Post: #76

I am going to throw in a few things.

$250K/year is not a whole lot in the USA. I don't make exactly $250K/year but I am not far from it. I STILL have to budget. I have a daughter, a mortgage, a fairly new luxury european car and on top of that....A DAMN FiOS internet/cable bill (5 damn boxes). Trust me, I have to check bank accounts.

I do agree with the ease of getting laid in the USA. I live in the DC area and a short drive to the middle of Pennsylvania or Delaware or West Virginia and I can REALLY get all the pussy I want. The problem is that the chicks do not speak spanish or portuguese, LOL

Post: #77

(01-21-2012 11:43 AM)Hencredible Casanova Wrote:  

(01-20-2012 04:42 PM)Roosh Wrote:  The 250k is nothing comment can be stricken from the public record.

If you make $250,000 a year, you are in the top 0.0001% in the world.

http://www.globalrichlist.com/

That's a good link. Really puts things in perspective.

It also means nothing, considering how many poor countries there are in the world and the fact that china and india have most of them... in the billions. Statistics are a funny thing.

I know that $250k seems a lot to some people but in the grand scheme of things it's still a far cry from "rich."

Post: #78

(01-21-2012 12:43 PM)Gmac Wrote:  

(01-21-2012 11:43 AM)Hencredible Casanova Wrote:  

(01-20-2012 04:42 PM)Roosh Wrote:  The 250k is nothing comment can be stricken from the public record.

If you make $250,000 a year, you are in the top 0.0001% in the world.

http://www.globalrichlist.com/

That's a good link. Really puts things in perspective.

It also means nothing, considering how many poor countries there are in the world and the fact that china and india have most of them... in the billions. Statistics are a funny thing.

I know that $250k seems a lot to some people but in the grand scheme of things it's still a far cry from "rich."

Oh, I know. I actually have posted this article on the forum a couple of times in different threads: http://www2.ucsc.edu/whorulesamerica/pow...nager.html

It really goes to show how even in the top 1%, the income distribution is heavily skewed towards those in the 0.01% category. Many in the 1% are still not free from financial worry, contrary to what many may think.

However, what I meant by Roosh's link putting things in perspective is to realize how blessed we are to live in the US or at least somewhere we can view this forum. We are far better off than most of our brethren around the world.

Post: #79

(01-21-2012 01:09 PM)Hencredible Casanova Wrote:  

(01-21-2012 12:43 PM)Gmac Wrote:  

(01-21-2012 11:43 AM)Hencredible Casanova Wrote:  

(01-20-2012 04:42 PM)Roosh Wrote:  The 250k is nothing comment can be stricken from the public record.

If you make $250,000 a year, you are in the top 0.0001% in the world.

http://www.globalrichlist.com/

That's a good link. Really puts things in perspective.

It also means nothing, considering how many poor countries there are in the world and the fact that china and india have most of them... in the billions. Statistics are a funny thing.

I know that $250k seems a lot to some people but in the grand scheme of things it's still a far cry from "rich."

Oh, I know. I actually have posted this article on the forum a couple of times in different threads: http://www2.ucsc.edu/whorulesamerica/pow...nager.html

It really goes to show how even in the top 1%, the income distribution is heavily skewed towards those in the 0.01% category. Many in the 1% are still not free from financial worry, contrary to what many may think.

However, what I meant by Roosh's link putting things in perspective is to realize how blessed we are to live in the US or at least somewhere we can view this forum. We are far better off than most of our brethren around the world.

Truth

Post: #80

(01-21-2012 01:09 PM)Hencredible Casanova Wrote:  

(01-21-2012 12:43 PM)Gmac Wrote:  

(01-21-2012 11:43 AM)Hencredible Casanova Wrote:  

(01-20-2012 04:42 PM)Roosh Wrote:  The 250k is nothing comment can be stricken from the public record.

If you make $250,000 a year, you are in the top 0.0001% in the world.

http://www.globalrichlist.com/

That's a good link. Really puts things in perspective.

It also means nothing, considering how many poor countries there are in the world and the fact that china and india have most of them... in the billions. Statistics are a funny thing.

I know that $250k seems a lot to some people but in the grand scheme of things it's still a far cry from "rich."

Oh, I know. I actually have posted this article on the forum a couple of times in different threads: http://www2.ucsc.edu/whorulesamerica/pow...nager.html

It really goes to show how even in the top 1%, the income distribution is heavily skewed towards those in the 0.01% category. Many in the 1% are still not free from financial worry, contrary to what many may think.

However, what I meant by Roosh's link putting things in perspective is to realize how blessed we are to live in the US or at least somewhere we can view this forum. We are far better off than most of our brethren around the world.

I work with alot of Surgeons- most of them make between 200-600k a year. Most of them are not free of financial worry- why? Because of the liabilities they've taken on- wife wants an expensive house, private charter schools for the kids, country club membership, vacations, name brand clothing, expensive cars every few years. Added on top of that is the additional stress of knowing that many patients look at you as nothing more then a paycheck and can't wait to sue you for mal-practice even if you've done a perfect job.

250k a year is alot of money for personal income earners; there are only a few areas of the country/world where you won't be considered rich earning that much. However, if you don't balance income vs expenses you'll end up in the middle class debt trap just the same- a slave to your job due to your liabities. You HAVE to work or else you'll lose everything.

The goal isn't to simply to make the most money- rather its finding ways to avoid having what you worked for friviously drained away. Working is literally trading your time for money; income is nothing but a measure of how efficiently you're trading your time for money. As such, a man who makes 100k and uses it for investment and his own personal enjoyment is much better off then the man who makes 500k and has wifey throw it all away.

No one here is saying that money is everying. It's a tool, a tool one can use to get a better lifestyle. Look at it the same way you would as stylish clothes, a 6 pack, the ability to tell funny stories- something to DHV and enjoy. The arguments and defensiveness on this issue are stemming from the ego- in our commercial culture we're programmed to think personal worth is tied to level of income.
Subconsciously the monkey brain takes it as an insult when HH or Gman come in here stating how much liquid income assists in lifestyle instead of the honest advice it is.

Post: #81

(01-21-2012 01:09 PM)Hencredible Casanova Wrote:  

(01-21-2012 12:43 PM)Gmac Wrote:  

(01-21-2012 11:43 AM)Hencredible Casanova Wrote:  

(01-20-2012 04:42 PM)Roosh Wrote:  The 250k is nothing comment can be stricken from the public record.

If you make $250,000 a year, you are in the top 0.0001% in the world.

http://www.globalrichlist.com/

That's a good link. Really puts things in perspective.

It also means nothing, considering how many poor countries there are in the world and the fact that china and india have most of them... in the billions. Statistics are a funny thing.

I know that $250k seems a lot to some people but in the grand scheme of things it's still a far cry from "rich."

Oh, I know. I actually have posted this article on the forum a couple of times in different threads: http://www2.ucsc.edu/whorulesamerica/pow...nager.html

It really goes to show how even in the top 1%, the income distribution is heavily skewed towards those in the 0.01% category. Many in the 1% are still not free from financial worry, contrary to what many may think.

However, what I meant by Roosh's link putting things in perspective is to realize how blessed we are to live in the US or at least somewhere we can view this forum. We are far better off than most of our brethren around the world.

That is a great article.

Quote:While an after-tax income of $175k to $250k and net worth in the $1.2M to $1.8M range may seem like a lot of money to most Americans, it doesn't really buy freedom from financial worry or access to the true corridors of power and money. That doesn't become frequent until we reach the top 0.1%.

Quote:The Upper Half of the Top 1%

Membership in this elite group is likely to come from being involved in some aspect of the financial services or banking industry, real estate development involved with those industries, or government contracting.

Quote:I could go on and on, but the bottom line is this: A highly complex set of laws and exemptions from laws and taxes has been put in place by those in the uppermost reaches of the U.S. financial system. It allows them to protect and increase their wealth and significantly affect the U.S. political and legislative processes. They have real power and real wealth. Ordinary citizens in the bottom 99.9% are largely not aware of these systems, do not understand how they work, are unlikely to participate in them, and have little likelihood of entering the top 0.5%, much less the top 0.1%. Moreover, those at the very top have no incentive whatsoever for revealing or changing the rules. I am not optimistic.

Post: #82

G- what would you recommend if you wanted to join the top .5% Ivy League MBA and work on Wallstreet/Banking Industry to leverage other people's money?

Post: #83

(01-21-2012 02:33 PM)[email protected] Wrote:  G- what would you recommend if you wanted to join the top .5% Ivy League MBA and work on Wallstreet/Banking Industry to leverage other people's money?

1. Undergrad: applied physics, applied math, pure math (preferably at good school)
2. Work somewhere (you need work experience to get into MBA typically)

3. Top 5 MBA School (not necessarily Ivy League)

4. Goldman Sachs or other next best (alternatively: McKinsey for 2-5 years then executive position somewhere in big company, but bonuses will be typically bigger at GS or other IB institution unless you are CEO-level exec)

(optional) 5. Move to hedge fund (e.g. SAC Capital Advisors) or start your own

This is not easy to do.

Post: #84

I would say HH has the Alpha attitude and mindset WE all strive for, it makes me laugh how people throw the "Alpha" word around alot. Very few men are Alpha, it is an extreme trait that seems to be diminishing in this feminist western world we live.

$250,000 is alot of money these days, agreed it is not rich but it is well off in alot of places. $60,000 is paltry money unless you are making that online and living in Asia or South America. I know plenty guys making decent money but yet they cannot "buy" a lay to save there lives, this is where "game" comes in.

Post: #85

(01-21-2012 03:24 PM)rudebwoy Wrote:  I would say HH has the Alpha attitude and mindset WE all strive for, it makes me laugh how people throw the "Alpha" word around alot. Very few men are Alpha, it is an extreme trait that seems to be diminishing in this feminist western world we live.

$250,000 is alot of money these days, agreed it is not rich but it is well off in alot of places. $60,000 is paltry money unless you are making that online and living in Asia or South America. I know plenty guys making decent money but yet they cannot "buy" a lay to save there lives, this is where "game" comes in.

Yeah, that is the thing. The dollar figure is not important.

It's where you are are how you are getting it.

If you are in Milwaukee working 12-18 hour days as a lawyer and making 250k, well, then your life sucks.

If you are in Santa Monica and making 150k with 8 hours a day, you are doing decent, but far from rich. If you have a sh*tty boss, then your life might be hell.

If you are making 60k in Thailand and work 2 hours a day tinkering online, you are killing it.

None of these are "rich" though.

Post: #86

(01-21-2012 02:33 PM)[email protected] Wrote:  G- what would you recommend if you wanted to join the top .5% Ivy League MBA and work on Wallstreet/Banking Industry to leverage other people's money?

I'm not G obviously, but thought I'd offer at least a little perspective on this. Granted, you should take it with a grain of salt (I'm much younger than G, HH, and the other experts here), but perhaps I could still be helpful.

In my estimation, finance is the most heavily trafficked road to the .5%. That's where the money is. The biggest key to making big money in our world is moving/managing other people's money. You can get into the 1% as a lawyer, engineer or doctor, but its much more difficult to break the top .5% in those professions than it is in finance.

The complete path to wealth via finance is as follows (you may want to skip to step 4):

Preliminary: Before you start, you'll want to make sure you go to a very good secondary school, preferably an elite prep school (though a top public like this can do just fine). This will help to make the steps you take later a bit easier, as I'll explain in step 3.

1. Get into any Ivy, Stanford, Duke, NESCAC or MIT for undergrad.

Why these schools? Because they're the ones Wall Street most heavily recruits from. Any given year will see a trickle of guys from places like Colgate and maybe Bucknell, but you've got a better chance if you aim up a little more.

2. While there, work your ass off. You'll want at least a 3.7 to give yourself a good shot at a bulge-bracket bank or even a sniff of private equity/hedge fund work (ex: Bridgewater Associates).

You can enhance your chances in a couple of other ways:
A. Play a sport. These industries love athletes, and athletes are over-represented in the finance world. They like to hire one another.
B. Join one of the elite fraternities on campus. This will depend on how frat-centric your campus is (ex: fraternity life at my school is dominant, while at some NESCACs there are no greek organizations), but if frats are there, it'd be wise to sign up and join the wealthiest ones. Lots of connections to be made there via the children of top finance professionals (who, at least on my campus, are downright ubiquitous).

Majoring in a hard science/engineering/math discipline and doing well there gives you a leg up, as Menace noted. This is a very difficult undergraduate path to take, however.

That being said, if you go to the right school (read: Ivy, Stanford, Amherst, Williams, and a couple of others), you can be a history major and still get a good gig so long as your GPA is top notch (again, 3.7-3.8+) and you've taken at least a couple of econ courses. In fact, I know personally of religion majors who have made successful strides into finance/business upon graduation from these schools. At my school, econ is a common de-facto major for those who are thinking about finance.

The more elite the undergrad you attend, the more mileage you get out of a non-science/math/engineering degree and, obviously, the more connected and well networked you are, the more leeway you get gradewise for good jobs.

3. Intern during your summers as an upperclassman (or potentially as a sophomore), hopefully with a top bank (Goldman or the next best) or top consulting firm. This obviously requires that you have the grades to snag an internship by your sophomore/junior years-if you're one of those kids who came into your elite undergrad and struggled for a semester or two grade-wise before starting to do well, you may be a leg or two behind.

Remember how I said in the preliminary step that you'll want to go to an elite secondary school? This is where the 1% gain a huge advantage. Their children go to elite private schools (or, in some cases, a handful of VERY good public schools), which prepare you EXTREMELY well for schoolwork at Ivies/Stanford/NESCAC/etc (while also giving them better networking/connection opportunities). This means that they're not only more likely to get into said colleges than anyone else, but once they get there, they're the ones who will be most likely to get the good grades right off the bat and lock up the top internships (with their connections/wealth only making things more certain).

Most middle class, average-public school (read: not elite publics like Greenwich High School or New Trier) educated kids have to make a longer adjustment to the school work. Whereas his preppier peer might pull a 3.5 his freshman first semester, the less privileged kid might be lucky to get a 3.0. He could be getting 3.5+ regularly by his sophomore year, but his more privileged peer is still going to have a big leg up for sophomore/junior year internships gradewise, and thus a leg up for job offers after graduation.
The game is a little rigged this way.

4. After graduation, build work experience, hopefully leveraging your internship experiences into a finance gig. Work for 2-3 years at least. Any elite bank, top consulting firm (think McKinsey, Bain or BCG) or (if you can get it) hedge fund/private equity gig is fine for this, and will look good on your resume.

5. Apply to an elite MBA program. Look here for ideas-shoot as high as you can. Obviously, go as high up the ladder as you can-it does not need to be an Ivy. UChicago, to use an example, is better than Yale Business.

6. After graduation, leverage your MBA into a higher-paying gig in finance/consulting than what you had right after graduation. Some firms are known to even aid their employees in finding and paying for business schools, on the condition that they return after graduation to work for them for a set number of years. Either way, once you do this, you can focus on climbing up the ladder and shooting for managing director/vice president/partner/etc, while also looking for profitable laterals/exit ops.

The investment banking path will typically have much higher compensation levels involved than consulting, as Menace noted, but you can leverage consulting experience into great exit ops that pay well (ex: executive at a Fortune 500, Venture Capital, Hedge Funds, private Equity, etc). A lot of high-paying employers like consultants.

Once you hit the MD/VP level at a good investment bank (a process that'll usually take 8-10 years at least), you'll be looking at potentially a seven figure annual paycheck, and a very solid shot at moving up toward the higher end of the 1% by the time you hit your late 40's/50's, with a salary that could hit 8-fgures. You can make even more as a senior guy at a good hedge fund, or (if you're really on your game and have managed to build a good enough rep/skillset) as a fund manager.

The Caveat: This will vary from year to year as economic fortunes (and, by extension, the amount of money moving through the system) ebb and flow.

Also, as Menace noted, none of this is easy.

7 (Epilogue): Marry attractive wife (who is probably daughter of a fellow 1% type financier/lawyer/doctor herself). Have 2-3 children (one is too few, four+ is often considered too expensive). Pick an elite part of the country to live in (ex: pretty much any of these), send your kids to an elite private school (or a top public if you live near one), make sure you've been donating to your undergrad (and to whatever sports team you played on if you were on one), and get your kids into said undergrad (or onto said team).

Then the cycle repeats itself.

Post: #87

(01-21-2012 04:45 PM)Athlone McGinnis Wrote:  Get into any Ivy, Stanford, Duke, NESCAC or MIT for undergrad.

Why these schools? Because they're the ones Wall Street most heavily recruits from. Any given year will see a trickle of guys from places like Colgate and maybe Bucknell, but you've got a better chance if you aim up a little more.

I think this advice is unrealistic for most people.

Also, there are many more schools that can get someone onto Wall Street besides the few you've named.

First, there are three HBCU's that merit attention: Howard, Morehouse, and Spelman. Wall Street consistently recruits from there for minorities. Look at Morehouse's first white valedictorian and see where he ended up after graduation: Goldman Sachs.

http://articles.cnn.com/2008-05-16/us/wh...n?_s=PM:US

There's also top state schools like Virginia, Berkeley, UCLA, Michigan, among others.

There's also private colleges and universities like Georgetown, NYU, CalTech, George Washington (most expensive undergraduate tuition), University of Southern California, Vanderbilt, Northwestern, Emory, Rice, Tulane, Boston College, Boston University, Brandeis, etc.

There are also very good private colleges outside of New England (you must be from the Northeast): Davidson, Swarthmore, Bryn Mawr, Haverford, Hamilton College, Pomona, Claremont McKenna, Harvey Mudd, and many, many more...

I wouldn't relegate entry into the top 1% to just the handful of institutions you've named, or even the ones I've added. Too many examples of people in that category (some of whom I know personally) who didn't go to any of these schools (not the best example, but see where Madoff went).

http://en.wikipedia.org/wiki/Bernard_Madoff#Early_life

There are also many excellent schools overseas.

As for CEO's, a disproportionate number of those working for Fortune 500 companies attended Harvard Business School.

There are few people out there who can make it through this route because it requires a lot of factors beyond an individual's control.

Also, if your goal is financial freedom as soon as possible, this route is unlikely to lead you there. Even if you were to get into a top school, you could very well do poorly in your studies or not earn competitive grades to get anywhere far after that, or you just may not have the right connections or luck. You would be saddled with student loan debt and few promising prospects to see a handsome and worthy ROI. As a result, you would find yourself slaving away like every other college grad albeit with a more prestigious piece of paper. I know too many people from the Ivy League in this situation.

When choosing where to go to school, if that's what you decide to do with your life, think about cost, location, and environment. Go to the place where you feel like you are best positioned to do well and realize your goals (you should have goals if you want to do well in school).

You may find that going to a junior college might be in your best interest to save money and time, and will allow you the flexibility to work hard as you need and then transfer to an institution of your choice.

There are lots of ways to cake. The Wall Street track isn't for many people, and the vast majority burn out after a few years (I actually know a couple of bankers who became rappers), especially minorities. This is also true in the case of the legal profession. The attrition rate for black females at corporate law firms is 100%! They never make partner. Black males seldom do. Reaching into the upper echelon of wealth is rarefied company for most minorities.

I could go on and on....

Want to hear someone else tell it? Read this article by Pimco's Bond King, Bill Gross: http://www.pimco.com/EN/Insights/Pages/S...-Days.aspx

This is a rapper who I know personally. He worked as an attorney at the New York office of Weil Gotshcal (one of the top corporate firms in the world). Burned out after a couple of years and became a rapper. Real story.

Post: #88

Ah...the 'ole "path to high-finance".

I am on a college-discussion board and this topic comes up very often.

Ivy schools, 3.99999 GPA's, 100 extra-curriculars....just to get into a job with 10,000 other applicants. Eh?...I mean the money is good but damn, that's 30+ years of constant competition.

I know I don't make near that top of money, but then again the combination of computer science + homeland security has allowed me to go into interviews and get job offers before I can get back home. Like the high-finance sector, it is "racket" because the USA will always have enemies and always waste money on security.

Post: #89

(01-21-2012 06:29 PM)UrbanNerd Wrote:  Ah...the 'ole "path to high-finance".

I am on a college-discussion board and this topic comes up very often.

Ivy schools, 3.99999 GPA's, 100 extra-curriculars....just to get into a job with 10,000 other applicants. Eh?...I mean the money is good but damn, that's 30+ years of constant competition.

I know I don't make near that top of money, but then again the combination of computer science + homeland security has allowed me to go into interviews and get job offers before I can get back home. Like the high-finance sector, it is "racket" because the USA will always have enemies and always waste money on security.

Exactly. That's another thing about following the conventional path. It's a first-class ticket into a giant rat race that can lock you into a life of conformity. How is that fun?

As for you, you are playing a good angle. Government contracting agencies have LOADS of money to spend; a racket indeed. Also, the DC area is a very manageable place to live for those with good jobs.

Post: #90

(01-21-2012 06:39 PM)Hencredible Casanova Wrote:  

(01-21-2012 06:29 PM)UrbanNerd Wrote:  Ah...the 'ole "path to high-finance".

I am on a college-discussion board and this topic comes up very often.

Ivy schools, 3.99999 GPA's, 100 extra-curriculars....just to get into a job with 10,000 other applicants. Eh?...I mean the money is good but damn, that's 30+ years of constant competition.

I know I don't make near that top of money, but then again the combination of computer science + homeland security has allowed me to go into interviews and get job offers before I can get back home. Like the high-finance sector, it is "racket" because the USA will always have enemies and always waste money on security.

Exactly. That's another thing about following the conventional path. It's a first-class ticket into a giant rat race that can lock you into a life of conformity. How is that fun?

As for you, you are playing a good angle. Government contracting agencies have LOADS of money to spend; a racket indeed. Also, the DC area is also a very manageable place to live for those with good jobs.

Yeah man and while the high-finance sector is checking your EXACT school, EXACT major and EXACT GPA...with government contracting, it's all about checking off the general box...

DO you have a degree?
DO you have a graduate degree?
DO you have this certification

The parking lots of all the "bandits" (contractor companies) have so many license plates from HBCU's that it is not even funny. Hell, at my job alone we had a Big-10 conference huddle of folks.

Again, we know we won't ever hit 7-figure money but every one of us are at 6-figures and been there for quite some time.

PLUS it's "gubment" work....so it slower-paced.

Post: #91

(01-21-2012 06:52 PM)UrbanNerd Wrote:  

(01-21-2012 06:39 PM)Hencredible Casanova Wrote:  

(01-21-2012 06:29 PM)UrbanNerd Wrote:  Ah...the 'ole "path to high-finance".

I am on a college-discussion board and this topic comes up very often.

Ivy schools, 3.99999 GPA's, 100 extra-curriculars....just to get into a job with 10,000 other applicants. Eh?...I mean the money is good but damn, that's 30+ years of constant competition.

I know I don't make near that top of money, but then again the combination of computer science + homeland security has allowed me to go into interviews and get job offers before I can get back home. Like the high-finance sector, it is "racket" because the USA will always have enemies and always waste money on security.

Exactly. That's another thing about following the conventional path. It's a first-class ticket into a giant rat race that can lock you into a life of conformity. How is that fun?

As for you, you are playing a good angle. Government contracting agencies have LOADS of money to spend; a racket indeed. Also, the DC area is also a very manageable place to live for those with good jobs.

Yeah man and while the high-finance sector is checking your EXACT school, EXACT major and EXACT GPA...with government contracting, it's all about checking off the general box...

DO you have a degree?
DO you have a graduate degree?
DO you have this certification

The parking lots of all the "bandits" (contractor companies) have so many license plates from HBCU's that it is not even funny. Hell, at my job alone we had a Big-10 conference huddle of folks.

Again, we know we won't ever hit 7-figure money but every one of us are at 6-figures and been there for quite some time.

PLUS it's "gubment" work....so it slower-paced.

Yup. I got a homeboy who got a undergraduate degree and graduate degree both from Ivy League Universities. He works at one of the big federal agencies. Makes six figs, still in his twenties, yet his boss went to UDC lol. Checklist, just like you said.

Post: #92

(01-21-2012 02:33 PM)[email protected] Wrote:  G- what would you recommend if you wanted to join the top .5% Ivy League MBA and work on Wallstreet/Banking Industry to leverage other people's money?

I did/am doing this right now. Getting into an Ivy League MBA program is not as hard as you might think. If you (or anyone else) needs help with this process shoot me a pm and I can tailor my advice to your situation.

Some of the sentiments echoed above about it being a rat race are true, the richest folks in the world didn't get there by living a leisurely life. Be prepared to work in the most competitive environment in the world. People burn out, can't hack it, and get fired all the time. Everyday you are being evaluated, both by your boss and the market and the market doesn't give a fuck if you think some company is overvalued because you think its P/E is to high and its going to miss earnings. Being "smart" isn't enough. You will make bad decisions, build incorrect models, use the wrong assumptions and get your ass chewed. That is all par for the course. If that sort of thing doesn't bother you then give it a shot.

As far as general advice:

-Crush the GMAT (think 740+)
-Good UG GPA is good to have if youre not done. If you are, take some business school courses at a local school and destroy them. Also take a stat and calc course and get an A. Quant skills make people think you're smart.
-Start thinking about how and what you want to invest ie technical, fundamental, quant, etc. options, fixed income, forex, equities etc.
-Learn economics, all of the schools of thought, not just one. Macro is more important than micro, an intermediate level micro course should be sufficient.
-Have some cool guy shit on your resume, besides laying miles of pipe
-Take charge at your current job, make shit happen, get noticed

Post: #93

(01-21-2012 05:59 PM)Hencredible Casanova Wrote:  I think this advice is unrealistic for most people.

It is-that's the point. Many powers-that-be quite prefer to keep it this way.

Quote:I wouldn't relegate entry into the top 1% to just the handful of institutions you've named, or even the ones I've added.

Hold on now. Let's look closely at what I said (bolded for emphasis), because I don't believe we're really disagreeing here:

(01-21-2012 04:45 PM)Athlone McGinnis Wrote:  Get into any Ivy, Stanford, Duke, NESCAC or MIT for undergrad.

Why these schools? Because they're the ones Wall Street most heavily recruits from. Any given year will see a trickle of guys from places like Colgate and maybe Bucknell, but you've got a better chance if you aim up a little more.

I did not say that entry to the top 1% was strictly limited to the few schools I mentioned. I said entry to Wall Street banking was most probable at those few schools, which are the largest "targets" for investment banks. This is a big distinction.

If you want to get an investment banking gig right out of undergrad, those are your best shots. Some schools with smaller classes and smaller, tighter alumni networks (read: Amherst, Williams, Dartmouth, Princeton, and a couple of others) give you an even better probability. To that list, I'd add Michigan, NYU, Chicago, Duke, Northwestern as targets for most of the big banks (assuming you get involved in their business programs), plus CalTech/Cal-Berkeley for banking out west. UVA is up there too. As I said before, what is considered a target may vary a little by bank, and some banks might focus more heavily on certain targets than others.

Beyond these schools, you're mainly talking about "low" or "semi"-target schools. Big banks get a few guys from them every year, just not as many. Some big banks/hedge funds may recruit there, but not as many of them and not as often. If you're a guy coming from a non/low or even semi-target, you have much less room for error and a lot more legwork to do.

Quote:There are lots of ways to cake. The Wall Street track isn't for many people, and the vast majority burn out after a few years (I actually know a couple of bankers who became rappers), especially minorities. This is also true in the case of the legal profession. The attrition rate for black females at corporate law firms is 100%! They never make partner. Black males seldom do. Reaching into the upper echelon of wealth is rarefied company for most minorities.

This is also very true.

Post: #94

(01-21-2012 08:10 PM)Athlone McGinnis Wrote:  

(01-21-2012 05:59 PM)Hencredible Casanova Wrote:  I think this advice is unrealistic for most people.

It is-that's the point. Many powers-that-be quite prefer to keep it this way.

Quote:I wouldn't relegate entry into the top 1% to just the handful of institutions you've named, or even the ones I've added.

Hold on now. Let's look closely at what I said (bolded for emphasis), because I don't believe we're really disagreeing here:

(01-21-2012 04:45 PM)Athlone McGinnis Wrote:  Get into any Ivy, Stanford, Duke, NESCAC or MIT for undergrad.

Why these schools? Because they're the ones Wall Street most heavily recruits from. Any given year will see a trickle of guys from places like Colgate and maybe Bucknell, but you've got a better chance if you aim up a little more.

I did not say that entry to the top 1% was strictly limited to the few schools I mentioned. I said entry to Wall Street banking was most probable at those few schools, which are the largest "targets" for investment banks. This is a big distinction.

If you want to get an investment banking gig right out of undergrad, those are your best shots. Some schools with smaller classes and smaller, tighter alumni networks (read: Amherst, Williams, Dartmouth, Princeton, and a couple of others) give you an even better probability. To that list, I'd add Michigan, NYU, Chicago, Duke, Northwestern as targets for most of the big banks (assuming you get involved in their business programs), plus CalTech/Cal-Berkeley for banking out west. UVA is up there too. As I said before, what is considered a target may vary a little by bank, and some banks might focus more heavily on certain targets than others.

Beyond these schools, you're mainly talking about "low" or "semi"-target schools. Big banks get a few guys from them every year, just not as many. Some big banks/hedge funds may recruit there, but not as many of them and not as often. If you're a guy coming from a non/low or even semi-target, you have much less room for error and a lot more legwork to do.

Quote:There are lots of ways to cake. The Wall Street track isn't for many people, and the vast majority burn out after a few years (I actually know a couple of bankers who became rappers), especially minorities. This is also true in the case of the legal profession. The attrition rate for black females at corporate law firms is 100%! They never make partner. Black males seldom do. Reaching into the upper echelon of wealth is rarefied company for most minorities.

This is also very true.

Word. We agree on this.

Post: #95

A couple of good links that touch on this stuff.

Al Jazeera honed in on Harvard Business School in one of their great documentaries. I have the clip set right at that part: http://youtu.be/XdVODFombco?t=19m10s

This is a documentary called Born Rich, which speaks with the heirs of Americans in the top .01%

http://video.google.com/videoplay?docid=...2142500840

Post: #96

I failed the whole getting a normal job thing this year... I'm a sophomore in college(19 yrs) and I had a chance at working at Johnson&Johnson because my father's friend worked there... but my GPA was unsatisfactory so I didn't get it. I suppose I might have a chance still but I'm just not going to get some good job out of college. Going to have to go with online marketing and doing consulting for businesses on my own. No corporate world for me. It's sad but I realize it at this point.

Post: #97

(01-21-2012 09:25 PM)Hencredible Casanova Wrote:  A couple of good links that touch on this stuff.

Al Jazeera honed in on Harvard Business School in one of their great documentaries. I have the clip set right at that part: http://youtu.be/XdVODFombco?t=19m10s

This is a documentary called Born Rich, which speaks with the heirs of Americans in the top .01%

http://video.google.com/videoplay?docid=...2142500840

I've been looking for Born Rich online for quite a long time now. Thanks dude!

Post: #98

250K after taxes is 12 a month.

You can get a phat place in Santa Monica, downtown LA, SF, or on PB/San Diego for 3 grand.

So you have 9 grand left over.

Get a sick car for another grand.

You have 8 grand.

Even eating out every day is going to be at most 2 grand.

Now you're "down" to 6.

You guys are cracking me up with your, "250K is nothing."

If you have kids and a wife, it's a struggle.

If you're on your own, 250K is winning.

Post: #99

(01-22-2012 05:15 PM)MikeCF Wrote:  250K after taxes is 12 a month.

You can get a phat place in Santa Monica, downtown LA, SF, or on PB/San Diego for 3 grand.

So you have 9 grand left over.

Get a sick car for another grand.

You have 8 grand.

Even eating out every day is going to be at most 2 grand.

Now you're "down" to 6.

You guys are cracking me up with your, "250K is nothing."

If you have kids and a wife, it's a struggle.

If you're on your own, 250K is winning.

(It's probably about 12.5k per month, probably depends on which state).

Right.

Then, 2k a month for gold and silver.

Then, 2k for a retirement vehicle.

Then, 3k for Travel and hotels.

You have 1k (or 1.5k) a month left.

Throw in a medical problem, and you are not exactly living large.

250k a year, and you are still cutting corners like a motherf*cker.

You are not exactly throwing 50k down on a good biz idea today.

Or throwing 40k on a stock idea without seriously checking your accounts.

Or watching your sailboat being built in Holland.

I also think we are missing the point. I don't think anyone said 250k a year is "nothing" if you single. We are only saying you are miles and miles from "rich".

250k a year if you are single is smooth as hell.

Quote:You can get a phat place in Santa Monica, downtown LA, SF, or on PB/San Diego for 3 grand.

I don't know about "phat". A "nice" three bedroom with a garage? Sure.

250k a year with a wife and 3 kids in Southern California, and you are in Major Payne like Damon Wayans.

Post: #100

(01-22-2012 05:15 PM)MikeCF Wrote:  250K after taxes is 12 a month.

You can get a phat place in Santa Monica, downtown LA, SF, or on PB/San Diego for 3 grand.

So you have 9 grand left over.

Get a sick car for another grand.

You have 8 grand.

Even eating out every day is going to be at most 2 grand.

Now you're "down" to 6.

You guys are cracking me up with your, "250K is nothing."

If you have kids and a wife, it's a struggle.

If you're on your own, 250K is winning.

Earning 250k a year and earning 150k a year makes very little difference to the quality of your lifestyle. It buys you a few more toys, a bigger pad and a better holiday once a year, but the impact on your lifestyle is minimal.