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.
Love the blog guys. I’m looking for some objective, no-bullshit advice, so I figure this is the place to be.
I graduated from university in 3 years while working for a local tech company while running my own software consulting company on the side. A few months after graduation, I decided to move to Beijing to work on my Mandarin (note that I am not Chinese), and as such, am currently doing consulting work for a tech startup over here.
As you mentioned in a previous post, I have traded business advantages—at least I think—for cultural disadvantages. My cost of living is virtually non-existent since my housing is paid for, and I’m able to sock away at least $3k/month. However, lack of access to certain resources (i.e. Google) which are essential to my software development (Android) significantly decreases my productivity and renders all estimates meaningless. While the owner is a nice guy, I’m in this for me, and quite frankly, I don’t think he has any business running a tech company—he couldn’t even set up a router. This makes it near impossible to have a conversation about the problems with his company.
So my question is this: Am I just being a pussy, or is it time to jump ship and head to the Valley to work for a real company?
1. Where is the money?
2. How in the world are you going to get rich saving only $3K a month?
You have your answer.
1. Money is in the State.
2. Definitely not a long term plan, but it gives me some capital to leverage later.
Point taken. Thanks for the response.
” There’s minimal life to live at 60.” Can you explain what do you mean by this? At my gym I have seen a lot of 60 plus males who are jacked ,healthy and in great shape. No medications needed and they have their own businesses. I get what you said about volunteering at a hospital. Been there done that.Guess what does people have in common? Bad habits ,diets ,vices and terrible lifestyles. You guys sound like everything goes down hill after the age of 55. Really? You have to look at all the variables. If you are healthy and you work out, read, work in something you enjoy, eat right you still can fuck, travel, pick up girls, etc. So what’s your point? Explain this whole age thing.
You are always richer at 30 than 60.
If wanting to eventually work in PE, is it better to go into Big 4 corporate finance or boutique investment bank?
IB. We have covered this numerous times, going to add to faq later.
Niche Elite Boutique known to pay very well or BB?
Please read the FAQ before asking repetitive questions.
Hey guys,
I think the general attitude here is that entertainment (i.e. t.v. shows, movies, video games, etc etc) is a complete waste of time to be avoided completely. But without at least a baseline knowledge in these areas, how can one be considered well-read (or in other words, is there really such thing as “useless” knowledge?)
Not to say that one should be wasting significant amounts of time with entertainment, but do you think it is worth being at least familiar with popular shows/music etc etc?
Best,
Your entire premise is non-sense to be honest.
If you’re fun, interesting and well read a total of ZERO people who matter will care if you know about the latest tv show or movie. Zero.
If you spend 1 hour a month on it (max), you will have more than enough knowledge of those topics. How long does it take to see who won the game or won mvp etc.? Less than 2 seconds. Knowing tv shows and movies, that has literally come up zero times in the last 10 years of living.
Guys what did you mean that You are always richer at 30 than 60. Can you please explain. Thank you.
Far too long for a comment. Read how to get rich by Felix Dennis.
Just recently reread your post on “Navigating Wall Street.”
Just to double-check, are you saying that straight out of college, it is better to go into investment banking rather than being a buy-side associate at Fidelity, PIMCO, etc? There seemed to be quite some debate in the comments section for that post regarding this issue. Can you elaborate?
The long story short of it is that very few people are qualified for front office work on the Buyside straight out of undergrad. Most firms would only offer legitimate slots to people who have been trained through a rigorous 2 year stint in the sell-side.
In general, knowing most are not qualified, they incorrectly take a back office job on the buyside which is career death.
If you were a top tier student at an Ivy league with previous BB summer investment banking internships + jovs offers from them then you’re probably one of the people who has a shot at a more legitimate role on the buyside straight from undergrad.
The debate is essentially a cautionary tale, very few are qualified and most incorrectly choose the back office job because of the name… Making their decision a terrible one.
I just reread the no marriage pitch book. You guys at the time mentioned George Clooney the ultimate playboy and how he avoided marriage and won some bets however what do you think now since this year he got married and surprised everyone? He’s 53 years old going to 54. Do you think it had anything to do with getting old and feeling lonely? He broke the code. What are your thoughts?
No thoughts at all, we just used him as an example.
1) getting married as no benefits financially
2) men can still get attracgive women at 50+ if they look sharp and are successful
Talking about celebrities and why they made their decisions is a discussion for people who waste their time with celebrity gossip. It has no place here.
Thought I’d post this also on here. You can delete the other one. Thanks in advance!
I’m currently a senior at a senior military college expecting to graduate this may with a major in Modern Languages and Cultures and a minor in Psychology. My school is ranked around #20 for alumni with highest salaries, but I do realize with my non-stem major I am at a disadvantage. Our alumni network is very powerful and our school endowment is even more impressive.
My question is: what advice would you give me? I realize that I would probably not be able to break in to WS, with my graduating GPA being about 3.1 and my major GPA 3.5, but what should I consider? I really just know I want to make a lot of money. Given the type of school I attend, I’m strongly reconsidering doing 3-4 years in the military and reaping the educational benefits of having them pay for an MBA after I get out, but would I be better off doing something else instead? I have very little desire to work in an office.
We do not cover careers outside front office Wall Street. We also have a full post on careers.
If you have no interest in working in an office, you must start a business
Good luck!
Hi,
Thanks for the response. I understand that. I’m simply asking from a monetary standpoint in terms of leveraging the most opportunity I have given my situation.
We have answered this numerous times.
There are only 3 careers to get rich. Wall Street, Silicon Valley (once you can command high equity), sales. Otherwise you have to start a business.
Therefore we suggest you start a business bc you have no interest in an office.
What are your suggestions to overcome erectile dysfunction? Currently an IBD analyst, brought a date back both nights couldn’t get an erection. Haven’t gotten erections during the day time as well. Realize this is probably a psychological issue. Recently couldn’t even get an erection from masterbating.
What are some steps to break this negative cycle?
We do not know, please see doctor.
I’m a junior at Iowa State University majoring in Finance with a 3.0 GPA and no prior business related experience, although I have always had a job in small town Iowa (pig farm if you can imagine). I want an internship for the summer 2015 in NYC so I can at least get in the area and start networking. Considering my situation, what lower level internship would you recommend so that I can set myself up for a tier 3 position in the next 5-7 years?
Second question: I’m planning on using my spring break to go out to NYC. I could possibly interview during this time. What other types of events would you recommend doing to get the most out of my week there to benefit myself in the future?
Thanks in advance.
1) network with friends and family first
2) then try career fairs related to your school
3) then look up career fairs in finance anywhere in your area
4) use linked in
5) worst case, go to career fairs outside your city
Showing up in nyc just to show up won’t do anything and would be a waste of time. Apply to everything in tier 4-6 and see what you get, you won’t know unless you try.
What age do successful people generally move out i.e. leave their parents’ home? I obviously would like to do this ASAP, however I there’s a possibility I can get a position that makes it geographically feasible to stay at home… despite the downsides, the motive is obviously to minimise costs and maximise savings… this would last until about 24 though, and I’m not sure in advance if this would drive me nuts. Thoughts?
If you have to stay at home for financial purposes, do so, but you should be putting in 60-70 hours of work in per week. Stay motivated.
Most people who stay at home fail becuase they do not learn, stay in dead end jobs and don’t grow.
You guys should write a post on using game in real life scenarios during the day with real life examples. What to exactly say. Conversation starters and how to ask for the phone number. Also how to create attraction through conversation using words.
No.
What are your thoughts on travelling during the early phase of your career? I’m just starting out, and like to travel every so often (week long trips every few months or so) but part of me thinks I should be leveraging all my extra time and money into building up my side business.
It’s fine if you do it intelligently.
When you take a week off the Company should be in pain/want you back asap.
As they say “when you take a break, make your absence felt”.
What’s the best thing to do with cash while saving for a real estate investment? Planning to invest in 12-18 months time so it makes no sense to go into equities as they are a long-term game. And a 1 year bond isn’t feasible as I’m saving the money out of my monthly salary i.e. I need somewhere to put my money each month.
Any suggestions?
If you need the money in a year (guaranteed) then you have practically no choices. Use a 1 year CD.
Currently a junior at a non target majoring in business management minoring in financial economics. Planning to graduate a semester early (December 2015) but am wondering if I should declare economics as a second major and stay for the spring semester. GPA is 3.5 and I have an investment analyst position this summer in asset management (tier 4, I know). Is it worth staying for the spring and adding a major to up my GPA? Also, I’m not personally paying for school if that impacts advice.
If you have a degree in financial economics, an additional degree in economics is not going to help at all since it is not related to finance.
1) what is your job for next year? Full time recruiting is done
2) if you don’t have a job, you actually want to delay a full year to get front office experience ebefore recruiting again. If you cannot do that you have to network.
Basically, the degree won’t help at all and you have to network starting 6 months ago. Full time recruiting kicks off again next fall/summer as analysts quit.
Not sure what you mean. My minor is financial economics currently, and I am asking if it would be beneficial to drop that minor and make it a second major, in order to stay in school for the spring semester of my senior year. I am a junior right now, so I am confused by the point about full time recruiting, since I wouldn’t be doing that until ~August of next year.
It won’t matter. Full time recruiting is done in August. The extra degree is not going to help at all.
If you want to stay in college another semester, go ahead, but again full time recruiting is already done before you finish your december semester.
Hello WSP.
I am currently studying my last year in High School working a part-time job in logistics.
After I finish HS, I have thought about moving to Norway from Sweden to work. The hourly wage is about 50% higher and there are a lot of extra time to get in where the wage is doubled or more. I also have family in Norway which grants me contacts and free housing.
The Job in Norway will probably be in logistics/storeman. The foremost reason for me to work in Norway is to make a lot of cash while still improving my physique. I am planning to work as much as I can (60+ hours/week). Swedish people also get a 10% deduction of taxes the first two years.
2. Also, recently I have thought of bartendering in a nightclub which could be a side income during weekends. Any opinons on this? This I believe is a nice way to earn money while still enjoying the work.
3. What is a respectable amount of cash that a 19 year old should have in the bank after a year of working? without spending it on stupid shit, of course.
Any opinions and thoughts would be greatly appreciated.
Thank you.
1) great side job for your age
2) as long as you are not in debt you are ahead
where do you rank sex and women on your personal list of priorities? how important are they? besides health what do you value the most?
Already answered
Hahaha. That’s actually a good suggestion we’ll have it removed. Whenever we get around to updating this old blog.
It has historically been used for rare offline consulting we do if someone with actual skills/talent reaches out and asks for help. We can just provide a link going forward.
(note it was removed, this blog needs a serious update getting cluttered!)
Where would Bridgewater Associates fall on your tiered map of Wall Street?
Bridge water is the largest hedge fund in the world. That is tier one no question.
So if one has to decide between between research at Bridgewater and IB at a BB, the clear choice should be Bridgewater, correct?
This assumes the person asking would just use the IB position to jump to a top HF in two years anyway.
I realize I’ve pretty much answered my own question here, but Bridgewater’s unorthodox culture and notorious non-compete agreements make this decision more difficult than it ought to be.
Assuming this is a front office role, ie: you’re a highly qualified candidate. Then yes just take it and there is no point in doing IB if you already have a legitimate hedge fund offer.
You seem bright enough to know if it is a legitimate role or not (all you have to do is talk to people who took the job 2-3 years ago).
All set.
What studying techniques were most useful to you? (Tried searching couldn’t find anything)
Thank you for running a search.
We haven’t covered that, are you talking about school? Post college? Or what area.
School in general but interested in how you take on technical subjects.
That’s a great question, will have a full post on it!
Thanks for the idea
Looking forward to it!
When looking at biographies of successful people in business, they usually only include their university degrees briefly at the bottom and exclude high school/pre-university records.
At what age do you remove everything pre-university (like grades and subjects) from your resume, and only include your university course + result? Is it after your first job?
I live in the UK and we have GCSEs, then A-levels, then degree. I have all three pre-first job, but I feel people won’t care less about the former two beyond my first job.
In the USA no one cares as soon as you start college. It is no longer included from day 1.
In the UK we do not know and have no experience so we cannot comment.
In response to your post on getting rich, and to piggy back on some of my earlier posts:
Would you include full-time school in that 12+ hour range? In other words, doing something that is likely to create significant future earnings. I work and go to school full-time. So while I put in a lot of time, I am not seeing an immediate return. Obviously my goal is one of the three careers (wall street), or to start my own business.
12+ hours refers to efficient work.
For your position that means
1) the bare minimum to get a 3.5+ GPA
2) as many hours as possible in finance related work experience (see our post on the tiers)
3) everything to avoid debt
4) personal business ideas
In that order. Once you are all set with your career, the only goal is 1) business ideas/starting and failing with them and 2) performance at work.
Thank you. I have gone into “minimum to not get fired mode” in my current job.
Regarding #2. Is there anything I can do in the meantime to fill that time? Would spending time reading say, “The Intelligent Investor” and other finance titles be considered time well spent until I get into finance related work?
#3, working on it.
I am seriously thinking about getting into Bitcoin. Cryptocurrency market fluctuations seem promising and right now there are several bottomed out “coins” to invest in (a.k.a. penny stocks). Plus, the bitcoin itself fluctuates between $200 – $500/bitcoin. What is your advice on Bitcoin trading?
Zero interest in it. Not needed to become well off. Will not be covered on this blog at any time in the near future.
Can you guys do a post on asset protection/taxes. It seems like many of your readers would be making an income level where giving up their US citizenship may be worth it.
We got this a couple times, will add to the list.
Hey guys,
I don’t know if you’ve already done a post for older guys. If not, some of us are stuck and need some advice.
I’m 35, just got engaged to someone 10 years younger, work at a bank in NYC, pull down $180K base / $200K bonus. Bought a condo in Westchester. Have probably $1.2M net worth, $900M cash.
I will likely get promoted to management next year with overall comp > $500K, so maybe I’m being over reactive, but the work has grown tedious. Commute to GCT and back gets old quickly. I do enjoy aspects of my job (senior credit officer), but everything bleeds together after 13 years in the industry. Most friends are gone as they’ve left NYC, started families, and don’t have the energy to maintain friendships.
I’m starting to feel the age thing. I get more fatigued. Libido’s down. I go to the gym, but sometimes can’t finish. I eat super healthy, but it’s not doing much. Want to look forward to marriage and kid(s), but the thought of having to do 20+ more years of this is frightening.
Any advice? Or refer me to a post that you’ve written with older guys like me in mind.
And for you younguns: If I were to do it all over again, and if I had stumbled on to this blog when I was 22, then I would’ve gone straight into I-banking with the thought of starting a business sometime in my late 20s. Probably would’ve started in Hong Kong rather than in NYC for better partying/travel. However, can’t turn back time, so trying to make things right now.
Assuming you’ve got your lifestyle inflation in check this really is up to you. Not sure how we can help.
You are financially set, have a great career.
The answer seems obvious on this side. You are saying if you could do it over again you would start a business by 30… So the answer of course is for you to start a biz.
Ddr, why would you do anything over again? why start out in banking? you made more than most people who started in banking at the same time as you.
you’re living the dream. engaged to a young girl, great career and job. dont know how much more you can ask.
depending on lifestyle inflation, like the website says, you can leave anytime you want…
Hi WSP,
Your blog is fantastic and has taught me a lot on self-improvement. By the way, I am a 23 yo female working in tech/media, planning to go to business school in 4 years and break into investment banking afterward. I have been very interested in IBD but was late in the game because I didn’t know how to network + lack of communication skills during my undergrad years.
I am hunger for success and willing to work extremely hard for money. My biggest concern is, my friends say that my personality is too nice/cute to work in finance because people tend to be very aggressive and cut-throat. Do “being nice and humble” and “finance” go together? Should I consider changing my personality and using the fake it till I make it kind of approach?
Sorry for the dumb question but this has bothered me lately, not only in career but also in other aspects of life (i.e. dating). Thank you in advance.
Sounds like your friends are either not in the Industry (see don’t have a right to an opinion) or aren’t any good at the job.
Being happy and nice is actually a huge benefit.
Being a pushover and soft is not.
There is a material difference, you should be happy but “intense”. This means it should be very clear you’re serious about being successful. People should view you as an extremely nice and helpful person but not someone they can step on.
Your personality will be fine. As mentioned before the real issue with women on Wall Street is they are usually given less hours. They simply don’t ask for more work. If you get into the street you simply need to be proactive about doing more work and being more “intense”. This was mentioned above by another commenter.
Location independent income sounds like a great idea. What are some great ways of developing it through investing? I know you can do it with an online business but what are other ways of doing it?
Search bar, passive income
What is the best way to get a quick understanding of a company? (basic understanding)
Ie. MD says he’s going to pitch this company in 3 days, get on this call in 10 minutes and speak to xyz to extract as much info as you can. What do you do in those 10 minutes if you know ZERO about the company?
Search bar, facebook example.
Never get on a call blind, that is just foolish.
I work an investment bank in the legal/compliance department. We have a pretty stringent pre-trade clearing policy for personal trading (I know some banks function on an honor or disclosure system). In light of this, what is your best strategy for personal investing? Should one do personal investing at all?
You are on strike one already for being banned. You are asking questions that have been answered here many times (this question is even in the FAQ listed at the top of the page?). We have a three strike and your out rule going forward.
Even if you work in compliance, you can buy the market index (voo) without any issues. Dollar cost average into it, as we have stated… Again at least 100 times.
Hey WSP. Love your Blog.
I am Austrian and started with my Undergrad in October. Dreaming of getting into IB. (I know, I know)
What would you recommend as first internship? I heard that Big 4 Audit would be a good first internship.
Or should I just directly try to get an internship in Frankfurt at a small IB. Probably really tough to get in without any internship experience. Want to get to the US longterm.
Thanks so much in advance.
Search function, navigating wall street
We will add this to the FAQ. Always choose the job function (ie your actual job is as close as possible to the position you want). Therefore a small boutique in IB is always better than some accounting job.
Opinion on using drugs like weed whilst in college? (not interfering with grades or work)
Strike one, you didn’t even bother to put the word drugs into the search bar.
Hey WSP, I’m in a weird situation. I started at a small no-name boutique this summer and no one in my analyst class has taken the series exams yet. A couple of the MDs said they postponed any of us taking the series exams to December because the bank has been extremely busy and therefore can’t spare any analysts at the moment. However, work hasn’t slowed down, so now they’re saying that our series exams will be postponed indefinitely (probably until February or March). Will this be a problem for lateral recruiting?
Nope, won’t be an issue. No one will care.
I know that you don’t recommend premed, but what do you think about medical school and then becoming a medical consultant (from a quick google search McKinsey and BCG are two institutions that hire MD’s). I’m a sophomore, and have already taken many premed classes and it would be impossible for me to switch without taking a 5th year. On top of that, I go to a liberal arts college (albeit top 10, but little to no recruiting). Would just going to medical school and being a medical consultant be my best option?
What exactly is your goal? If you want to be a medical consultant or go to medical school this is not a great resource as we have no information on either. Not being rude we just don’t know as mentioned at the top of this page.
If your goal is to make money, again, you must go into sales, Wall Street, Silicon Valley. Otherwise you must start a business. There are no exceptions.
Hey guys,
Do you think a better categorization system can be implemented for past/future posts, beyond the three large buckets of life, personal finance, and wall street? For example, break Life into Health, Education, Career Advice, Game etc etc or whatever segments make sense to you.
Although this is a big ask, this could cut down on the repetitive questions (assuming these questions come from not knowing exactly what to search, as opposed to sheer laziness) and allow new visitors to explore past posts more effectively.
Not enough posts at this time, if people can’t scroll through ~150 post titles, we don’t want them on this blog anyway. They are lazy. Especially if we have a clear search bar. We only do 1-2 posts a week after all and the blog is 2.5 years old.
We’re becoming more stringent on the repetitive questions and once we get to the redesign process (early next year) we can implement quicker banning techniques. We will also add an archive for additional navigation.
Question for you on your “navigating wall street” map. I am 33 yrs old, live in a large NE US city, have an MBA from a lower tier business school, make $150k/yr salary+bonus and have a side business that generates about $100k/yr of passive income. I work in tier 3/tier 4 corporate finance- in a family office doing both financial reporting and due diligence on new VC and commercial RE investments.
I feel that I have hit a plateau with my salary+bonus. Recommendations on how to break into IB or PE for someone in their early 30’s in my situation?
The only answer is networking in your shoes.
If your position is sales based (try to get into a sales role at a desk), if your work is transaction based banking is your best bet.
If you don’t have either, you have to scale your business or sell a business, then you have a shot at a VP role in IB.
I have read through “Guide to Rational Living” and others, but still have trouble executing at the very time action is needed. In response to a number of post (Time Waster, Be Exceptional, Average Man, Study Habits, etc.), do you guys have any specific advice on reversing/deleting negative and self-defeating habits, as well as, increasing focus and breaking lapses before/while they happen?
Anyway to develop that killer instinct?
Keep a journal. It sounds like you made 5 or 6 smart adjustments over the last 6 months. Nothing changes in a few months, however if you keep a journal you would ha e realized you improved slightly over the last 6 months.
If you keep one you are going to be able to look back 3-6 months and laugh at your previous ideas/accomplishments.
We suggest doing that starting asap. Keep chugging along and review the items you already listed above.
Solid.
I kept one for a week and had a hard time justifying time wasting activities at the end of each day. Fell off and made excuses instead of picking it back up.
Thanks!
Get back to it then we have a post on journals. Go ahead and read the first 3 entries and compare it to what you’re doing today. You should see large gains.
what are your thoughts on online game/dating? what do you think about websites like plenty of fish for picking up females? there’s a huge market of single women online…it’s ridiculous…
Unless you are a good looking guy it is generally a waste of time. Your quality will go down.
Quality is generally as follows:
Social circle > day game > Night game > too scared to approach a woman dorky online game.
Just to piggyback of WINNER’S comments,
how do you go about building a social circle with attractive females? A couple years ago it was a huge fad in the pickup scene which i never agreed with, but my social circle primarily consists of College friends and their friends. How do you guys go about building a social circle with more attractive females?
You need to go way higher up the value chain after college.
College is easy. After school you need quality friends not just a couple of cool guys.
Owner of restaurant, bouncers, club promoters. Those three are the easiest and the foundation to a cool group to know. The key is *high value* cool guys not girls, when cool guys are around the girls show up… Becuase a high value guy wih game always has girls.
By definition, most people after college fall off the map and fail. You only want the 1-3% who don’t.
Hey,
Appreciate the advice! Look forward to putting it into action
Holy shit, I just got called by an associate I sent my resume to. Cold emailing actually works, thanks for your guys’ advice on going for the boutiques. Just trying to break in!
Ha everything on this site works. That is why it is obvious when a person is or is not taking the advice.
WSP, i know you guys have said before that a large majority of readers are younger, i think there is a sizeable number of readers past 30 and i think articles for this age group are also relevant to everyone of all ages as it’s issues and stuff they will face too in the coming years. one of the guys brought it up in a earlier post, and myself, i really wonder what the point of all your advice is here. that reader is the perfect example of following all your advice (wallstreet, gym, young chick, self made money), and if you look now, he’s left just worn out and empty in the end. is that the target goal of what you want for all your readers? can you help give everyone of all ages more direction on the life that we should be living by following all your advice?
Everyone has their own personal problems, the problems he has is entirely unrelated to the rest of the world. If you are rich, successful and young…
Absolutely nothing is stopping you from quitting entirely and simply doing what you want. Which is our advice.
If you are already financially set, healthy and young and cannot figure out a way to be happy we cannot help anymore. All you do is simply stop doing anything and everything that makes you unhappy!
It really is that easy. If you’re burned out and are a multi-millionaire… Quit! If you’re thinking of starting a company… Start one!
We cannot force someone to drink water, he’s already set and is simply bored.
—-
Think about it like this.
If you don’t have to work for anyone. You don’t have to worry about your health. You don’t have to worry about large expenses… What is stopping you from doing whatever you want every single day of the week?
Nothing.
So our answer is go out and do whatever you like for the rest of your life.
Travel? Go ahead.
Into fitness? Become a personal trainer.
Artistic? Go take art classes
Musician? Take guitar lessons.
Go and do what you want, you should be free by 33-35 to do whatever you want. Any “issues” are simply self inflicted masochism.
WSP,
Thanks for taking the time to leave that sincere advice/response. It’s really thoughtful.
Basically, you’re equipping all of us guys out there to work hard now and be able to be free and follow our dreams by the time we’re 33-35 and be happy living how we wish. Sounds like a good deal.
Yep you got it. We may do one post on this but additional posts are not really needed.
1) keep your health in check
2) get rich
3) do what you want
If you are healthy and rich there is nothing stopping you from happiness. If you have extremely poor social skills and have zero friends the answer is to spend every second working on your social skills. If your career is boring, quit. If you hate certain clients, then tell them you will no longer work with them.
Get to independence by 31-33 and you’re done, you have 27 years to live as you like at the expense of 10 years of hard work! Easy decision
Much thanks. Happy thanksgiving to you guys.
Not a question but just want you to tell a quick succes story about cold emailing.
I used the same technique as last time to help a friend (legit guy, great motivation just not the right knowledge yet) get an internship (Who am I, What have I done, What I want to learn, Why you). We mailed the agency yesterday at 10pm, he got a great reponse at 10am today and has an interview tomorrowing.
Keep up the good work guys! Loving the advice.
Good work! Spread the truth!
This is exactly why we can tell who does and does not take the advice here. If you have a decent résumé/potential and you craft a short and to the point email… People will respond!
Hey Wallstreet Playboys,
Would like to be mentored by you guys about getting a good carreer/ making money by investing to get financially independent. Would obviously pay for this monthly. Just tell me a price.
I am based in Europe. Life is good, I have a lot of success with women but messed up in the career department due to studying the wrong subject in University. I succumbed to the vicious cycle of getting jacked, chasing pussy and getting rewarded for this, by getting laid regularly. Problem is: I let my carrer/money making skills slide. I have no debt, work as a trainer in two separte gyms and make enough money to get by. The carrer I would be able to pursue with my degree does not pay that much and I wouldn´t enjoy it.
As I see it, I fired two of my three bullets already http://wallstreetplayboys.com/managing-life-decisions-to-make-100k-a-year/ and I am facing Billy the Kid in a gun fight. Need a little help to figure out my next steps in terms of carreer.
Thanks
We do not trade time for money so we do not do any mentoring in exchange for cash.
On a glance the answer is clear, you need to find a way to start your own gym/fitness company.
If you have a list of clients who will work with you, then you would have enough to become a personal trainer without giving a cut to the company you work for. We do not know anything about starting a gym/personal training company, so you should look up all the information and find guidance from an expert.
Which bank accounts do you recommend for personal finance assuming there will be daily/weekly transfers and debit/credit to that account? Also for cash deposits? ie Chase, Wells Fargo, Bank of America, credit unions? (or whatever else you recommend)
It is not a business account but money will be made there. Thanks!
No bank to recommend they are all about the same. Generally you probably already have a credit card tied to a bank. Keep using that one. This helps your credit score.
Keep your balance at a month of living expenses and nothing more, keep investing instead.
If you are doing a particular type of transfer, just call each bank and find out which one has the lowest fees.
How can someone get their credit score in the 800s? I make small purchases every month and pay it off completely at the end of the month however my credit score is still 720. Any suggestions?
Not sure why you need an extra 80 points but.
1) get an extremely small rental investment (mortgage) and rent the house out. You need multiple types of credit to increase your score
2) wait, another portion is credit history length (never shit down your first card)
3) when you apply for any long term loan to diversify credit (mortgage) have all your credit cards at a $0 balance for a few months (ie: stop using them).
I’m a first year analyst (broke in slightly late at 23) in IB.
I’m looking to create a side income stream and have set sites on copywriting/internet marketing. That being said do you think copywriting or sales in print would also help in the writing of a CIM for example or in marketing docs that are sent out to prospective buyers in sell-side m&a?
Great skill to have for side income. Completely unrelated to writing a CIM due to tone and product being sold.
Overall great idea to pick up the skill though and can be done on downtime at work.
First of all, great site. I’ve read through a number of your posts and interviews on WSO as well, which was informative too. Most of your posts are aimed at college kids. However, I’m hoping you could do a post on people who are out of school for a few years, since you’ve recently written one for people who are well into their thirties.
I’m 25 and discovered IB and front office roles very late in general. Currently in a small CPA firm. The pay is shit and there’s no way I can save anything, much less $500k by 30. I’ve already wasted 5 years, I got 5 atleast 5 more to push myself. What would your advice be? Focus on CPA? MBA? I’m hesitant to get a second job so I can focus on studying for CPA etc. I’m contacting people for informational interviews to learn more. Would really appreciate some guidance
Strike one, you didn’t read the faq when it is clearly answered there. Not being nasty, just trying to avoid redundant questions as you see this was asked many times before in this page alone.
Over 25 = MBA asap, a CPA is useless for ibd. Good luck sir
What is the next course of action when you run out of money investing in an index such as SPY with a DCA strategy? For example, $1,500 quarterly. Do you leave the money in the index and just don’t contribute and expose yourself to the volatility of the stock market? I know a simple solution would be to earn/save more but that is easier said than done.
Correct, just leave it in the checking account until you have another $x. Transfer it over and invest when ready
after working in front of a computer in a high paced environment thst require a lot of thinking, I can’t seem to get out of my headspace for a while or even for the whole week of work.
Any tips for staying “charismatic”, present, and social while workin 14-17 hours a day in mentioned environment?
Best way is to take up day game. You should always run “work game” ie: be the most liked person in the office.
If it is messing up your social life then take 15 minutes twice a day to run day game at a coffee shop or somewhere a few minutes away in a crowded area. Should be all set after that.