https://www.wsj.com/politics/policy/joe-biden-tax…
Came across this WSJ article on Biden’s proposed tax increases on those making over $400k. One guy they profiled was making $425k a year doing HVAC sales in Kentucky. Really making me regret my life choices lol. But there’s a lot of money to be made out there in other industries that aren’t Tech Law or Finance.
| +82 | I've been using WSO for 5+ years and I think the anti-diversity rhetoric has gotten so much worse | 16 | 1h | |
| +41 | What to do my summer before college? | 22 | 1d | |
| +36 | ADHD ! | 20 | 14h | |
| +27 | What does the richest self-made woman you know do for a living? | 40 | 6h | |
| +24 | Anyone on Finasteride? | 21 | 17h | |
| How do I become Sigma | 15 | 5d | ||
| +22 | Sounds crazy but moving to NY for dating scene | 14 | 14h | |
| +17 | Can someone justify why is million written mm or MM? | 15 | 2d | |
| +16 | How to deal with retarded clients | 5 | 7h | |
| +14 | Battling Allergies in NYC | 6 | 1d |
Career Resources
Get instant access to lessons taught by experienced private equity pros and bulge bracket investment bankers including financial statement modeling, DCF, M&A, LBO, Comps and Excel Modeling.
ATTN to Detail:
He works in Business Development for an HVAC Contractor, he’s not an HVAC contractor. Effectively he could be a former banker.
He and his wife clear 375k.
The reality is there is a ton of wealth in SMB (small / medium sized businesses). Where I grew up in the suburbs, the wealthiest families were owners of businesses you would never hear of.
Very true.
Yeah, I can think of at least 10+ families I know who've had generated net worth exceeding $5M through family businesses (know of at least 2 that exceed well over $20M)
This is the way.
Multiple sales guys at one of my portcos made >$500k commissions last year selling very mundane industrial products. All relatively young w/ mostly small school / community college backgrounds but put in the right system can sell like hell.
There is a lot of money to be made in non-finance roles. Most of the wealth in this country is coming from those people/businesses. It's just slow and takes hard work and a lot of entrepreneurial risk, none of which really appeals to the kinds of people who go into finance, which attracts risk averse people who want to be wealthy very quickly.
You go into finance for the prestige, not the money. People who really want to make money and not be white collar slaves become entrepreneurs, which actually takes skills. Same reason people go to top universities, it sounds good. Most millionaires went to state universities and took some initiative to do something on their own. America wasn't made my bankers and lawyers, it was made by people pulling themselves up by their bootstraps.
I mean, this is pretty false too. America wasn't made by "people pulling themselves up by their bootstraps". Most Americans who achieved something of note were reasonably well-educated - many of them were, in fact, lawyers! I just hate this idea that education is somehow inimical to real success, the same way that shitty books like the Millionaire Next Door use shitty statistics to tell shitty stories about how saving and scrimping and being a small business owner is the real route to success and wealth.
Education is good. Going to top universities helps you if you want to go create a business. Yes, many millionaires go to state universities... but only because there are, statistically, way more enrollees at state universities than Ivy Leagues or whatever.
Yes you do go into finance for the money because its guaranteed money unless you're trash. Other stuff involves much higher levels of risk which is why it's less desirable for smart college grads.
10% chance of 500k vs 80% chance of 500k there's a reason IB is so competitive.
I mean, where this falls flat is that if you own a business throwing off $500,000, then you have a lot more than just your $500,000 salary you'd get in IB. That's without the more complex calculations of tax savings and all that.
And there is also a much higher ceiling than in banking. I know someone from where I grew up who sold their HVAC business for well into the 9 figures (or he cleared at least $100mm). That is obviously a tip of the pyramid outcome, but I think most people on this site would be surprised at how many UHNW people come from those kinds of industries. This site is oriented towards finance, and the people on here are obsessed with prestige and rankings and other nonsense, and that is hard to extrapolate to a world of blue collar business owners. But there are far more people making huge sums of money owning HVAC distributors, or construction subcontractors, or what have you, than there are people starting their own banks or whatever.
So yes, assuming you get a seat at an investment bank and are willing to spend your life grinding upwards, you can probably assume an 80% chance of a high six, low seven figure annual payday. And yes, your likely outcome as a small business owner is probably far less than that. But there are fatter tails to that, as well, and if you're willing to take entrepreneurial risk (something most people in finance are extremely averse to, on a personal level Wall Street is one of the most risk-averse sectors of the American economy) you have a much better chance at creating generational wealth.
comparison is the thief of joy
Wow bro you’re back!!!! Hope all is well.
Life is grand bro
the legend is back
also taxes are the thief of joy.
good to see you bro :-)
I think talented sales guys have it easy in life. Most of them are extroverts who love talking to people. They build great relationships and effortlessly maintain them.
Sales outside of finance is a lot more about identifying and solving pain points, which requires a lot more listening than talking. Most of the very successful salesmen I’ve met are introverts oddly enough.
100% you gotta ask REAL questions, provide relevant information unrelated to products and be “politley agressive”. The days of pushing product and bulldozing firms and people are long gone.
I took a cold call from two different fisher investments guys and they were wildly different. I already have an fa and the first guy was respectful and asked if id be ok with hearing other ideas and examples and if not asked if he can reach out in a few months to confirm. The second guy tried to pressure me and implied i could be at risk if i dont just hear him out…after i mentioned i already have an Fa. Thats a tough job so i get it but that turns me off
Sales is easily the best bang for your buck in terms of wlb+comp if you’re in the right role in ANY industry and if you can deal with the stress and butterflies everyday. Every so often i wonder if i should leave the industry to sell something else. Leaving the desk at 4:05pm to be done with the gym by 5:30 is something i can never give up.
In which field / industry are you in if I may ask?
Mutual fund wholesaler
During the last low interest rate environment, didn't we see LO who did Residential RE loans make bank? Isn't being a LO a strictly sales role?
Quo maiores quis asperiores officiis ut. Quia in quae ut nihil dolores corrupti.
Voluptatem consequatur rerum sed nihil. Voluptatibus optio aut accusantium vel quo sit iusto tenetur. Vel modi deleniti est aut vitae dolor voluptatem. Nostrum quos quia ea.
Eos porro facere maxime velit. Aspernatur expedita explicabo possimus enim neque molestiae voluptas. Consequatur dolores id iure rem ab quis qui voluptates. Modi est nostrum est ut. Quod ad tempora et officia repellendus velit. Praesentium optio modi expedita vitae asperiores necessitatibus cum.
Et vitae et quam autem nemo. Deleniti dolorum non aut sed fuga ea laborum dolores. Non quo dolores consequatur vero. Sit impedit cumque dolor ipsam ea suscipit.
See All Comments - 100% Free
WSO depends on everyone being able to pitch in when they know something. Unlock with your email and get bonus: 6 financial modeling lessons free ($199 value)
or Unlock with your social account...
Rem tempora dolores est voluptatum. Aut quo aliquam magni hic. Non est sit quas. Dolor quia incidunt est ea excepturi odio dolores.
Atque suscipit eum cupiditate est nam perferendis facilis. Illo et possimus id voluptatem. Et quia aspernatur minima quasi veritatis unde et. Soluta perspiciatis est id minus.
Dolore deserunt qui ut culpa odit suscipit consectetur. Esse cumque dicta consequatur explicabo et voluptate. Aliquid saepe aut accusamus sunt. Deleniti ut laboriosam enim et quidem earum esse.