Wall Street Playboys - Advice from Real Wall Street Professionals
June 20, 2020 by Wall Street Playboys 108 Comments
Q&A is Closed.
June 20, 2020 at 2:05 pm
1. Say you have a beauty product targeted to successful men in late twenties to mid 30’s. How do you rank ad buying route? i.e. Instagram ad, Facebook, google etc?
Wall Street Playboys says
June 20, 2020 at 4:05 pm
No idea as we’ve never done that sector. If you want us to guess it would be Instagram and google.
Maybe Twitter in a rare case since smart people are more likely on twitter than tiktok but again no clue as we’ve never done that
Looking for Guidance says
June 20, 2020 at 2:10 pm
2. Is now the right time to start running ads?
3. When do you think we will start seeing gold prices starting to start gaining significantly in value?
June 20, 2020 at 4:04 pm
1) you can’t do anything just perform well and impress the people who matter
2) based on what we are seeing *yes*
3) No clue, we only own 2-3% portfolio in it so don’t care much about gold
June 20, 2020 at 2:12 pm
– How do you make sure your supplier doesn’t cheat you (cut cost, ship low quality products, straight up scam) as a beginner?
– Why are almost all highest traffic ecom sites fashion website? Are they extremely profitable?
June 20, 2020 at 4:02 pm
Order first batch of inventory to your location so you can see what it looks like and always have customer check ups when possible
Some are negative/low margin some are great. No real answer there, selling to women = massive market so not really surprised there is always an upstart brand somewhere
June 20, 2020 at 8:30 pm
Get samples sent to your home for review/comments and make sure to order an inspection of your final product/shipment. This is completed by a third party at your suppliers facility. It is a must when working with a new supplier and/or new product. Also, never pay for the full order up front. 30% up front, final 70% once your shipment is received. Remember, all terms are negotiable and when you’re starting with a new physical product shoot for a lower MOQ (make sure they will still put your logo/branding on your packaging and product and that your margins remain strong. Lower MOQ = higher $/unit).
How do I get promoted, and what level am I deserving of? I am literally the only data/analysis/analytics etc person in my small company. I’m at the manager level (the title is really an excuse to pay me more as I’m more of a do-er than a manager) where the directors/VPs are basically middlemen between my analysis and the C-suite to drive our company’s direction in a number of ways. Are promotions to Director and above on me to initiate somehow?
June 20, 2020 at 4:01 pm
Easy one, get a competing offer.
Same advice as another commenter, can’t complain without another offer. That’s how biz works.
longIsland B says
June 20, 2020 at 2:14 pm
1. What is so appealing about the unit economics around podcasting business? Seems every intelligent/accomplished person I’m aware of has started this project on the side.
2. Phase 2 opening in NYC: I work in midtown and would need to take subway. If you were in my shoes would you go into offices or hellz nah?
3. What email marketing management tool do you guys use?
June 20, 2020 at 4:24 pm
1) have not looked into it.
2) Hell No.
3) We’ve outsourced that to an individual at this point, none of our emails are run by us anymore.
June 20, 2020 at 2:18 pm
What is the best way to go about a current situation where one is in debt with no money coming in due to Covid.
settle debt with collectors.
And how to go from there after a decision is made.
If age matters, 24 Years old
June 20, 2020 at 4:00 pm
Do not have any idea, never been in that situation so it would be useless advice
June 20, 2020 at 4:22 pm
What are the most common ways fame can blindside you?
Already covered. Search famous in search bar.
Mr Panda says
US Presidential Election 2020 Multiple choice:
A) Trump wins LOL
B) Biden wins, USA turns into socialist hellhole, 3-4 year economic depression (Biden’s entire term), longing for the “Good old days” – Americana, family unit, free market, faith/religion makes a comeback – 2024 Ted Cruz steps up and sweeps Democrats aside in Whitehouse/Senate/House of Representatives.
Where are you putting your money?
(and thanks for everything you do)
June 20, 2020 at 3:59 pm
At this point still think trump wins
No we don’t vote and don’t look at polls.
TJ McConnell says
June 20, 2020 at 2:23 pm
If testing demand on an e-commerce apparel company, how do I get product photos before the product is made? Just have a sample made then test demand on that?
Use CGI models, no point in paying for real shoots anymore and the product doesn’t even need to be in production yet. Same answer, create the ad drive traffic have “out of stock” at check out to confirm a purchase.
IM Help says
June 20, 2020 at 2:24 pm
Q1: Good time to start buying ads again?
Q2: What benchmarks do you guys use to know whether it is a good time to start buying ads again?
June 20, 2020 at 4:23 pm
2) based on ROIs we monitor when we test ads.
We deleted your third question as it was crazy, if you care what other people think about you, your life will be miserable
June 20, 2020 at 2:27 pm
How much risk to take / capital to invest in validated ecomm product?
$11 “home improvement” product launched 3 mo. ago has an estimated 10x the current demand spike in Aug/Sept (based on historical keyword data), already made ~4.5k profit by selling 870 units last month. I’m usually very risk averse ($0 net worth after student loans, but $25K in liquid cash to invest atm)
1) invest $7K into getting 10,000 units (net profit $60K) – hesitant as supplier made minor mistakes on last order (packaging quality, missing a minor amount of units) and we have don’t have much recourse if they make a big mistake (the risk would be 30% deposit of $7K)
2) Invest $4K on 5000 units (est profit $30K) and reduce risk, but potentially lose out on profit if 10x current demand materializes?
Lead times & shipping are 60-70 days so can’t order as per demand unfortunately.
Appreciate your thoughts.
June 20, 2020 at 4:21 pm
No way we would know, if *YOU* think 10x demand is there go for option 1 since you’re young and take on the risk. IF you think it isn’t there go with option B
June 20, 2020 at 2:35 pm
1) How to deal with regulatory constraints for weight loss / skincare products? Eg FTC guidelines for advertising, etc. Best way is to hire a specialized lawyer?
On the same topic, how do you deal with credit card disputes?
2) What do you mean by “sell a product that works”? Given that most people don’t have the discipline necessary to change, no product will ever work for them. Do you mean that the product should work ***if people actually take action*** (eg actually start eating less for a weight loss product)?
3) Any experience with info products?
June 20, 2020 at 4:19 pm
1) Just copy other ads? Same answer every single time John.. Everyone else is able to figure it out so just copy their ads and go into the grey areas. Not sure what you mean by credit card disputes you have to refund legally for illicit purchases
2) It means they feel like it is working, they just want the high
I’ve nearly finished up a landing page to sell affiliate products for POC to potentially make my own. Question about traffic purchase strategies.
What’s the minimum I can spend on paid traffic to get actionable data to iterate upon? Planning of using targeted Facebook ads with a very clear posing to target. I want spend the least so I can iterate and compare as quickly as possible. Got decent reserves, but still Want to be economical.
June 20, 2020 at 3:57 pm
Depends on how new you are. If you’re experienced you need around $50K for everything, website ads etc. This was covered in an older blog post
For just the ads and iterations probably a minimum of $5-10K. As you know wide range since different products have different costs.
June 20, 2020 at 2:36 pm
Not sure if this is one question or two, so included two transaction IDs.
In your experience, what is the most efficient strategy/medium to use to pick up the critical initial batch of early adopters when launching a new brand/product online?
If that medium is different from the methodology best used to scale (once you have an initial source of stable sales), where would you recommend that ad spend then go for the most rapid growth?
June 20, 2020 at 3:55 pm
1) This sounds like a tech question so not sure, we’ve focused on getting the ads down first selling someone else’s product then moving on
2) The second part is impossible to answer, people, product, process are the main drivers of success. So it depends on where you have a bottle neck. Generally speaking, people are becoming less valuable as software can do most of the work so your issue is contacts/distribution more often than not
June 20, 2020 at 2:38 pm
1) Biggest time suck is food related (grocery shopping, cooking, eating, cleaning). In Efficiency you give an overview of foods to eat but would love a more in-depth schedule of how you select and prepare food, similar to how you laid out the section for working out.
2) Got a new job that offers 50% 401K match up to 6%…should I max this out or give myself more take home to invest in my side biz?
June 20, 2020 at 3:48 pm
1) No point in cooking. If you work a high end career most is paid for and you need that time to make more money anyway. You shouldn’t have time to cook for yourself as your time is worth more doing something else.
2) Take the match and that’s it, it’s free money so if you need to withdraw you still gain money even after fees/tax
June 20, 2020 at 4:58 pm
I’m a bit further along in my career so I can afford things like meal delivery services, but interested to hear your advice for those starting from zero.
In Spending For Maximum Return on page 65 it says “You’re better off buying high quality groceries and cooking yourself.” It also later sets the food budget at $800. How would you efficiently execute on that?
June 20, 2020 at 7:13 pm
Not sure what you’re saying here, you can easily eat healthy off $200 a week or so. Make it $300 the difference isn’t going to matter.
This isn’t a good use of a time as $9,600 a year is less than 1% of a million dollars. So just change the budget a bit if you need to
The $800 budget is a “bare minimum”. That assumes you were not earning a lot of money and were poor, we were fortunate enough to never go down that route post college, just explaining what we would do
Hate to be this rude again but if you can’t budget your own groceries running a business will be impossible. When you run a biz you deal with people who screw up quite practically everything everyday of the week!
Canadian BTC says
June 20, 2020 at 2:39 pm
What’s the current and future demand for bitcoin and similar cryptocurrencies? I have a business idea of providing education / consulting for small businesses who might be interested in it. I’m not in the US, located in a smaller (< 1 million) city.
June 20, 2020 at 3:45 pm
This is covered in Triangle Investing. No one can tell you for sure if it will grow, it is our opinion that it will (not legal or financial advice)
June 20, 2020 at 2:42 pm
What is the minimum I should be going to work?
I’m a 31 year old manufacturing engineer making 100k in the Bay Area for a contract manufacturer. My manager is going in M,T,Th and working from home the other 2 days. Our COO (his manager) is going everyday and the president is going everyday.
I will have to go in the Friday because no one in our group is there.
I can’t ask for a raise because business is down, but I still want this income stream to grow because I’ll feel appreciated that way.
But, how often should I go into the office as a minimum?
June 20, 2020 at 3:44 pm
The minimum is based on being in the top quartile/quintile however they rank you
Other than that we can’t really tell you a minimum. If you drop below the top you’re in line to get cut, so always stay in the top
All of your time should be spent building a second income stream.
Being even more blunt, being “appreciated” is irrelevant, you’re worth what you can get in the job market. Get an offer otherwise you can’t complain about anything. That’s (for better or worse) how the biz world operates
June 20, 2020 at 2:43 pm
53yo parent with $0 net worth in cash and low income + young dependent sibling, owns undeveloped land in major urban Asian city worth $0.5-1mm in downmarket, and probably $1.5-2mm when RE market recovers in 2-3 years.
Should I encourage parent to sell asset in 1-2 years to fund parent’s retirement/living expenses OR support parent with my own income ($5K/mo. but growing due to online biz), I would inherit the land and can choose to eventually develop it into a cash-generating multi-story commercial/residential asset, but might take me at least 3-7 years to build enough capital ($500k-$1mm) & be comfortable taking that risk…
Appreciate your advice!
June 20, 2020 at 4:17 pm
Talk to a financial advisor.
June 20, 2020 at 2:45 pm
Is product management (not software engineering) in a tech company also preferable to investment banking?
Don’t know the numbers so if they have the same income growth with less hours then yes.
June 20, 2020 at 6:50 pm
Not even close. PMs at Tech Cos make 20-30% lesser than Eng and take forever to get promoted. Terrible career decision most of the time.
Go BB IBD over PM for sure.
(Source: I work at a big tech co)
June 20, 2020 at 7:17 pm
There you go then. Same Three career paths nothing has changed in 10 years !
James Hood says
June 20, 2020 at 2:48 pm
Why is private equity not seen as a way to get rich, given that there is ownership/carry involved? Is private equity also in secular decline?
June 20, 2020 at 4:16 pm
Sure it is, that’s within M&A you can put that in there.
PE/HF/M&A, Enterprise Sales, Engineering. Rest is junk
June 20, 2020 at 7:23 pm
Any reason you didn’t include VC in there? Or do you consider VC a subset of PE thus you didn’t include in there?
June 20, 2020 at 7:24 pm
You need to be able to raise funds, you can add it but again not relevant at all if not born with a silver spoon and private education. Go look up the income of people who are not on partner track and its incredibly low. VC is *potentially* ideal after you sell your first successful biz
Pink Panther says
June 20, 2020 at 2:52 pm
What’s your take about investing on Ripple (XRP) right now, since India has announced that they’re working on a regulatory framework for it?
June 20, 2020 at 3:40 pm
It is centralized so we won’t look at it, read triangle investing please or research online
Mitch L says
June 20, 2020 at 2:53 pm
how do you vet an e-commerce product for demand, so that you know it will sell? (think: dropshipping, shopify)
June 20, 2020 at 3:39 pm
Purchase ads and drive traffic to it. If you can convert that’s all that matters!
What are the top 5 personal purchases that proved to have the best value for money for you?
High-end restaurant frequency
Green Powders for traveling
How to get rich – felix dennis
All of this is on the approved product section.
June 20, 2020 at 2:54 pm
1) How do you push past fatigue from working a 9-5 to be able to continue working from 6-11 on a side hustle? I’m not talking about “motivation”, but after spending 8 hours a day working a fast paced sales job I’m physically, mentally and emotionally drained by 5pm. What has helped you maintain concentration and grind it out for an additional 4-5 hours in the evening? I already exercise daily and eat very healthy… still get burnt out after work. I’ve heard people say you need to work on something you’re passionate about but what if your passion doesn’t necessarily translate into a solid business idea?
2) Thoughts on cannabis? For it, indifferent or against it?
3) I’m about to make the jump into Amazon FBA for the 2nd time. My first product broke even and I learned a lot. Now I’m ready for round 2. However… pretty much every niche I look at is crazy saturated, which was the problem with the first product (largely undifferentiated in a sea of competitors with way more reviews). It doesn’t help that most niches are now dominated by Chinese sellers that get inventory for dirt cheap and can beat you on price 100% of the time.
Do you recommend:
a) Going after a large market with a lot of money flowing to it, trying to find a unique selling proposition (better materials, accessories, unique appearance, better images / branding / copy), and trying to position myself as the premium, US based option to get a piece of the pie. Most sellers target the portion of the market that doesn’t care about quality and just wants a cheap but effective option. I’m thinking of going after the 20% that value a premium experience and are willing to pay for it.
b) Creating a totally new product in a high demand market. (This is the hardest and most expensive option).
c) Keeping an eye out for developing markets, placing a bet on future growth and trying to be among the first to get a product on Amazon in that niche. For example: bamboo charcoal air purifying bags. The top 3 – 5 sellers in that niche who got there early are doing $50,000 – $250,000 a month. It’s a gamble though as its hard to predict which markets will blow up like that and you could be shit out of luck if you mess up.
June 20, 2020 at 3:36 pm
1) this was covered in the book you purchased, work till the limit, use some PEDs and that’s all you can really do. Everyone has a limit. Most never know what it is because they are lazy though
2) Never looked into it, selling CBD was popular for a while but never went all in on it
3) This is also covered in the books you purchased? You go for the large market since it will always be around the major ones are mentioned in Efficiency.
Our quick guess is you recently purchased these items but haven’t ready it yet. Always follow the $, biggest market always has an area/niche to exploit
Joel Brown says
June 20, 2020 at 2:58 pm
I hope you are doing well. 23 year old male working at as a solar rep. I had a question about careers that was brought up vaguely in Efficiency.
One of your basic tenants to success is that you must limit worry from real issues and to take a different approach to going all in.
With that said would you advise against straight commission careers as opposed to base+commission?
June 20, 2020 at 3:34 pm
Unless you have enough money to pay the bills, try to stick with a salary + commission. Too much stress on 100% commission unless you inherit a large book of business.
June 20, 2020 at 3:07 pm
With regards to journaling, I currently keep my journal on a cloud-based service (Evernote – Google Cloud) for convenience. Do you find personal journals too sensitive to be kept in the cloud? Or is the concern of others reading a personal journal just paranoia? Financials, SSN, etc. are kept elsewhere.
Also, do you think a VPN should be used/is enough for basic online security/privacy?
June 20, 2020 at 3:32 pm
Only use a physical journal it should be short and to the point. One section on progress you’re making (specific actions for accountability) and a few lines on other things that are important.
June 24, 2020 at 3:10 am
You’re absolutely right not to trust tech companies with your private thoughts. Knowing that other will read your journal changes how you write, like your HR rep is hovering over your shoulder.
I recommend StandardNotes.org
They’ve been the premier private journal for a few years now. All notes are encrypted client-side, so nobody (not even the company) can read them but you.
Freemium model, syncs across different devices, all major platforms supported.
June 20, 2020 at 3:26 pm
25yo, live with parent in tiny apartment in a high cost of living city, pay no rent, don’t need to cook, spend ~$750/mo for grocery/misc.
Net worth $0 after student loans, income is online biz ($4k/mo. profit) + job ($2.5K/mo.).
Problems are: Getting distracted with WFH due to poor work environment, usual workspot closed till Sept + downside of current living situation is limited social life/dating (boring suburb).
No point in moving downtown now given COVID effects, but should I still rent my own place ($1,250/mo). in this boring suburb (but 10min away from job) as to have a quiet/focused place to work + marginally better social life (90% of my time spent on biz+job, also don’t really enjoy the dating scene in my city tbh)
OR just stick it out and continue to save/grow biz until I’m at around at least $50K-100K in NW and higher monthly income?
June 20, 2020 at 4:15 pm
This is not a relevant question. Create a biz now otherwise don’t come back to the Q&A. YEs we’re serious.
Thinking about $40K differences will never make you rich, you have to produce something and create a biz (starting yesterday) and don’t think about this penny pinching things that will never make you rich.
Your social life and living situation isn’t going to change much in a pandemic… so time to build a biz. IF you have to move then move.
June 20, 2020 at 3:28 pm
1. When running a product based online business? How important is non-paid traffic? I’m just starting out and I’ve looked into paid traffic source but does it matter if none/ very little of your traffic is organic? If it is important what sort of things should I be doing to increase it?
2. I know you guys recommend product based business but I started College never finished and am going back to finish. I’m nowhere near set and am behind the game. I have maybe 1.5 years, could expedite to 1 year if I wanted. I plan to get into Tech Sales after graduation but very little on my current resume has Sales directly in it. I have a good job right now ( $22 per hr good for me but very miniscule compared to the numbers you guys mention )that I was planning on keeping while in school. Should I replace it with a sales job that could be lower paying in the beginning as I’m still learning in order add in my resume to better apply for tech sales move in the future or do I keep that higher paying job which I could use to fund my product based business but then how do I set myself up for Sales job with little experience?
June 20, 2020 at 4:13 pm
1) If you can kill with ads, non-paid traffic is just free money. If you can sell with ads you’ll always be rich so not sure why you would care. You can optimize but its peanuts vs. conversions
2) No idea, this depends on your cash flow. If you have a bunch of money take the leap and go to sales. If you still need more money in the bank stick around and move to sales in a year or so.
Move to performance based as soon as financially possible
June 20, 2020 at 3:37 pm
Before COVID-19, lockdown, and riots; NYC was the city to be in if you were single, making money, looked good, and wanted to meet women. After all, you can be a quality guy but if you are stuck in San Francisco, lol good luck!
Now with all that is going on, what cities or areas in the US would you recommend for men who are single, making money, don’t want to settle down/get into an LTR, and meet lots of new and different women now while also growing their social lives?
June 20, 2020 at 4:06 pm
Probably Miami and Vegas
NYC people likely move to Miami, and LA people who are broke go to vegas
Renter Guy says
Is it ever a good idea to buy condos for rentals? And what are important things other than HOA restriction and “right” purchase price.
June 20, 2020 at 4:11 pm
yes usually when you leave your place to buy a new one and find out property value is higher. Run the numbers! Not really something we can answer in every city world wide
June 21, 2020 at 5:38 pm
In some cities (e.g. Miami) this is nearly impossible to do profitably because of high HOA and property taxes.
Run the numbers indeed.
June 20, 2020 at 3:43 pm
1. Plan was to not renew my NYC midtown lease at the end of August. Was going to either live at home with parents and save a ton (then zero social life), or go work remote on the Canary Islands for 2-3 months. I just don’t see the point of the city anymore besides being around hot girls (don’t even care that much). 28 and software engineer. Good move to not renew and worthwhile?
2. How much has the ridiculous injection of free money raised your “target” S&P value? Before you said maybe 1700 at the low end. Now up to 2700? If so, worth getting exposure soon?
3. I think there will be a resurgence in the fall once peoples’ habits change. This will be around for another year. Do you think so? Or does a place like NYC have enough infections for an quasi-herd immunity?
1) personal choice your call we can’t help there
2) Same answer we’re more interested in crypto, gold and cash at this point valuations are too high but again your call…
3) Do not know, all we know is that a second wave is likely so we will not be going to crowded areas until 2021 at earliest
June 20, 2020 at 3:52 pm
I have a well-paying job working with tech nerds.
You mentioned high-end gyms, restaurants, and apartments to build a good social life.
Any other tips like moving to an ivy league college town for a few classes or a master’s?
e.g. Boston & Harvard Extension School, or going to banking/consulting with more sociable people.
Feel like I missed out on the Ivy League elite network.
Not sure, the same things we recommended is all that’s needed. Anything beyond that is overkill
As you become more successful your network will grow by definition
June 20, 2020 at 3:54 pm
Since, we’re officially in a recession and I have at least six months of savings.
How should I increase my debt load with only one income stream right now to increase my cash flow?
June 20, 2020 at 4:09 pm
You should not take on more debt, if you are in the red you trade your time for money and anything else to produce.
Falling behind every day you’re in the red
Could you please explain more about your practice of journaling? (or perhaps a blog post or link to past answer, can’t any info about it via search).
I use goal tracking software like Trello for biz tasks, but never understood the value in physical journaling. Is there a specific method or process you use to journal? How does it benefit you / does it motivate you? Do you journal everyday?
Would appreciate any pointers to any particular “how-to’s” or e-books you might recommend to do journalling correctly, will try it out.
Appreciate your insights!
June 20, 2020 at 4:08 pm
Just type journal in search bar
June 20, 2020 at 3:56 pm
1) What do you guys think about replacing the careers you suggest with freelancing/service biz? I’m currently making 70k/year copywriting while in college (junior year). I just don’t see the point in getting into a career afterwards, hate the idea of working for somebody else.
2) What is your take on automation affecting sales positions (especially copy writing)? Automation-proof?
1) Sure if you can’t do better then that can work only if you build a biz
2) Yes in person sales is unlikely going to go away soon
June 20, 2020 at 4:10 pm
25, building rental portfolio (2x properties so far), and looking to transition out of 9-5 and do RE full-time. Started a construction business, which is starting to pick up (new construction, remodeling).
What are your thoughts on development or REPE? I’m looking to do either as I gain more experience in RE. I’ve pitched investors who have an interest and are looking to jump into the market over the next couple months. Primarily focused on residential, but opened to CRE. The value proposition is do everything in-house, hence the construction business. Which avenue do you find has the most opportunity?
Much appreciated of everything you do!
June 20, 2020 at 4:25 pm
So again… We don’t do RE we only invest passively. Should go to a website like Bigger Pockets for RE related questions
No we’re not going to do copywriting for you.
June 20, 2020 at 4:20 pm
Working in low maintenance big tech job. Company doing well in covid but my product is not, heading towards sunset, likely reassign roles in 6-12 mos to growing depts so no layoffs.
In decent position in my declining product but politics are siloed w limited exposure to other depts.
Want to keep job stable to focus on other income streams, better to a) start looking at outside jobs b) see how reassigned role is then decide or c) spend time/energy on networking other depts to position for reassignment d)other ideas?
Thanks for all the great material
June 20, 2020 at 4:27 pm
Not sure what your question is at all.
Just stay in the top performing area (do the minimum) and focus on building a side business that’s all. The rest of the ideas are a waste of time
June 20, 2020 at 4:35 pm
Sorry if unclear. Meant that my product/dept is not performing well, but company doing well so likely to be reassigned within 6-12 months with limited network whatever dept i land. Better to try addressing now somehow, or wait til reassignment then assess?
June 20, 2020 at 7:18 pm
Yes Wait till something happens then, worrying and thinking about scenarios is a complete waste of time.
June 20, 2020 at 4:40 pm
24 years old, no degree, no related work experience, heavy on intent side.
Big gap in resume, finishing associate degree in marketing by 25 to clean it up a little then try to break into SaaS sales. During this last year should I spend all my time on telecom job (and internships) to prove numbers for increase chance of getting hired (completely ignore copy/business)?
June 20, 2020 at 7:19 pm
There doesn’t appear to be a question here except “ignore copy/business” which doesn’t make sense as you must start some sort of business to get rich.
June 20, 2020 at 5:13 pm
Thoughts on DeFi farming?
June 20, 2020 at 7:12 pm
Never participated so cannot comment
Adrian Wara says
June 20, 2020 at 5:15 pm
Im starting my Msc In Finance and see that you recommend m&a as a career. Can you elaborate on exactly why? You see in the media that all theese hedgefund managers are getting so rich. What about ECM and DCP ect.?
June 20, 2020 at 7:11 pm
Finance is in secular decline, VCs are taking banks out of fund raising
M&A is advisory so it is the safest. HF managers, vast majority get fired and you never get promoted because they dont consistently outperform.
Better to go into M&A and start a biz 99/100 times
Tech person says
June 20, 2020 at 5:23 pm
I know you typically recommend online sales / ecommerce as the side hustle to start, but was wondering for those of us that are technically inclined, would you recommend doing something tech-focused (creating some sort of website / app) instead? Or is ecommerce still an easier / better side hustle.
About me: 23, current software engineer at FAANG, have plenty of free time to start developing additional income streams
June 20, 2020 at 7:10 pm
Yes 100% that will work. That’s no different from online revenue, just a different way of getting it
Multiple Revenue Stream Brah says
June 20, 2020 at 5:28 pm
1. How do I find a trustworthy physical gold dealer? Most of these cash for gold and pawn shop guys seem extremely shady. (Mostly worried about counterfeits.)
2. When’s the last time you ate at a sit-down restaurant or got drinks in public? With many places opening back up, I can’t decide how paranoid I should still be about COVID.
1) do not know, we just pay the small premium and go to reputable online firms – easy google search
2) Around January when we pre-emptively locked down.
June 20, 2020 at 5:53 pm
What approach are you taking for being around others while covid is ongoing?
(for ex: are you taking risk of going to a small friend group meal outdoors without masks, using gym with mask but limited people allowed)
June 20, 2020 at 7:09 pm
Just hanging out with the same people as before as the responsible ones are clear by their actions.
Cut off all strangers though
June 20, 2020 at 6:04 pm
Hey guys. My company just got very badly hit by this virus thing and I lost my bonus and had to agree to a pay cut. I’ve been working on my side business in my free time for 6 months now. The problem is that with the cash not coming in anymore, I have to put my side biz on hold.
I have a choice to make. 1) I change job and go to a new company, and this will mean getting an even higher income than the one I had previously, as by now I can get a higher position, but not having time anymore (as a newly hired, at least the first 6 months I will need to be focused 100% on the job, and after that no guarantee I’ll have enough free time in any case), or 2) I stay in my company, where I enjoy a lot of free time and high autonomy thanks to the reputation and trust I’ve built, but where money and promotions are not going to come back in for who knows how long, maybe even 1 year.
Which one looks better to you?
June 20, 2020 at 7:08 pm
If serious about getting rich always choose free time.
If you don’t care that much about getting rich and want a more stable company, jump
June 20, 2020 at 6:19 pm
Living in a cheap, less developed low-tax country with mediocre infrastructure and fewer smart people vs living in a well-developed country with high taxes and smarter, more successful people. In both you run an online business serving the global market. You can’t legally incorporate in a tax haven. Both countries offer a good lifestyle when it comes to weather and outdoor activities. What would you prefer and why?
If under 35 choose developed if over 35 choose low tax
Why, you need a network. If you’re 35 you should already have one by now if a net contributor to society.
June 20, 2020 at 6:45 pm
1) Favorite affiliate networks?
2) Buying more BTC or ETH currently?
3) Worth driving to midtown NYC office right now 1x a week for to improve office politics? Haven’t been since pre-pandemic.
June 20, 2020 at 7:07 pm
1) Main ones covered in book will not give out the ones we used in the past beyond that. Will be too obvious
3) Always same answer, only if you are sure you have to. If you’re in the top it doesnt matter
June 20, 2020 at 6:59 pm
Q: how do you know when it’s okay / reasonable to ask your affiliate manager for a pay bump?
June 20, 2020 at 7:06 pm
Go to a better offer… Otherwise no bargaining power. They should have escalators as is
Worried employee says
June 20, 2020 at 7:04 pm
I work in lead generation for tech software sales. Should I leave my company ASAP?
On Friday afternoon, my company (15 years old, NYSE listed, SF based, 2000 employees) sent a very poorly written emotional “highly confidential” email to all the employees under the founders email address.
The email basically says:
We need to get back on track immediately or we are doomed, our competitors are catching up, wall street is recommeding us as a sell. Everyone must work longer hours. We have released a new product update which is our last hope of survival.
Time to get out ASAP?
June 20, 2020 at 7:16 pm
Sounds like it is time to leave yes
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