You already make enough money, making an extra $200K Gross ($120K post tax) will not make you rich.
If your goal is just stack some more money, then sure. If your goal is wealth you have to build a biz. This is just reality of math and valuation of a business
If you made $250K in a SaaS that would be worth millions. Way bigger than a $120K post tax salary.
Mind if I ask where you're finding those remote roles? I've been out of the job market for a while and totally out of the loop on what job boards are worth looking at these days
I’m 25 currently working in a Dev/QA hybrid role for a small company(<50 people). I’m fully remote, my job only requires max 10 hours a week and, my boss is always complimenting my work. Main issue is I’m only making around 60k per year. If I left I could be making 1.5-2x this salary as a dev, but I’d have to put in 40+ hours. Does it make sense to leave this job or try working two at the same time? My main priorities in the near future (2-3 years) are to buy a house and get married/start a family.
Noted on not advocating for people at your level to be fired, but does the advice change if that person is below you? Basically have an analyst in our group that is doing very poorly, makes other people's jobs harder. Any reason not to advocate for him to be replaced?
Thoughts on partnering with my current employer to get 50% equity with the business, even though I don’t agree with how they do things and know that I won’t have full control of the business? I’m still working on side biz for the long term, but this partnership would just be for the short term
I love and plan to continue following the advice about staying in a career (enterprise sales in my case) while working on wifi biz. I'm approaching mid 20's and have friends that can make 100k in a month doing solar sales door to door which leaves me feeling kind of dumb.
Is it worth looking into opportunities like this that have more freedom than as 9-5 but less stable at times or does it make sense to wait a few years to earn a lot from Enterprise while working on other business?
When you guys were coming up did you have peers making way more $$ than you for what seems like a much easier job?
Young lawyer. Currently working as government attorney making 100k. Work from 45-60 hours per week. Can get promoted in a year and make 120k. Goal is to get rich and, therefore, get out of law asap. Have the grades, credentials, connections to clerk at federal level, which is a “prestige” resume stamp, but also opens up doors to virtually any law firm in future, with 180k salary but 60-80 Hr work weeks.
Option A: stay at government job, get wifi business going, don’t worry about trying to get the clerkship and leveling up in the law world.
Option B: Try to get clerkship by EOY 2023, work in Big Law for year or two, and try to find time for wifi business.
Lean toward option A because it gives time to work on second income stream and marginal cost in time with big law outweighs extra salary.
Any general thoughts on most efficient way to source deals (am a lawyer but assume that similar logic applies as re banking). Obviously will rely on friends/alumni network but curious whether u have any out of box thoughts. Thx
Business owner here. No Background in IB/ PE. I have read various comp survey reports and see the Leon Black Schwarzman 700M paydays. That said, looking for real #'s
What is rough range total comp for an MD at blackrock ?
What is rough range comp for a PE guy- MD or partner in a shop 500M - 5B? Base+bonus+cash plus actual paid out carry (not marked up based on fraud valuations?
At the MD level there is a massive range, in investment banking the number is around $1M. That is street wide total comp (includes small firms, mid sized firms and large firms)
As a "rule of thumb" just double that for the buyside assuming the person is a good performer.
The rest of your stuff is honestly too specific and too impossible to know without knowing 1) the fund they manage, 2) what the performance was etc.
If you want another rule of thumb the "revenue generator" will take *at least* 10-15% of what they kill.
If the guy pulled in $20M in business no way he is doing less than $2-3M.
If you tell us how much revneue he generated then we can get you the answer.
Is it better to wait 2 months on PIP for a termination OR better to make a job change now? Does it become a blot on resume which always get looked down upon/ impossible to explain? Tech Analyst in a Financial services/ wall street firm in NYC metro.
Passed up for early promo from AS2 to VP1. Early promos reserved for females only this year. I’m top rated but group has too many VPs this year to support more promos. Next year likely to be more space. Should I switch firms, get a competing offer by end of next year, or ride it out for another year?
Hey BTB, I am an electrical engineer with 7 years of experience, but right now I am not making enough money to make ends meet. I live in Bangladesh and want to work remotely so that I can build my wealth. I want to change and transition to either Data Analyst or Front end engineer path. I am 34 years now. What is your advice regarding this? In my current job I work as a pseudo analyst means I work with excel.
Congrats on Most Influential BTB - u are the GOAT brother 🐐
Just a comment to say how grateful I am to BTB and the Degen communities. It change my fucking way of seeing life.
Everything is a scam
Currently working as a software engineer making ~350k/yr fully remote with about 20 hours per week actual work.
I can easily secure another fully remote job for 200-300k/yr at about 20 hours more per week.
Should I do the above?
Also, for wifi money best to go into SaaS or ECOM?
Thx!
You already make enough money, making an extra $200K Gross ($120K post tax) will not make you rich.
If your goal is just stack some more money, then sure. If your goal is wealth you have to build a biz. This is just reality of math and valuation of a business
If you made $250K in a SaaS that would be worth millions. Way bigger than a $120K post tax salary.
Thx Bull 😎. Any specific resource you recommend for learning how to start a Saas?
Just take what you do and create a competitor? Pretty easy
Would this not lead to conflict of interest and/or legal issues?
Only if under a non compete.
Yup and as covered here a billion times if your Dad starts a SaaS they can't do anything as long as you aren't using company property/devices
Break rules not laws
👍
Mind if I ask where you're finding those remote roles? I've been out of the job market for a while and totally out of the loop on what job boards are worth looking at these days
LinkedIn.
All cash or TC with RSUs?
TC including base + annual cash bonus + RSU grant vesting quarterly. RSUs are liquid as the company is public.
What is your strategy with your RSUs going in to next year? Selling immediately? Or holding for long term cap gains? something else?
I always liquidate upon vesting, and plow $$$ back into index funds.
I’m 25 currently working in a Dev/QA hybrid role for a small company(<50 people). I’m fully remote, my job only requires max 10 hours a week and, my boss is always complimenting my work. Main issue is I’m only making around 60k per year. If I left I could be making 1.5-2x this salary as a dev, but I’d have to put in 40+ hours. Does it make sense to leave this job or try working two at the same time? My main priorities in the near future (2-3 years) are to buy a house and get married/start a family.
Tough call, would probably try to make the move in that case and see what your firm says about increasing your compensation
Would delay start date to whenever your bonus clears though at your firm
In the end own biz will never be beaten by any other path to wealth. This is coming from front office wall street pay so you can do the math there
Also, if people at your level get fired, the work doesn't go away.
20 VPs goes to 10 VPs. There is that much more work to go around.
"We will do less and say no more"....riggghhhtttt
Yeah that's another point. You're just creating more work for yourself as well
100%.
Been going through it all year at the wage cuck. Keep cutting workforce and execs saying 'well just say no and focus on big rocks'.
LOL.
At best someone agrees we can 'stop this' and then in order to 'stop this' you need to do 3x the work to prove it isn't a 'big rock'.
Huge joke. Usually just better off swagging things (ie-cruise control...BTB don't miss).
My wife and I’s income from our side hustle sales gigs was approximately 120,000 this year.
My 9-to-5 pays me approximately 160,000 a year.
However our sales income is unlikely to go any higher unless I am able to travel more and attend more events.
In short, my 9-5 is holding us back from growing more.
Does it ever make sense to cut the cord before exceeding your 9-5 income?
Noted on not advocating for people at your level to be fired, but does the advice change if that person is below you? Basically have an analyst in our group that is doing very poorly, makes other people's jobs harder. Any reason not to advocate for him to be replaced?
Thoughts on partnering with my current employer to get 50% equity with the business, even though I don’t agree with how they do things and know that I won’t have full control of the business? I’m still working on side biz for the long term, but this partnership would just be for the short term
I love and plan to continue following the advice about staying in a career (enterprise sales in my case) while working on wifi biz. I'm approaching mid 20's and have friends that can make 100k in a month doing solar sales door to door which leaves me feeling kind of dumb.
Is it worth looking into opportunities like this that have more freedom than as 9-5 but less stable at times or does it make sense to wait a few years to earn a lot from Enterprise while working on other business?
When you guys were coming up did you have peers making way more $$ than you for what seems like a much easier job?
Young lawyer. Currently working as government attorney making 100k. Work from 45-60 hours per week. Can get promoted in a year and make 120k. Goal is to get rich and, therefore, get out of law asap. Have the grades, credentials, connections to clerk at federal level, which is a “prestige” resume stamp, but also opens up doors to virtually any law firm in future, with 180k salary but 60-80 Hr work weeks.
Option A: stay at government job, get wifi business going, don’t worry about trying to get the clerkship and leveling up in the law world.
Option B: Try to get clerkship by EOY 2023, work in Big Law for year or two, and try to find time for wifi business.
Lean toward option A because it gives time to work on second income stream and marginal cost in time with big law outweighs extra salary.
Don't know the law field well in terms of how one goes about starting their own practice
Otherwise yes the $50K difference which is $30K post tax won't move the needle over a 20 year time frame
Any general thoughts on most efficient way to source deals (am a lawyer but assume that similar logic applies as re banking). Obviously will rely on friends/alumni network but curious whether u have any out of box thoughts. Thx
Not sure never did law stuff so reach out to the lawers in the jungle like alpalca
Business owner here. No Background in IB/ PE. I have read various comp survey reports and see the Leon Black Schwarzman 700M paydays. That said, looking for real #'s
What is rough range total comp for an MD at blackrock ?
What is rough range comp for a PE guy- MD or partner in a shop 500M - 5B? Base+bonus+cash plus actual paid out carry (not marked up based on fraud valuations?
At the MD level there is a massive range, in investment banking the number is around $1M. That is street wide total comp (includes small firms, mid sized firms and large firms)
As a "rule of thumb" just double that for the buyside assuming the person is a good performer.
The rest of your stuff is honestly too specific and too impossible to know without knowing 1) the fund they manage, 2) what the performance was etc.
If you want another rule of thumb the "revenue generator" will take *at least* 10-15% of what they kill.
If the guy pulled in $20M in business no way he is doing less than $2-3M.
If you tell us how much revneue he generated then we can get you the answer.
For fun, major shop like one you mentioned $10M isn't uncommon with this caveat: 1) large book and 2) great performance
^ This is NOT NORMAL OR AVERAGE. It's all based on performance + book size
Is it better to wait 2 months on PIP for a termination OR better to make a job change now? Does it become a blot on resume which always get looked down upon/ impossible to explain? Tech Analyst in a Financial services/ wall street firm in NYC metro.
Job change immedately. If you know you are being cut, get out ASAP because there won't be job openings for several months and you'll bleed money
Passed up for early promo from AS2 to VP1. Early promos reserved for females only this year. I’m top rated but group has too many VPs this year to support more promos. Next year likely to be more space. Should I switch firms, get a competing offer by end of next year, or ride it out for another year?
Ride it out assuming you're sure you'll get moved up. A heavy VP base today won't be there in a year
VP = hardest level since you have to go from overpaid excel monkey to revenue generator
If you *don't* think you'll get promoted then you have to jump post bonus
Thanks for very much. I’ll ride it out
Hey BTB, I am an electrical engineer with 7 years of experience, but right now I am not making enough money to make ends meet. I live in Bangladesh and want to work remotely so that I can build my wealth. I want to change and transition to either Data Analyst or Front end engineer path. I am 34 years now. What is your advice regarding this? In my current job I work as a pseudo analyst means I work with excel.
Thx good info. Prefer biz ownership knowing this