/biz/ - Business & Finance

[Anonymous No.607328]

To the truly wealthy people on /biz/

What is your success story?

If you could give one golden nugget of advice that attributed to your success, what is it?

[Anonymous No.607330]

>>607328
> If you could give one golden nugget of advice that attributed to your success, what is it?
No one made money working for someone else.

[Anonymous No.607332]

>>607330
Tell that to CEOs.
>>607328
>truly wealthy people on /biz/
There are a few millionaires, but I don't think there are any "truly wealthy" people on /biz/.

[Anonymous No.607334]

>>607332
>ceos

so they work for the shareholders?

god damn biz

[Anonymous No.607341]

You have to love the process.

Its all and good for a football player to love the game and love winning. But a true champion loves the daily hard work.

[Anonymous No.607348]

ask iHaz

he'll tell you the same thing any other truly wealthy person will say: you need to start with money, and you need a cool head with a lot of luck

[Anonymous No.607354]

>>607334
He's fucking retarded. They work for themselves. The shareholders are an afterthought. If they do well, the shareholders do well.

[Anonymous No.607359]

>>607354
CEOs are legally required to serve the interests of the shareholders. They're hired by the shareholders, serve their interests, and can be fired by the shareholders. If they perform in a way that suggests they put other interests first, they can be taken to court.

[Anonymous No.607360]

>>607359
So advice here being, find a ceo to sue?
gold

[Anonymous No.607364]

>>607348

>luck

[Anonymous No.607397]

>>607360
Most corporate raiders and activist shareholders love using lawyers as leverage to break a CEO's balls.

[Anonymous No.607623]

>>607359
>>607354
>>607334
CEOs work for the board, the board works for the shareholders. In a lot of companies, the CEO and board members/chairman own the majority of company shares. In other companies, the majority of shares are held by VCs (who may or may not have board seats) and/or the general public.

[Anonymous No.607624]

>>607328
get lucky

[Anonymous No.607625]

>>607364
>implying you are in total control of everything
Luck always plays a part, you can call it something else if you want to but that doesn't change the fact that a mechanism similar to it (circumstance) plays a big part in how your life is shaped.

[Anonymous No.607628]

>>607625
well it is partly luck.
But people who got lucky still went out there and gave it a shot.
I think life in general is a lot like fishing, a fish may bite but first you need to put in the bait and cast the line.

[Anonymous No.607638]

I shorted PRAN.

>golden nigger of advice
don't buy crypotcurrencies

[Anonymous No.607650]

Don't try to hit home runs. Build small, scalable businesses that generate consistent and eventually passive income. Then move on to build another business.

I live in Palm Beach, Florida, and what I've noticed is that rarely do these people "hit it big" with one great product or business. They generally have several very small businesses that produce revenue over the long term. It's also great because they are diversifying their wealth. If the deli they opened up isn't doing too great, they are still getting paid from the Kayak-rental business or the apartment complex with rental units.

I have a friend whose family moved here from Poland. His father started out working a hot dog stand and his mother worked a retail job. They saved, eventually bought another hot dog stand and put my friend to work. Eventually they had about 10 hot dog stands and had employees running them. They bought their first house, and then saved up enough to buy another and rented out the first one. Now my buddy is living entirely free, just collecting the dividends from the hot dog stands and rental units that his father built up. It isn't glamorous, you don't get the prestige of saying you work for _______ Capital Group, but then again prestige is for bitches and people that feel an obsessive need to impress other people.

[Anonymous No.607668]

>>607650
This.

I made 90K GBP last year (and that's set to _hopefully_ double this year) I'm not 'super-wealthy', but as someone raised working-class with no real formal education I'm happy. I don't have much to show for it as most of my money gets reinvested or is contributed to poorer family/friends or charities I work with. All my money is made passively. If I was to go travelling for a year and not promote my current projects I would still probably make 40K or so.
n the next 5 years I will retire completely.

In terms of advice, I would say
Money is only important when you're broke. I would have let your grandfather fuck me in the ass for a grand a few years back. All I wish to do with my money now is help others, even though a lot of the help I offer people is financial I've come to see I could have been helping people even when I was dirt poor. Don't get too caught up in 'Hurr, I wanna be Tony Robbins' and find time to look after those around you, help your siblings with their homework, help a friend paint their house, whatever it may be, you'll get more satisfaction from this than you will hoarding money.

Most people idolise billionaires, I find them to be the most disgusting, inhuman people in the world - regardless of how much charity work they do. If I had over 500k in the bank I would feel like a monster, when you're in a world of dying, starving children, you can't justify buying a 4th Ferrari.

To conclude my drunken rambling
> Don't get caught up in becoming retardedly rich, money is worthless once you have X amount, instead focus on making the lives of others better.

[Anonymous No.607672]

>>607668
you are not fit for america at all

[Anonymous No.607682]

>>607672
what do you mean?
Americans probably spend more on charity than any country in the world.

[Anonymous No.607688]

>>607672
Uhh, what? America is becoming as Socialist as Europe.

[Anonymous No.607694]

>>607668
You sir are a scholar and a gentleman
If only there were more people with your mindset

[Anonymous No.607705]

>>607668
>Limiting legitimate success
Literally why?

[Anonymous No.607715]

>>607705
As the guy said, he found out that once money is no longer a "worry" it doesn't get happiness from it. So there isn't any reason for him to make more then he is currently. The money he has allows him to do things that bring him happiness, such as helping others, donating time, etc.

[iHaz !MILLiOnz/Q No.607718]

>>607348
>ask iHaz
>he'll tell you the same thing any other truly wealthy person will say
Actually, if I were to impart one "one golden nugget" of advice, I'd say: Your job is for getting rich, and your investments are for staying rich and getting richer.

Your job is a reflection of the one thing you always have control over: your own human capital. Your brain, your muscle, your commitment, your creativity, your stamina. Maximize the earning power of your personal gifts, and you maximize your wealth potential. Fail to use your gifts to their best -- through laziness, fear, or complacency -- and you will fall behind financially. It all starts with your job.

Too many people put the cart before the horse, and try to use "investing" to make money, acquire income, or get rich. They will almost all fail, inevitably. Sure, some tiny percentage do strike it big. But its like picking a winning lottery ticket: it can happen, but that doesn't make it a solid life strategy.

>you need to start with money
Nah. I don't come from money. My parents were the first generation of my family to go to college, and I was the first of my family to go out of state for school. My parents helped me on the way, but none of my wealth came from them. It came from my job and what I did with the money earned from my job.

>you need a cool head
I do agree with this part. Make a long-term plan; stick the plan. I've ridden through some very choppy markets over the years... and profited greatly by staying the course.

>a lot of luck
I've gotten one "lucky break" in my life: I was born with a genius-level intellect. (I know that sounds arrogant, but facts are facts.) How I used that gift to get rich has *nothing* to do with luck, circumstance, or good fortune. It was hard work and dedication.

So, yes, to a certain extent "luck" or "circumstance" will dictate the natural gifts with which you start life. But what happens after that is up to you.

[Anonymous No.607723]

>>607718
>How I used that gift to get rich has *nothing* to do with luck, circumstance, or good fortune
Are you sure that's not survivorship bias?

[Anonymous No.607727]

>>607718
>I've gotten one "lucky break" in my life: I was born with a genius-level intellect. (I know that sounds arrogant, but facts are facts.) How I used that gift to get rich has *nothing* to do with luck, circumstance, or good fortune. It was hard work and dedication.

Its amazing how many people that might be smart but are just straight up lazy, maybe cause so much comes easy for them, they blow this gift so badly.

[Anonymous No.607743]

>>607723
>Are you sure that's not survivorship bias?
I got to the top of my field by being (a) incredibly talented at my job, and (b) working an average of 70 hours per week (peaking at 100 hours per week, on occasion). This came after a lifetime of working for academic achievements and milestones to create the opportunity in the first place.

So I feel pretty confident that I didn't survive the climb because of luck. I survived because I put in an incredible amount of effort to maximize my talents.

Talent + effort. Its not a guarantee of success, I suppose, but its a pretty reliable plan.

[Anonymous No.607817]

>>607718
What the hell are you doing in this place anyway?

[Anonymous No.607856]

>>607817
Everyone has to spend time doing things, anon.

I wish someone would spend time to give me 1-2k.

ayyy lmao :^)

[Anonymous No.607864]

>>607856
Ayyy

[iHaz !MILLiOnz/Q No.607892]

>>607817
>What the hell are you doing in this place anyway?
Same reasons as most people. I like wasting time on the computer, just like you. I'm too impatient and arrogant to ever be a successful redditor. I watch a little anime, build my own computers, watch too much tv, play computer games, like arguing about sports, and appreciate a nice set of tits. Sound familiar?

Getting rich doesn't make someone a boring faggot. Having a dull wife and shitty children and a bad job and giving up on life makes someone a boring faggot. Chances are I'll still be on 4chan long after you've "outgrown" it.

[Anonymous No.607900]

>>607892
im going to expose this moron later.

brb

[Anonymous No.607925]

>>607743
Wow, nice.

So, study very hard, work very hard, study finance very hard, and be rich?

Sounds like a good plan. Thank you.

[Anonymous No.607959]

>>607892

Sorry, but I don't come to this board normally. I would like to know what you mean with "genius-level intellect", and how rich are you?

[iHaz !MILLiOnz/Q No.607964]

>>607959
https://archive.moe/biz/thread/301031/

[Anonymous No.607969]

>>607959
That guy is a fraud and phony. I'm writing up a blog post on him right now.

[Anonymous No.607978]

>>607718
>a lot of luck
>I've gotten one "lucky break" in my life: I was born with a genius-level intellect. (I know that sounds arrogant, but facts are facts.) How I used that gift to get rich has *nothing* to do with luck, circumstance, or good fortune. It was hard work and dedication.

You once said you got like $280k from a relative that died. That's 560 times more luck than I ever had.

[Anonymous No.607981]

>>607718
>Your job is a reflection of the one thing you always have control over: your own human capital.
>your own human capital.
So underrated its not even funny. NEETS take note.

[iHaz !MILLiOnz/Q No.607984]

>>607978
It was $250K, and I got it because my mother died. Lucky me.

[Anonymous No.607987]

>>607984
Yeah my mother died when i was twelve and my dad lost the house paying for medical bills. Lucky us.

[iHaz !MILLiOnz/Q No.607994]

>>607987
Tough breaks. Still, I don't consider it "luck" that I was raised in a middle-class two-parent household. Some have it easier than me; some have it tougher.

In any event, I never claimed that my climb was steeper than anyone else's. My climb was a product of my circumstances, and all I've ever claimed is that I made it as high as I did as quickly as I did through my own effort.

[Anonymous No.608003]

>>607994
Now that I've read the whole thread, I still have the question about the genius intellect. I'm just honestly curious. You talk about a genius intellect and say that you were tested as a kid and were considered "gifted" and you have a undergrad degree from an ivy uni and that you were the best student everywhere. Where you really the number 1 everywhere? I mean it sounds like you are really smart, but I still don't get the GENIUS part.

[Anonymous No.608006]

>>608003
and with reading the whole thread I mean the one that you posted a link of

[iHaz !MILLiOnz/Q No.608018]

>>608003
>Where you really the number 1 everywhere?
Nope. I have a terrible memory and I'm prone to making small detail mistakes. The kids who get perfect grades are a different kind of smart from me.

My strengths are logic, persuasion, insight, and empathy. I'm considered by my peers as one of the nation's best legal writers, and I'm extremely good at oral advocacy as well.

I'm not really sure if that answers your question, but its the best explanation I can give.

[Anonymous No.608025]

>>608018
Being able to manipulate people to produce a desired outcome. This is a great skill to have btw, and I'm not saying this as a jab at you. Got me out of traffic tickets all the time.

[Anonymous No.608027]

I just want to be part of the rags to riches stories where I start out as a 21 year old with negative funds and eventually works his way up to own a yacht ;_;

[Anonymous No.608039]

>>607718
>I've gotten one "lucky break" in my life: I was born with a genius-level intellect.
>How I used that gift to get rich has *nothing* to do with luck, circumstance, or good fortune. It was hard work and dedication.
These two sentences contradict eachother.

If you hadn't been born with a "genius-level intellect", you probably wouldn't have grown up with your current personality and drive. Being mediocre or dumb will severely halt your abilities and is thus a handicap of sorts.

>So, yes, to a certain extent "luck" or "circumstance" will dictate the natural gifts with which you start life.
You don't really stress this enough.

[iHaz !MILLiOnz/Q No.608040]

>>608025
No offense taken. The world is still run and owned by people (until our robot overlords take over). The ability to effectively influence people is both useful and highly lucrative.

[Anonymous No.608069]

>>608040
Hey, just looked through that old thread bout u pretty kool.

Would you say following a "passion"is a good idea? Ie. Something you love to do and enjoy everyday no matter what.

Im getting really into health/athletism/physical well being I guess you could call it. And im noticing that im starting to spend more and more time on it, and learning about dif. Aspects is actually enjoyable to me.

But it aint a STEM or med. or eng. so y try is the feeling im starting to get as I think of persuing it as a possible career choice for now.

[iHaz !MILLiOnz/Q No.608086]

>>608039
>Being mediocre or dumb will severely halt your abilities and is thus a handicap of sorts.
I agree that your starting hand (genetics and life circumstances) plays a big role in your expected life earnings. Someone of "mediocre" intelligence is unlikely to be a multi-millionaire, I concede. But that doesn't mean they can't maximize the potential of the talents they have, leading to a full life a comfortable retirement, and even a financial legacy for their children.

>You don't really stress this enough.
Only because its not something that any of us can do anything about. Neither you, I, or anyone in the world can control whether we're born smart or dumb, rich or poor, have good or bad parents, etc.

OP asked for advice. I can't in good conscious say, "My advice is to be born with a genius-level intellect. It worked for me!" What I *can* do is advise OP (and others) to exercise control over the parts of their life that can positively influence their financial prospects. Things like their job, their effort level, their commitment, their financial priorities. I try to talk about the things that you *can* control, not the things that were already decided by fate, luck, circumstance or whatever in your past.

>>608069
>Would you say following a "passion"is a good idea?
I think its wonderful when your talents and your passion line up. Every job has unpleasant aspects to it, but having passion about your work can help you stay focused, committed and dedicated through the worse parts.

That being said, I do think you should direct your goals more towards the higher paying aspects of the field. Healthcare, nursing, and PT are all viable long-term careers. Personal trainers and life coaches are not.

[Anonymous No.608093]

>>608027
>owning a yacht
>stay poor pleb.

[Anonymous No.608127]

>>607672
>90K GBP
That's because he's British you dumb fuck.

[Anonymous No.608133]

>>607682
That is helped by America having more money than any country in the world, and particularly the 1% who do lots of philanthropy. I'm sure if you look at the percentage of people that give to charity it's not up there.

[Anonymous No.608142]

>>608086
Are you Jewish?

[Anonymous No.608154]

>>607668

>If I had over 500k in the bank I would feel like a monster, when you're in a world of dying, starving children, you can't justify buying a 4th Ferrari.

how do you limit your charity percentage of your net income feeling like that?

[Anonymous No.608437]

I'm not truly wealthy but a couple years ago I needed about $20k saved up over the course of two years and another $40k to pay off car and student loans for a large cross country move. I jumped straight in with no fears and over the course of the two years made about $230k.


>>607330 is right. CEOs may make a lot of money and have power but if you want to rake in the cash be an entrepreneur with a great idea. Plus I would never want to have to work my way through the ranks of a company for 20+ years to have a chance at the CEO position

[Anonymous No.608446]

>>608086
are you drunk right now?

[Anonymous No.608464]

>>607705
poorfag detected

[Anonymous No.608485]

>>607668
>I would feel like a monster, when you're in a world of dying, starving children, you can't justify buying a 4th Ferrari.
hahaha, what a faggot

Others suffering and being poor is good, it raises your relative value and you can get hotter women

[Anonymous No.608515]

>>608485

[Anonymous No.608534]

>>607718
>genius-level intellect
>hard work and dedication
and? I know plenty of people who astound me with their talent and work very hard but never become multi-millionaires. I was once dedicated to chemical engineering believing that graphene was the next big thing, it probably is but I quickly discovered I was wasting my time, even if I were among one of the world's experts it would still be a lottery, as you say very few strike it big. What steps did you take exactly?

When you were starting out what was a day in the life of ihaz like? When did things start to pick up? How? I don't care about survivor bias or "muh secrets", you can phrase it in a way that no one can dox you.

I get the impression you need to "work smart", it is all very well working day and night trying to solve a problem in physics but someone who works smart will take a pace back and say "how much power and wealth do I gain from this". Most activities you can engage in to improves your chances of making it are going to seem useless, I agree, but the way I see it I'd rather learn something or do something that improves my chances 0.2% than 0.1%. To do this you need the right perspective, you need a good system of validation when there is no teacher or expert who can tell you whether you're doing the right thing or not.

what do you have to say about that?

[Anonymous No.608565]

>>607328
Don't spend your money on stupid shit.

It's really that easy.

[Anonymous No.608566]

>>608142
Yes, he is. He told us that in his thread that he linked to.

He'll claim that being jew didn't have any impact on his success but we all know that's bullshit. Then he goes on some crazy rant about how racists are the devil incarnate.

I think he also claimed that jews were looked down on in his profession.
Yeah... nobody would ever want a jewish lawyer...

[Anonymous No.608572]

>>607668
>If I had over 500k in the bank I would feel like a monster, when you're in a world of dying, starving children, you can't justify buying a 4th Ferrari.


Hire kids to clean my Ferraris. Boom. Motherfucking capitalism.

[Anonymous No.608587]

I don't get the infatuation with iHaz. He has already given all the advice he possibly could. Now it's just turn into a circle jerk about his personality and poor people being butthurt.

[Anonymous No.608668]

>>608534
>what do you have to say about that?
Yes, I understand that even when talent and hard-work combine its not a guarantee of success. I suspect this is even more true in the sciences, which tend to have more binary outcomes than in business or law.

>When you were starting out what was a day in the life of ihaz like?
No different than any young lawyer. I did research, reviewed documents, wrote memos, consulted with partners, drafted briefs, and wrote letters. But I did all these things at one of the best firms in the Midwest, for some of the largest clients in the world, working alongside some of the most talented partners in the field, all while charging some of the highest billing rates in law.

All that being said, the REAL point is that I worked my ass off ... and the rewards flowed from that. Very few people truly work their ass off and see no benefits from it. More likely is that (a) they're not really working as hard as they think, (b) they're applying their efforts aimlessly or inefficiently (not "working smart," as you say), or (c) their talents/gifts/skills just aren't very valuable or marketable. These are all correctable, to one degree or another.

And on this I do agree that a good system of validation can be extremely helpful, because many people are oblivious that they're trapped in a situation like (a), (b) and/or (c) above. At my law firm, we received regular regular performance reviews and an annual performance rating. These reviews determined advancement in the firm, salary, and bonuses, I.e., they were a BIG deal. With those kinds of stakes, you can rest assured that I did everything possible to ace those reviews. And that too, undoubtedly, is part of my success story.

[iHaz !MILLiOnz/Q No.608672]

>>608566
>Then he goes on some crazy rant about how racists are the devil incarnate.
I don't think racists are "the devil incarnate." I simply think they're stupid and stunted. Racism is a symptom of a weak mind, and I find weak minded people boring and worthless.

>I think he also claimed that jews were looked down on in his profession.
>Yeah... nobody would ever want a jewish lawyer...
I never said Jews were excluded from the legal practice. What I said was that Jews were excluded from large Fortune 500-type law firms, i.e., the firms where I wanted to get a job. This is simply a historical fact. http://en.wikipedia.org/wiki/White_shoe_firm

>>608587
>I don't get the infatuation
Why does someone asking me questions or engaging me in civil discussion equate to "infatuation"? This isn't Reddit; I don't see my posts getting upvoted.

Truth is: I'm always up for a good discussion/debate about finance, investing, tax or law, and there are plenty of smart anons who feel the same. Why not join in, rather than snipe from the gallery?

[Anonymous No.608701]

>>607925

You need to win the genetic lottery first, i.e., be born with an above average intellect. Hard work will do jack shit if you don't have the right ''hardware'' up there in your head.

[Anonymous No.608722]

>>608565
That is the worst jew logic that has infected so many people. Increase inputs and you don't need to worry about outputs as much.

[Anonymous No.608731]

>>608722
Fucking goy. When you stop spending money on stupid crap you save so much, it's easy to save 50-75% of your income if you play your cards right. Imagine making $40,000/year (after taxes, hypothetically speaking), and keeping $20k-30k cash every year? After one year you'll have more savings than most Americans. After a few years you use that to buy a house, rent it out to faggot goys like you for $3,000/month, $36,000/year, and now you are making an extra $36,000/year for shits and gigs. Now imagine what you can do if you also increase inputs/your salary? If you make $80k/year you can never work again after 5 years if you play your cards right, save and invest wisely. Seriously you fucking faggot goy, get your shit together. Jews are less than 1% of the world but they control most of the world, maybe you can fucking learn something faggot.

[Anonymous No.608756]

>>608731
>After one year you'll have more savings than most Americans
This always disturbs me. Back in uni, my financial adviser praised me for having a measly $20k saved up with no debts, and it shocked me to realize that many people not only will never have $20k saved, but that they'll actually be in debt and have a negative balance. In the working world, I've still blown money on dumb things, but it seems like I'm a fucking miser compared to the rest of the world.

[Anonymous No.608758]

>>608756
Most people know what they're supposed to do with their savings, but few actually follow through. Too many try to get away with saving a little less and spending a little more than a should, expecting to make up the difference magically.

[Anonymous No.608929]

>>608485
Yeah. If you're only thinking about yourself.

[Anonymous No.609015]

I'm extremely rich and my incredible success story is that I was born

[Anonymous No.609016]

>>607682
money makes you a better person, it's easier to give something you have

[Anonymous No.609022]

>>607718

> I'm very smart

truly smart people don't say this. ever. Why's that you ask? Because humility is a key feature of success.

But hey, what do I know, I only have "average" intelligence.

you are a fucking fraud phony fagt btw.

[Anonymous No.609024]

>>607334
they report to the board of directors. what this means varies greatly depending on how the company operates and their position on the board (leading it, on it, not on it)

[iHaz !MILLiOnz/Q No.609050]

>>609022
>Because humility is a key feature of success.
I drop the pretense of humility on 4chan. There's no need to self-censor since its ultimately an anonymous message board.

TBH, It's one of the reasons I've been coming here for years. I can let my hair down and say things that I can't get away with in real life.

>I only have "average" intelligence
Based on your post, this looks correct.

[Anonymous No.609080]

There are no rich people on 4chan.

[Anonymous No.609087]

>>609050
That's one of the reasons I love 4chan too. You can be blunt and honest. You are a different type of beast though because everyone here has been calling you a stupid pretentious faggot for years and you just take all the abuse. You must have masochistic tendencies.

[iHaz !MILLiOnz/Q No.609105]

>>609087
>years
>created the trip on Fri 21 Feb 2014
There's many reasons why no one on /biz/ can get under my skin. You just illustrated one.

[Anonymous No.609119]

>>609105
>TBH, It's one of the reasons I've been coming here for years
>created the trip on Fri 21 Feb 2014
Lmao I'm pretty sure that people on 4chan have been calling you a stupid pretentious faggot long before you ever created the trip. Personalities dont change overnight, we just call it like we see it. On the otherhand, you get heaps of abuse thrown on you in every single thread that you post in, yet you still come here. If you weren't so insecure you would have fucked off already. It seems like you're trying so desperately to win back our approval. I would almost feel bad for you if you werent such a faggot.

[Anonymous No.609121]

>>609080
Nonsense. The 4chan audience is so large that it's quite impossible that there aren't any rich guys lurking.

[Anonymous No.609123]

>>609105
What do think about that idiot who's trying to start a marketing company aimed at small business and has been harassing /biz/ with constant threads the past couple of months? You're the only two recurring /biz/ personalities I can distinguish.

[Anonymous No.609125]

>>607359
this isn't 100% true, it depends on the contract/agreement between the shareholders and CEO, there are plenty of investment funds that cite in the shareholder agreement all sorts of things to cover the ass of the CEO of the company in question.

[Anonymous No.609138]

>>608731
A few years saving $20k per year will enable someone to buy a $3k per month rental

Please elaborate

[Anonymous No.609151]

hey, ihaz, if you're still around, I have a question

I'm probably not quite as smart as you were around the same period in your life (early 20s), but I am pretty well-read, would consider myself intelligent, and have big ambitions as far as entering the field of law goes. The only problem is that I'm dirt poor; I couldn't afford to go to a top college even after the tuition offers that I got from various places and I can't even imagine how I would go about paying the few hundred thousand it costs to go to law school. Since I'm assuming you weren't able to pay for your schooling outright and weren't particularly wealthy at the time, how did you make it through college/law school financially stable enough to end up where you are today? Should I refocus on something more attainable? I hear lots of things about the student loan bubble and it makes me think that I shouldn't bother with postgrad stuff at this point in my life.

[iHaz !MILLiOnz/Q No.609164]

>>609123
>What do think about that idiot who's trying to start a marketing company
I just ignore threads that aren't worth my time. /biz/ is 95% garbage and getting worse with the passage of time.

>>609119
You know what's sad? You put so much energy into hating me ... yet if given the chance you'd trade places with me in a heartbeat. Have a nice evening, anon.

>>609151
If you legitimately have the talent to be successful in biglaw, then any amount of student loans would be drop in the bucket. I grossed more than my total law school tuition in my first year as an associate.

But, you really need to be brutally honest with yourself about your talents and prospects. Everyone in law school is intelligent and well read. That won't get you anywhere.

If you're smart enough to get into a T14 law school, its a no brainer. T15-30: good odds that you'll make money if you don't screw up your grades. T31-50: you'd better be at the top of your class. T50+: be prepared to grind.

[Anonymous No.609168]

Hey iHaz I have a question for you. Why are you so ridiculously good looking, rich, why are you such a super genius, why is your dick so big, and why are you so ridiculously good looking and why is your dick so big? Even though this is an anonymous imageboard I believe everything you say because you sound like a super genius and who am I to question someone so smart. So anyways, question is, can I suck your dick?

[Anonymous No.609182]

>>609164
>You put so much energy into hating me
You know whats funny? I think I have only responded to like one of your posts before today. I just was wondering why you come back here when so many people think youre a dumbass. I put more effort into plucking my nosehairs today than I have put into you lol

[iHaz !MILLiOnz/Q No.609193]

>>609168

[Anonymous No.609208]

>>609164
>You know what's sad? You put so much energy into hating me
Silly you. You know whats funny? I think I have only responded to like one of your posts before today. I am pretty sure I put more effort into plucking my nosehairs this morning than I did for you lol. I was just wondering why you come back to 4chan when it seems like a lot of people here think you are a dumbass. Just curious to why you take all the abuse with no lube. But hey, to each their own.

[Anonymous No.609213]

>>609182
>>609208


>deleting your post because you forgot to post on the right device


your shame shall be immortalised

[Anonymous No.609218]

>>608003
>You talk about a genius intellect and say that you were tested as a kid
Ahaha :D

You know that IQ tests performed on kids do NOT translate, right? You need to take one after you're 18, and preferrably even later than that as well, to verify. Underaged IQ tests are skewed as fuck, and not valid. That explains a lot about him, actually.

Threadly reminder that iHaz is a jew, and that he doesn't consider inheriting enough to buy a two-story house very lucky at all.

>>608142
A narcissist who can't keep from mentioning how he (as a kid, lol) was said to be of above average, ahem, I mean, "genius!" levels of intelligence, who affirms that he absolutely no advantages at all and did it all on his own, almost, well, maybe he had some help, but most of it was because he's so awfully, awfully smart.

What do you think?

>>609168
You silly goy, his dick was already sucked by the rabbi. You're too late :^)

>>609213
Jesus. I was just sort of hobby-profiling him with the "narcissist"-label earlier, but this fucking seals it.

[Anonymous No.609219]

>>609213
Ahaha. The other post was funnier with a different ID. Trolling is a art, bro.

[Anonymous No.609248]

>607308
Take what you love and know and turn it into a buissness

[Anonymous No.609285]

Pam Anderson was spotted at a MLB for her claim to fame, Donald Trump filled bk a half dozen times, is he successful? A Vegas cocktail waitress wins $34 m and then is paralyzed by a drunk Driver. 70% of lottery winners are broke in five years, even IF you get it you'll end up losing it anyway because you don't know how to manage wealth only poor and mediocre. Charging $100 an hour. Puts you in the top .4% it doesn't take much to be rich.

[Anonymous No.609286]

Hey iHaz.

How do you look at ideologies like socialism and communism? What are your thoughts on people who support them?

What do you think about fancy furniture ($5000+ for a chair etc)?

What do you think about cars? Favorite car?

I'm not sure if you're still monitoring this thread. But Id be truly grateful for a reply.

I have to say, I admire your work ethic and what appears to be an ability to work both smart and hard. Congratulations on your financial success in life.

Also, thoughts on value investing vs. index funds? I know you're a boglehead, but in doing my research the past months I've found the idea of value investing to be a lot more lucrative than any lazy portfolio.

[Anonymous No.609347]

Hey iHaz

What is your favorite color is it blue? I hope so becuz me too.

What do you think about chocolate ice cream? I like it.

Do you like rainbows?

Please answer. Also I think ur really smart and rich.

[iHaz !MILLiOnz/Q No.609362]

>>609286
I'm afraid I don't have the energy to discuss political topics. It'll just open a hornet's nest anyway, and the /pol/ fags are already stumbling over themselves in this thread. Perhaps another day.

As for cars and other goods, I'm happy to pay extra to get what I want, but I never pay extra solely for a luxury label or brand. People at my level of wealth aren't impressed by crass consumerism anyway. I can own any car I want ... and so can everyone else in my income bracket. The only people who buy expensive things for the purpose of trying foster an image are people too poor and too shallow to really belong in the crowd they're trying impress.

On the other hand, if the perfect chair to complete my study costs $5000, and there's no reasonably equivalent alternative, then I'll spend the money without hesitation rather than accept a cheaper compromise. I suppose that's one of the perks I grant myself due to my wealth. I like to get exactly what I want, and I'm perfectly happy using my wallet to achieve that.

[iHaz !MILLiOnz/Q No.609363]

>>609286 (cont.)
>thoughts on value investing vs. index funds
Value stocks are great, but there's two problems with over-weighting into value. (1) There are some periods when growth outperforms value, regardless of the fundamentals. It's just a fact, according to all the historical data. So if you exclude growth stocks, you'll underperform in those market periods, and lag on an overall basis. (2) Value investing tends to imply stock picking, which I won't endorse. I don't care how careful and how systematic you are: if you're stock picking then you're going to underperform the markets 80-95% of the time (depending on which research you want to follow). And thinking that you'll be the 5-20% exception is just delusional, mathematically speaking.

That being said, there are many, many worse sins than being a value investor. But if you follow this track, I urge you to be honest with yourself about your true performance with this strategy versus index investing. There's a reason Vanguard took in $216 billion in inflows in 2014. There's a reason why even mainstream brokers are selling index funds these days. When something works, it works.

Hope that answers some of your questions.

[Anonymous No.609368]

>>609362
iHaz, career question.

I'm currently studying math and electrical engineering in university. I really want to pursue physics in graduate school and get involved in high energy particle physics (specifically string theory). I would have to apply in a year from now and I've already started preparing.

My parents are disappointed because they wanted their kid to become rich. They want me to pursue graduate school in electrical engineering or to just get a job in engineering. I think what added to this is the fact that they heard one of my friend's got a coding job at Microsoft for $100k/year starting. My parents aren't poor, they're middle class and they live in a really good area. If I got a job, since I really don't do anything other than reading, I could probably help them financially, like retiring earlier or giving them money for vacations and such.

What do you think I should do? Have you ever had such an issue?

One think I would add is that, after 3-6 years of graduate school in physics, I could always try to get a job in the financial sector, I heard people with PhDs in physics can start at ~$100k. I could also spend one year and get a MS in electrical engineering then go do that.

[Anonymous No.609389]

>>609368
I'm afraid that I lack sufficient knowledge of your potential fields to venture an informed opinion on your options. I've only ever worked in the field of law, and as such the science professions are outside my sphere of experience. While I grasp the basic tenor of your dilemma, I just don't know enough that I'd feel comfortable offering advice on an issue of such import.

Good luck with your studies.

[Anonymous No.609390]

>>609389
Well, may I ask, did you go into law for money or because you enjoyed doing what lawyers do? Are you happy with the decision?

[iHaz !MILLiOnz/Q No.609398]

>>609390
Hard question to answer because I've honestly wanted to be a lawyer since I was a little kid. My uncle is a lawyer, as are several older cousins, and it always appealed to me. As I grew older, it became evident that law was also a tremendous fit for my talents.

So the money was never the sole, or even primary, draw for me. But it didn't hurt either.

I feel for you in your situation, if I accurately grasp the dilemma. On the one hand, would you really regret taking the job that pays more money and offers more financial certainty? On the other hand, how do you turn away from the field that truly draws your intellectual interest and passion? Tough, tough choice.

[Anonymous No.609408]

>>609398
You mentioned your uncle is a lawyer. I have a similar thing, my dad is a engineer and so are all of his siblings. I think my dad wants to keep the tradition going.

Another thing is that the field I'm interested is filled with geniuses. I'm smart, above average, but I'm also not the 1 in 10,000. Many of these sorts have come to this field. So although I'm confident I can get the PhD, I'm not 100% what my future would be. I could very well end up working at a financial firm which would burn me personally. I would rather do the engineering thing over that.

[Anonymous No.609409]

>>609398
I've finished my LLB and looking for a training contract at the moment and finding it next to impossible. How long did it take you to land a job after finishing your law degree?

[Anonymous No.609480]

Brehs I'm not a great leader, I like to work alone and I'm generally pretty smart and good at solving problems (inb4 hurrr durrr fedora). Are there ways to make big money without becoming a CEO?

[Anonymous No.609546]

>>607330
And most people go bankrupt working for themselves

Nothing short of lottery will make you rich overnight. Set a goal, be it millionaire or whatever, then set smaller goals as steps on the path to hit that goal.
Be realistic about your time frames. Always underestimate your planned earnings.

Read, learn and don't get sucked into these idiots crypto shit. Find people who you know are successful, extended family whatever, and learn from them.

[Anonymous No.609553]

Be born into wealth. And no, this isn't some lefty rant. I think part of the reason the masses are so ignorant about finance and management is because they have no exposure. So few people are independent and truly successful, so even fewer people learn from those who have succeeded. Finance is avoided in most academic institutions, even in colleges where most students have to take intro to micro/macro at most.

Best way to generate and maintain wealth:
-live cheaply and save
-pay for advisors. It's better to know how to identify experts than to try and be an expert yourself.
-diversify within reason and start young. You should already have a portfolio before you graduate college. (18-24 y/o)
-work whenever possible. i had a part time job in school even though i don't have to pay a single cent for my education due to my family's wealth. that's an extra $22,000 for me after tax. it wasn't even a good job, but i sacrificed weekends and a social life (implying i have one)

[Anonymous No.609604]

>>609362

Hmm. So you would look down on paying a huge markup for something branded with Luis Vuitton monograms everywhere, or those hooked G Gucci belts etc?

What do you find DOES appeal to people in this bracket of wealth? What sort of things could create the envy in someone of your wealth that gaudy watches and cars and shoes create in lower classes?

Also, fan of gefilte fish?
I've been dating a rich jew girl for 9 months. She's very lazy and its really only for the social connections her mother provides, and for the physical intimacy as well.
I'm a middle class man myself. My father died when I was 15, 2 weeks before my birthday. My mother received close to a million dollars in life insurance compensation. Luckily I will always be financially secure because of this. I'm awaiting replies from some of the ivies and Georgetown, Northwestern, UChi etc. I had an internship with my mother's financial advisor actually, and I believe that it's the sort of work I'd like to do. However law also appeals to me.

What undergrad would you recommend for someone going into law? With the goal being big money of course.

Also, do you think people have the ability to be happy with any job? Recently the idea came to me that no matter what job I get, even if it's at a "burn em and churn em" firm of some kind, I can probably make it out just fine. I'm curious what you think.

Do you find people put more weight on your beliefs and opinions because you're wealthy? I know I do. Do you enjoy this?

[Anonymous No.609617]

In addition, iHaz...

Value stocks will continue to rise even when index funds are falling. They're not risk free but with a margin of safety have been shown to outperform SP500 etc, even during the .com bubble, real estate, etc.

I have read the boglehead's guide to investing, it's sitting on my desk about 7 feet away. But look at value stock portfolios and they will always outperform in the long run.

Stock picking isn't bad if it's done properly. Finding a company matching a specific checklist, and buying it at a discount to its intrinsic value (margin of safety), is certainly better than having years in a row where you lose and lose because of these bubbles.

Have you read Security Analysis? I recommend it...it will shake your fear of "stock picking". That's not a dirty word. Look at holding companies like BRK, look at the Aquamarine fund, who implement these strategies. They are successful, all by picking stocks with a checklist of key values.

[Anonymous No.609618]

1 more. How old are you iHaz? 40 something right?

Do you have a record of your net worth at various ages? If not, estimate it at 20/30/40 for me?

Thanks.

[iHaz !MILLiOnz/Q No.609643]

>>609409
>How long did it take you to land a job after finishing your law degree?
Here in the States, the traditional employment path for top law students is to intern with a firm (or firms) in the Summer after the second year of law school. If the firm likes you, they will extend a full-time associate offer at the end of the Summer. This is what happened in my case, so I actually had my job lined up a full year before I even graduated.

[Anonymous No.609663]

>>609553
>pay for advisors, identify experts.
NO. Fees and Fees will lessen your wealth increase with respect to time. Also, that money is a cost, never to return, which is entirely unnecessary. Generate wealth on all fronts, such as some you've listed but learn the game yourself, build equity in yourself, will pay dividends over time.

[Anonymous No.609681]

>>609553
>You should already have a portfolio before you graduate college. (18-24 y/o)
Care to expand on this? At present, all I have are options offered by my bank, and assumed that most portfolio work is something I'd do after graduating.

[Anonymous No.609759]

>>609643

Reply to my posts

[Anonymous No.609767]

>>609617
i that when it comes to value investing you also have to factor in opportunity cost, maybe for someone working as a lawyer at a fancy firm the research needed to pick stocks isn't worth the small additional gain he could get from it

[Anonymous No.609809]

>>609022
lol. dumbass detected.

this is 4chan, one of the few places one can be truly honest. in a world constantly reminds you youre surrounded by dumbasses, its nice to have a chance to drop the act.

>source: a smart guy

[iHaz !MILLiOnz/Q No.609822]

>>609767
>maybe for someone working as a lawyer at a fancy firm the research needed to pick stocks isn't worth the small additional gain he could get from it
Actually, it would be the opposite. For someone with my investment portfolio, even a marginal increase in performance would yield a meaningful gain.

For example, if there was a strategy that could magically guarantee me just 25 additional basis points annually (0.25%) without incremental risk, that would equate to about $30,000 extra annually in gains. I would be willing to put in quite a bit of personal effort for an extra $30K. And even if I did lack the time or skill, I could pay someone a very respectable fee to do the work for me and still come out ahead.

Unfortunately, magic isn't real.

I didn't turn to index investing because its easy. I turned to index investing because the research says its the optimal strategy for retail investors with a long-term perspective. That it was easy was merely a bonus.

[Anonymous No.609882]

>>607668
>not wanting to form a dynasty.

Short sighted Nouveau Riche

[Anonymous No.609901]

>>607994
> I don't consider it "luck" that I was raised in a middle-class two-parent household

This is all the luck anyone needs. And quite rare in the modernist/progressive society.

I was lucky, too. It's the best starting condition.

[Anonymous No.609934]

>>609546
Crypto is still popular here?

I gave up after all the major "moneymakers" in the business started making 'trading firms' and the big holders forced the market into stagnation and halved the price of Bitcoin overnight.

[Anonymous No.609938]

>>607727
I guess just because I don't care about money that much. I just care about money enough to fund my hobbies. So every once in a while I feel like I need to get some money to fund a car or something but other than that I'm okay.

[Anonymous No.609944]

>>609882
tru

[Anonymous No.609954]

>>609546
He wanted the golden nugget of how he's going to be able to own his own Gulfstream right? I gave it to him.

[Anonymous No.609970]

>>609663

Naturally fees lessen your wealth, but it is entirely possible to find a good advisor who will manage your wealth appropriately so that on a year to year basis, principle - living expenses for you - fees for advisor < net value at end of year. Lots of these people are institutionalized investors and work in groups. Good advisors are also very personal. You can meet with them whenever you want and good ones are more than willing and capable to explain their strategies as well as to incorporate your own. The basic idea is that not everyone can be an expert themselves, so it can help to have additional inputs.

>>609681

I don't know if it's the best option for it, but I have used scotttrade since I was 16. I was given $5,000 to start and I put in my own money from work as well. I also inherited some shares from my grandmother when she passed away. This ties in more to the informational part of my argument than the actual wealth generation, but a lot of employers love to hear that you have some awareness even if your own investments weren't very successful. Even if your portfolio is small, an early start is always better than doing nothing at all. Naturally, you will become better at investment from the perspective of corporate evaluation once you partake in the corporate world, as opposed to guesswork based on whatever you learned in school or googled. tl;dr knowledge is power. There's no guarantee you'll know what to do with knowledge, but you will always be better off knowing more than less.

[Anonymous No.610080]

Hey iHaz, I've got a question for you
Let say you (with all your talents and intelligence) have just obtained your J.D. and your license to practice law, however instead of USA, you live in a third world totalitarian shithole which more often than not disregards legality altogether.
Starting from scratch in terms of networking, how would you go about in making money?
Would you start same the route you've already started, or would you choose something more creative but maybe unethical?

[Anonymous No.610082]

>>607328
I don't equate my wealth to talismans, I equate it to my knowledge of talismans.

>2deep4u

[Anonymous No.610094]

>>609080
Don't think of it like "are 4chan users rich?" think of it more like "would a rich family's snobby, obnoxious kid end up on 4chan?" then fastforward that question 5-10 years to when the oldfag is in his 20s and considers himself a self-made man.

Those are the rich people of 4chan.

[Anonymous No.610097]

>>609970
Shit man, I wish somebody handed me cash to start a portfolio when I was in school. Or now.

[iHaz !MILLiOnz/Q No.610125]

>>610080
>you live in a third world totalitarian shithole
Is this a trick question? Obviously I wouldn't ever live in any such place, let alone pursue a law career there. I would have left/escaped no later than my teens and taken up permanent residence in a civilized nation where my talents could be fairly rewarded (i.e., US, UK, or Germany).

[Anonymous No.610145]

>>610125
>I would have left/escaped no later than my teens
I guess that would be the smart thing to do...
This totalitarianism, believe it or not, spurned while I was an undergraduate. Talk about luck.
Thank you for the reply.