Especially in Canada. If you look at all these positions (Sales, IB, etc) the pay is 40-60% less in Canada, and the homes cost an absurd amount. The US will be Canada in a few years if Harris gets in and continues the slow decay of class-mobility and affordability.
Tuition is up more and the rate to take on the loan is up more. Double whammy. oh and malpractice insurance, PBMs and a system designed to keep people sick. It's a sad feedback loop with fewer of our "best and brightest" wanting to go that route after running the math.
Do you recommend against trying to buy a small ($200k-$1m sellers discretionary earnings max) e-commerce/ amazon fba business in growing segment like pets on side of remote w2? For someone with LMM pe experience not necessarily in ecom companies. Would use leverage to purchase obviously and try to structure most safe / beneficial way
Generally say never buy until you know how to do the basics yourself. The only reason people sell is because there is something wrong with it (can't scale, reached TAM, maybe declining revs soon).
Unless you are sure you can fix it, usually a bad idea. This is like entering a D1 sports competition when you never even played in high school yet.
Basically, only do it if you have extremely high confidence you know something is wrong and you specifically can fix it. Not just lever up financial engineering. If something breaks and you are levered with no idea how to fix it, goes south fast
Thanks for article. Had a solidly successful Amazon focused business (mistake but cash flow was great) that I couldn't pivot to diversify. Focusing on the next thing. Best idea to jump into physical products again with focus on Meta and/or TikTok? Or do you recommend going the affiliate route? Any suggestions on how to get started there?
There is no way to help based on this comment. If you look on the monthly Q&A at the bottom all of E-com is organized to decide which product to sell (how to find it) and where to sell it along with how to create the right ad
“In 10 years you’ll be making $XXX,XXX!”. It’s a trap to get you moderately up the ladder then *stuck* so you can’t jump ship and can’t really save enough to really quit later on."
Idk about this. If you're even moderately smart about spending in your 20s (roommates - more fun anyway, theflightdeal.com, scalp your concert tix, stretch your Seamless to dinner+lunch, use insurance for your massages) on a banking salary, you'll bet set for life (and won't have to be as 'smart' in your 30s+).
Worked in banking (lower end comp group) for exactly 10 years before being laid off and was able to FIRE. Didn't even "sacrifice"...lived in luxury buildings, international travel multiple times a year - occasionally biz class, music festivals, high end dinners, redlight activities, etc etc...
Caveat - possibly dependent on a decade long bull market. YMMV
This made sense until you said lived in luxury buildings?
FIRE movement is largely a joke, get cut and live with scarcity mindset for life. Not sure how you can do that if max income was in the $600K range which isn't much in NYC. Unless moving to real low cost places (which suck long - term such as Thailand/Poland etc.)
Outside of inheritance or starting with a nest egg the math doesn't line up feel free to post it here. Didn't really save significant money until netting north of 7 figures a year
Also mathematically it doesn't work, even if your average income was $300K during that time (including low pay analyst years in the $180K range) you'd be nowhere near $5M by the time you stopped unless you somehow didn't pay rent. Could only see this working if you moved to Thailand or something with $1M
If Geoarb isn't great to live in those LCOL places, is the opposite also true? - ie if you were born there should you still move to a tier-1 city globally for the career considering what you're saying here, or just go straight to business? Killing yourself in IB/finance, tech etc seems worthless in those countries too when you're earning a fraction of the $ comp compared to the US even if COL is cheap, but moving to the US first seems like you're chasing the wrong goal.
This has been covered too many times. USA always best because if you can't make it here you can't make it anywhere
Huge part of life is being around talented/smart people, not the case in those places. Majority are never going to become anything meaningful with weird $5K a month lifestyle in a third world. Disaster
The same strategy has worked since 2012 or whenever we first started writing, high paying job, do min to get promoted, scale a biz
If you fade this your probability of success declines to embarrassingly low numbers
Also.. how are you going to fund a biz with no income, that's the whole point of these high paying careers. Give you the money to start something debt free and no equity to anyone else
Monday was rough for ETH. With the FED decrease imminent, could that have been the top of this Bull cycle? It is unclear who is buying ETH (low demand). Low volume and price drifting down. I'm not sure even a Trump election is big enough to overturn lowering interest rates and lack of demand. The ETF was not a big enough event either direction and there are other Macro stories that are bigger now going forward.
Worried about another shock to the downside.
Would love to hear from you all about this. Thank you.
Thanks for the article. I know this is kind of long term and hard to plan for but in terms of long term trends as you say things are moving toward degeneracy, loneliness and winner take all etc.. All of this entails instability socially. How are you managing this risk? Multiple passports/have land in a remote location which is self sustaining?
Digitize your life, income online so you can adapt to anything. It's why online money is superior to everything i nthe regular world (jobs, careers, brick and mortar)
If moving to a tax haven you should reverse your thinking and figure out how many years of income you can save per year there. It needs to be large otherwise a waste of time
Yeah I Ran the numbers already on this, more than worth it. I’ll save 400-500K per year on W2 + cap gains tax. That will accelerate savings by 3x. Just trying to calculate the expense side. I know PR can be pricey in dorado and condado so trying to get ballpark comps.
Takeaway from this middle class move to townhouses as mentioned in other article to compensate for 50% elevation in housing costs. IF two kids, especially of the same sex, really only need a two bedroom.
Hey BTB — I’m very underexposed in crypto, own <1K$ of BTC + ETH combined and own zero stocks.
I’m 24 making ~150K at Tech Sales W2 - no wifi biz yet. I currently have ~30K just sitting in my bank acc.
My big focus has been on W2 - recently got to current comp after a promotion.
Performance will be important over the next year to get to the ~200K W2.
Goal is get wifi biz going this year while balancing with W2 and then putting more time in biz as I get to higher W2 which will also be less time commitment.
How much I should concern myself with the amount of Crypto/Stock to buy *now* considering I have low capital and need to up cashflow by a lot?
I joined one from the bowtied group. Only good thing I see is software that we can use, but not very good to get your questions answered. The answers are also vague
This is because once you're good at a niche and get the best offers, you're not going to want to help other people get the offers or tell them what you're doing to convert. This kills your income if you do so.
What you're expecting from them is equivalent to handing over a client list. it's why they don't exist.
For freelance I noted you speak to tech & remote. I'm starting to regret having moved into PE rather than staying in tech because of hours/remote opportunities.
Any suggestions for those in finance for freelance whilst doing the grind 60 hours?
Doctors probably have the biggest step down in quality of life over the past few decades
Especially in Canada. If you look at all these positions (Sales, IB, etc) the pay is 40-60% less in Canada, and the homes cost an absurd amount. The US will be Canada in a few years if Harris gets in and continues the slow decay of class-mobility and affordability.
Could be the case based on the debt load
Tuition is up more and the rate to take on the loan is up more. Double whammy. oh and malpractice insurance, PBMs and a system designed to keep people sick. It's a sad feedback loop with fewer of our "best and brightest" wanting to go that route after running the math.
Do you recommend against trying to buy a small ($200k-$1m sellers discretionary earnings max) e-commerce/ amazon fba business in growing segment like pets on side of remote w2? For someone with LMM pe experience not necessarily in ecom companies. Would use leverage to purchase obviously and try to structure most safe / beneficial way
Generally say never buy until you know how to do the basics yourself. The only reason people sell is because there is something wrong with it (can't scale, reached TAM, maybe declining revs soon).
Unless you are sure you can fix it, usually a bad idea. This is like entering a D1 sports competition when you never even played in high school yet.
Basically, only do it if you have extremely high confidence you know something is wrong and you specifically can fix it. Not just lever up financial engineering. If something breaks and you are levered with no idea how to fix it, goes south fast
Thanks - thoughtful / helpful response
Thanks for article. Had a solidly successful Amazon focused business (mistake but cash flow was great) that I couldn't pivot to diversify. Focusing on the next thing. Best idea to jump into physical products again with focus on Meta and/or TikTok? Or do you recommend going the affiliate route? Any suggestions on how to get started there?
There is no way to help based on this comment. If you look on the monthly Q&A at the bottom all of E-com is organized to decide which product to sell (how to find it) and where to sell it along with how to create the right ad
Yet you did help haha!
“In 10 years you’ll be making $XXX,XXX!”. It’s a trap to get you moderately up the ladder then *stuck* so you can’t jump ship and can’t really save enough to really quit later on."
Idk about this. If you're even moderately smart about spending in your 20s (roommates - more fun anyway, theflightdeal.com, scalp your concert tix, stretch your Seamless to dinner+lunch, use insurance for your massages) on a banking salary, you'll bet set for life (and won't have to be as 'smart' in your 30s+).
Worked in banking (lower end comp group) for exactly 10 years before being laid off and was able to FIRE. Didn't even "sacrifice"...lived in luxury buildings, international travel multiple times a year - occasionally biz class, music festivals, high end dinners, redlight activities, etc etc...
Caveat - possibly dependent on a decade long bull market. YMMV
This made sense until you said lived in luxury buildings?
FIRE movement is largely a joke, get cut and live with scarcity mindset for life. Not sure how you can do that if max income was in the $600K range which isn't much in NYC. Unless moving to real low cost places (which suck long - term such as Thailand/Poland etc.)
Outside of inheritance or starting with a nest egg the math doesn't line up feel free to post it here. Didn't really save significant money until netting north of 7 figures a year
Also mathematically it doesn't work, even if your average income was $300K during that time (including low pay analyst years in the $180K range) you'd be nowhere near $5M by the time you stopped unless you somehow didn't pay rent. Could only see this working if you moved to Thailand or something with $1M
If Geoarb isn't great to live in those LCOL places, is the opposite also true? - ie if you were born there should you still move to a tier-1 city globally for the career considering what you're saying here, or just go straight to business? Killing yourself in IB/finance, tech etc seems worthless in those countries too when you're earning a fraction of the $ comp compared to the US even if COL is cheap, but moving to the US first seems like you're chasing the wrong goal.
This has been covered too many times. USA always best because if you can't make it here you can't make it anywhere
Huge part of life is being around talented/smart people, not the case in those places. Majority are never going to become anything meaningful with weird $5K a month lifestyle in a third world. Disaster
The same strategy has worked since 2012 or whenever we first started writing, high paying job, do min to get promoted, scale a biz
If you fade this your probability of success declines to embarrassingly low numbers
Also.. how are you going to fund a biz with no income, that's the whole point of these high paying careers. Give you the money to start something debt free and no equity to anyone else
Hi Bull,
Monday was rough for ETH. With the FED decrease imminent, could that have been the top of this Bull cycle? It is unclear who is buying ETH (low demand). Low volume and price drifting down. I'm not sure even a Trump election is big enough to overturn lowering interest rates and lack of demand. The ETF was not a big enough event either direction and there are other Macro stories that are bigger now going forward.
Worried about another shock to the downside.
Would love to hear from you all about this. Thank you.
Thanks for the article. I know this is kind of long term and hard to plan for but in terms of long term trends as you say things are moving toward degeneracy, loneliness and winner take all etc.. All of this entails instability socially. How are you managing this risk? Multiple passports/have land in a remote location which is self sustaining?
Digitize your life, income online so you can adapt to anything. It's why online money is superior to everything i nthe regular world (jobs, careers, brick and mortar)
You can leave any time.
Thank you
Thinking about move to Puerto Rico from California. Condado or dorado. How do expenses in PR map in terms of LCOL HCOL MCOL VHCOL US city?
If moving to a tax haven you should reverse your thinking and figure out how many years of income you can save per year there. It needs to be large otherwise a waste of time
Yeah I Ran the numbers already on this, more than worth it. I’ll save 400-500K per year on W2 + cap gains tax. That will accelerate savings by 3x. Just trying to calculate the expense side. I know PR can be pricey in dorado and condado so trying to get ballpark comps.
Takeaway from this middle class move to townhouses as mentioned in other article to compensate for 50% elevation in housing costs. IF two kids, especially of the same sex, really only need a two bedroom.
Yeah guessing that's the trend
Hey BTB — I’m very underexposed in crypto, own <1K$ of BTC + ETH combined and own zero stocks.
I’m 24 making ~150K at Tech Sales W2 - no wifi biz yet. I currently have ~30K just sitting in my bank acc.
My big focus has been on W2 - recently got to current comp after a promotion.
Performance will be important over the next year to get to the ~200K W2.
Goal is get wifi biz going this year while balancing with W2 and then putting more time in biz as I get to higher W2 which will also be less time commitment.
How much I should concern myself with the amount of Crypto/Stock to buy *now* considering I have low capital and need to up cashflow by a lot?
You answered your own question? You said you're underexposed... so increase until you feel you're not underexposed we can't do that for you.
In general though none of this matters for you long term at your wealth level, need to start a biz
For Psych, it's cheaper labor costs
MD---> NP
Psychologist---> MSW
Many in the medical field actually do work 2 jobs, inpatient to around 1ish, then have a second telehealth job in the evening
This makes sense
Are any of these affiliate marketing mentoring groups worth joining or is it best to just pick a product and learn on one’s own time?
Learn it by yourself
I joined one from the bowtied group. Only good thing I see is software that we can use, but not very good to get your questions answered. The answers are also vague
This is because once you're good at a niche and get the best offers, you're not going to want to help other people get the offers or tell them what you're doing to convert. This kills your income if you do so.
What you're expecting from them is equivalent to handing over a client list. it's why they don't exist.
For freelance I noted you speak to tech & remote. I'm starting to regret having moved into PE rather than staying in tech because of hours/remote opportunities.
Any suggestions for those in finance for freelance whilst doing the grind 60 hours?
Go back to tech if you can?