no degree, strong people and “intent” skills, and genuinely highly verbally intelligent in my position?
November 9, 2019 at 8:55 pm
You should probably learn how to fix homes and flip them, this means picking up a trade (Make $100K a year or so) and then take those skills and go into RE with leverage over time.
That’s the best way to do it
Surprised you wouldn’t suggest sales here. For what it’s worth, I do have a degree but started at 25 in pure sales, not 6 fig yet, but massive upside potential.
November 9, 2019 at 9:42 pm
So trade school? -> flip houses -> real estate
Explain Leverage over time?
November 9, 2019 at 10:23 pm
Trade school (learn how to do something related to RE), take money, use it to lever up and fix homes, flip them
November 9, 2019 at 9:11 pm
1. A mindset question: do you have a strategy for creating a sense of urgency for yourself to improve time management?
Big picture thinking such as “visualizing being rich” helps in structuring your day, but I’m thinking more narrow: wasting minutes during the day. Some guys seem to hate wasting seconds, you know it when you see it, so I wonder where that comes from….but then again, maybe that’s NOT the way to be because they don’t seem relaxed.
My time management is decent but can be much much better and noticed that we tend to do better when we have some sort of “deadline” or “urgency”….which I’m trying to create myself.
Unfortunately, we don’t have issues with this. You either care or you don’t about being successful
November 9, 2019 at 9:28 pm
In the process of starting a business in the weight loss supplement space and going to target middle aged women since that’s where the insecurity is.
Paid a nutritionist to put together a formulation and already ordered 2000 bottles of the product with a manufacturer and label maker. Website is going to be live in 2 weeks which coincides with when the product will be completely finished.
Wondering how you guys handle distribution in the startup days. Should I really be packing boxes by hand for each order or should I use a fulfillment company? I already called a couple but most of them want to see proven volume of sales before signing on someone and I don’t want to pay a huge monthly fee if initial sales can’t keep up.
I also don’t think it’s a good use of time in the early phases to pack boxes by hand even if it saves a couple bucks in terms of dollars per hour tasks.
Do you know any good fulfillment companies that are willing to work with unproven products at reasonable rates, but also have the flexibility to scale if the product proves to be a home run?
November 9, 2019 at 10:27 pm
If there is demand for it (you should have already tested) then you would know the economics between paying someone or trying to do lower number of sales and doing it yoruself.
for the second part same answer… go to conferences in the space and find the fulfillment companies there
It does not look like you’ve read a lot of this blog (we would re-read it and the book before investing a lot of money into something)
November 9, 2019 at 9:31 pm
Previously you said headhunter as a career is awful. Can you explain more? It’s performance based with decent growing opportunity. How is it different from the sales path you described in Efficiency?
November 9, 2019 at 10:24 pm
It’s a huge grind with long sales cycles, it could work but generally there is no “stickiness” meaning you don’t really get a lot of repeat customers unless you do a really good job and get amazing references.
Long story short, it could work, just not worth it based on what we’ve seen
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