Need Advice

[Macgregor]

Hi everyone,

I am generally new here but have been in the game of self-improvement for years. I am currently in top finance programs in Canada and was on track to pursue a career in Investment Banking or Asset Management. But after doing some serious reflection, it came to my attention that I do not want to have to work 80 hours a week in a high-stress but well-paid job (130K). My current dilemma is that school is extremely expensive, and I will be going into debt (~50k) by the time I graduate. I've read fastlane and currently reading unscripted . I am trying to figure out if doing Investment banking and using all that money to pay off debt and have substantial capital to start a business or to work in Wealth management and make ~70k but work 40 hours a week. In terms of starting a business, my best friend's father owns a vast and successful health company, which he will take over after school. He said he would commit +1m if the idea is good in terms of starting my own business; his father and he have also mentioned that they are looking to create a new health company and are considering that I will be his son's partner on the new company with a (70-30) ownership structure. Given I have extensive knowledge and this industry as we actively discuss business and it has been an interest for me for numerous years through sporting and living healthily.

I know this is a long post, but I am at a severe crossroads and would accept any general advice or guidance.

Thanks.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[Parks]

How much time until you could be employed in that career?

I wouldn't rely on someone else giving you your start in a business. You may be confident in health but unless you have previous sales you don't have much of a track record at all for success in that. Your also dependent on someone else, or well two people. Your friend and his dad. It's easy to talk about business but doing it is different and having experience doing it is different. Just food for thought about your friend, you both sound younger.

$50K in debt really isn't that bad if you can manage your funds. You could have that paid off in one year. Investment banking doesn't have to be your life and entrepreneurship can be fueled with a burning fire with a good salary or savings behind it.

There is also the positive of a high barrier to entry for that skill you could have.

 

[Macgregor]

How much time until you could be employed in that career?

I wouldn't rely on someone else giving you your start in a business. You may be confident in health but unless you have previous sales you don't have much of a track record at all for success in that. Your also dependent on someone else, or well two people. Your friend and his dad. It's easy to talk about business but doing it is different and having experience doing it is different. Just food for thought about your friend, you both sound younger.

$50K in debt really isn't that bad if you can manage your funds. You could have that paid off in one year. Investment banking doesn't have to be your life and entrepreneurship can be fueled with a burning fire with a good salary or savings behind it.

There is also the positive of a high barrier to entry for that skill you could have.

I am currently in my second year of school for investment banking, it's imperative that I do a summer internship next summer, and interviews for those positions start in May. In terms of WM (Wealth Management), it will be upon graduation, so ~2 years, I have experience in WM, so it will be easier to get a job.

In terms of age, I am 20, and he is 21. I am just worried that it will consume my life (Investment Banking) because everyone I talk to who is already in the industry has very little time to themselves, most of the time, it is downtime trying to recover for the next day.

I feel that I can ask my parents for money, but they have already given me ~20k and supported me most of my life, so I feel bad about doing so.

My thought process behind doing WM is that I will have more time to do side hustles to pay off the debt and think of new needs/pain points to address. Additionally, I can find ways to make money since the job is client-facing everyday and listening carefully, I can find ways. Since WM is more a sales role than business valuation, I feel that this will be a great skill to add to my skill set, whereas, in Investment Banking, you are just inputting numbers into a spreadsheet, making powerpoints pretty, tbh not much of a value add until you move up in the ladder +5 years.

Lastly, in terms of the partnership, I feel as if it would be the best way to learn through failure and experience. Having his father to be our mentor and trusting a partner in a business, I feel would be a tremendous experience.

 

[Spenny]

I am just worried that it will consume my life

Both will consume your life.

To be honest man, it maybe worth to do the investment banking for some years. Yes its going to be many many hours, but so is entrepreneurship, difference is no matter what you'll be getting paid $70k. Thats a hell of a wad of money, funnel that into investments and businesses for a couple years and you'll be sitting pretty.

You can have your cake and eat it too. Do the investment banking but also do entrepreneurship on the side - know that you're gonna go into making a business one day.

I'm studying chemistry at the moment. Do I want to be an academic? No, but its gonna land me my first job that'll fund new ventures.

 

Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

[techvx]

Business is sales. The closer you can get to that side of the equation earlier on, the better.

At the same time, dealing with those "numbers in the spreadsheet" will serve you for a lifetime afterwards, when you'll need to hire and manage your own accountants later.

If there's a way, go for both. Learn to understand those numbers while working in Investment Banking, then switch to Wealth Management for a bit more of a customer facing / sales / negotiation role.

If not, do weigh all of your options properly with WADM and choose the most sensible one.

Working 80 hours is something you'll have to learn how to do, regardless. Make it 100 if you want to be able to outcompete the top players afterwards. If you can get into that habit earlier on while building some foundational skill for yourself in the meantime, why pass on the opportunity? Just make sure to lay the ground work for yourself to avoid getting stuck doing what you know no longer serves you later.

Sometimes, it is less about making great plans, and more about cultivating the right kind of opportunities. Your situation warrants the latter, not the former - as it currently stands.

 

[Macgregor]

Hello Everyone,

Presently, I am concluding my second-year summer internship in investment banking. In the midst of my tenure, I've identified an intriguing market gap - a distinctive skincare niche, dominated by one major brand and trailed by two minor ones. My geographical positioning, coupled with familial networks, offers a strategic advantage in this venture.

However, a hurdle persists: product formulation. As my expertise lies in business rather than chemical engineering, I've embarked on a self-educative journey, beginning with elementary chemistry concepts, with plans to delve deeper progressively. Concurrently, I've initiated the construction of our brand's digital presence and website. My trusted confidant manages the operational intricacies, allowing me to craft the overarching strategy. Additionally, a network of friends, poised for TikTok promotion, will fortify our brand's reach.

I'm particularly excited about launching a college society directly complementary to our product. The forthcoming academic year, saturated with academic commitments, rowing, and the inception of this club, will be demanding. The subsequent semester abroad in Europe might momentarily distance me from direct oversight, but my unwavering determination ensures that the venture will not only sustain but flourish.

Yours in ambition,

Army