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Slowlane Need to Escape the Slowlane of Investment Banking

Discussion in 'Chat Scripted Dogma/Indoctrination' started by GuitarManDan, Mar 5, 2017.

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  1. GuitarManDan
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    GuitarManDan Bronze Contributor Read The Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Hey Radagast,

    Right now I'm making very very low 6 figures before tax (way less than $120k after tax) for total compensation, so nowhere near 300k/year or 1 mil in savings.

    For #2, yes, there's a global policy for all employees that you agree to when you sign your employment contract. Basically states that you have to disclose any type of compensation or outside business involvement. To give you an example, they made me move my personal eTrade acct to their trading platform because they want to know EVERYTHING. It includes examples that typically if you are involved or start a business in the financial services, it will almost always get turned down.. but if it's outside the financial services, it will usually get approved with a big "BUT" if it falls into a few categories (only one that could screw me over is the timing component and I have no idea who would even approve this if I put it in the system, but my management are very dramatic about the smallest things, so I'm assuming they'd have a field day with this).

    Thanks
     
  2. SquatchMan
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    SquatchMan Silver Contributor Read The Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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  3. Radagast
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    Radagast Contributor

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    GMD:

    Sounds like a tough gig. Even using slowlane criteria, there's a strong argument for switching gears to a job that you like (and which, to boot, could afford more time and freedom for your side projects). TLDR; I like the idea proposed by AdamMaxum and think that you should also think about a job change as well.

    Ultimately this is a decision that only you can make but I would point to the following factors:

    1. You are unhappy with the work culture and it's unclear whether you are getting enough out of this bargain. If you are going to bargain away a huge chunk of your youth on making someone else richer, you should either be compensated in some combination of (a) money and/or (b) useful skills. With the caveat that I am not very familiar with IB and don't know the nature of your role or what type of IB you do, this job does not appear to be moving you toward either financial freedom or the type of skills that directly relate to the work that you eventually want to do. Heck, many of my colleagues bailed out of biglaw after a few years even though they were making 250K+ pretax for similar reasons. I do not know a single one who regretted that decision (and this is despite the fact that virtually none of them had any entrepreneurial aspirations).

    2. Relatedly, do you want to do what your bosses do? If you look at what your boss's life, you can get a general sense of what the best case scenario is. Do you want to take on the mantle of your supervisor, or would that be a mediocre outcome for you? For myself, it was extremely clear: when offered the chance to become heir apparent to our department head, I declined because I was not interested in that outcome -- I knew I could never get passionate about it. Even money can't fully compensate for this.

    3. The world is moving away from traditional notions of prestige. You mentioned that your family and friends think you'd be crazy to give up your gig. Part of me thinks that this is because they are proud that you have accomplished that (and rightfully so). My family generally felt the same way about having a lawyer in the family. But things are changing fast now. At my workplace, for example, programmers are seen as gods. You can start updating their perceptions by showing your friends articles about this change -- e.g. Google self-driving car engineers leaving their jobs because they got too much FU money.

    4. You don't have any passengers in your car. You don't have any significant support obligations that might otherwise cause one to think twice.

    5. Contracts are enforceable to the extent they are enforceable. This is not legal advice but I try to take a real-world view of contracts. Starting your own competing business, for instance, or anything having to deal with securities is likely a serious no-no, not only due to the contract but also securities laws regarding inside information. However, does this contract mean that you can't sell your used watch on Ebay? What about your watch collection, and maybe your friend's used watch collection as well? How would anyone find out if you were discreet? What would they do if they found out? If it sounds ridiculous, sometimes it is.

    Best of luck to you, and please keep us posted on your adventures.

    --Grek
     
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  4. GuitarManDan
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    GuitarManDan Bronze Contributor Read The Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass

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    Thanks for the response here. Reading this made me even more committed to my decision.

    1. Agreed, the culture is very toxic and everyone is stressed out / miserable beyond belief in my department.

    2. I would absolutely never want to do what my boss does. He basically gets hounded 24/7 by the big boss (who is a huge micro manager) and he is always too busy / too stressed to even speak with.

    3. At the end of the day, it's my decision and while I respect my friends/family, I have to do what's right for me and not stay in a job I hate just because it's the outside/normal perspective of the "right" thing to do.

    4. Absolutely, and I really have always loved the idea of just moving to a city/place where I don't know anyone and figuring it out.

    5. I really have no idea what they'd do, but like you said, worst thing that happens is I get fired and my plan is to leave sometime soon anyway. As I don't get paid out for my vacation time if I quit, I'm going to make sure I at least use my 3-4 weeks left for free money.

    I'm taking a few days off this week to clear my head and to be able to spend more time learning to code / researching entrepreneurial options.