Sep 13, 2022·edited Sep 13, 2022Liked by BowTied Bull
Hard work is pointless in the face of real talent. I know from experience.
Worked like a madman for 4 years in Sales, read every book, did seminars, speech training, grinding 50+ hours every week. Got to FAANG lvl company in Dublin. Just to get crushed in sales by a drunk high roided out of his mind Irishman. Who wasn't even trying...
Turned to tech. 9-month bootcamp in 3 months. 2 years in a Faang company getting promoted every 6 months due to whining about how bored I was. Now I've got my own consulting cloud company making 15k/m for 10h/w.
1/4 of the effort, 20x the results. I found my talent lol.
the most fascinating aspect to starting a second income stream is (a phenomenon bull talked about long ago in the WSP days) where your performance *materially improves* in your day job after you start your side business. a combination of adding skills to make you more well rounded in the business world and a newfound confidence since you're digging your tunnel out of Shawshank... a rare golden ticket to navigate the simulation of life.
Bull and team - want to get your advice since this is a concept I’ve struggled with. I came out of college doing M&A IB making $200k, now 1st year PE associate making ~$400k. The point you made about side income psychologically feeling pointless has applied to me since I started working.
I understand the rationale of being able to exit a side biz via sale whereas you can’t do the same with career. It’s difficult for me to imagine being able to build a side biz where the time allocation is worth it. In order for it to make sense I’d have to be able to exit for 8-figures by my early 30s, otherwise why not stay in PE/hedge fund and just make 7-figures starting in late 20s/early 30s? Putting aside things like mobility, freedom of schedule etc and looking at this purely from a cash flow maximizing perspective.
IMO there’s a small chance any ecomm biz I make gets to big enough scale where it makes more sense to focus time on that vs career. In other words, I have no competitive advantage in ecomm especially vs people doing this full time or who only work 9-5, and my career compensation scales a lot faster and is much higher probability than an ecomm biz.
What am I missing here in my logic? I can completely understand a side income of $50k moving the needle for someone else but for me, the effort it would take to learn/build the biz seems low ROI.
Bull I'm what you'd call a "late starter" - 30s in enterprise SaaS sales with a family. I struggle between investing (time/money) in my career vs. a business. Based on what you wrote here plus the fact that a good quarter can net me a five (six?) figure payoff, I've been investing in becoming a better salesman and not a business since it seems like better ROI on time.
19 yrs old in college (Sophomore). Saved up my internship money- $20k. Should I pay off my loans from first year of college or start wifi biz? loans are 3.75% interest and about $20k.
"starting there when you are in peak earning years just looks like a “waste of time”."
Add in the additional growth of those savings. $6k invested at 20 vs $6k invested at 40 ends up being a huge $$ difference after you invest it and let it grow.
Bull nails it.
$6k to a young person is magnitudes more impactful. Start Young
Its been hard to figure out where my autist brain could go for a wifi business. Currently trying Ecommerce but not getting an edge out of it. Im a recruiter who is very successful in his 9-5. I've been trying to find a wifi business that overlaps a bit with what I'm good at. Offer Negotiations, tactics of getting a job. Etc..is this the type of ability you refer to in the article? Thanks
This has always been a struggle. My true talent is in coding and tech, made decent income, but top coders in my country didn't earn rockstar pay. Switched to private equity, am mediocre, earn 10x my software engineer salary/pay.
Global/online is changing this dynamic thankfully, so am going back to my actual talent of dev work, as a start to exit PE. Don't want to get stuck in a place with less prospects, beholden to a boss' whims.
thank you so much for all your great content and support that you put out there - have been a reader since the early days!
I have a question around determining the right living location and choosing between two specific options - fine to post here or better in the Q&A? if so, when will the next Q&A be? Thanks!
Timely post and can't believe it's free. I struggle with the same "high earner, late starter" issues unfortunately. But can't change that. WiFi $ is underway. Bull nails it when you compare the initial WiFi $ to your income it's laughable. So relying on the compounding of revenue impact...
Can someone explain the strategy behind larger down payment in high interest environment with a quick example with figures? I think I'm missing something
Hard work is pointless in the face of real talent. I know from experience.
Worked like a madman for 4 years in Sales, read every book, did seminars, speech training, grinding 50+ hours every week. Got to FAANG lvl company in Dublin. Just to get crushed in sales by a drunk high roided out of his mind Irishman. Who wasn't even trying...
Turned to tech. 9-month bootcamp in 3 months. 2 years in a Faang company getting promoted every 6 months due to whining about how bored I was. Now I've got my own consulting cloud company making 15k/m for 10h/w.
1/4 of the effort, 20x the results. I found my talent lol.
the most fascinating aspect to starting a second income stream is (a phenomenon bull talked about long ago in the WSP days) where your performance *materially improves* in your day job after you start your side business. a combination of adding skills to make you more well rounded in the business world and a newfound confidence since you're digging your tunnel out of Shawshank... a rare golden ticket to navigate the simulation of life.
So so good. They need to make this mandatory in high schools. I’m going to send this to my 13 year old daughter.
Bull and team - want to get your advice since this is a concept I’ve struggled with. I came out of college doing M&A IB making $200k, now 1st year PE associate making ~$400k. The point you made about side income psychologically feeling pointless has applied to me since I started working.
I understand the rationale of being able to exit a side biz via sale whereas you can’t do the same with career. It’s difficult for me to imagine being able to build a side biz where the time allocation is worth it. In order for it to make sense I’d have to be able to exit for 8-figures by my early 30s, otherwise why not stay in PE/hedge fund and just make 7-figures starting in late 20s/early 30s? Putting aside things like mobility, freedom of schedule etc and looking at this purely from a cash flow maximizing perspective.
IMO there’s a small chance any ecomm biz I make gets to big enough scale where it makes more sense to focus time on that vs career. In other words, I have no competitive advantage in ecomm especially vs people doing this full time or who only work 9-5, and my career compensation scales a lot faster and is much higher probability than an ecomm biz.
What am I missing here in my logic? I can completely understand a side income of $50k moving the needle for someone else but for me, the effort it would take to learn/build the biz seems low ROI.
Bull I'm what you'd call a "late starter" - 30s in enterprise SaaS sales with a family. I struggle between investing (time/money) in my career vs. a business. Based on what you wrote here plus the fact that a good quarter can net me a five (six?) figure payoff, I've been investing in becoming a better salesman and not a business since it seems like better ROI on time.
Am I not gonna make it?
19 yrs old in college (Sophomore). Saved up my internship money- $20k. Should I pay off my loans from first year of college or start wifi biz? loans are 3.75% interest and about $20k.
BTB absolutely spitting in this one. Should be mandatory reading for all young people.
"starting there when you are in peak earning years just looks like a “waste of time”."
Add in the additional growth of those savings. $6k invested at 20 vs $6k invested at 40 ends up being a huge $$ difference after you invest it and let it grow.
Bull nails it.
$6k to a young person is magnitudes more impactful. Start Young
BTB- Hoping to get a reply here.
Its been hard to figure out where my autist brain could go for a wifi business. Currently trying Ecommerce but not getting an edge out of it. Im a recruiter who is very successful in his 9-5. I've been trying to find a wifi business that overlaps a bit with what I'm good at. Offer Negotiations, tactics of getting a job. Etc..is this the type of ability you refer to in the article? Thanks
This has always been a struggle. My true talent is in coding and tech, made decent income, but top coders in my country didn't earn rockstar pay. Switched to private equity, am mediocre, earn 10x my software engineer salary/pay.
Global/online is changing this dynamic thankfully, so am going back to my actual talent of dev work, as a start to exit PE. Don't want to get stuck in a place with less prospects, beholden to a boss' whims.
thank you so much for all your great content and support that you put out there - have been a reader since the early days!
I have a question around determining the right living location and choosing between two specific options - fine to post here or better in the Q&A? if so, when will the next Q&A be? Thanks!
Timely post and can't believe it's free. I struggle with the same "high earner, late starter" issues unfortunately. But can't change that. WiFi $ is underway. Bull nails it when you compare the initial WiFi $ to your income it's laughable. So relying on the compounding of revenue impact...
Can someone explain the strategy behind larger down payment in high interest environment with a quick example with figures? I think I'm missing something