Over on the Ask Us Anything section we’re starting to see the same questions come up. This post is going to address why the advice won’t change and how we can save time together.
1) How Do I improve my Diet? We have covered diet advice in a post. If you haven’t taken a look then go ahead and read the post. If you’re slogging 80 hours a week you need to be efficient and as we stated before, if you don’t want to read the post, here’s the basic outline:
Breakfast: Fruit + Protein. Worst case a protein shake in the AM and a banana/fruit bowl on your way to work
Lunch: If you have a high paying job, lunch is used to improve your political positioning so you always eat with people so suck up the $10-12 meals
Dinner: You can get $25+ from your company, do not waste it on unhealthy food. Most people will eat terribly which starts the downward spiral. There are hundreds of options online using seamless. If you don’t have to work late… then make your meal at home after your day is done.
By doing this you guarantee 2/3 of your main meals are healthy. Lunch may be hit or miss, but if you’re smart all 3 will be perfectly fine and you won’t break the bank.
2) What Bank do I Join? Again this question misses the point by a country mile. The question is, which bank will allow me to get promoted the fastest. If you have no idea which bank then go by the rule of thumb
Elite Boutique (Moelis, Qatalyst, Centerview, Evercore, Lazard, etc.)
Bulge Bracket (Goldman, Morgan Stanley, Citi, etc.)
Middle Market (Jefferies, Piper Jaffray, etc.)
No-Name Banks (simply make sure it is the same job function)
No, we will not get into a back and forth about “what exactly is E-Boutique versus not” it is up to you to make that decision but if you’ve done your due diligence the answer will be extremely obvious. If they pay above top bonuses at a bulge bracket… it’s an E-boutique. If it pays the same as a BB… it’s probably smarter to choose the BB.
After your very first job none of this matters at all anymore. From that point forward you choose the firm that is going to promote you the fastest. Think smart. It is about responsibility not prestige.
“F*** prestige get money”
Put that quote on your cubicle. People who obsess over prestige have never had a long career on Wall Street. Maximum of maybe 5 years. To put the nail in the coffin check out one of two blogs we recommend (we only recommend Danger and Play and Financial Samurai). Click on FS’s blog… notice something? He started at a top shop but his real money came in after getting promoted and generating a ton of revenue. **hint hint**
3) When Should I Work Out? Well do you even work out? If you’re under 30 years old and you don’t work out 6 days a week you’ve already lost in the first place. If you have been working out 6 days a week, you probably already have a healthy routine! See how that works? So the question is not when you should work out it is if you even work out in the first place. We got this question many times and the answer when pushed is exactly the same.
If you work on the East Coast you go to the gym first thing in the morning. If you work on the West Coast you go to the gym after work.
You can feel free to change this if you’re a morning person or a night owl but it really misses the point. The point is this:
“There is no science, there is simply consistency.”
Consistency is how you keep yourself honest. If you can make it to the gym every single day and lift correctly, you’re going to see gains.
4) What Do You Think About the Stock Market Levels? Always the same answer, do not care at all. You should not care if the S&P is at 1,700 or 2,000… simply dollar cost average into cheap ETFs such as VOO, SPY etc.
If you’re trying to beat the stock market and you only have a half million dollars or so in the bank, you’re wasting your time. $500K in the bank to invest is pretty much a waste of effort. It means if you beat the bench mark by call it 5% that is only $25K. You may as well go and chase real revenue in a business. $25K for 10+hours a week is only $48/hour… That is significantly worse than what you’re making on the job anyway.
If the economy collapses? It doesn’t matter again. Generally recessions last about a year so you simply sit around and take the extra cash that was on the sidelines and buy any time there is a large correction. Your cash was on the sidelines because you want to continue buying through the dips so you get lower entry prices. Maybe you lost your job for a few months. No big deal. You had cash on the side to keep buying and get your next position.
If the market goes up 20%? Great already exposed getting richer!
What if inflation goes “crazy”? Again already own assets… getting richer! Only poor people think inflation is a bad thing.
5) I Make $50K and I am X Years Old What Do I Do? Some tough love and inspiration at the same time. First why in the world did you do this to yourself? If you look around there is money everywhere. A weekend in a high cost city driving an Uber will net you $30+ an hour. That is an extremely low estimate and yet that gets you an extra $60K per year. Why is it an *extra* 60K per year? Well, if you’re not working at least 80 hours per week and you’re broke, you have no one to blame but yourself. Anyone who believes they should be rich working 40 hours a week is going to be in for a rude awakening.
If you attempt to come back with the “but i’m smart” argument, you’re going to get laughter on this side of the web. Why? If you were actually *smart but lazy* you wouldn’t be broke in the first place right? It is much smarter to control what you can control. Go ahead and start slogging those long hours because at some point everyone pays their dues.
Finally, to put the nail in the coffin on this one… If you believe that anything over 40 hours is “too much work” then how exactly are you going to catch up to someone better than you putting in more time? If Person A is working 60 hours a week making $100K per year and you’re working 40 hours a week making $50K… You’re already making significantly less than Person A on an “hourly basis” and there is no way you’re going to catch up by working less and learning less.
Get to the grind!
6) Does Money Attract Women? Yes. Anyone who says otherwise has never made a good amount of money. Here is a general guideline since the question is asked so frequently:
$50K or less: it will be a negative to your sex life because you are not making enough
$50K – $100K: in a regular city this will be perfectly fine, in a major city it is still a detriment to your sex life
$100K-$175K: in a regular city you’re doing well, in a major city it now has no negative or positive impacts to your sex life
$175-$250K: Positive impact to your sex life in practically every city
$250-500K: Significant positive, less because of your life but because of the value of your time. At this point you’re extremely busy, you’re traveling, you’re not available, these are traits that will make you incredibly attractive. It won’t be possible to fake these trips/traits.
$500K+: It is practically impossible to blow through this type of money with common sense and everything in the previous tier are truer.
$1M+: If you can make this income at any point in your life you’re set. Your life changes because all of your actions value your time and comfort. You fly business/first class and do not care. You live a life that is impossible to fake.
Given the range and scope of this blog, it is certainly possible to get to $250-500K (before mid 30′s of course). This is achievable for anyone who wants it. When you start pushing up on high 6 figures and 7 figure numbers, you’re going to have to do something special.
Finally, there is no need to bother asking people like us. You can check out James Altucher’s blog, a multi-millionaire, who comes to the same conclusion… money gets girls.
(Caveat: before all the guys who live on shoestring budgets come in, yes you still need some social skills. That is about it though. If you don’t have some sort of social disease you’re going to be perfectly fine if you ever obtain large amounts of money)
7) Can You Hire Me? No
8) Are You Writing a Book? Maybe, not enough page views as of today. Creating a book that will take a long amount of time. It is certainly not worth it for a 5 figure payoff.
9) Industry Overview on XXX Sector? Probably, these are for Wall Street folk and the blog is currently a ~50/50 split it seems. This means it’s likely but no promises.
10) Resume Reviews? Nope! Hate them.
11) Can You Redesign the Blog? 100% agree needs to be re-done, no time-table yet though.
2) I am XX years old What do i Do to break in? We also get this one far too many times here’s the general guideline. Unless you have something spectacular you are holding back, this is the backdrop.
Analyst: If you are 25 years old or younger, keep gunning for an entry level slot as an analyst. This means you pass CFA level 1 if you have absolutely no finance experience to prove you understand the basics and then you get straight to networking. If you’re at a non-target then read our post on how to network/recruit. Now if you are from a no name school, no work experience and low GPA. You have next to no shot and are better off going to get an MBA later in life. This is the truth. As a non-target or older candidate with no experience, you need to have something to bring to the table otherwise you will lose time and time again to 22 year old candidates with banking internships, top GPAs and a great school.
Associate: If you are 26-33 years old this is your second chance to break in. If you have nothing related to finance, probably best to get an MBA.
Vice President and Above: Likely 33+ years old and you’re making a switch from a revenue generating career. In this case you should already know if you’re well qualified. Generally speaking, if you’re in a sales role or run a product line at a firm and are paid $300K+… You’re likely a good fit (this is general as most people who are in this slot know if they have the skills to move to the sell-side or not)
There you have it, it will answer 99% of questions. If you’re young you simply network and spin your resume assuming you have some skills that are transferable. If you’re in your late 20s you’re likely better off with a top MBA.
NYC is the easiest place for game? are u sure? girls are rude and rarely talk to strangers unless intoxicated. I walk thru soho past by a 10 and say hello and smile. Most females are in a rush and brush you off. Others are with their earphones. Can you explain how to handle this situation? I practice everyday but this is a fast paced city. Every one is in a rush with a place to go. I live right in the middle where everything happens and have followed the money like you said as far as whole foods, equinox,etc. Women here are unfriendly imo…
Far and away the easiest in the USA (except as mentioned for a weekend then vegas/spring break events win)
Generally, in NYC, if you’re getting blown out we have noticed it is a style issue. So maybe you should go and obtain a style consultant.
You cannot dress poorly and do well there.
Life has become unbearable and I feel near suicidal. I am 22 years old and used to be in great shape. (205 at 6 foot 2). A year and a half ago I suffered an accident that has been undiscovered by many doctors and specialists. I am not able to have sex, have any relationships with women, exercise in anyway or do anything that requires mild exertion due to the symptoms I experience. Life has become extremely difficult with these symptoms and I almost feel like giving up. No doctor knows what’s wrong with me and they still have no idea after a year and a half. I have lost all my muscle and basically all my confidence and well being. How do can I cope with this?
To be honest we are likely not the best people to ask for this as we do not know what your ailment is.
In your shoes we would do anything and everything to find the issue. In the mean time, change your diet entirely to organic healthy foods (fruits/vegetables/fish) and try to see if your body will respond to a change in diet.
Not sure what type of issue you’re having if you cannot exercise as well, but again we suggest you find some well known professionals in the health field.
Additionally I would personally advise the guy to get into internet marketing or any kind of business that he can start without having to physically get up and out to an office etc. If he’s bound to a chair or bed, he can still work hard. By the time he recovers he could have a business throwing off more cash than “normal” people earn.
what are some good openers to use in NYC once you dress well and you want to approach a female walking around during the day? do you think that it matters if you are in shape in nyc too?
Yes being in shape and dressing to perfection are universal for any city, even more so in NYC.
Openers… Just use an assumption. http://wallstreetplayboys.com/game-back-to-the-basics/
What’s your opinion on the people who say that college was the most memorable time of their life and now they are in their 30s and always talk about that period? Or the ones who say that if you live in the city should go away to college to have a real experience? Or the ones who say once you hit 50 you are done. Get those notches while you are in high school and college because thats when you have the most sexual energy , your best looks and the most opportunities of women in you whole life….any thoughts?
Those people made terrible life decisions. As we stated if college was the best time in your life, you certainly didn’t do college right.
Your game and life should be drastically better in your 30s.
Just got dumped by college gf after 3 years, currently one year into IB analyst position. Good looking, fit, and relatively strong social circle. Only issue is I have limited time to get my mind off the break up given work demands. Any advice on attacking nyc dating scene in your early twenties? Also what’s something you wish you knew at this age in nyc?
Appreciate the response.
That is great news long-term for you.
We already covered NYC dating multiple times in this ask us anything section (you can control F for it)
the Long story short is this:
1) Go out on Saturday nights
2) Do not go out on Friday
3) You can go out on Thursday if you’re not jammed during the week
4) Stick to lower east side until you get older
5) If you want to really push then go to meat packing and day game in Soho
Those are the cliff notes, not much else is needed to be done after that.
The one thing that you should know is this: get your style straight. If your style is out of whack you will go through 50-70% more rejections and they won’t be nice.
I jsut want to piggyback on this post.
1. Why do you advice not going out on Fridays?
2. I’ve heard about daygaming in Soho, what makes the area so special?
3. Can you recommend any other daygame spots?
1. Friday is over hyped, you can try but it is no where near as good as Saturday. You’re better off waiting
2. This is essentially the shopping district, enough said
3. Meatpacking is also good, but you can day game anywhere in NYC. Still suggest Soho as the best spot due to quality + opportunities.
any tips on natural sunscreen protection? how to protect the skin from premature aging and wrinkling? some experts say the sun is good for vitamin d others say it causes cancer. That’s up in the air. One thing is for sure it causes premature aging on the skin. Any tips?
We get skin questions a lot, the same answer is all we’ve got though. Take up juicing carrots/watermelon/tomatoes etc etc.
Working on Wall Street implies big cities and limited sunlight so it’s not a big issue, we simply take vitamin D tablets if there is a deficiency.
After how many dates can you go ahead and try to sleep with a female? At what age do females see you as too old especially younger women in the states? A lot of younger females consider a a guy after 30 old especially society in america. Overseas younger women admire older men especially if your value increases but in the states I find it to be the opposite. What’s your opinion?
1) 0 go ahead and try the first day if possible
2) never if you are rich
3) in general if you take care of yourself 10 year age gaps are still attainable without much problem in the USA, particularly in NYC. Abroad 15-20+ is attainable. Again if you are wealthy, then none of this matters anymore. But use the 10 and 15-20 as a rough guideline.
do you guys ever fall in love with a girl? and if so what do you guys do to get out of it?
Not anymore, love is a one way street.
As soon as you get your emotions engaged, you lost. If you notice your emotions engage simply cut contact temporarily and go meet new girls.
Does this mean never fall in love in your life i.e. never have a long-term partner? Wouldn’t that also mean never have kids in your life?
No. Love = loss of control of your emotions.
If you are going to have kids you make the decision by choosing a partner logically. You don’t have kids simply because the girl is a “9”.
You ask 1) is this person going to be a good mother, 2) am i financially stable/going to be able to raise him/her appropriately.
If you want kids that is up to you, just be extremely intelligent about that decision since it will be one of the biggest (if not the biggest) decision you make in your life.
Personally, at 20 years old, I can’t see myself ever having a long-term partner or children… I’ve said this to my parents in a jokey way and they think that’s really weird. My parents have never divorced, but lots of families around us have (friends as well as within our ‘family tree’).
Without typing out a life story, I can’t see it happening for me but I don’t know… having children at least is a natural thing or we wouldn’t be here today. So something tells me I should eventually…
What are your guys’ thoughts on having a long-term partner (i.e. not marriage) and having kids “eventually” i.e. at some point?
Also what did your “No” refer to; which part of my comment? Please write the “No” response out once more but as a full sentence i.e. “No you should never fall in love”. Ugh I’m really confused. Love is supposed to feel awesome and all, won’t I miss out on something big in life?
No we will not tell you to have or not have kids or to have or not have a “long term girlfriend”.
With that said you are only 20, no marriage no love. No absolutely not.
You can make a educated decision to have kids when you’re 33 at the earliest.
Worrying about kids when you don’t have to work yet is like planning your funeral before you’re even dead.
It sounds like you are thinking/worrying about things that should not even be on your mind at your age. Wasting time to be honest. Get your career/health/social circle going full blast before you even consider any of the topics you brought up.
OK gotcha. Not really worrying about this stuff but thought I’d bring up some discussion on it. P.S. I’ve posted here quite a bit before and pretty much have a non-existent sex life. So yes, lots to work on (outside of my university work, work experience etc. which I spend all my time on pretty much)
As an IBD analyst, how many cellphones do you need? Should you get a personal cellphone in addition to the company issued one?
Get two phones or if you want to run the risk of only using one phone, remember that literally everything you send is tracked.
Assume they track everything.
Repeat that again.
Assume they track everything.
A lot of blogs preach to get your life in balance before the woman: examples include dressing better, job and money. I don’t necessarily agree with this quote but I can see their perspective. What do you think of this quote?
“If you need a car, clothes, or bank account to woo a girl, you probably have a shitty personality.”
Looks like another crazy hippie/hipster comment.
No amount of money will make up for negative game, the point of building yourself is this.
If you have 100s of friends in your phone blowing you up every weekend, you are a millionaire and you dress to impress and a girl is immediately rejecting you… You’re simply going to laugh because she just walked away from a winning lottery ticket.
Focus on yourself and the rest falls in place
How do you repair broken relationships with those close to you, friendships or family? I realize you’re not a counselor but everyone has had to suffer a tough time with their family(i.e. a loss, or a huge argument that people are still hurt from) and am wondering how to recover from it.
Not sure what you mean by this. Mending relationships when one party is no longer adding value to your life is not a good decision.
What are some of the best clothes to wear brands and otherwise that you recommend for good fashion tips etc.?
Polo, brooks brothers shirts? shoes? Suits etc.?
Depends on cash. If you are an analyst you should stick to cheap clothing. IE: H&M/Express etc.
When you get older you can transition to Ted Baker etc.
As you can guess Brooks Brothers is awful. Everyone that is in Wall Street uses it so as you can guess it is not good value for the quality.
The one thing you always spend money on is shoes. ~250 a pop because they last longer, look great and are cheaper if you take care of them. “To Boot New York” and “Bruno Magli” are solid.
Whats a great place to store a huge amount of cash besides the bank so that u dont lose money due to inflation yet maintain the money liquid and protect it from taxes and the bank?
No such thing, sounds like tips are as close as you’re going to get.
http://www.investopedia.com/terms/t/tips.asp
What’s a great way to learn about getting better at sex? This is a serious question. I’ve slept with my fair share of woman and consider myself decent. Woman always say “it’s okay if guys have an average sized penis as long as they know what they’re doing” I’m assuming your answer will be to practice and that all woman want different things in bed but what’s the best ways(plural) to get really good.
If you absolutely need extra advice the answer is to be more dominant. Hair pulling, choking, spanking, ties etc.
To be honest, once girls start putting you into a category where they “use you for sex” you’re now good enough at it.
Eventually you reach a point where you don’t even care if you’re good, you already know you are so it’s not even a concern/care on your mind.
Besides money, why else did you choose a career in finance?
Way too many reasons to list but will keep it short.
1) forces you to think big
2) up or out causes increased competition and increased rewards
3) significant interest in investing
4) deeper knowledge of an array of industries
5) surrounding yourself with the elite
6) fast paced
Good tips on being good in bed but if you u do all of those things and only lasts 1minute u suck. No women would call u back and your reputation would be ruined. How can u get or train for unlimited sexual stamina? It all come down to stamina if you want to become part of the elite.
If you can last 15-20 minutes you’re normal and fine.
If you want to last longer, simply switch positions more frequently.
Other than that you can take a sex class, but that’s extreme and unnecessary.
Could you elaborate on the tweet : “Mental advice for guys in their 20s, before you even think ask this: “Is this something I should be concerned with today?” Usually no.”? From my interpretation, means to stay in the moment.
It means don’t cross a bridge until you have gotten to the bridge.
Don’t worry about how to prepare for a job until you have an actual job offer
Don’t practice interview questions until you actually have an interview
Don’t worry about kids until you have the money/lifestyle that would warrant this consideration
Don’t worry about housing prices unless you’re going to buy a house etc.
Scenario analysis is a waste of time unless the scenario is going to occur right now.
You guys mentioned that you guys are proud d-bags to the females. Do you guys believe in karma? Do you guys believe that if you are assholes to the females that that will happen to you when you are older wrinkly , and not as good looking as now? I always hear that what goes around comes around…any thoughts…
You missed the point of the entire article.
Generally when people call someone a “D-bag” all it means is they are jealous of them. Women call their ex-boyfriends D-bags etc. You associate D-bag with treating girls like garbage and ruining their lives, that is entirely false. As noted here we are more than happy to help women get on Wall Street etc.
Karma is a stupid belief, you are essentially saying you’re not in control of your own life.
We all get old and unattractive, that’s why you need money.
The older you get the more money you need to attract women.
A young man without much money is fine, an old man who is broke , not so much.
A young man without much money is fine, an old man who is broke , not so much.
Did it ever occur to you that maybe the reason many of these people aren’t saving up to avoid being ‘an old man who is broke’, as you put it, is because they perhaps realize that they’ll probably lack interest in this sort of thing, physically & morally, by their 60’s, & are accounting for that in their life plans?
How do you protect your privacy online or do you at all?
We have covered this at least 10+ times.
1) fake accounts, 2) pay someone to have all your passwords, 3) get off the grid and pay in cash, 4) get a hypervisor and logmein account.
You can take it to the extreme if you want to.
I agree with everything u say about marriage. My question is the following: what do u think about moving in with a woman to live together in a state like nyc where there is no such thing as common law marriage? Is that a no no? Explain…also what do u think about a guy in his 30s messing around with older women who look good but can’t have kids? U dont have to worry about knocking anyone up. ?…
It is your life both are fine. Just be certain about the laws, as soon as you get the government involved you’re out of luck.
Hooked up with a girl last night and we had sex. She is on birth control the nuva ring and we used a condom. I came inside of her while she was on top but she kept going for a while after I came. The condom also got stuck inside of her and we think semen got into her. She washed the nuva ring off and peed after.
Should she take plan B? I realize that this is an odd question but given the circumstances pregnancy can seriously fuck with a driven individual like myself.
Go ahead and give her a plan B if you are this worried. It’s only about $50
How is experience at a NY >$1B fund of funds viewed by Wall Street, specifically hedge funds?
If it is an internship then that is solid
If it is a full time job, then you have problems because you are essentially working for a firm with an opposing strategy. You would have to convince everyone you don’t believe in the fund of funds strategy and prove you are able to think like XY hedge fund.
Always better to go straight into a hedge fund.
Similarly, a long only shop would be confused to see a person with long short equity experience making the jump right? Your strategy is simply not the same.
TL-DR depends on the strategies and by a glance it would simply be viewed as “long only investing experience”.
It is in an internship capacity.
That being said, My inquiry is based around making the jump into a HF when school is completed.
Also, Is it better, if the long term goal is start a shop up, to have job experience at a more established HF or an HF that is just starting up?
Thank you, as always, for your insights.
Cross the bridge when you get there.
If you can get a full time role at a reputable hedge fund ($1B+) then it makes sense. If not it is likely better to go to a bulge bracket bank and jump in two years.
99/100 always better to start a career at a major HF/bank.
Get job offers then return and we can help you decide which one is better..
If you wrote an step-by-step guide on how to lose your virginity as a young male, I think it would get a lot of views… just saying (I would find this useful anyway LOL)
How old are you?
If you lift weights daily (properly) and talk to 10 people a day for a few months you’re going to lose it fast.
20 at the moment. I lift weights but have a little fat to lose (not super fat, maybe 14-16% bf). So these people should presumably be girls… lots of solo nights out?
How common are false rape accusations in your opinions? Anything yo do to prevent it?
Not something you should mess with.
1) always send a confirmation the next day to prove it was mutual. “I had a great time last night” is good enough, take a screen cap with the phone number showing and save it.
2) sexualize text messages when possible
Don’t live in fear, but don’t be dumb either.
Any tips on getting clear skin? How can u get rid of skin moles ,age spots , and stretch marks naturally?
We have answered skin related questions several times already. Unfortunately we are not dermatologists and suggest professional help since we are not well versed in the field
Again our only recommendations are to 1) take up juicing, 2) take fish oil tablets.
The rest we leave to a professional.
Which do you guys value more? One night stands, or mini non-serious relationships with cool/emotionally healthy girls?
Neither one is better, a one night stand is simply more exciting and a mini-relationship prevents dry spells.
Everyone will have a different answer to this, generally older guys will choose the mini relationship since it creates less hassle and is healthier, younger guys will like one night stands better because they have a ton of energy to go out any day of the week.
In regards to pants/slacks for business casual, should they be wool or cotton, or does it matter? My office will be business casual, what would you guys recommend for daily attire?
Either is fine to be honest, simply make sure they are professional looking.
As an analyst, you should not waste money on expensive clothing (just have a one nice item for meetings) you can save a lot more money this way and upgrade the wardrobe when you’re older.
Good luck!
Note: there is an old post that needs updating on fashion, simply search for the word fashion in the top right.
I read your post about top vs. bottom analysts. However, I am interested in how one can go from being one of the bottom analysts to one of the top.
It’s more than a matter of improving the work, it’s also a matter of changing people’s perceptions. How would you go about it?
Thanks!
We left a note in that post that the truth is this… Leave.
If you’re at the bottom it means both your performance and your politics were poor at the firm. You’re better off leaving entirely, it is much safer and better than hoping for the seniors to change.
Lateral immediately and start over.
What’s the appropriate wardrobe for a female analyst on Wall Street? I wanna follow the minimalism approach you describe and not spend a fortune but also look sophisticated and stylish.
Not really sure on this, will try to poll a few people and find out if we can add additional color.
In general women can get away with a bit more, ie: you can pick up cheaper shoes and simply replace them more often and search for professional clothing at lower end stores such as H&M or Express.
If there is no birthing of kids or financial entanglements are involved, and the sex is great, what’s the deal with avoiding long term relationships?
Go for it.
The trick is to make sure you continue down your own path of self improvement. If she understands your views then it can work out for the time being.
Having a long-term relationship where you’re both clicking is a great feeling.
Just don’t get the other type of “feelings” where you decide to 1) get married and have the courts/government step in and 2) have a kid when you’re not ready.
Be smart, be smart, be smart. Most guys are better off avoiding any longer term relationship until they are older and wiser.
You have a great way of phrasing good advice. Thank you for what you do.
I’m 55yrs old and have investible assets at 8 figures. I currently use two separate financial advisors, w assets split in half between the two. Both advisors know exactly what the other is doing and both have a global view of my portfolio.
Over the last couple of years, I’ve been learning as much as I can about the market and investing in general. I have a small portfolio of individual stocks (mostly from recommendations from Fool.com) and a few other investment vehicles (e.g., venture capital, limited partnership) which I manage on my own. I would like to wean myself out of my financial advisors to get rid of their management fees. I am still not comfortable with my skills in analyzing and selecting individual stocks. From what I read, seems like the way to go is to just invest in a diversified index fund and leave it at that. Is this correct? Any advice on how to wean myself off my financial advisors?
We have a book recommended in the products section that you should read.
For someone who was able to accumulate 8 figures, the truth is you can easily learn the trade (opinion). We suggest learning it yourself over the course of a year and then going on your own. Simply pretend you want to become a FA and you’ll find the correct course work, once you can get hired for the job yourself… Well you know the rest after that.
Again note this is NOT in any way legally binding financial advice.
Ha! Found the book in my library but only read a 4th of it. Will check it out. Thanks
do you have any personal social media accounts?
Some do some don’t. It’s up to you but if you’re not getting guaranteed value out of it, you should throw it away.
Any tips, tricks and resources to learn a new language more effectively?
I want to travel South America off the beaten path in a year and figured I would spend my lunch and pre-sleep learning Spanish. So far I’m going off youtube videos and attempting broken conversation in latino restaurants as much as possible.
Duolingo.com
What is the best way to kick a porn habit? Sex-life is good, but porn is becoming an escape that is fucking me up, both professional and personal life.
Simply stop watching it. If you already have a healthy working sex life, click delete and move on.
There is no excuse for that one because it is all mental. No one forces you to load the movies
any natural fat burners to get lean and ripped.
We covered diet in a post: http://wallstreetplayboys.com/a-working-mans-diet/
All fat burners are basically re-packaged caffiene pills = unhealthy for you and a bag of lies.
Simply stick to 1) reducing simple carb intake dramatically – take it to zero (no pasta, bread or rice) only vegetables and fruit for carbs, 2) add some coffee/green tea to your diet before you work out.
any other examples besides jack lalanne of older men who work out consistently and defy their biological age? working out makes and keeps you from looking young however gravity takes over at one point and muscles atrophy. Not too many older men who can take their shirt off and younger woman stare in awe. By older I mean 60 and over…..Jack Lalanne used to take off his shirt all the time but it came a time when he was always covered up and his muscles looked flabby and saggy despite his intense training regimen.
Nothing off the top of the head, simply look at actors and follow their regimen if you are extremely serious about staying fit. Most are on some sort of PEDs at that age.
Just read your last tweet about losing your main girl to a high end drug dealer. I have no respect for drug dealers. They think that their shit don’t stink until they get busted. Then they cry like a baby. Can you explain this tweet?
Just read your last tweet about losing your main girl to a high end drug dealer. I have no respect for drug dealers. They think that their shit don’t stink until they get busted. Then they cry like a baby. Can you explain this tweet? how can you love the game more…don’t get it….
If a girl decides to leave, you shouldn’t care.
Also you should recognize what women really want.
Simple as that. Her loss, move on. Great story for the future though.
I have an upcoming superday, when asked about a recent deal I made some research and found an important deal completed in Feb 2013 that relates to my specific skillset and experience.
Would this deal not be considered as recent by the interviewers? (Superday is at a top BB firm)
Thanks.
If it was a big ticket deal then you can use it, ie: one they use to brag about.
Generally you would want to cite a deal within 12 months but again if it is big enough then it is fine.
Hi, Always wanted to do something entrepreneurial but always followed the path people laid out for me. Wanted to go to a video game programming school as a teen and entered college as a sports management major. Realizing that this wasn’t really a good major to become a sports agent I switched into finance so that I could go to law school. Long story short 2008 happened switched to accounting and got my masters. Never got my CPA have 3 years exp in a big 4 but I hate it. Haven’t gotten promoted due to my switches been on the tax side and the group I’m in now I don’t really see myself making a career out of it. Also I feel that I’ve made so many switches that I’m a jake of all trades master of none and can’t really see myself long term doing tax compliance or tax advisory work. Should I look for exit opportunities now if so should I leave the accounting industry? or should I stay put since I can somewhat autopilot the group I’m in isn’t crazy demanding on hours and try to work on something entrepreneurial now? Also would it be worthwhile if I do go down the entrepreneurial route to learn programming or would I be better off just creating an idea and having someone else help create it?
Our same advice applies. You should try your entrepreneurial idea while you are working the men who usually succeed are those that either 1) made a company when very young or 2) start a company on the side as they are working their regular job.
If you start a company and quit your job without any income you’ll unlikely buck the trend if it fails.
In addition, if you “don’t have enough time” to start a company on the side, you simply do not care about your idea enough to run with it. The rule of thumb is that you should be the owner, it will be quite difficult to own the product/idea if you cannot create it yourself.
On a glance the advice would be as follows: 1) stay within one sector of accounting so you develop a niche there, 2) continue working in accounting – unless you can find a more lucrative option, 3) work on your business on the side, 4) quit your job when your side business can pay your bare bones living expenses
Have you heard of/read the “The 48 Laws of Power”? If so, how do you feel about its premise in the world?
It deals a lot with deception/manipulation in moving ahead in the “game of power”.
It’s a good book and we would recommend it.
Not sure what you mean by its premise, it simply gives you good ideas on how to gain hand within different types of situations/context.
What is the best way to manage a high debt load? Also what is the best way to create ideas if your not necessarily good at anything or have a niche? Thank you!
1) the best management is paying it down. Get rid of it. Get rid of it. Get rid of it.
Debt = handcuffs on your life/future. Do everything in your power to make it go away. No credit card spending etc, simply change your spending habits entirely to bring the load to zero.
2) You should read a lot. Read at least 100+ pages per day, anything less than this is simply not trying. After that you can force yourself to think of ideas. Write 5 down every single day before you go to bed. Make sure they are never the same and over time they will get better.
Thanks! Well I have a lot of debt cause of school and dumb spending but I see the best option as paying down the smallest first and keep going I assume.
I will be moving to NYC to work FT as an M&A analyst in a BB bank from Canada. How much money should I allocate to furnishing my bedroom, and are there any suggestions for stores to purchase furniture for? What are some suggested things I should get for the apartment? Thanks
You should get roomates and have everything at bare minimum levels. You’re only 22.
1) a nice bed, budget the most for this as you want quality sleep
2) some sort of simplistic sound system such as an iPhone + speakers set up on bluetooth
3) a TV for entertainment streaming purposes if you have a guest
The rest is honestly just noise. Don’t break the bank by any means, you can stick to IKEA for now or even craigslist. Again you won’t see your home very much so don’t blow your money on housing, living with roomates is perfectly fine at your age.
How does the size of the PE fund, and the life cycle of the PE fund affect the roles of an associate at a private equity shop?
Similar to larger banks, the larger the PE fund… the more structured the process is. IE: if you’re at a smaller fund it would be harder to move up the ranks if slots simply are not available vs. a larger fund where the slots are available but obtaining the promotion is highly highly competitive.
On a risk adjusted basis it is better to go for the larger firm unless you are certain the fund/group is on the rise then you can take the risk and make the jump.
Is cod liver oil a good choice for fish oil? if not what exactly are your recommendations?
Not sure if there is a difference, our recommendation is on the approved products tab.
What do you mean by “breaking into Wall Street?” Literally Wall Street in NYC or the financial industry?
Why is being an IB analyst more prestigious than a PE/HF analyst coming out of college, even though IB analysts want to end up in PE/HF anyway?
1) Wall Street refers to front office roles. IE: Investment Banking, Research, S&T, PE, HFs, Long only managers
2) This is not true, if you can get into a top tier buyside firm go ahead and run to it. The problem is that even the top 1% of the top 1% of schools have a tough time getting these jobs. If you have the choice between a mediocre HF/PE shop and going to a top tier Bank (bulge Bracket) you’re usually better off sucking wind for 2 years and going to a top tier buyside after your contract is up
Check out our post on “navigating wall street”
I’ve been struggling with consistency in every aspect of my life. In school, I’d be organized for a while and do really well, then get really behind, and after a while try to catch up. With diet and working out, I’d do the same thing – I would work out/maintain a healthy diet for 4-5 days in a row then take an off day promising myself that I will get back to it tomorrow and never do it. I always tell myself “this time around I will stick to it” but never do. I’ve been pretty successful thus far despite this terrible habit but I’m about to start a BB banking job and really want to do things differently.
What is the best way to cultivate the discipline to be consistent in work and personal development?
Keep a Journal.
http://wallstreetplayboys.com/why-and-how-to-keep-a-journal/
You’ll be forced to hold yourself accountable, or write down that you failed over and over again.
In banking, almost every first year’s feedback includes improving attention to detail and working more efficiently. I understand that obviously practice makes perfect, but is there anything else one can do to improve those qualities?
1) Take a highlighter and triple check each item with a color
2) Ask yourself “does this make sense” before sending anything in
3) Have automated checks for all documents such as check functions on simple bottoms up financial models
4) Learn every single short cut known to man-kind so you are not tired and can make sure all formatting errors do not occur
5) write down mistakes you make so they do not occur again and eventually you will have a “check list” of things to watch out for.
How would you recommend crafting a brief follow up email for an interview (3rd round) you haven’t heard back from yet?
Obviously would like to both follow up and reiterate interest in the position.
Thanks
1) Hi name this is XXX
2) Thank you for interview
3) Enjoyed talking about XX and XX (something specific to convo)
4) look forward to hearing back soon
Short and sweet, no more than 3-4 sentences or else you are wasting their time. They have already decided on your prospects the thank you email is just a formality.
The letter is not going to improve your chances at all, they already made a decision, so keep it simple and professional.
Any different format for a follow up ~week after interview, after thank yous already sent?
Firm has taken about 1.5 weeks between each interview, not sure why.
No, it generally means you’re out of the running if no response is given by 2 weeks.
If you want to be certain you should lob in a phone call to check instead of emailing. If it goes to voicemail
1) hi this is name
2) wanted to check in regarding xyz opportunity
3) reach me at number
No more emails.