Thread List
First Page Previous Page Page 197 / 308 Next Page Last Page
Subject#Latest
24 06.06.07
14 06.06.07
6 06.06.07
11 06.06.07
8 06.06.07
33 06.06.07
2 06.06.07
6 06.06.07
3 06.06.07
2 06.06.07
9 05.06.07
6 05.06.07
4 05.06.07
8 05.06.07
9 05.06.07
2 05.06.07
15 04.06.07
6 04.06.07
1 04.06.07
11 04.06.07
2 04.06.07
1 04.06.07
4 04.06.07
3 04.06.07
1 03.06.07
13 03.06.07
4 02.06.07
4 02.06.07
4 02.06.07
1 01.06.07
10 01.06.07
19 01.06.07
10 01.06.07
11 01.06.07
5 01.06.07
1 01.06.07
5 01.06.07
10 01.06.07
14 01.06.07
9 01.06.07
5 01.06.07
1 01.06.07
5 31.05.07
2 31.05.07
17 31.05.07
1 31.05.07
1 31.05.07
1 31.05.07
3 31.05.07
1 31.05.07
First Page Previous Page Page 197 / 308 Next Page Last Page

Will I get there

 
#1 Will I get there
04/06/2007 18:33

Pear

Hi All

I am 24 and want to get to a 7 figure salary by the age of 35.

I am still far away - but am doing OK for myself.

Tell me, do anyone of you also want to reach that goal and what are you doing to get there?

Reply  Quote   
 
#2 RE: Will I get there
04/06/2007 18:49

Get real to Pear (#1)

Yes, I want to reach that goal. I'd also like to be able to fly like a bird and predict the future. However, I've reached the conclusion that there's not much I can do about any of them.

Reply  Quote   
 
#3 RE: Will I get there
04/06/2007 20:04

Village Idiot to Pear (#1)

Move to Thailand. Negotiate a salary in Baht. Mission accomplished.

Reply  Quote   
 
#4 RE: Will I get there
04/06/2007 20:46

anon to Village Idiot (#3)

You will not get any useful feedback on such a topic from this forum. They are all miserable underpaid consultants, kids aspiring to become consultants and bitter HR people. The successful people are too busy to waste their time on this forum.

Hope you really achieve your goal though.

Reply  Quote   
 
#5 RE: Will I get there
04/06/2007 20:56

Get real to anon (#4)

OK, I'll try and be constructive. I would really like to earn £1M+ per year but just cannot see how I can do it. I can only think that the way to do this is to start my own company, but I wouldn't know where to start and the flip side is that it's risky and I could end up bankrupt. I just don't know how I would generate enough business to earn that kind of income. Any ideas?

Reply  Quote   
 
#6 RE: Will I get there
04/06/2007 21:08

Taxman to Get real (#5)

VAt fraud as practiced by Mohhamed Sarwar MP, and he gets away with it. £35M he made selling mobile phones.

Reply  Quote   
 
#7 RE: Will I get there
04/06/2007 22:00

anon to Taxman (#6)

Try Private Equity or Investment Banking. They pay you not for your job, but for your life - be warned

Reply  Quote   
 
#8 RE: Will I get there
05/06/2007 08:14

fraudster to anon (#7)

try sending spam emails claiming that you are holding $100 million dollars of African funds and need the person's bank details. On-line fraud seems to work well. teen-agers are making thousands by selling bogus items, which do not exist.

The only serious suggestion I would have is multimple income streams. Unless you are very successful, lucky and work in one of a small number of industries, you will not get there just with a salary.

Reply  Quote   
 
#9 RE: Will I get there
05/06/2007 09:46

anon to fraudster (#8)

As a grad you should be a partner in consulting by 35. You wont be on a million but could be earning 300-500k at a decent firm if you're bringing in lots of business.

If you want a million quid bonus or whatever IB/Hedge Funds/PE is the only way to go. by that age you'd be hitting those figures and more if times are good.

Reply  Quote   
 
#10 RE: Will I get there
05/06/2007 10:03

Bottom of the Pile to anon (#9)

OK, lets take a consultative approach:

You want £1M/year in 11 years time. Current inflation around 3.5%. Thus the equivalent salary today is 685K.

Therefore if you make partner in a very good firm, you could realistically get close.

Best of luck!

Reply  Quote   
 
#11 RE: Will I get there
05/06/2007 10:09

Anon to Pear (#1)

Pear, Haven't you heard that 'entrepreneurialism is the new rock and roll', and didn't your dad tell you you'll never get rich working for someone else..?? Ie the only unlimited earning are through running your own business, and there's plenty of advice around on how to do that. Also, so what if you do go bankrupt, if your aim is to earn that much money I'd expect bankruptcy to be put down as part of the learning curve!

Reply  Quote   
 
#12 RE: Will I get there
05/06/2007 10:29

Mars A Day... to Pear (#1)

Time to wake up now Pear, you'll be late for work.

Reply  Quote   
 
#13 RE: Will I get there
05/06/2007 12:32

wstar to Mars A Day... (#12)

I see your point of view for me it's graduate schemes, work hard and get the promotions!!

or you could buy a lottery ticket....or 3 if your feeling dangerous.

Reply  Quote   
 
#14 RE: Will I get there
05/06/2007 14:21

Pear to wstar (#13)

Hi all

Thanks for the serious replies.

This is how I see my future and how I get there.

Right now i am a graduate in Accenture BSI. I plan to move to a strategy house within 3 months, increasing my salary and positioning myself for a move into a top PE player, like Macquaire or Blackstone. I think that will take at least 18 months. If i enter as an associate in 1.5 years, ill be almost 26 and have 9 years to make principal and earn my million - thats plenty of time given that i will already have had experience at Acn and McKinsey / BCG etc.

Why is this so absurd to some - Mars a day - why are you telling me to wake up? This is perfectly feasible!!!

Reply  Quote   
 
#15 RE: Will I get there
05/06/2007 14:26

anon to Pear (#14)

Why are you so greedy? Have you been told by mummy and daddy that you're destined for greatness? Yet another victim over overblown expectation levels.

You'll hit 80k, marry, breed and get fat.

Reply  Quote   
 
#16 RE: Will I get there
05/06/2007 14:28

Mars A Day to Pear (#14)

Pear its not that its absurd - I commend your ambition and hope you can maintain it long enough. My comment was because you are 1 of thousands, if not hundreds of thousands, who would be doing well to move from MC to McK in the first place, let alone moving from McK to Blackstone. You would need to be in the top few % of your peers at ACN, and then in the top 2 or 3 % at McK with significant exposure in corporate finance to move from there to the likes of Blackrock or Macquarrie. Very very few people make it. If you do, great - congratulations! But you are setting your sights very very high indeed and may find yourself disappointed as the competition is extremely intense.

Reply  Quote   
 
#17 RE: Will I get there
05/06/2007 14:35

anon to Mars A Day (#16)

Mate why don't you use your time at accenture to get some good exposure to their bigger clients like the Bulge Bracket IB's they deal with then try and jump ship to join one of them or use the experience to get on an IB grad scheme after a year or 2.

That would be quite plausible and would net you some good dosh.

Reply  Quote   
 
#18 RE: Will I get there
05/06/2007 14:38

Mars A Day to anon (#17)

That would take Pear into a projects/programme environment, nowhere near his intended goal of hitting 7 figures in PE.

Pear if you are a grad on the ACN scheme you may as well leave it and join a grad scheme within IB, as take the longer route through consulting (which may not get you there anyway).

Reply  Quote   
 
#19 RE: Will I get there
05/06/2007 14:44

anon to deleted (#0)

I'd say you could quite reasonably use that projects/programme experience as you call it from Accenture to leverage a move on to an ib grad scheme in the front office. Why not?

Reply  Quote   
 
#20 RE: Will I get there
05/06/2007 14:53

beng to anon (#19)

Hey Pear....I like you. You remind me of me (a little). Maybe one day I'll hire you and make you my b!tch. I may even let you have your own office.

Reply  Quote   
 
#21 RE: Will I get there
05/06/2007 15:35

Mars A Day to anon (#19)

anon where would the point be in that? Pear could more easily just get onto a grad training scheme at an IB; moving from back or middle office as in this case to front office is (not unknown but) almost never happens and relies heavily on networking - something a new grad among hundreds will find it hard to do in an IB environment. There is no need, let alone reason, to get exp at acn just to move to an IB grad scheme. If Pear is as good as he says (in which case I must ask why have you not already joined McK instead of acn??) then he/she should have no problems securing a grad scheme role in IB.

Reply  Quote   
 
#22 RE: Will I get there
05/06/2007 15:36

KnightIndustries to beng (#20)

Pear, think about the long tail! Sometimes it is the case that people working relatively comfortably over a couple of years make more than what some bankers make in their first few years before burning out!

Yea...it'll be great to get a 7 figure salary by 35 but that is not the only way to be successful.

Very few people stay for more than a couple of years in IB (less so than Consulting). By maintaining a few solid years in Consulting and then in industry, you can work your way up to a higher level and earn for a healthy living - both in money and time spent with friends and family. Additionally, you're experience will allow you to become better equipped to perhaps start up your own business?

It's nice to have ambition and I'm sure there will be many here who reaches theirs. Just remember that there is more than one way to get there!

Reply  Quote   
 
#23 RE: Will I get there
05/06/2007 15:38

KnightIndustries to KnightIndustries (#22)

Damn! Why isn't there a edit function...soz for the typo's but you get what I mean ;)

Reply  Quote   
 
#24 RE: Will I get there
05/06/2007 17:35

Tubby to anon (#15)

...You'll hit 80k, marry, breed and get fat...

Ouch, that hurt! Any more cakes...??

Reply  Quote   
 
#25 RE: Will I get there
05/06/2007 17:39

anon to Tubby (#24)

mars a day

what i was getting at is that if pear did, say, 2 years at accenture then could get on to the 1st year of a front office IB programme (maybe he couldnt get in now) then despite going back to being an A1 he will still make more money and closer to his 7 figure salary (which incidentally people do make at Accenture; there's just very few of them)

Reply  Quote   
 
#26 RE: Will I get there
05/06/2007 17:45

Mars A Day to anon (#25)

Anon I see your point, but I just think a year at ACN will not really get Pear much further ahead in IB - they will look at him as being raw material regardless, and frankly the longer the delay the less the chances and they like them young.

Anyway, I am off to take a driving lesson with Michael Schumaker and then a riding lesson with Valentino Rossi; in about 2 hours I will be able to invent a 3rd way of transport and have the skills to ride it better than either, while talking to McK and Merrill on bluetooth and grabbing awards and accolades on the way round the track.

Reply  Quote   
 
#27 RE: Will I get there
05/06/2007 20:37

Village Idiot to Mars A Day (#26)

<<< VI wishes he was good-looking enough to sleep his way to the top >>>

Reply  Quote   
 
#28 RE: Will I get there
06/06/2007 09:59

Mick to Village Idiot (#27)

im almost there and im 28 - i just joined a consultancy as a director for 450k

keep going dude

Reply  Quote   
 
#29 RE: Will I get there
06/06/2007 10:09

anon to Mick (#28)

Surely you jest? did you join at 16?

Reply  Quote   
 
#30 RE: Will I get there
06/06/2007 11:28

anons to anon (#29)

No, its the standard salary at BAS

Reply  Quote   
 
#31 RE: Will I get there
06/06/2007 11:37

anon to anons (#30)

more the age

Reply  Quote   
 
#32 RE: Will I get there
06/06/2007 12:47

KnightIndustries to anon (#31)

Look at this thread and the "hours partners work" thread (No. 30067), and it's obvious that, in most cases, to get a 6 or even 7 figure earning ALONE from one salary, serious sacrifices will need to be made to your lifestyle.

I know many who, alongside their regular work, they maintain investment interests in property and their own companies. They live a comfortable life.

It's not easy to have investment interests - likewise, it's not easy to earn 7 figures straight up. Best of luck with it though

Reply  Quote   
 
#33 RE: Will I get there
06/06/2007 13:04

Mr S. Kint to KnightIndustries (#32)

Cutting back on costs where possible is also always a good idea if possible.

Regarding additional income streams, how could I do this? Tutoring etc may be a good idea but I can't really afford to advertise in local papers

Reply  Quote   

Top of Page

ThreadID: 30019

Advertise
Your Jobs!