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      10-18-2016, 10:25 AM   #1
catchm3ifyoucann
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Career / Investing Advice

Hi Everyone,
A good amount of the user base on here have been very successful in their respective careers, and have made financial decisions that allow them to have multiple streams of income. I was hoping to tap into the knowledge here by gaining some insight around investing and my career path. Any advice would be appreciated. I am a first generation college graduate with my B.S. in Business Administration with a minor in Management (worked throughout college to support myself). Currently I am working in management consulting on the client side (we take a SaaS approach to this).

Pros:
- Decent pay
- Great benefits such as unlimited PTO
- Easy desk job (close to 50hrs week)
- Enough disposable income to pay off student loans in less than 3 years disregarding promotions / pay increase or even lease m3 / m4
- No rent, no car payment, only expense is student loan

Cons:
- Long commute = 3 hours round trip. On Fridays = 4 hours.
- Promotion is more of a lateral move with a 5-7% increase in pay
- Not the exact job I was looking for but took it because it was my best offer and I wanted to start paying off my student loans.

I'd like to venture more into the tech industry and or in mergers & acquisitions / venture capital. Unfortunately that is more aligned to a finance degree, I have considered an MBA program but was told if the school isn't top 15 or even top 25 there is no point. I decided to forgo some great deals I found on an Audi s5 and a lease for an m4, and currently using my income to pay down loans well above the monthly payment. My previous experience in the tech industry was working / interning with Tesla Motors.

I want to place myself on a trajectory that allows me to be debt free, and eventually have additional streams of income. My goals are to eventually be married (although I've been told its the worst decision you can make ) and have a family which I don't feel comfortable doing so unless I am making at least 6 figures and have more than 1 stream of income. What advice can you give me to take the next step in life? I understand hard-work and patience are key, but is there anything I should be doing differently? Should I decrease my student loan payments to the minimum and use it towards investing? (opening a Roth IRA soon). Should I save money and use toward a business venture? Should I make a career move elsewhere for more pay?

I'm in the Northeast and ideally don't want to relocate because that means rent which translates into less disposable income unless it makes sense to.
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      10-18-2016, 11:00 AM   #2
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Quote:
Originally Posted by catchm3ifyoucann
Hi Everyone,
A good amount of the user base on here have been very successful in their respective careers, and have made financial decisions that allow them to have multiple streams of income. I was hoping to tap into the knowledge here by gaining some insight around investing and my career path. Any advice would be appreciated. I am a first generation college graduate with my B.S. in Business Administration with a minor in Management (worked throughout college to support myself). Currently I am working in management consulting on the client side (we take a SaaS approach to this).

Pros:
- Decent pay
- Great benefits such as unlimited PTO
- Easy desk job (close to 50hrs week)
- Enough disposable income to pay off student loans in less than 3 years disregarding promotions / pay increase or even lease m3 / m4
- No rent, no car payment, only expense is student loan

Cons:
- Long commute = 3 hours round trip. On Fridays = 4 hours.
- Promotion is more of a lateral move with a 5-7% increase in pay
- Not the exact job I was looking for but took it because it was my best offer and I wanted to start paying off my student loans.

I'd like to venture more into the tech industry and or in mergers & acquisitions / venture capital. Unfortunately that is more aligned to a finance degree, I have considered an MBA program but was told if the school isn't top 15 or even top 25 there is no point. I decided to forgo some great deals I found on an Audi s5 and a lease for an m4, and currently using my income to pay down loans well above the monthly payment. My previous experience in the tech industry was working / interning with Tesla Motors.

I want to place myself on a trajectory that allows me to be debt free, and eventually have additional streams of income. My goals are to eventually be married (although I've been told its the worst decision you can make ) and have a family which I don't feel comfortable doing so unless I am making at least 6 figures and have more than 1 stream of income. What advice can you give me to take the next step in life? I understand hard-work and patience are key, but is there anything I should be doing differently? Should I decrease my student loan payments to the minimum and use it towards investing? (opening a Roth IRA soon). Should I save money and use toward a business venture? Should I make a career move elsewhere for more pay?

I'm in the Northeast and ideally don't want to relocate because that means rent which translates into less disposable income unless it makes sense to.
I don't think there's a one path fits all... What works for someone else may not work for you... To be honest, it sounds like you're still trying to find yourself - which is okay... I know people in their 30's that still have no clue... You're also in the wrong geography for wanting to get into the tech field...

Your life goal shouldn't be to get married... 6 figure income also is broad... There's no way you could raise a kid / family on 100,000k a year in NYC for example... Let alone other metropolitan cities... You need to find out what moves you and pursue that... You're already chasing the dollar and wanting to provide for this family - which while noble is a fools errand... So you land a job that pays you what you want but not only do you not love it, you have to commute 16 hours a week? That sounds like a recipe for unhappiness, which will trickle down to your family...

Live a little... Experience life... You only get one... Sounds like you haven't had much time to enjoy the world because you've been on a mission... You could get run over by a steamroller tomorrow...
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      10-18-2016, 11:09 AM   #3
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Unlimited PTO? BS
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      10-18-2016, 11:11 AM   #4
catchm3ifyoucann
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Quote:
Originally Posted by shoei View Post
I don't think there's a one path fits all... What works for someone else may not work for you... To be honest, it sounds like you're still trying to find yourself - which is okay... I know people in their 30's that still have no clue... You're also in the wrong geography for wanting to get into the tech field...

Your life goal shouldn't be to get married... 6 figure income also is broad... There's no way you could raise a kid / family on 100,000k a year in NYC for example... Let alone other metropolitan cities... You need to find out what moves you and pursue that... You're already chasing the dollar and wanting to provide for this family - which while noble is a fools errand... So you land a job that pays you what you want but not only do you not love it, you have to commute 16 hours a week? That sounds like a recipe for unhappiness, which will trickle down to your family...

Live a little... Experience life... You only get one... Sounds like you haven't had much time to enjoy the world because you've been on a mission... You could get run over by a steamroller tomorrow...
So what you're saying is I should disregard common sense and get the m4? Right? Or am I reading that wrong lol.

Jokes aside you are right in your response but its hard when there is a lot of stress and pressure to be successful in life. I wouldn't mind relocating to on the contingency the salary made sense too. Trying to find a healthy work life balance in a field you enjoy is very difficult. I can't say I am truly happy were I am.
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      10-18-2016, 11:12 AM   #5
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Relocating for work is almost always a stupid decision. Work sucks...
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      10-18-2016, 11:13 AM   #6
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Originally Posted by BayMoWe335 View Post
Unlimited PTO? BS

Let me rephrase that, unlimited PTO with 2 weeks notice, and that you do not abuse it, the longer you are with our company the more you can utilize it. I am taking off 3 days this month and took 12 off in the summer for Euro 2016 trip.

I'd say over 3-4 weeks PTO in the entire calendar year may raise flags.
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      10-18-2016, 11:19 AM   #7
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Quote:
Originally Posted by catchm3ifyoucann
Quote:
Originally Posted by shoei View Post
I don't think there's a one path fits all... What works for someone else may not work for you... To be honest, it sounds like you're still trying to find yourself - which is okay... I know people in their 30's that still have no clue... You're also in the wrong geography for wanting to get into the tech field...

Your life goal shouldn't be to get married... 6 figure income also is broad... There's no way you could raise a kid / family on 100,000k a year in NYC for example... Let alone other metropolitan cities... You need to find out what moves you and pursue that... You're already chasing the dollar and wanting to provide for this family - which while noble is a fools errand... So you land a job that pays you what you want but not only do you not love it, you have to commute 16 hours a week? That sounds like a recipe for unhappiness, which will trickle down to your family...

Live a little... Experience life... You only get one... Sounds like you haven't had much time to enjoy the world because you've been on a mission... You could get run over by a steamroller tomorrow...
So what you're saying is I should disregard common sense and get the m4? Right? Or am I reading that wrong lol.

Jokes aside you are right in your response but its hard when there is a lot of stress and pressure to be successful in life. I wouldn't mind relocating to on the contingency the salary made sense too. Trying to find a healthy work life balance in a field you enjoy is very difficult. I can't say I am truly happy were I am.
You're not... That part is abundantly clear... Also, living for others isn't the way to go either... I get you want to do right by family but at the end of the day, when their time comes and goes on this planet, and you are left on your own, who are you living for?

Take a vacation... Pick somewhere you've never been... I mean a place where you need to use your passport (Not Canada or Mexico) and just go... Go wild, get lost in another country...
Figure out what you want to do... You not someone else... You're already seeking life advice on a car forum from complete strangers... Just think about that for a second...
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      10-18-2016, 12:17 PM   #8
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Quote:
Originally Posted by BayMoWe335 View Post
Unlimited PTO? BS
My company has unlimited PTO. A lot of places are going to this model since it is cheaper to let people take off whenever they want within reason than pay out weeks/months of PTO when someone leaves.
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      10-18-2016, 12:22 PM   #9
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Quote:
Originally Posted by shoei View Post
You're not... That part is abundantly clear... Also, living for others isn't the way to go either... I get you want to do right by family but at the end of the day, when their time comes and goes on this planet, and you are left on your own, who are you living for?

Take a vacation... Pick somewhere you've never been... I mean a place where you need to use your passport (Not Canada or Mexico) and just go... Go wild, get lost in another country...
Figure out what you want to do... You not someone else... You're already seeking life advice on a car forum from complete strangers... Just think about that for a second...
I agree with Shoei. I speak from personal experience that only YOU know what you want and should do. It's important to pay attention to that little voice inside you.
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      10-18-2016, 12:38 PM   #10
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Quote:
Originally Posted by shoei View Post
I don't think there's a one path fits all... What works for someone else may not work for you... To be honest, it sounds like you're still trying to find yourself - which is okay... I know people in their 30's that still have no clue... You're also in the wrong geography for wanting to get into the tech field...

Your life goal shouldn't be to get married... 6 figure income also is broad... There's no way you could raise a kid / family on 100,000k a year in NYC for example... Let alone other metropolitan cities... You need to find out what moves you and pursue that... You're already chasing the dollar and wanting to provide for this family - which while noble is a fools errand... So you land a job that pays you what you want but not only do you not love it, you have to commute 16 hours a week? That sounds like a recipe for unhappiness, which will trickle down to your family...

Live a little... Experience life... You only get one... Sounds like you haven't had much time to enjoy the world because you've been on a mission... You could get run over by a steamroller tomorrow...
Not sure if serious. You're not going to be living in the UES, but plenty of families manage to live in NYC for less than half that income.

OP, regarding investing / loans, it is nice to be debt free, but depending on how low your interest rates are, it might make sense to keep them and put the money into high yield accounts instead. Max out your 401K to the match, then max out your ROTH IRA, then go back and max out your 401K to the annual limit if you can. Like others have said, it seems you have to do some thinking into where you want your life to go and what your priorities are.
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      10-18-2016, 12:48 PM   #11
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Not sure if serious. You're not going to be living in the UES, but plenty of families manage to live in NYC for less than half that income.
Less than half would be $50k. You can absolutely NOT support a family in NYC on a $50k income (I also don't think it's possible on $100k, either). Maybe you're counting welfare recipients? Rent alone would blow out any budget unless you're in an incredibly unsafe neighborhood. Childcare is $25k+. Sorry, but it's impossible without government assistance.
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      10-18-2016, 12:53 PM   #12
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My advice would be to look for opportunities to do your own thing while you're working your way up the ladder and saving a reasonable amount. Don't give so much to your day job (that includes the commute) that you get enslaved by it and have no time for anything else.

I personally like taking some risks, but calculated ones. I started my company while I was working for someone else and making six figures, I didn't quit my job until I was already making more from my company than my day job. The problem with working for someone else is you're employed at their mercy, and you're always going to have a ceiling on how much you can reasonably expect to make.
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      10-18-2016, 12:57 PM   #13
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What type of company were you able to start concurrent to your full time employment? That's no easy task when you're working 50-60 hour weeks and many people have non-compete clauses and language stating that they cannot be employed somewhere else at the same time.
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      10-18-2016, 12:58 PM   #14
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Quote:
Originally Posted by shoei View Post
Take a vacation... Pick somewhere you've never been... I mean a place where you need to use your passport (Not Canada or Mexico) and just go... Go wild, get lost in another country...
Figure out what you want to do... You not someone else... You're already seeking life advice on a car forum from complete strangers... Just think about that for a second...
I strongly agree with this recommendation also - travel the world a bit and get immersed in other cultures. You'll learn some interesting concepts about how Americans are so caught up in work, while you see Europe and other cultures that have so much more time available to experience life. I've gotten to travel a ton over the past few years due to jobs and lifestyle that my wife and I chose, and frankly, the travel experiences have taught me more about life than any other experience.

Save some money, pay down your debt and be sure to take advantage of retirement benefits early, but make sure you leave aside money to enjoy life too.
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      10-18-2016, 01:04 PM   #15
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Originally Posted by KingOfJericho View Post
What type of company were you able to start concurrent to your full time employment? That's no easy task when you're working 50-60 hour weeks and many people have non-compete clauses and language stating that they cannot be employed somewhere else at the same time.
Well you shouldn't sign that BS nor work 50-60 hours for someone else unless you're highly compensated for it. Also, as an employer I would never ask my employees to sign crap like that, nor would I expect them to work those hours for me.
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      10-18-2016, 01:09 PM   #16
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I worked through college and took out loans just like every other average Joe who's parents did not have the means to pay 30k/year if not more for school. It took me a few years to land a job that paid well and I was not miserable at. Personally, its not bad at all to think about youre future but I think you're going to drive yourself crazy thinking so far ahead. Shoei sums things up pretty well for you.


It will cost you 100k with 2 kids to live comfortably with your family in staten island lol. If youre in Manhattan youre looking @ over 100k, easily 120k ish or even in Queens which is nuts. I wouldn't say its impossible without welfare but you will have to sacrifice a lot.


With regards to not having gone to an Ivy league financing school...I do not know how true that is as I did not go to an Ivy league school and have an amazing job at my age, and i know plenty of people on the same boat (though I do not work in financing). Do not let the worry of not going to a top tier school prevent you from getting your MBA. Live a little, visit different countries, etc.
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      10-18-2016, 01:12 PM   #17
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Quote:
Originally Posted by atxgt3 View Post
Well you shouldn't sign that BS nor work 50-60 hours for someone else unless you're highly compensated for it. Also, as an employer I would never ask my employees to sign crap like that, nor would I expect them to work those hours for me.
If you work in the engineering field it is impossible to find a job that won't make you sign one.
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      10-18-2016, 01:19 PM   #18
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Go date as many girls as you can and travel as much as you can. Sure did I fk around a lot? Absolutely but all those things made me find myself and I think you need to do some soul searching.

If you live in the northeast getting into the financial sector is crazy competitive. So unless you graduate top 10% from a good school(ex. NYU stern, columbia, upenn) or have crazy connections it will be a tough mountain to climb. Although I got to say couple of my friends went to baruch that are investment bankers now but that's rare.

Last edited by R3dliner; 10-18-2016 at 01:28 PM..
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      10-18-2016, 01:26 PM   #19
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If you work in the engineering field it is impossible to find a job that won't make you sign one.
I was in software and didn't have to sign it, nor do I require any of my technical guys to sign anything like that. If they want to start another company in their free time I say go for it as long as it doesn't interfere with their performance too much.
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      10-18-2016, 01:34 PM   #20
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Move to the beach and rent jet skis. Thank me later
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      10-18-2016, 01:40 PM   #21
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Quote:
Originally Posted by KingOfJericho View Post
Less than half would be $50k. You can absolutely NOT support a family in NYC on a $50k income (I also don't think it's possible on $100k, either). Maybe you're counting welfare recipients? Rent alone would blow out any budget unless you're in an incredibly unsafe neighborhood. Childcare is $25k+. Sorry, but it's impossible without government assistance.
Not sure if you're familiar with the Mitchell Lama housing program?

http://www.nyshcr.org/Programs/mitchell-lama/

There are plenty of people living in this type of housing 50K and supporting a family. I'm not sure if you would feel comfortable in the northern Bronx, but it was pretty safe when I lived there.
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      10-18-2016, 01:46 PM   #22
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My company has unlimited PTO. A lot of places are going to this model since it is cheaper to let people take off whenever they want within reason than pay out weeks/months of PTO when someone leaves.
If "within reason" is around 4 weeks, who cares...you have a PTO policy.

No one will get to take "unlimited PTO" so it's a stupid "benefit" that's actually probably worse than just getting 5 weeks PTO negotiated in your offer. As you said, then the PTO is yours.
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