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.
WSPB,
I know there is a section on this topic, but please bear with me. How does the sales/square foot metric play out for valuation? Is it an EV specific multiple? How would you value a consumer retail company with that metric?
On a side note, when valuing a private company recently, I saw that the discount rate was between 25%-30%. What could constitute such a high discount rate? I am assuming it is partly based off the public comps, but what would account for the difference in making the discount rate so high?
We are doing a post on consumer you have to wait.
Unemployed after quitting my job. Currently in talks with recruiters. Do I just get ‘a’ job as quickly as I can, or do I hold out for the type of job that I like/really appeals to me?
You have 6 months, get offers then decide which one to take.
How do you “not allow” a family member to impact your emotions who is very close to you. IE, you love them as a family member, but are either super negative or can’t get out of their negative thought cycle and are continually overstressed out.
This in turn makes you want to help/feel bad for them while there isn’t too much you can do. Accept the fact that they are like this, and be nice to them?
If they don’t take your advice and continue to be negative and unhappy at all times then you move on.
There is no point in helping people who are just going to drag you down, this includes your family.
What % of PE associates can expect to make partner? How does this vary by megafund vs MM?
How much more lucrative (long term prospects) is it to get an equity analyst role at a ‘standard’ $1B hedge fund vs. a Tiger Cub?
Where do failed investment bank VPs end up? I see corp dev/finance. If I can get £120k as a quant developer in a hedge fund now: is it worth the risk to do an MBA for 2 years and get IBD, with 50% chance of VP then
Is the current banking bonus regulation here to stay forever do you think? (In UK we had bonuses for top bankers at £5-10M reduced to £1-2M -> assuming you had something similar as UK/US banks seem to tightly correlate this stuff to prevent people crossing the pond all the time…)
Do you know much about Prime Brokerage? Seems to be kind of a FO/MO role with similar verticals to investment bankers, though you work with HF managers at senior levels and build relationships with them. Even if is descirbed as FO it seems that it might be hard to prove the revenue you generated: is this a trap? I need to talk to guys who do it probably but am struggling to get through to them.
1. Less than 5%. Minimal variation
2. No change in pay, you are paid on performance so the question is flawed. The more money you manage, the more you perform the more you make. This is at any hedge fund.
3. VPs usually move to industry.
4. If you are getting promoted you never choose the mba route. You get an mba if and only if you hit a ceiling and you are absolutely certain it will help you get over the hump.
5. Yes here to stay (could change but assume the worst hope for the best)
6. We don’t cover prime brokerage so unfortunately we do not know. We focus on PE/HF/sellside.
Good luck!
Extremely helpful thank you!
Should I bother with an early payoff for a loan with a 1.5% rate?
Just pay the interest, put the rest into bonds and use that to pay it off in the future.
>1.5% can be achieved with safe returns elsewhere.
I just started DCA. Given recent market, would you throw more than designated allotment into index this month or proceed according to plan? Obviously I know your answer isn’t professional advice and just your opinion.
No. Re-read our posts on how to get rich and the s&p.
You should never look at your account ever. You login, buy $x (must be greater than ~$3K) every 2 weeks or every month.
Never look at the balance, never look at the prices, never sell.
Anyone who gets spooked or excited by “moves in the market” is a person who has no control of his emotions.
Thank you for the reply.
I’m a young lawyer working in a small law firm in a major city. The firm is at the top of their (very lucrative) practice area . However, it’s the managing/founding partners who are reaping the financial benefits. Every associate and non-founding partner at the firm are just doing ok. I am in my first year as an associate (26 years old) but I look at the fifth years associates knowing that I don’t want to end up like that in five years.
I’ve had a burning desire to hang my own shingle since I was in law school, even if it means practicing in a different area to establish myself, but I wonder if I’m a fool to walk away from and established firm for my own ship.
Any insight is greatly appreciated.
1) read our post on careers. Search for “career”
2) don’t quit until you have clients
3) you will never get rich at that firm without equity
Therefore, as soon as you can get out, leave.
Only 3 professions are worth doing. Wall Street, sales, technology (with equity).
That is all. If you’re in law you have to go to option 4, starting your own business at some point.
Thank you.
Just want to say that I love the blog. Your posts are excellent.
Keep up the great work.
Good luck with your *future* company!
Do you guys drink much coffee? It helps me be productive, but I want to maximize my health/focus in the long run.
Stick with ~16-20oz or so at max. You don’t need more than that, then drink a lot of water.
What would you do if you had a family ‘vacation’ scheduled, but ended up securing a job offer ~1.5months before the vacation was scheduled.
Reschedule vacation? Or mention this at offer signing?
If you already set the start date before telling them you more going to make a terrible first impression and it would be wise to cancel your vacation.
It means you don’t set expectstions appropriately.
If you literally *just* received the offer, have not accepted yet, then tell them you are on vacation from x to x and will start when it is complete.
Set expectations.
Hey Guys,
When asking for first finance related internship ever, do you think its alright to offer to work for free, and say something along the lines of “I would be more than happy to be involved in an unpaid capacity or help the firm organize some files” or would it be inappropriate?
I really do not care about the fact that I do not get paid or the nature of the work, but would love to work and learn on the job. (I am going to be cold emailing really small brokerages for ER/IB internships, and I dont live in NYC).
Inappropriate.
Apply for the job and receive an offer.
Do not beg and plead for no reason. You may get lucky and get paid.
Thanks for the reply guys! I have read the format you guys recommend for cold emailing, and come up with the following message. What do you guys think of the following message:
Dear Mr. XXX,
I am [XXX] studying [XXX] at [XXX] university. I am highly passionate about capital markets and [XXX] sector. I was wondering if there would be any internship opportunities at [XXX] firm in the near future.
If possible, I would be grateful if we could meet for a quick coffee at a time of your convenience regarding any openings you may have.
Thank You,
XXX
This does not follow the template.
Sentence 1 does not say what you have to offer, nor does sentence 2.
The last sentence is simply a ramble that does not add value.
Please follow the template otherwise you are hurting your own opportunities.
What advice would you give to a guy early 30s, reasonably successful financially and decently fit but doesn’t have any luck approaching and doesn’t know any attractive girls?
This post sounds like a troll.
If you are successful already and actually have approached several hundred women, you would be asking a question about a sticking point.
Generally, when someone has “no luck” it means they have approached well under 100 women
We may be wrong, but 9/10 times it is true. In short, approach 100, find the sticking point and come back. Until then…
1)have your style checked by someone who is fashionable – see not your friends but an expert
2) measure yourself to the golden ratio (fix issues)
3) tape record your voice and get a voice coach
have been an avid follower for a long time.
you’re right – have definitely approached < 100 women.
will work on that and #2, 3. Any advice on #3 or recommendations? Have never heard anything about any of my peers using a voice coach.
also, most importantly, thanks for helping out guys like me.
this is one of the best sites on the web. i’m not sure most guys realize, but the help and guidance you offer is what consultants charge thousands for. cheers.
In your position do not do anything or ask any further questions until you have approached 120+ women.
This is not mean, this is reality.
You have not even tried yet so don’t waste your time trying to “make yourself perfect” all you’re doing is avoiding the uncomfortable nature of approaching.
Dress sharp. Approach 100. You have less than 30 days to complete this if you’re in a major city. No 30 days is not a typo.
Then come back with issues.
Is it normal for investment banks to make analysts sign a 1 year non-compete?
unusual for bulge bracket banks in NY to have a non-compete. BBs in Asia have gardening leaves,where you get paid for a set period of time after you leave if you’re joining a competitor.
talking moreso sector focused boutique/MM
Same answer as above commenter, extremely unusual in the USA.
so if you ‘HAD’ to sign one in order to take an analyst offer with a solid industry specific boutique (only offer, solid pay, strong deal flow)… is there a ton to be worried about at that junior level?
Of course you take it if you have no other options.
It is always about what your other choices.
In that case, keep interviewing through start date (shopping the offer effectively) if you get nothing then of course you take it.
All depends on what you have on the table.
Any opening lines or great conversation starters to meet women once you are slim and dressed sharp? anything besides hello to spark a conversation with a random woman walking down the street with ear phones or talking on her iphone? Thanks…
Already covered.
Make an unoffensive assumption, works for day and night anywhere in the world.
What parts of wall street are “competitors” with one another?
ie. between, IB, HF, PE, VC, ER, S&T, Consulting (in some advisory cases)
Would any of these be termed competitors? ie. a MM IB vs MM PE
Any sell side investment bank.
Considering PE a competitor would be a fundamental misunderstanding of the business.
PE is a client.
what are some good websites where I can find great mentors? I need to find one asap in the technology start up field.
We do not work in technology therefore have no answer to this question.
Hi WSP,
I am a long time reader and have been using this site for motivation throughout college. I got an offer from a BB doing commercial/corporate lending as a financial analyst. The bank has a pretty solid training program but in terms of exit opportunities I’m finding a lot of conflicting information on WSO and other places.
Some people say that there are good opportunities to move into different roles later on while others say that Ill be 70 and still seeing if Oracles free cash flow is stable enough to warrant a big loan. In your opinion am I looking at the classic 3 year rotation program > MBA > wherever I want to go next or is there a bit more flexibility in these sorts of opportunities.
Also comparing it to a well thought of F500 tech finance rotation program, which has great cushy perks, but at this point I’m really just trying to learn as much as I can in finance and business, while avoiding the soul crushing trap that is being rotated into an accounting role.
In terms of exit opportunities I am not necessarily looking at getting into IB but would certainly would like a solid background to carry with me should down the line I take an interest in anything from entrepreneurship to management consulting.
Take the middle office role and junk the F500 job.
F500 positions (99% of them) are back office and not useful.
With the middle office lending job, you can still try to jump to a boutique bank once you have completed a few transactions, IE: loans. Both are not front office, so you need to leave by year 1 or 2.
What do you guys think about working a job with an over night shift? It would be from 11 pm to 7 am. It’s not forever. It’s for a year or 2 max until I get some money to fund my business.
What are your other options?
If nothing, then do what needs to be done.
I’ve been working in M&A for just under a year now. My initial plan was to do two years then jump to a HF/PE (would prefer HF), however, I was allocated to the FIG group. I hate the sector and am nervous of being pigeonholed as a FIG banker. Furthermore, my firm has told me that there is absolutely no way that I can switch teams (HR basically told me that it is FIG or the unemployment line).
Should I leave now before it’s too late? Or should I wait until the 18 month mark?
Not sure what your question is?
1) apply to HF/PE
2) if you don’t get it, switch to a bigger bank
3) apply again
Makes sense to jump faster since you’re now on the negative side with hr. As a junior, you’re going to be on skates with the firm because they know you’re not happy (unfortunate but true – at the jr level hr has quite a bit of say).
Hi,
Just accepted a BB SA offer for ibd coming from a total nontarget. I have my preferred groups but some like m&a are going to be really competitive. What are some things I could do to help increase my chances of getting placed in a particular group and differentiate myself from the HYPSW applying for that group?
Thank you
Politics.
Read our post carefully. Your weight will be determined by 1) error free work and 2) your a ability to utilize people skills and get the right people to like you.
Anyone who says “try your best” is a liar and has not worked in the industry. Find the most important person in the office and get him/her to like you. By any means necessary.
Are you guys gonna have a forum at any point? I would love a place where you can converse and talk to others who are trying to follow your advice of working 12+ hours a day etc. Rare to find people like that around, and would be good to have others support.
No, a forum would generate no revenue and would be constantly monitored for trolls/bad people.
It would be 100% against the themes of this blog.
What do you guys know is better to invest for the long term etfs or index funds to get the most gains and money?
Already covered. Use the search function.
If you are lazy, the ticker is VOO.
How can you make that much money and more without a legitimate business or career? Dont you need a huge large sum of money in the first place to play with? Sorry if I ask so many questions
We already covered how to make $100K.
Practically any trade will pay $100K a year. These are all time for money exchange type jobs.
Previously asked this:
“Just accepted a BB SA offer for ibd coming from a total nontarget. I have my preferred groups but some like m&a are going to be really competitive. What are some things I could do to help increase my chances of getting placed in a particular group and differentiate myself from the HYPSW applying for that group?”
I meant differentiating myself with regards to before group selection takes place. The internship is group specific so there is a sell day a few months before it starts where I rank my top 3 groups and vice-versa. Is there anything I could do before that takes place or anything to focus on during the sell day to improve my chances of being placed in a specific group?
Thank you!
Nothing you can do as implied by the answer we gave.
They have decided the exact same day you were given an offer. The only leverage anyone would have is if they did not accept the internship and used a competing offer to request a group. Otherwise it was already decided.
The truth is after the final interview day, everyone gets into a room, ranks all of you 1-5 (assuming 5 interns) and the one they liked the most goes to the top group.
Your best bet, again, is to be the best summer, play the political game. After getting an offer and being the new “top candidate” you then request the sector you wish. If they don’t give it to you, you interview for a different bank and don’t take the summer offer.
Now it makes more sense. Thank you! Will crush it this summer.
You got it sir. Feel free to request the group, just realize it won’t make a difference.
You should use that time to find out who matters in the office.
Again politics, politics, politics.
wondering – how would one effectively shop an offer for a position starting in ~2 weeks, when seeing a very attractive opening at another firm?
not in this situation, but a friend is and wondering what his best bet is without hurting his current path.
thanks guys
You simply interview and see if the other position is better.
No one is going to know if he interviewed 2 weeks before a job offer.
I am from Upstate NY and will be traveling to NYC to do a second round interview with an accounting firm. I conducted the first round over the phone and was asked to fly in for the day. The firm is a large regional firm with a major eastern U.S. presence. I have never been through an out-of-town office interview before. Can you provide a few tips on how to prepare for this day and what the day may look like? I am aware that I should know the firm history very well as well as the position. Thank in advance
We do not cover accounting, therefore have no answers.
Can you advise from a general perspective? I would imagine that most interviews are similar in format…
No as mentioned above it is not related (at all) and we would be providing information based on pure guess work which is dishonest and hurtful to you.
Contact an accountant and he/she can give you what you’re looking for.
What are your thoughts on investing on structure notes for passive income? Good or bad idea and explain.
Already covered.
Hey Guys,
Do you think its ok to cold e-mail different bankers or different ER analysts in the same boutique. I messaged one did not get a reply. Was wondering if I could contact a different person within the same firm.
Cheers!
It is a bad idea to apply to different divisions at the same bank within a short time frame. In general you should aim at one division only.
If you have limited options and must apply to the same bank for different positions, it is smart to wait a month before reaching out to the same bank but different piece.
For an older person who is over 50 and wants to start a career or change his current job is it too late? In the USA they always tell you that it’s never too late but discrimination based on age is huge in this country. What advice would you give the seniors who want to still grind and don’t ever want to retire like you said? I feel that it’s a young man’s world especially now with technology and everyone getting jacked….
Yes it is too late, you should have a career/business on cruise control by that age. You should not be jumping around with your head cut off.
What are your thoughts on multi level marketing companies like acn and amway for making residual income and as a business? These companies pay people for recruiting more people into the company. The more people they get in the more money that they make. Robert Kyosaki claims that this is the best business to get into and the fastest to become rich and financially free. Everyone around me seems to be in one. They hold meetings and try to persuade you to join. That’s how these people get paid. For sucking people in.
We don’t cover MLM.
You need to learn to think for yourself.
Is it a time for money exchange? Yes or no.
Then
Is it too good to be true? Yes or no.
Answer your own questions and get to changing your life instead of asking questions that lead nowhere. You already have the big picture answers in front of you.
Time for money = never get rich
If they are selling you emotion or “anyone can do it!” speeches, it’s a fraud.
Hey WSPB, I will have to choose a master’s degree in a few months, my teachers are all talking about the “big data” and the opportunities it’s starting to provide. According to them, traditional marketing offers almost no job prospects anymore, while marketing analytics is booming (plenty of job demand, virtually no offer).
Problem is, our marketing degree offers only two classes on data and analytics. I could take a few MOOC classes if they’re worth anything. Should choose the marketing master’s degree and risk not managing to specialize marketing analytics? Or should take one of the safer choices (like finance) to make sure I get a decent job?
Unfortunately we have no answer to this, we do not work in marketing so our advice would be poor.
In your shoes, reach out to people in the field and see what their opinion is.
Okay, thank you.
*should I
And thank you in advance for taking the time to help me take this decision.
I have a very nice suit that fits perfectly and looks sharp, but the color is a dark brown. It’s actually hard to tell that the suit is brown it’s so dark, but if you’re paying close attention you can see it. Can I wear this suit as an IB analyst or will it hurt me politically to wear a brown suit of any kind?
West it. If they notice it is not appropriate then never wear it again. You should have 3-4 suits anyway, so simply toss it in the trash and get a new one.
2 questions: what do you guys think about mlps? and what do you think about Mark Cuban saying that the stock market is bullshit. That buy and hold forever is a crock of shit?
1. No clue.
2. 100% disagree
Do not ask questions we already answered or you will be banned. This is the first official warning as you’ve asked many repetitive questions.
Hello wall street boys !
My name is Jermaine I live in Houston,tx area, just wanted to ask, I am 18 and I have 30k in savings, plus i want to invest in many companies,
I founded two companies now, they are still in the process of being money generated
and second one I will fund big project
My question is Am I average in your opinion?
Average is relative to your own expectations. Don’t compare yourself to others.
Is peer to peer good investment for a 19year old dude, who wants to put money for a short time, because he is grinding all the time ? And by the way I have a condo and I listed for rent, I make 10k a year from it, do you think it’s good or should I go somewhere else to invest ?
Covered already see our post on investing priorities.
College student here who recently started dating this girl who is very independent yet very caring to me as well. I am her first boyfriend and can sincerely say she fits your criteria of being bubbly, trustworthy/loyal, high sex drive, and attractive. She doesn’t like to bother or ask favors for me or even have me pay for things entirely when we go out, but is always thoughtful of me. I feel like I have very little to give back to her because of this, and makes me feel guilty. Should I just enjoy a good girl like this and not think too much or is this trouble in the long run?
You already answered your own question and are correct.
If she is supportive and doesn’t eat into your time (that should be spent building your life) then continue.
If you can’t focus on building yourself then you have to move on. At your age you need to build, you don’t have time to waste.
In a follow-up to comment 34639. Update.
Current Situation:
Still 30. Still aiming to be elite by 34/35. Still working for the DoD.
Just a refresher, goal is transfer to top-25 and get into top-5 business school.
1st semester at a two-year college in Maryland which has excellent transfer opportunities.
In short…killing it (honors, founding officer of Accounting/Finance Club, leadership roles, etc.).
Question: I have a T. Rowe Price internship opportunity for summer (freshman year at a community college).
Though interning at a MF is unrelated to IB/HF, would this be a good look for a future resume?
Again, you all are changing lives (especially mine). Much love.
What are your other options? < we will have a post on this topic alone.
If you have no other finance related options and this is the closest option to investing that you can get, then absolutely you take it.
Options ranked as I see them.
1. T. Rowe Price (finance related)
2. Internship in RE sector (a possibility)
3. Continue working (no real future value)
I am building my network each and every day, may have more options over the next few months. Then again, I attend a comm. college in Maryland so my options may be limited.
If something else comes, I will run it by you. Thanks!
On a glance t-Rowe is the best of those three even if you get the RE position.
T-Rowe is HQ’d in Baltimore so your ability to network up the political food chain is amplified.
Tremendous.
Side note. Long day, got two workouts in but wanted to come home and order pizza+wings. What saved me?
Your comment to the affect of, “every major gain is made right before you’re about to quit.”
This blog is unreal.
Somehow went from getting interested in IB 2 months ago to having initial phone interviews with JP morgan and possibly with BOA/ML (emailing an alumni from my school currently) for the oil and gas M&A/A&D divisions. Thanks for your site. Studying all of the technicals now.
Anything else I should know/be doing?
You should be fine. Go throughs the Q&A we have, read a few 10-Ks of the top oil and gas companies that they bank with (look up the deal activity)
You’ll be good to go. Just study the industry at this point.
We have many posts/answers on interviews. If you’ve gone through it all and can sell yourself, it is only a matter of time to landing a position.
Industry is my specialty, I’m a petroleum engineering major.
Sounds good. Thanks.
That is good for a overview part. We suggest you pick up some metrics and numbers as well though.
IE get an idea for where oil prices went (has been down for a while) and what metrics they look at.
Another good example, is understanding that if prices continue to drop, the cost of bringing up the oil in specific situations would then be unprofitable etc.
Hope that helps!
Definitely.
Surprising how easy the technicals are. Everyone is like STUDY THE TECHNICALS. Extremely easy even compared to the most basic engineering courses.
Love the site, it is my new home page. I am following most of your advice as best I can, and your fresh yet old school take on everything is absolutely fascinating. I just wonder; why you give debt a bad rap?
I am currently 23, and 3/4-ths of a CPA working at a large firm. I have a steady, decent income and can understand financials and leverage. I think at my age I should embrace debt, not credit cards, but a mortgage for example. I used my purchasing power (at low interest that only a home purchase would allow) to buy a 4 unit apartment building. I live in the crappy one-bedroom (to avoid commercial interest) while I fix it up, and rent out the other 3 units. Seems like free money to me and a place to crash.
Also a margin account to utilize leverage in the stock market. You obviously know much more than me when it comes to this I’m sure, so I’m curious as to what you take is on margin loans and leverage in your twenties – early thirties? Fully maxed, or maybe only stick with have your buying power?
Thank you!
*you’re take is *only stick with half
Sorry!
If you plan on staying for at least 7+ years (roughly 10). Then it makes sense.
We are negative on this idea when young because many top paying careers can have positions across the country and managing a property from distance is painful.
Best way for IBD analyst in a coverage group to show his value compared to M&A/Lev Fin guys for PE placement? Say this is for a sector agnostic fund and the coverage group analyst has had limited modeling exposure (but has the LBO fundamentals down).
same answer my man!
We tried to emphasize how important our post on politics was but no one seems to listen. The top MD’s hold the Rolodex to the clients (PE firms) so you have to be in the right group politically to maximize your chances.
For top placement.
Politics > performance.
Hey guys,
What’s your take on international equity allocation? All of my 401k, IRA, and taxable account investments are divided between two Vanguard funds: VTSMX (80%) and VTIAX (20%). I believe market rate is something around 60/40. Where do you stand?
Thanks!
We are biased towards the usa since betting against the United states has been a bad idea for the last 200 years. Therefore 80/20 is orefectly fine (opinion and not financial advice)
If you feel fine taking a larger mix that is up to you.
Just remember no one ever gets rich with a 401K.
“Just remember no one ever gets rich with a 401K.” But that does not mean I should stop maxing it out, correct?
Thanks!
hello WSPB,
What are some ways to buy time with money? Which is more important? time or money? when we are young, we often have tons of time but no money. When we put our heart and soul into a field of study or start our own business, we sacrifice time for money but when we achieve success, we run out of time but have the money. When are the instances where you can enjoy time and money simultaneously?
Read our post on careers. We have stated this numerous times.
Time > money.
That is why you never trade your time for money.
Any advice for someone starting an anonymous blog? How do you set it up so that people can’t find out how you really are?
Covered already use the search function for anonymous blog.
In short you just buy accounts for facebook online and then it is all linked up to incorrect people.
Thank you big time for the awesome blog!
Your advice is life-saving.
I do not have any relation to Finance, let alone the WS, I’m a film/media industry
professional trying to make it into the sales part of the biz.
Do you have any advice on film finance, investing in
movies etc? (US-UK?)
Thanks!
That is unrelated to the scope of this blog, so unfortunately no.
What do you guys do for fun? Can you describe a typical day for you guys when you are not working?
Athletics, sex, read, generate new business ideas, test new business ideas.
Just made the jump after one year in a back office position to a 2nd year later IB Analyst position.
I do not know what my plan is 2-3 years from now, I’m not against staying IB for the long term but making the move to a top 10 PE fund is also in my potential vision.
This being said – my main focus is positioning myself as politically well as possible in the firm, learning as much as I can, and being top bucket.
I have a couple of questions if you would have some time to answer.
1) At a very sector focused boutique think 20-50 people, but very strong deal flow and solid deal size. Because of this the number of analysts is very small and they like to groom their team to stay for the long term (this is a plus for me). How would you “play” office politics in this instance?
2)If you want to maximize your options while still doing the best at your current IB job, what is the best knowledge to start ramping up on for VC/PE/HF/MBA; Current events in the market, investment books, economics books, etc?
Thanks in advance guys!
1. Not sure what this means. It is the same if you want to stay long term or jump ship. Get the big hitters in the office on your side. If there are 5 MDs, usually 2 matter at most. That will help you if you want to stay or leave.
2. Reading books on all of those topics would be a huge waste of time. Decide where you want to go (sector wise) then simply learn the skills for the interview. If it is consumer PE. Then you just make sure you can build a LBO in 3-4 hours and you learn the industry/valuation like the back of your hand.
Preparing for “all options” means you don’t know what you want. Decide first then move on.
Hello WSP.
I am 18 years old and I live in Scandinavia.
Firstly I would like to tell you that I feel privileged of having this information at disposal.
My questions for you are,
1. Do you think it is necesarry to attend college to get wealthy?
A powerful mentor of mine has told me it is not necessary as of today, but I would like your take on it.
2. Do you think grades in high school are important?
I have always been a bright and high achieving student but after I “swallowed” the red pill as a 17 year old, I have not studied as much and my grades have been lowered.
Thank you for your consultation.
Regards from the North.
1. No it is not necessary. That said if you have no way of directly adding value to people’s lives, you will never be rich. We recommend building those skills. Ie: if all you are doing is lazing around picking up chicks, you lost 5 years for every year you did not grow.
2. No grades in highschool are only important to the extent you get into a great university. If you can find other ways to gain access to smart people, then you are fine.
Have you guys thought about doing a post on setting expectations in different aspects of life?
I know you mention it a lot, and would be interested in seeing more in depth examples/advice on doing so.
Will consider it
Do you recommend IB –> PE –> HF for those who do not know what they want to do? I know I want to get into an investing role and on the buyside, but am not sure as to which PE / HF.
you need to decide if you want transaction work or stock analysis work
Also can you write a quick primer on dealing with headhunters? When to reach out(if they don’t reach out to you), what to say/expect and how to play the game?
Perhaps, but unlikely.
Why? Headhunters only care about making money and will usually try to make you lateral for the same position elsewhere for a mediocre pay increase. You want real contacts not a headhunter who only cares about placing you to pick up a check.