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.
Any chance of coming up with products/posts about PE recruitment and the entire PE process? Recently saw WSO coming out with a PE prep package done by a former Vain associate. Would be interested in seeing others perspectives / from a higher level (VP and beyond).
Zero percent chance.
We don’t believe in creating products or services that are built to simply take money from people. It sounds rude but it is true.
Example 1:
Financial modeling classes before investment banking. These business models are built on taking your money due to fear. They know you just got your signing bonus and are eager to perform on the job so they sell you on a financial modeling prep course. These courses cost $2,000 or more and are a waste of money. Some of our writers have taken them and again, may as well have set the money on fire. All your modeling will be firm based and templates are already set up.
Example 2:
We continue to get questions about PE interviews which implies that most readers are 20-22 years old. They just got into investment banking and are looking for the next step in their careers. People seem to be missing the point. If you have on the job work experience, ie: worked on a buyside or sell side LBO… You already know how to interview for private equity.
Don’t buy products out of fear and emotion. We will never create such a product. The modeling courses and preparation courses may sell but they are not going to compare to real world experience and real world connections. Save your money and do the hard work: politics and perfect IBD performance.
No matter how many times we state the same truth people are going to buy though, so when you get into PE perhaps you can create one yourself!
Now if they offer something such as “speak with X person at X firm for a rate of $x” that would be of value. You could ask about the firm specific process, get a feel for the culture and maybe even avoid joining a better shop.
As always connections > pieces of paper for preparation.
If you’ve expressed your interest to move into IB through email to MD/Partner alumni (non-target) level through cold email just asking to pick their brain and they’ve come back with:
“send me your resume, or ill be happy to pass your resume through to recruiting” with no offer for phone call.
How would you handle this situation to get the most out out it?
Send in the résumé saying thank you and ask for a phone call/time to chat. One sentence, include your phone number and name in the signature.
Thanks for the response. I’ve gotten a phone call with a VP at an extremely solid smaller bank.
I sent resumes to the higher ups… I asked one for recommendation on who to follow up with, and the other just my resume and saying I look forward to speaking soon.
Would it be acceptable to follow up on Friday afternoon, if I had just sent the first email Tuesday? Or what would you recommend if you don’t hear anything?
One week rule is a good way to operate. Meaning give them a full week to respond before following up. We have mentioned numerous times in the past that the best time to contact is generally on Fridays
I’m about to turn 27 and am currently working as an officer in the US Air Force. In line with your stance on minimalism, I have maintained low expenses since graduating college. While I have been good at saving money, I have not been great at investing. I have about 100k in tax-advantaged investments (Roth IRA: 50k in Vanguard reit index, 50k in Thrift Savings Plan G fund). Additionally, I’m currently sitting on about ~185k in cash I realize I’ve missed some opportunities, but how would you handle this situation? I’m a little hesitant to just dump it all into an index fund. Dollar cost avg @ 10k/month? I have pretty solid cash flow and am currently saving around 4k of my paycheck on a monthly basis. Thanks for the insights.
In this environment we believe you should always own assets. Stocks/bonds etc. If you have 185K in a checking account that is losing 1-2% per year in buying power, every single year guaranteed.
Again please see the book recommendations on the approved products, if you haven’t read a few books then don’t jump in.
What are your takes on the Facebook Whatsapp deal? Must have been hell of a pitch by Allen and company.
No comments on individual securities.
What are your takes on the nofap movement? Justfied, or just a bunch of baloney?
Not sure what you mean better to have a girlfriend at the minimum. Spending your time jerking off at home alone is about as pathetic as it gets though.
My parents had to really persuade me to go to university. My ambitions were sky high beforehand and were also throughout the first year. I’m in my second year now and my ambitions are the same, but my motivation and drive has really drifted off. I no longer want to work for long hours, I just feel insignificant in this environment. It’s probably because I ended up in a poor university, relatively speaking. I am still looking at good options through family connections when I get out, but I feel like I’ve lost myself somewhat. It’s just: wake up, eat, go to university, study, freelance for some cash, go to the gym, sleep, repeat. Any ideas to help keep morale boosted?
On a glance it seems like you are stuck in a mundane routine. If you are not improving at the rate you want to improve, you need to mix up your routine by picking up a new hobby or expanding your freelance work etc.
If you are bored there is no way you are working anywhere near hard enough for what you want in life. If you delay hard work you will pay for it 100x more when you are older, don’t let that be you. It is possible to work 80 hours a week in your 20s, try that at 35 and you’ve already lost the game.
Every day you don’t feel like working realize that no matter what you do that time is lost forever. If you’re not motivated by the fact that you’re dying everyday in a game that is an uphill battle then nothing will motivate you.
I’m 17 years old and have received offers to study Accounting and Finance at 4 of the top 10 universities in the UK. I am also in the advanced stages of interviews at one of the big 5 Interdealer Brokers. My long term goal is to run my own business/ property development, but I do not have the funds to do so at present. With that in mind, should I take the job at the ID broker, or go to university and move into Sales/ Trading afterwards? Thanks, Jack.
We have no knowledge of Interdealer Brokers so we cannot comment at all, in addition we are not located in the UK. We have no experience on the subject.
You should contact people within the business and explain your situation, find someone who was in your shoes and use that as guidance.
Hey WSP in your hacking the 401k post you suggest rolling over your 401k to a Roth on December 31 of the year that you switch employers. Does this assume that I already have a Roth IRA or should I wait until jumping ship to start one?
This always depends on your tax structure.
1. Yes you should max a Roth IRA if you can contribute. The principal can be pulled out so you may as well let the $5000 grow tax free. Again this assumes you can contribute.
2. If you roll over then you have to be certain about the tax changes for your income brackets. As an example if you are moving from State 1 to State two and you know state 2 will have lower taxes then it might be a good idea to rollover so you can gain access to the principal in 4 years. Again this depends.
The 401K post was meant to show there are ways to make your money (the principal) liquid. Your goals may be different so choose accordingly.
Simply put a roll over means you have access to the principal in 5 years (or 4 years 1 day if time appropriately) and the negative side is you pay all the taxes at that time.
Hi. What do you think of going on holiday/vacation as a student for 1-2 weeks if you save up for it? This is not what I want to spend my money on, I’d rather save and invest, but in the grand scheme of things the money won’t be much to me (looking years down the line). I basically have an opportunity to see an old friend in a country that I’ve never been before. Actually, I don’t think I’ve even been on the continent, so I can class it as “travelling” rather than simply “holiday/vacation”. I don’t need a holiday, but what do you think; worth spending the money experiencing another culture, or not really? I also hope to get some kind of internship/work experience in this summer.
P.S. I have a connection in an IB firm. Since I won’t be able to get into an official internship this summer, and let’s say for whatever reason not next summer either, do you think it would be just as valuable to “turn up” and offer to work for free anyway, just for the experience? So you’re getting work experience in the firm, just not on a recognized program. Thanks.
Hard to tell based on your post if this is going to occur in the summer.
That said if you are asking do i visit a friend or take an unpaid internship at an investment bank this is not even a discussion. You take the job.
If you want to spend a few bucks to visit a foreign country that is fine but you do not ruin opportunities for it. A good time for a 2 week break could be during winter vacation or a one week break during spring break and finally you can always set up a study abroad program you senior year when you already have a job offer in hand (recruiting in the Fall).
Simply put yes a few thousand dollars to see your friend is fine but you would be a fool to choose seeing your friend at the cost of legitimate work experience.
To clarify: yes it would occur in the summer, no it would not replace any work experience (I’d make sure of that) and the work experience would be outside of any summer analyst program. Basically, since I have a contact inside one of the BB firms, I could just “turn up” and get experience. Anyway, thank you for your response.
Nice no brainer then. Take a week or two and have fun then get that BB experience!
What’s better for overall fitness: Once a week long duration workout, or mini ones spread throughout the week? E.g. Long full-body workout on Sunday (1.5 hrs), or quicker workouts spread throughout the week (30 mins each)?
Unsure have never done either regimen.
Even if you work 80-90 hours a week fitting in 5 hours of exercise a week is still doable.
Where would you fit the workouts in? Assuming leaving for lunch is not available. How you had more success working out at night or in the early morning?
Unless you work market hours hit the gym before work.
Generally there is a gym in major buildings or at least within a few minutes walking distance to work. So the timing is not an issue.
Trying to work out at night is difficult because you are usually exhausted from cognitive work during the long day.
Quick question: in the case of a bankruptcy, will maturity date affect seniority? Assuming we had 2 senior debt, one is due in 2015, and the other in 2020. Would the senior bond due in 2015 have a higher claim than the one due in 2020?
Very tough question but a good one.
The debt structure payments depend on claims not on the year to maturity. So as an example the secured debt holders on the assets will be first in line followed by the unsecured holders.
So in that case you’re getting paid at the same time because you’re in the same tranche.
However… Generally when debt is issued you’re going to have different rates to reflect risk so you’d have to read the filings to confirm.
So TL;DR 1) find the secured debt 2) find the liquidity preference and see if there is a difference based on year. The reason why a glance you say no is because by the time secured holders are paid there is basically nothing left.
Hope that helps.
Note: for fun this is why when you build out your LBO for a interview you should keep it simple in terms of debt tranches, three is usually enough with a revolver, senior debt then sub debt.
WallStreetPlayboys seems ambitious (whoever the collective is comprised of). You have even stated the reality of building real wealth, which is to start your own company in most cases. However, I continue to read that you still work in finance. The skill set built in finance is obviously top-notch, but do any of you plan to ever actually leave to work on your own company?
Who says you can’t do both? You simply clear your business with the Company, many people on the Street run their own businesses as well.
As you move up the food chain your hours come down. If you end up hating the world of Wall Street and have a business up and running then you are free to quit at any time and you no longer have a single income stream.
Most people who last more than a few years enjoy the work on Wall Street.
Best way to cultivate good game without alcohol?
No different than anything else. Go out as many nights as you can and talk to as many people as possible.
Alcohol is not needed for game, it certainly makes game easier but overall you don’t need a drop. You simply have to own the fact that you’re not drinking. If you’re having a good time and everyone enjoys being around you there is no way people will think you’re odd or weird.
What is your mindset when you go out to with friends/to pick up girls?
Is it a “rage” party mindset, or more of a chill whatever happens mindset?
Generally speaking the party mindset is for younger people. If you’re in the party mindset puking and drinking like a fish then you’ll be seen as the immature party animal type. Which certainly works until a certain age. Both a relaxed and party person mentality work.
At this point there is no mindset it is just your personality. If you don’t enjoy going out and meeting new people you will never be good at it. This is why angry unhappy people never seem to do well with women or with their social life. They are cancers to the environment.
This is so very true… something worth reading twice for some people (including myself), especially “If you don’t enjoy going out and meeting new people you will never be good at it.” Key word: enjoy.
do you guys mange to daygame with such long hours? or do you just stick to bars/clubs?
There is no reason to take several hours out of your day to simply day game. Just add it to your regular life. If you are shopping and see someone you find attractive just start talking to her.
If you’re new to everything it may be helpful but it is certainly not necessary to drop everything and set aside 4+ hours straight just to day game.
As PE recruitment season is opening up, what are some insights and critiques from the interviewer’s perspecties? What are some improvements that one could do to differentiate himself?
The next week or two is going to give you some seriously good reading material.
Get ready to press the share button with all your friends interested in PE.
Stay tuned.
I know that you sometimes mention cigarettes as a good “party favor”. I also enjoy bringing them out as a social thing – however when that turns into 2-3 nights a week it can be bad.
What are your overall thoughts on smoking?
Just like alcohol you don’t need it. Just like drugs etc.
The idea is that you can use it as a boost just like alcohol. Say you’re in a rut or had a crazy month or two at work then you can just bring out the bag of tricks, you wear your best spout fits, you go out with a heavy cash based wallet to push your momentum, you spring for the best logistics if abroad you… Etc etc.
So overall 2-3 nights a week sounds like a lot. Maybe 1-2x a month.
Hi. I enjoy reading your blog, WSPB, both financial and Game sections. Advices you give have turned me into a red-pilled guy with addiction to improving. My favorite posts are: 20 rules for your 20s, 10 ways to change your life TODAY!, Castle in the jungle. These posts I have read about 6-7 times.
Do you guys consider sharing more life advices? Hearing something from playboys is invaluable. Thanks.
P.S. Sorry for grammar, I am not a fluent speaker yet.
Not sure what you mean in terms of post types but we are changing the format over the next week or so and are adding different contributors at the moment to split the posts into the categories better: Ie: closer to 3 posts a week 1 on game “(ie: life), 1 on personal finance and one on the Street.
My father’s company needed a website last year and I agreed to do it. Eventually it turned out to be way over my skill set, but since it was family I continued to push through it and try to learn. Now almost a year later I still haven’t finished and errors keep showing up and there’s seems to be no solution. I’m getting very little pay and have already said I’m struggling beyond belief. I have promised something I cannot deliver and I feel distraught and worthless and angry with myself. I hate not only wasting my time but disappointing others, but I’ve said yes to something I should have said no to, or at least a lot earlier.
How would you get out of this situation in the best way possible with no obvious solution? I’ve promised to fulfill something I cannot. After all the hours and days I’ve put into this project, it’s all for nothing. I feel like jumping in front of a bus.
To be honest here it sounds like you’re talking to the wrong people. We don’t work in web design.
If you want to fix the website maybe you can hire the remaining portion out and go back to a new job? Again we have no idea.
Your situation is unclear and you should try and find someone who designs websites to help you fix the problem or have a convo with the family.
What’s your mindset approaching a new girl? Is it:
-I’m going to bang her
-I think she’s cute, I want to see what she’s like
-I want to validate myself even more because I know she’ll like me
-None of the above (please elaborate)
In addition – how does this mindset help you get rid of any anxiety around the approach
Everyone has a different mindset.
The only way to get rid of anxiety is desensitization. Lets say you have slept with 100+ girls, do you really think you’re going to care what the next one thinks about you? Not at all so you have no anxiety. This applies across everything in life, if you have added two numbers together a billion times you’re not going to be nervous heading into a test that is entirely based on your ability to add numbers… because you’ve done it a million times before.
Confidence is competence.
People change over time but generally the best vibe is always “having a fun life and you ‘happen’ to bump into her/start talking to her” – girls eat that up.
Of the ones you listed it is a mix between 1 and 2, “she is cute I am going to say hello because I have nothing to lose. If I get her great if not well she just lost the man of her dreams” the last part is veteran level mindset because you really believe it after your life is a success. It is much easier to gain confidence when you know you have a life worth being a part of.
Would you say you need a high IQ, realistically, to run your own hedge fund? I’m not referring to the starting of a hedge fund and the marketing to raise capital, but to achieve returns that beat the S&P 500 perhaps by a percentage point or so, or roughly equal the S&P 500 but with less volatility (and for an extended period of time).
Can you do this with hard work, or are long/short-equity hedge funds really only for people who have above-average intellectual ability?
Believe you are asking “do you need to be smart to make money” the answer of course is yes.
People can talk as much trash about hedge funds as they like but the ones who cry the loudest would never get an interview in the first place.
OK. So what did you mean when you said in order to be successful you either need to start a company and be smart or start a company and work hard, or something to that effect?
Sure the point of that comment is that there is no way you will ever be rich working for someone else.
“You are climbing someone else’s pyramid or you are building your own”
If you want to make a million or two, Wall Street, Big Law, Consulting and Engineering will get you there. If you want to be worth $10M+ you need to build a company.
Absolutely agree, I’m not actually interested in hedge funds I was interested in your opinion on the “IQ criteria”. Aside from high-level finance, I think an average IQ will suffice, provided that it sits next to an sociopathic work ethic.
Started in consulting for my first year after school, left to join the RE group for the MM Bank I had interned with in college.
Got screwed on bonus and raise – so I am looking to move to a new company.
Am i a toxic candidate if i have been at two diff jobs since graduating in 2012?
That is a lot of hopping around, generally you should have about 2-3 years staying power to have a solid résumé that doesn’t raise flags.
However… You are very young so 1 more hop could be done but after that you should stay for at least 2 years so your résumé looks much cleaner.
I understand the irrationality of caring what people think – but for some reason I still tend to care.
Can you give me a quick summary of your mindset around this and how one can develop that belief system?
Thanks
This is simply a belief system. How can you let someone you have never met before impact how you feel about yourself?
It really is just a stem of insecurity.
If you are actually successful and someone you have never met starts talking garbage to you, it should be humerous because they are burning a bridge with someone who can help change their life. Bad move on their part right?
What are your thoughts on multi level marketing (ACN in this case) as a part time hustle?
What are your other options? If you are good at it and it generates a decent income don’t see why not.
However… Disclaimer again…. We don’t work in multi-level marketing so find a mentor in MLM.
Hey Wallstreetplayboys, I would like your advice. I am 21, still in college and living with my mom, little brother and grandparents.
Before my father died, my mom and grandparents would blame me for random stuff around the house or that happen to them, but my father being a reasonable man (most of the time) would shut them down. It seems my parents hold the archaic viewpoint that adults (or older people) can do no wrong and should not take criticism from younger people, no matter how true it is. After my father died I have found it unbearable to live in the house. Everything that happens to my mom she blames on me or my brother (especially me) and she constantly bitches about everything. If she doesn’t like something, she won’t ask nicely and quietly to not do it, she will start screaming at the top of her lungs (over the most trivial things), bringing in random issues into the conversation that have nothing to do with what the original issue is about and begins blaming me for starting it all, totally ignoring the fact that she started screaming first. In short she has no emotional control. I guess I don’t either, because when I get yelled at for no reason (or an insignificant one in my view) I get annoyed and I will say something innocent that causes my mom to yell more. She begins to blame me for starting the fight and when I explode and start yelling back she’s like “why are you yelling at me! You have no manners, blah blah” totally ignorant of the fact that I didn’t yell at her first, and I was initially minding my own business not bothering her. Of course my grandparents join in and start yelling at me for yelling at my mom. If everyone tells me that I am at fault, I begin to think that maybe I am?
An example from earlier in the night. It was my grandma’s birthday and my grandma made alot of food and a cake whilst I was at school and mom at work. When we get home, I go to the washroom and my mom starts yelling every few minutes asking why I am not coming. When I finally come down, I quietly sit down. And then it starts. My grandma starts yelling at me that it is so rude that I am making everyone wait (although I told them I will be down in a sec) and my mom joins in also yelling at me. I get frustrated and yell back and suddenly find myself in a shit storm being blamed for starting the whole thing, getting blamed for anything and everything, getting blamed for being a ‘bad’/’rude’ person, etc. When I ask what I did wrong, I get blamed for totally random things that are totally unrelated to this incident.
My mom and grandparents always tell my little brother what to do, “sit there. don’t sit here. Do this, do that. don’t do this”, moralizing and reading giant lectures to him about the most trivial things. Naturally, my brother doesn’t listen and does what he wants, but his school isn’t going well (he’s in high school) When we went to one session with a family counsellor, he noticed this and told my mom/grandparents to stop as it was driving him insane. Today, they were doing the same again (when I asked them why, they said so that he gets better. But I reminded them of what the counsellor said, my grandma said that she wanted to speak up and ask the counsellor how is it possible to tell my brother what to do when he is doing something/everything wrong!) and it was driving me insane. I asked them to start and another shit storm started and I ended up being at fault for it somehow.
Furthermore, my mom has bad table habits, pinching off a piece of cake and eating it from her hand. For obvious reasons it is both disgusting and annoying and have asked my mom multiple times to not do this. Yet everytime she gives me a dirty look and get offended, starts yelling, etc though I am certain I ask her fairly nicely saying that I don’t like what she is doing. My grandma will always chime in saying how I have no right to speak to my mother like that, though I didn’t say anything mean and just asked her to not pinch off pieces of food from the main plate.
Finally, I have tried sending my mom articles teaching emotional control (she tells me to send them — seems interested but never reads them), when we go jogging together she says she can’t run fast, I tell her to squat but she doesn’t want to. Any time I or anyone in my family criticize her she always gets offended and never changes anything, but when her “friendzsz” tells her something she will do it without a second thought. etc etc.
Please WSP. I don’t know what is going on here? It really doesn’t help my confidence/self esteem, I can’t study anymore, my mom says I work out too much, etc, etc. Am I doing something badly? What do I do to get out of the situation? Please help, I don’t know what to do and what is with my family!
Point number 2 in this article:
http://wallstreetplayboys.com/five-life-truths-no-one-has-the-guts-to-tell-you/
No one will tell you this in real life, stop hanging out with toxic people. If you’re relying on them for support how can they possibly care about your opinion?
Get your finance straight and find a way out. Definitely follow up with any other questions.
What is your answer to “if you’re only motivated by money, you’ll never be successful”?
True.
You can become moderately successful (financially independent wih a good income and even a great job) but never rich.
Why not? You guys say to do things to maximize financial benefit.
You will fail miserably if you are only doing it for the money.
This is similar to a long career in Wall Street those that do it solely for the money can last maybe 5-7 years… but the ones who get moved up… are good at the job… and last a long time all enjoy it to an extent.
When you are affected by negative events or emotions, what must you do to regain a positive state of mind quickly? How do you control your state of mind in that instance?
Put the negative situation into context. Is it really that bad? Are you really going to die? The answer is no to almost all situations.
After that the best way is to trace back into your mind to a time when you had to overcome great hardship and succeeded.
If you get a fatass to get up and start running, he’s obviously going to physically burn out way before an endurance athlete would.
Going by the same logic, if you burn out after 16 hours of work, does that mean you just haven’t worked hard enough in the past? If I get into the habit of forcing myself to work such hours every day, will my body adapt to it like it does to progressive overload in the gym? Or do you think some people are just not cut out for hours like those genetically-speaking, regardless of motivation/discipline?
You know this is an interesting topic.
1. Yes you can improve your brain capacity. You can improve it by working harder and longer repeatedly.
2. While there is no proof, definitely believe there are some people who simply think clear. Many people get stuck in their own heads by running scenarios of oh maybe x or y will happen and instead of going with the basics/their gut reaction they do oohing. This is 2x as bad because now they have wasted brain power and at the same time nothing has been done!
Finally, when you really think about it, you may as well train your brain to work longer hours since there is no other solution, but It is normal to get frustrated when you catch brain fog. Hope that answers your question, it is definitely an a interesting one. As an example a person who never tried anything in life and sat in front if a TV for 30 years is far far far behind in life and has major catching up to do since he never trained his brain.
I assume at least on of you is in NYC.
What are the best places to game for a guy in their early 20’s? 21-24 range
*nightgame and daygame are separate, obviously.
We assume you are in Manhattan?
If so this is a layup my man!
1) Soho – Day Game
2) MeatPacking District – Night Game
Thanks for the quick response.
In MPD, does the $20 bill to the bouncer normally get you past lines/door or would that be looked down upon
Ah now we are in the nitty gritty. Basically no.
If you go to the ugh end venues (see good ones with good looking girls) you need attractive girls to get in more than money ($200+ to bribe a bouncer).
But.
If you go to other venues in the city there are more than enough places where you can get in for free or a low cover charge. (Unlikely need to bribe)
For starters try the beer garden at the standard hotel. Cool spot, no cover and crowded usually.
Thanks for the tips. You guys should do a post on NYC venues for people /w $200 to bribe and people w/o. As well as bucketed age groups.
When you get a chance, of course.
No problem we have a ton of post ideas, place is growing like weed.
Would be interested to see a day-in-the-life of a VP in IBD. Always curious what was their value add asides from staffing and liasing between juniors and MDs.
That’s a good idea.
Generally the VP role is the hardest jump to make and the hardest position to be in.
Why? As you mentioned you are in charge of managing all the junior people. In addition you also need to source deals. The second part is extremely critical you need to build a book of business/client base.
It is a horribly difficult position. You get about a year to ramp up, after that you better be sourcing some deals and at the same time doing a great job managing the two tiers below you.
People who hate the VP level are usually analysts because they don’t understand what is going on in their office besides getting work from them (they don’t see or hear the phone calls and emails to try and build relationships to source deals ASAP). The VP is usually highly stressed out and it is for a reason you are basically working two different types of jobs at the same time. Stress.
Want the worst part? You’re most likely to get fired since you’re a high cost middle layer.
Now you should see why it is extremely tough to work as a VP. 1) first to be fired, 2) responsible for the BS grunt work (checking associates/analysts) and 3) also responsible for building business.
what is the difference between working for for profit clients in investment banking and non for profit clients. ie. governments etc. Which one is better?
Ahh well this one is easy.
Government ones are called “public finance” investment banking. You raise capital for bridges, stadiums etc.
Pay wise… Corporate finance dominates. If you can close a $1B+ deal… You’re going to kill.
The fee on a debt raise for public finance is about 3% for an IPO there is 7% so you can see the value change there.
All said public finance IBD is 100x better than any average job (consulting, accounting or otherwise).
Hello WSP,
I have a problem that I hope you can help me with. Two years ago, I was studying 16 hours a day/ 7 days a week non stop. I would wake up, eat, go to class, study, study, study. Then go to bed. When summer rolled around I began to study for the MCAT. I was burned out.
When the Fall Semester rolled around again I began watching movies on weekends instead of studying, but I was still trying to maintain that same frentic pace that I had earlier. But I found myself giving myself permission to procrastinate because “I was tired” and burned out. I did fairly well in most of my classes (I got a “C” in one of my classes — something that never happened to me before) and A’s in everything else. I started listening to friends who told me they don’t study much and had girls (I guess I was looking for validation towards my new worldview).
In the Winter Semester I was feeling lonely and discovered Game. I could not stand the sight of school work, felt unmovtivated and had huge difficulty to force myself to study. Instead I poured all my energy into Game and had some success — I went on dates with a bunch of Girls.
When my final senior year came, I was in an even worse state, I would do my work at the last moment, I would also study at the last moment (knowing full well that my working/short term memory is shit) and exams and did not care about the result — I only cared as long as I pass. My second semester is about the same as my last. But I ended up getting laid and don’t care about Game anymore, I can approach fine but I have no motivation to do it or follow up with girls after.
All I want to do is workout, read, watch movies and play video games. I feel no motivation to study/work. If I do force myself to study, nothing sticks in my head and I feel like my whole body rebelling. I want to stand up, move around, go on adventures, etc. I eat well, fruits, vegetables, meats staying away from too much sugar.
I don’t know what is going on with me and how to alter my current state? Where did the frentic energy that I had two years ago, go? How do I regain it? Please help!
You lack motivation because your life is too easy. It is a curse of the middle class.
You are going to die.
If that doesn’t motivate you nothing will, it might be tomorrow it might be in 40 years but you are definitely going to die.
Do you want your life to be a average joe who did nothing? Is that who you personally want to be? Is it? You really wake up everyday and say “this is who I am this is who I want to be for life”? If so this blog may not be for you.
You’re better than that.
My life is easy, you are right.
How do I make it more difficult? I was thinking of giving up everything so that I can start from scratch.
Just a suggestion… if it’s regarding studying, which I’m in the same boat as you with motivation, try this… contact your tutors and ask for more work. Then say you will have X work done by Y time and hold yourself accountable for meeting those deadlines.
It will help to get off your ass until you learn to “check yourself” rather than having to rely on others to check on you. You burn your bridges this way; take on more responsibility.
“Drills” or things you can do to get better at the conversation part of gaming chicks?
Ha this one is too easy. The only practice is real life.
As you know the now retired jersey (Allen Iverson) said….”we’re not talking about a game.. We’re taking about practice… Not a game not a game… … Practice….”
You should enjoy meeting new people. Talk to them casually throughout the day. The only way to improve is through real hard work.
I know that you guys mention work hard and save your money early and then party and bang chicks later however as men get older their libido and stamina declines even if you workout. That’s just a fact so what should a guy do?
Not sure what you mean? You can always take viagra.
that as men get older their libido drops even if they are in shape. Men get less horny as they age. So why not focus on females and sex when you are younger instead of money?
Easy, money buys you health.
Girls will always be there. Anyone who would choose Women over Money is either broke or of low intelligence.
Finally, men are physically more attractive in their 30s than they are in their 20s so it is a layup decision. You’d have to be crazy to choose women.
Thank you guys….
No problem, trying to prevent people from making terrible decisions.
Money wins.
If they say it doesn’t? They ain’t got none.
I love you guys. I wish I would have found this information years ago. You guys have changed my life and mindset.
If a guy broke one of your rules before he found your site like having a child with a feminist. What can he do to protect himself from having the baby mama take him to court for child support? by the way we are not together and she has custody. I just see him a couple of times during the week.
That one we do not know. We have no experience in legal advice unfortunately.
Our basic understanding is that there is no way around child support, would seek out a legal person/blog.
I very rarely go out at the moment, haven’t been out to the clubs in months, but going tomorrow night which I expect will be an all-out event. I have never had an existent sex life, yes seriously, but I’m well under 21 so I have some time to fix this. Anyway, going by your advice my new mindset this time is to just have fun and disregard picking up girls, getting laid, etc.
However, when the inevitable happens and I see a girl that I find attractive, how do I prevent my mind from over-analyzing the situation and convincing myself that I’m not good enough? I always see a hot girl at some point, then think: no, don’t do it, it’ll just be “awkward”. Funnily enough I actually get these thoughts even when I’m completely drunk out of my mind. Taking the “fun” approach should help, but when I get into this situation, what should go through my mind to stop a downward mental spiral?
Thanks.
You’re new to this so thats fine here is the change of mindset in your post.
“I always see a hot girl at some point, then think: no, don’t do it, it’ll just be “awkward”.”
How about this… You should not care about making her feel awkward. Who cares. Just approach if it goes bad and you blow out… Well its not like there are 3.49999 billion other girls in the world.
The issue is you have women on a pedestal for no reason. Why do you value the opinion of someone you don’t know? If a homeless man yells at you on the Street why would you care? You would laugh it all off.
If a girl rejects you.. no one is going to care. If you fail, well guess what? She won’t think about you for one second the next day. Neither should you.
Thanks. Ahh I just wish I’d heard proper advice when I was 15 or so.
“Chains of habit are too light to be felt until they are too heavy to be broken.” – Warren Buffett
I can turn this around but it’ll be work in and of itself.
Correct. Break bad habits when you are young.
what are the pros and cons of a syndicate in taking a companies bonds public? how can you get screwed if you are the company issuing the bonds and what are some ways of negotiating to get the better end of the stick?
Not sure what you mean, this question is a bit vague but will try a few bullets and you can clarify…
1. Taking bonds public there is generally a straight fee ~3%
2. The bonds will be valued much more structured than a IPO where you have to go on the road and find investor sentiment use a peer group etc. Why? You have a rating… so you need to do everything you can to make sure your debt rating is as high as possible.
3. Generally the good part about using bonds is you maintain control, you’re not giving away ownership like you are with stock.
This is a qurstion about weightlifting. I have been working out for a bit more than a year. Started woth pullups, pushups and dips then bought a barbell and some wights off craigslist.
I have seensignificant improvement to my physique, thought there is room for improvement.
I a having trouble putting on mass on my chest and trices. I did benchpresses at one point but I felt it going into my shoulders. Last time I did bench press I felt a popping noise in my shoulder so i stopped.
Whay Do you think of weighted dips for chest? Also do you have excerises ffor the triceps? (Skull crushers kill my ebows).
Interesting.
Are you dead lifting and squatting?
If so you can use the cables as a bench press. Get on a ball and pull the cables out and proceed with the bench press motion with cables. You can also lay flat on a bench and do dumbbell bench press movements.
Finally for triceps try a cable pull down and kickbacks.
(Hard to describe those ,options but google them and they will show up).
Guys can you define game for me? what is all this game everyone keeps talking about? I’m confused. I thought that having money, dressing well and having a body of a greek god was enough. Can game work if you are 70 years old? Nowadays thanks to social media every one is into their looks more than ever. Can you please explain?
Game is your ability to pull a girl who is better looking than you. The order of magnitude defines how good your game is.
If you’re a 5 and you’re sleeping with a few 8s… you have strong game. If you’re a 9/10 sleeping with 7s… welll not so much.
http://wallstreetplayboys.com/what-is-game/
what do you tell a girl if she says that you are good looking, in shape and a great job. A lot of girls like you and you get laid but you have no game. What should you do and how should you answer that?
Smile and nod.
If you’re getting laid you have good enough game.
If you want to improve it, then go to a place where your “look” is not considered good looking. Or go where there is higher competition such as Miami, high end NYC venues etc.
Thanks. Do you think that bonds and stock indexes are good investments?
Search function my man
http://wallstreetplayboys.com/sp-500-surpasses-1700-the-world-is-not-ending/
I’ve developed my game to easily score 8s but have recently elevated to 8.5-9s. The only problem is I can’t last as long in bed as I can with the 8s. How do you train your mind so that you have the same stamina screwing an 8 as you do a 9?
Thanks!
Not sure if this is a troll… Generally when you’re with a girl you find extremely attractive the opposite will occur since you can have repeat sessions in the same day…
That said if you are having issues maybe you can consult a physician otherwise you can “train” and in general this means cutting off your own urination 3-7x a day when you go to the restroom.
thanks for the reply. I tried cutting off urination and now I spend too long in the urinal and last even shorter in bed. i’m a lost cause.
As an IBD analyst still trying to overcome approach anxiety, what should I do with my limited amount of time?
Yeah IBD analysts are the rare breeds who can get away with using some online game and then primarily running night game on Friday/Saturday.
Don’t worry about losing time in the game (you have another 20 years anyway) instead you should do some online game (use your phone at work) and then run night game on Friday and Saturday. Notably do not bother with high end venues at your age (steer clear of places such as PHD) and focus on college vibe areas like the lower east side.
If every part of your life is great except from your success (or rather lack of success) with women, and you are still a virgin, do you think it’s acceptable to go to POF (PlentyofFish) to find someone DTF, just for the sake of getting laid? Then later building up your true game. I used to not want to lose my virginity to someone I met initially over the internet, but now I almost don’t give a fuck (well, literally I don’t!) Thanks.
If you’re a virgin use all types of game. Online, Day and Night.
As soon as you lose the v-card go ahead and switch back to Day and Night. Online game is generally lower quality because the girls can pick out a single “error” in your profile and throw you out the window.
In real life, day and night, you can be your regular charming self.
What do you think of pulling all-nights once in a while just to get more done? Do you think it’s healthy in the long run? If I get into IB I’ll probably be doing these involuntarily, but as a student, do you think one all-night per week where I basically just work all night would be a good idea? I remember getting an A on an assignment that I left too late… I worked all night to finish it and it paid off. But I’m talking about doing them even if you don’t “need” to.
P.S. I’m interested in PE too. In the UK, many PE guys are Charted Accountants and have Big Four backgrounds. One of the reasons why I’m interested in IB though is the skill set; that’s THE most important reason for me being interested in the industry, as I want to build my own company later. In this case, what do you think of going to PwC for example instead, if I can’t get into a BB? I would make sure to get placed right in one of the deal and valuation-oriented departments where I’d probably build the same skill set (with perhaps less BS and more free time to begin my own endeavors).
Pulling an all nighter is not going to kill you at all. It only starts to hurt when you are past your 20s. Anyone who believes that a few all nighters in their college years and 20s is going to hurt their health long-term is simply a fool.
So simply put, go for it get ahead in life and don’t listen to the 99%.
Regarding accounting. We can’t comment because again we do not know how the UK works. In the USA going to accounting would be the kiss of death for trying to jump to PE. It is basically IBD/buyside to PE or nothing. If you go into accounting in the states you would have a very hard time jumping to investment banking and would be forced down the MBA route.
See our post on “navigating wall street”
Typically, what’s the timeline for promotions within IBD? I was thinking:
2-3 Years as Analyst
3-4 as Associate
3-5 years as VP
…
MD
As a result, shouldn’t most individuals that stay in banking become VP by the age of 30? How long before most VPs become MDs? However, most MDs I have seen are over 40+, so do VPs stay as VPs for 5+ years?
This is quite optimistic, here is the general break down
Analyst 3 years = 25
Associate ~4 years (there is a stub 1/2 year)= 29
Associate if forced to go to B-school would be = 31 already
VP = generally 6-7 years of experience so is ~31-32.
Director = Completely up to your sourcing skills could be 1-2 years could be never and could be 5 years
Managing director = See director entirely based on relationships
Overall? A Vice President should be 30-34 if he is good.
Now here is the more important part.. you need to be GOOD.
Analyst to Associate? Generally 80% don’t make it
Associate to VP = Generally 60% don’t make it (of those associates)
VP to Director = 50% don’t make it
(already only 4% of the Analyst class…)
Director to MD = Tough call usually higher percentage maybe 25-40% don’t make it
That is why it is not too easy to simply assume a person will be on the “track” most people can’t make it past year 3 they get fired, quit or switch industries.
One thing I can’t get my head around is… why do people like garbage collectors, plumbers, fast food chain workers, shopping assistants etc. exist? I mean there are tons of people all around the country stuck in these menial jobs, all over the place. I don’t understand why people grow up and end up in these jobs? Plumbing is a bit harsh, you can make money there if you are smart, but I’m talking small-time guys. It’s a different mindset, but the fact that so many people settle for $30K/year for the rest of their lives is beyond me. It’d make sense if it were just a few people, but we’re talking a LOT of people. Why?
I guess supply and demand, these jobs need to be done, but sometimes I find it difficult to understand how so many people take these jobs. They must be filled, but for the average guy growing up, I don’t understand how he can end up cleaning toilets at minimum wage.
Well these are not questions we can really answer as we are not in this situation. Overall many people simply sell themselves short and other people simply do not care and are simply living for the wage.
As “Mr. R” stated in the Psycho managing director post…
“Sell a little piece of mind to win freedom…shit always runs downhill.”