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8949143 No.8949143 [Reply] [Original]

Hi /biz/

I graduate from college in the 3 weeks. I'm graduating with a degree in accounting and I'm generally not terrible in interviews so I'm not too worried about finding a job.

But the idea of being a basic salary cuck ten and then twenty years from now and probably not leaving philadelphia area depresses the shit out of me.

What should I know going forward? How do I not kill myself with the coming years? Is there any good way to set up passive income and avoid this all together?

>> No.8949178

Also, any books I should be reading or be aware of?

Any non-crypto ways of making it i should be working towards or thinking about?

Trying my best not to die, but looking more and more like that's the way its going each day

>> No.8949207

>>8949178
You and me buddy on the same boat. Be ready for depression after graduation whether u find a job or not

>> No.8949333

>>8949207
Yea man, being in the boat together makes it a little better but fuck mate, have to get out this boat some how.

>> No.8949851

Bump.

Someone please tell me how to escape this potential pit of despair

>> No.8949901

>>8949143
>I'm not too worried about finding a job

>> No.8949933

>>8949851

We are all here taking a massive risk in the crypto market to avoid this fate, unfortunately. You can find comfort in that the people who have 'made it' are depressed as well. Good luck anon.

>> No.8950029

>>8949143
Did the professional salary cuck thing for 10 years. Sucked. Don't really have any advice to offer other than good luck. It will kill your soul if you don't enjoy the work. I saved up and also have some crypto gains, will be leaving this dying country for a while starting in June.

>> No.8950186

>>8949933
>>8950029

Honestly, thanks both, I've dipped into crypto lightly, might start doing research and take the full plunge.

& yea that's my issue, already know I don't enjoy the work, I got talked into a degree I wasn't interested in because "It'll get you a job".

I'm admittedly not in the worst position by any means, better off than most. Just wish I would've known more of what I was getting into when I was younger & picked a different path and trying to see if theres a way out onto a better one now

>> No.8950212
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8950212

Op this question is timeless.

Do you have any creative pursuits? How much capital do you have?

>> No.8950258

>>8949143
I just started a job for one of the big consulting firm in my country last January and it's most depressed I have ever been. I honestly feel like i'm dying physically and emotionally. It's really soul-crushing. My only hope is crypto I really want to get out of this lifestlye.

>> No.8950270

>>8950212
I have about $1,200 in saving, $600 in checking

I actually dual degreed with a degree in theatre as well, but i didn't study that seriously enough to be employable in a creative field by any means, basically just skirted the surface to hit my 150 credit hours to sit for CPA exam.

I paint and make edm in ableton as well, not bad, but fairly mediocre and after some serious effort not fully convinced I'll be able to turn that into something financially viable.

>> No.8950307
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8950307

>>8949143
Your fucked buddy.

Im just grading aswell.

Friends straight out of highshool went to make 80k/year working at the mill

year1: 80k
year2: 83k
year3: 85k
year4: 87k
year5: 90k
year6: 93k
year7: 95k
year8: 97k
year9: 100k
year10 103k
Total 913K

Us accounting cucks:

year1: -20k
year2: -20k
year3: -20k
year4: -20k
year5: 30k (most people don't start work until September so 4 months no income)
year6: 43k
year7: 45k (should have CPA by now)
year8: 60k
year9: 65k
year10: 70k
Total 233K

Give the mill worker 4% annual compounding returns and its even more fucked.

>> No.8950346

>>8950307
Where's this mill at?

>> No.8950485

>>8950346
Anywhere in Canadoot. Plenty of other union jobs around aswell you can do and be making even more strightout of highschool. Only reason I didn't drop out of uni and do that instead is I have 1mill plus in crypto from 2010.

>> No.8950556

>>8950485
Honestly good on you man, wish I would've bough t in back then. I even knew about it and could have, just seemed too far fetched and good to be true.

>> No.8950583

>>8950556
Also the fact that I learned US GAAP instead of IFRS means I basically can't leave country to work. Had a friend who lives in montreal and wanted o possibly go up there until i found that out

>> No.8950616

>>8949143

> what should I know

That if you get your CPA, you will make a shit ton more money

>> No.8950631

>>8950583
They specialize you in one? In canadoot we learn the general principles of both in Uni but very little practical work. Then I'm guessing we will need to learn both when I start public practice in September.

>> No.8950651

>>8950616


Make a shit ton more is relative. Yah you'll make more but never enough to not be a wage cuck because it takes to long to get there.

Refer too >>8950307

>> No.8950688

>>8950631
Normaly a slide or two on IFRS here and there but basically not talked about at all. I'd say a good amount of practical work though as far as simulation cases for audit and tax

>> No.8950693

are career advancement prospects good?

the only reason im ok with wagecucking atm is because I know i can start my own thing/ climb the ladder once i have sufficient experience and skills (architect assistant in a pretty good firm)

>> No.8950695

>>8950651

Not true. Once you're a CPA, you're on a whole new level. And if you continue your education later, even more.

My old boss was a CPA. She was making $1.5 million per year plus stock options at a well known company. She's retiring now and just landed a $4 million golden parachute on the way out.

So ya, shit ton is relative.

>> No.8950760

>>8950695
What was she doing when she was making 1.5? Public accounting or something else?

>> No.8950763

the truth is in a lot of traditional profession (accounting, doctor, law, architect) you'll typically need to wagecuck for a while. Thats because there's a HUGE gap in experience and skills between the senior and juniors no matter how good your grades were.

Once you get enough experience and skills (5-10 years? depends on profession) is when shit starts to get real.

>> No.8950815

>>8950760

CFO of a publicly held company. I double checked her resume, and she has a BS in accounting and a CPA.

She moved up to CFO of one company, then used that to move up and over as CFO of several very well known companies.

In the meantime she got seats on the board of directors of several companies, which means even more money for less work.

Again, a CPA is the key to everything. It's what separates the people who "work in accounting" from the professionals. It's the gold standard, and it is absolutely necessary if you ever plan on moving beyond a certain level in an organization.

In fact, it's standard practice that you CAN'T be the CFO of a company without a CPA, since a CPA give you a legal right to do certain things like auditing and company financial reports.

>> No.8950830

>>8950763
Gets real in what way?

>> No.8950856

>>8950695
Except that the 0.01% of accountants. And only thous who give up their 20, 30, 40, and mid 50s working 85 hours a week in big 4 public practice to make partner then transition to Executive in industry. For every one of these people there are 200 kids making 60k a year after going though 6 years of training to subsidize that one person. Anyone one can take the mill route and invest in index funds

>>8950307

If the mill worker invested his money at 4% annual return he would have $1,114,889.03 at the end of the 10 years. He can take that $1,114,889.03 and put 20% down on a 10% cap rate business and be making $1,114,889/ year at 28 years old.

>>8950760
>>8950763
>>8950815

>> No.8950917

>>8950856

Not true on a few parts...

1. Give up their 20, 30, 40's ... ya, but that's what life is. Every person has a choice. They can sit on their ass and do nothing, at which point they get nothing, or they can work their ass off and make something of themselves. No one is going to pay a slacker prime $, and a slacker shouldn't expect it. This is the same for any business in the world.

2. Not true that you have to give up your entire life to make it. My old boss was a CFO by the time she was 35.

The bottom line... if you have talent you will rise, if you don't, you won't.

But... if your business is accounting, a CPA is necessary to move up, it is a ticket that opens several doors, and it is a requirement for all of the top positions. So you might as well get it, since there are too many advantages to not get it.

>> No.8950928

>>8950830
your salary gets a singularity

take architecture for example: junior: ~48AUD per year. Registered architect after 4 years: 70-80k. Director(possible at age 33-35 if you're good): 120k-??? no limit, depends on how many projects you can obtain.

Alternatively you can also use your experience to go into property development privately

>> No.8950966

Not sure where you got your numbers but it's more like

year1: -20k
year2: -20k
year3: -20k
year4: -20k
year5: 26k (most people don't start work until September so 4 months no income)
year6: 55k
year7: 60k (should have CPA by now)
year8: 70k
year9: 80k
year10: 90k

>> No.8950972

>>8949143
not that hard desu. live as frugally as possible, no expensive cars/clothes, dont eat out etc. toss half your cash in a vanguard ETF earning you 10% interest compounding over 20 years, use the other half of your cash to invest into crypto/high yield blue chip stocks. Work hard at your job, do not get into debt, and after 5-10 years you will have enough money to buy real estate/your crypto earning should have paid off big league.

>> No.8950981

>>8950917
Yeah this anon is right - as long as you're good and creative, you'll make it no matter what you do.

wagecucking is a meme only if you dont have a plan to progress

>> No.8950998

>>8950917

At 35 your boss would be in the 0.00001%. Average of a CFO in America is 50 and old for the big paying positions.

>https://qz.com/1074326/how-the-average-age-of-ceos-and-cfos-has-changed-since-2012/

>1. Give up their 20, 30, 40's ... ya, but that's what life is. Every person has a choice. They can sit on their ass and do nothing, at which point they get nothing, or they can work their ass off and make something of themselves. No one is going to pay a slacker prime $, and a slacker shouldn't expect it. This is the same for any business in the world.

Or you could work smarter like the mill worker can invest and make more... A dollar today is worth 1000 in a few years if you understand compounding interest.

I agree about the CPA thou I'm getting mine aswell.

>> No.8951041

>>8950998

According to this page, even the average CFO pay is about $450k per year. A good pay by any standard.

And if you're the CFO of a public company (as opposed to private), you will be above the average

https://www.investopedia.com/ask/answers/010915/whats-average-salary-chief-financial-officer-cfo.asp

>> No.8951115

>>8950966
Ok, we already established the mill worker at:

year1: 80k
year2: 83k
year3: 85k
year4: 87k
year5: 90k
year6: 93k
year7: 95k
year8: 97k
year9: 100k
year10 103k
Total 913K
Compounding 4% annually for 10 years: $1,114,889.03
Then 20% down for a 10% cap rate business.
year 11: 1,114,889.03
year 12: 1,114,889.03
year 13: 1,114,889.03
year 14: 1,114,889.03
year 15: 1,114,889.03
year 16: 1,114,889.03
year 17: 1,114,889.03
year 18: 1,114,889.03
year 19: 1,114,889.03
year 10: 1,114,889.03
Total: $12,263,779


CPA is:

year1: -20k
year2: -20k
year3: -20k
year4: -20k
year5: 26k (most people don't start work until September so 4 months no income)
year6: 55k
year7: 60k (should have CPA by now)
year8: 70k
year9: 80k
year10: 90k
year11: 95k
year12: 100k
year13: 105k
year14: 110K
year15: 120K
year16: 125k
year17: 130k
year18 135K
year19: 140k
year20: 145k
Total: 1,438,000


I get why you guys are in denial. It hurts me aswell to realize I was tricked into the wage slaving when I thought I was doing the "Smart" thing compared to my "Stupid" friends who went to work in the mill and not go to school.

>> No.8951147

>>8951115
eh desu working in a mill is some of the shittiest work you will do. its either really hot/really cold, dangerous, you come home with your back aching and feet and knees hurting, too exhausted to do anything after work, and usually the guys who work in a mill wont save/invest their money.

>> No.8951189

>>8951115

> we already established the mill worker at.

No we haven't.

https://www.payscale.com/research/US/Job=Mill_Worker/Hourly_Rate

Not to mention, your compounding example assumes the entire 80k is used for compounding.

If OP gets his CPA, he could explain this to you in detail.

>> No.8951229

>>8951147
I agree it's not fun. I do it for the summers while in uni. But as buddy was saying above

>Every person has a choice. They can sit on their ass and do nothing, at which point they get nothing, or they can work their ass off and make something of themselves.

So either you give up 40 years of your live working 90 hours a week as a accountant. Or you give up 90 hours a week for 10 years to be making way more and be retired.

True most people don't save but if your smart enough to make CFO your smart enough to save up.

>> No.8951271

>>8951189
Maybe in the US at non union mills. Trust me I know I worked there and made 23k before in 3 1/2 months last summer.

>Not to mention, your compounding example assumes the entire 80k is used for compounding.

Fair enough, if I was on excel I could be better cals than typing on 4chins. Even assuming 50% tax rate mill worker comes out ahead buddy.

>If OP gets his CPA, he could explain this to you in detail.

Trust me I don't need someone to explain it to me. I'm starting in public practice in a few months in Vancouver and have worked in Mills for years.

>> No.8951279

>>8949143
I was a math grad, so job market might be diff for you. But in general I think a lot of people are really bad at separating their life, and their work, because since we were kids we defined ourselves by the quality of work we output. Life really isn’t like that, and shouldn’t be. I work so that I can afford to do the things that make me happy. Basically, a lot of people, since they cannot separate themselves from work, strive to be the perfect _____ machine. But pursuit of perfection leads to general unhappiness, because perfect doesn’t exist in nature. Learn to find other things you value in your life. Doesn’t even have to be big, just something that you know you enjoy, even when you fail. I like to cook when I get home. I like to shoot photos. Working for a living ain’t bad when you get to leave and be happy later.

>> No.8951340
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8951340

The posts in this thread are totally fucking deluded. The 35 year old CPA who became a CFO is some one-off example -- no F500 company has fucking CPAs working in the C-Suite. It's the high finance guys, strategy consultants, sometimes legal. Who the fuck wants a someone with audit experience as a CFO? Any major corporation needs someone with M&A experience in that role to continue to expand the business and handle their financial operations (ie former bankers and/or internal corporate development rising stars).
You know what you can expect as a CPA? Some quick raises that can get you to the mid-100k salary range and then permanent stagnation as a dogshit middle manager, unless you stuck it out in public accounting and are the 1% who make it to partner.

t. b4 CPA with 6 years of experience and getting the fuck out the industry altogether

>> No.8951376

>>8951340
Thank you.

So what do you think of the Labourer vs CPA analysis?

>> No.8951408

>>8951340

Wrong. As of January 2017, 37% of the CFO's at publicly traded companies are CPA's:

https://www.spencerstuart.com/~/media/pdf%20files/research%20and%20insight%20pdfs/fortune-500-cfo-index-report_032317.pdf

>> No.8951426

>>8951408

scratch that, should have said... 37% of the CFO's at Fortune 500 companies.

>> No.8951467

>>8949143
>But the idea of being a basic salary cuck ten and then twenty years from now and probably not leaving philadelphia area depresses the shit out of me.
This is what you wanted. This is what you paid for. Grow up and get over it.

>> No.8951646

>>8951376
Your CPA figures were quite low unless you're working in a flyover state. And I don't understand where you're getting this "20% investment yields $12mm in 10 years" figure from.

>>8951408
>>8951426

Neat, so the bottom half of the F500 are all companies making less than $10B yearly and not highly acquisitive. They can't afford to hire/need to hire high value finance execs to fill those roles.

>> No.8951674

>>8951408
37% to you is a high number?

Why are accounting cucks so deluded. I can at least admit doing the CPA route was a mistake. You need acceptance my friend, I know the thought of making 1 mill a year at 55 years old help you get though thous days working 80 hours a week for little pay. But reality is you will quit and go into industry for 80k a year for the rest of your life.

>> No.8951708

>>8951340
Accounting undergrad here.
Is there any way for me to break into high level finance?

>> No.8951749

>>8951708
No. You could try audit > transaction advisory services > investment banking, but good luck. You'll need it.

>> No.8951757

>>8950307
>year1: 80k
>year2: 83k
>year3: 85k
>year4: 87k
>year5: 90k
>year6: 93k
>year7: 95k
>year8: 97k
>year9: 100k
>year10 103k
>Total 913K

lmao, you really did just graduate. as someone who makes 80k at the mill, 80k turns into 20k really quick with taxes, 401k matching, rent, food, gas, internet, phone, power, water.

>> No.8951842

>>8951340
What would your recommendation be to do instead if Im just about to finish up. Rather than go into public accounting, should I try to start soemwhere else with what I have or is the deck I have to play?

>> No.8951880

>>8951757
You think accountants don't pay taxes, 401 matching, rent food, gas, internet, phone, power, water? Take 60k off the accountants salary every year and they have a negative net worth until 15 years in.

Then account for the fact to make big money as accountant you have to be in a expensive city like Vancouver. In Van accountants are starting at 38k/year out of Uni and houses are 1.5 million. Working in a mill I can live in a town where houses are 300K and clear 85k/year.

>> No.8951913

>>8951757
This. People forget about taxes and expenses. That's why we don't see doctors and engineers who are multi-millionaires. The only way to make it other than investing is to become CEO or own your business

>> No.8952121

Does anyone have a source on this mill wage
Sounds too good to be true for an 18 year old to make 90k with no experience

>> No.8952157

>>8951913

>doctors
>engineers

Not even in the same realm of pay, and there are plenty of multi-millionaire doctors, it just takes them until their 40s/50s to get there after med school debt.

>> No.8952201

>>8952121
Base rate at mine was 30/hour. Weekends $45/ $60 hour. And that's BASE rate. you can go up to $40 hour pretty easily. Then you also have you pension which is decent but not great. Plus FULL dental and health, which in my experience is miles better than I am getting in public practice. This union in Candoot, non union in America is probably pennies on the dollar.

>> No.8952298

I'm not really sure why everyone is so mad.

I'm not saying that working in a mill or any other industry for that matter isn't honorable work. Nor am I saying you can't make a good life for yourself with it.

But OP is graduating with an accounting degree. Telling him to go work in a mill would be an absolute waste of his schooling and would probably not be in his interests.

He's chosen accounting, so our advice should be geared toward helping him to perform best in his chosen field.

And that being the case, getting his CPA is still the ticket.

>> No.8952331

>>8949143
dude how the fuck did you not have a B4 offer before graduating? are you literally retarded?

>> No.8952343

>>8950966
this is wrong, year 1's in the US at B4 firm start at 55k

>> No.8952372

>>8952343
55K / (8/12) = 36K year 4.

Ya big diff

>>8952331
Big 4 is a meme.

>> No.8952413

>>8952157
Actually the most common degree possessed by millionaires is in engineering, but of course it requires you to perform well, save, and invest. Doctors have much higher earning baseline but your net worth is very dependent on your specialization, loans, and ability to not spend all the money you earn in order to show people that you are a doctor. Of course the top tier doctors/surgeons will always make more than the top tier non-ceo engineers, but if you’re talking about purely numbers over a span of years they are not too far apart. Especially for people going to med school nowadays since the value and prestige is not the same as it was 30 years ago.

>> No.8952424

>>8952372
there is a huge difference between 20k and 36k are you fucking joking lmao? Thats almost poverty level tier. also
>>8952372
Anyone who starts B4 undoubtedly will have an easier career path than someone who goes mid tier or small tier CPA firm. Furthermore, anyone who goes industry will most likely be managed by someone who was previously in B4. It is a very easy and intelligent start to your career. Going industry from the outset can lead to you getting shoehorned into a role with zero progression besides finding a new company. Atleast B4 offers very clear cut linear progression in terms of salary and expectations.

>> No.8952440

>>8952413
millionaire engineers take on business roles and get MBA's. They do less engineering work and start doing things like managing groups of engineers or establishing their own engineering company. Rarely does one make the big bucks as an engineer just doing engineering work at a company, most generally get their MBA's or start their own companies.

>> No.8952442

>>8949143
Do ANYTHING to avoid wagecucking. Start a business, rob a bank, sell yourself, invest in crypto. Start in a 9-5 in and 15-20 years you’ll be stuck in a godforsaken cunt of an office, vomiting every morning and thinking of necking yourself ever other day....ahem, or you might enjoy it.

Godspeed.

>> No.8952488

>>8952424
>there is a huge difference between 20k and 36k are you fucking joking lmao? Thats almost poverty level tier.

Long term it makes little difference especially when comparing to trades workers like above.

>Anyone who starts B4 undoubtedly will have an easier career path than someone who goes mid tier or small tier CPA firm.

Fair enough, but at the end of the 10 years your still going to be wage cucking compared to a smart trades worker... I guess if your devoted to the wage cuck life then it makes scene.

>>8952442
Working in office is the most feminine thing possible. Shit pay for years and catty office politics... Accounting jobs should be reserved for women. Real men need to make more thank 36k year kek.

>> No.8952529

>>8952488
>compared to smart trades workers
you mean the guys who have to get back surgery, knee surgery, and have general ailments from working in a mill? Have you ever noticed the lung cancer and mesothelioma advertisements are never looking for office workers and professionals, but gross lazy trades workers who were exposed to every kind of cancer causing factor known to man? Tradesman literally trade their future health and wellness for accelerated cashflows related to their skills.

>> No.8952568

>>8952488
I’m on $91k(aus) which isn’t a great deal down here but respectable but I’m still trapped in a hell of my own making. Take it from an old cunt, be your own boss while you still have a soul.

>> No.8952602

>>8952529
t.Someone who has never worked a trade in there life.

Only office workers are brain washed enough to think these guys are still destroying there bodies. The work is easy AF now; it's not the 1950s anymore grandpa. Also look at the analysis above if your smart you can retire in 10 years.

>> No.8952613

>>8952201
you are literally the only one talking about mill jobs
I have a feeling you are being fed information from a SPECIFIC WORKER who happens to make ALOT of money based on STATUS
nothing to do with reality where most are paid $10/hr after 1 year

>> No.8952624

>>8952568
Thank you, for the advice. Thankfully, my dad and I have made a decent amount that I can invest into businesses while I do my CPA. Otherwise I would forget about and be doing a trade to save up.

>> No.8952626

>>8952602
you didnt even bother to discount FCF to a NPV so naw I aint gonna look at that shit. You are right, every single tradesman I see does not have a fucking beer belly and move like they could have a hernia any second.

>> No.8952662

>>8952613
I work there in the summers in between Uni semesters... Cleared 23k in 3 1/2 months doing nothing bby gurl...
Enjoy slaving away at big 4 working 80 hour weeks for years to eventually burn out and take a industry job for 80k/year.

>> No.8952673

>>8952624
>>8952568
starting your own business is often romanticized, so I'll give an ancedote opposite of it. My father is a very successful small business owner in the USA. Family trips to europe, resorts in mexico, renting homes in the islands, etc. He has worked 7 days a week 6am-7pm easily for the last 20-25 years. Yeah you are your own boss, but if you realize how important it is to constantly be working you dont just start the business and kickback. Business owners who "make their own schedule" and "relax" generally are shit business owners.

>> No.8952680

>>8949143

you tell me, i'm gambling my ass away in crypto trying to escape working in law.

each month i'm more depressed, this is no life, slavery pure and simple. deep inside i know crypto'll not save me and i'm starting to make other moves and try to get a gov job

>> No.8952705

>>8952662
I am confused, are you in canada? 23k CAD for 3 months is pretty garbage tbqh

>> No.8952708
File: 57 KB, 401x450, 98746513156987469.png [View same] [iqdb] [saucenao] [google]
8952708

>>8952662
>Enjoy slaving away at big 4
you're the one who has a degree in accounting
if anything you said was true youd work there, but you dont and its not

>> No.8952807

>>8952673
Trust me I know the life, my dad and I purchased a rental property which ran a few years ago. Bought it at 1,200,000 mill and sold for 1,600,000 a year later and made 120,000 in rent. I spent probably 2-3 hours there a day fixing random shit and doing payroll and the books.

>>8952705

78k in Candoot is great when accountants at big 4 in Vancouver are starting at 38k/year...

>>8952708
Independently wealthy thanks to working with my parents and 1mill+ in crypto. If that wasn't the case I'd be doing trades saving up. I'm giving advice for normal people not setting them up on bad assumptions.

>> No.8953549

>>8951041
>Implying most accountants reach CFO
>Implying most CFOs pay 450k
>Implying many of those positions are nepotistic
>Uses the top x% of a profession to say someone should enter the field
You must still be in high school/college

>> No.8953879

>>8951708
MBA from a top ~15 school and network your ass off

>> No.8953896

>>8951913
>That's why we don't see doctors and engineers who are multi-millionaires. The only way to make it other than investing is to become CEO or own your business
Which is what many physicians do...

>> No.8954242
File: 628 KB, 500x375, 1470854593675.gif [View same] [iqdb] [saucenao] [google]
8954242

For wagecucks, the only salvation is living frugally and investing. I'm making 70k out of college in an expensive-as fuck area, but I found the most affordable apartment I could, I cook all of my food, I have cheap hobbies. I'm saving/investing 55% of my income and can retire in ~10 years. Once I find a job in a cheaper area, even if I never increase my salary, I'll be saving about 75% and retiring even faster.

I don't pretend to enjoy my job, but if I need to do moderately soulless work for ~10 years and then I'm free forever, I think that's a pretty good deal historically speaking. I'm not working in a fucking coal mine or something.

I'm not saying don't try and increase your salary, I'm shooting for $100k within 5 years, but planning your future around being a fucking CFO is nuts. The odds are not in your favor. Start buckling down and saving now, and your worst case timeline will not be that shitty.

>> No.8954350

>>8949143
such is life anon. just remember to never get too comfortable

>> No.8954484

>>8954242
solid pre-crypto /biz/ post

>> No.8954920

The fucking blind leading the fucking blind.

The world is so fucking flush with cash right now at the lowest interest rates of all fucking time you have to be an absolute moron to not be asking banks and lending institutions for all this free money. Hell even SBA loans are 100% guaranteed it's free fucking money. These losers talking about 4% compounding god I almost fucking puked.

Just buy fucking businesses from motivated sellers. Recruit a "dream team" on LinkedIN of established industry vets, get a good in house lawyer good in house accountant. Recruit a Big 4 accounting firm to audit your M&A on a delayed or "rolled" fee basis. Same with the top 4 law firm. Delayed or "rolled" fee basis. Then start fucking cold calling businesses to buy with institutional money. Assisted Living Homes are a great place to start.

Here's all you need to look for:

FREE CASH FLOW COVERS DEBT SERVICE

Find 3 Assisted Living homes, company 1 ~200k revenue / mo, company 2 ~150k revenue/mo, company 3 ~ 300k revenue (10k per bed a month x30 beds, you do the math moron). payroll per month for all companies ~300k , debt service $25k/mo (50%/50% P/I) , legal frees, nonrecurring costs around $110k/mo , That still leaves us with about $215,000 a MONTH in free cashflow. $215k a month. I'm looking for more ALHs to buy right now as well. Will probably exit in a few years to a large corporate conglomerate for around $50million.

>> No.8954948

>>8954242
>can retire in ~10 years.
unless you can retire on less than $500k, not going to happen

>> No.8955022

>>8954948

Retire = can cover my expenses in passive income and live the way I currently do forever. I think that's the most reasonable way to define it (though yes, I'll likely work a few years extra to make myself more comfortable).

So yeah, if you can live off of $20k, you can retire on $500k (4% is the commonly agreed on safe withdrawal rate).

>> No.8955050

>>8950695
Is there an equivalent accreditation or qualifications that CTOs need?

I'm a software engineer working at a well known US company after I graduate in the UK and I want to know what I need to learn to go beyond Managing just a small team and become a leader/director/CTO in Technology.

>> No.8955081

>>8955022
you've never lived on your own and paid your way, so how do you know you can live on $20k? i live a simple life, have my modest home paid off, and still spend about double that

>> No.8955091

>>8954242
This x1000000. Unless you’re like me and married with children then I’m sorry to say you’re most likely fucked.

>> No.8955114

>>8954920
Tell me more

>> No.8955123

>>8955050
you need FUCKING BALLS jesus christ

>> No.8955146

I'm in the same boat.
I'm still holding onto the dream of being rich one day (not a millionaire, but a decent amount of residual income so I don't have to be in an office for 40 years).

My plan is to keep saving my money and invest in real estate. Once I get 35k saved up (including my crypto portfolio) I'm going to cash it all in for my first rental property.

>> No.8955147

>>8954920
How much do you need down for a SBA of 2mil?

>> No.8955152

>>8955081

I am living on my own and paying my own way right now. I'm not living with my parents, using their car, or relying on their insurance. In my current city I am living on $28k, and I've scoped out the city I plan to move to and expect to spend about $19k. It can be done, and I'm not really living in a hovel, I just don't have any expensive hobbies. Using public transit right now, but the $19k I'm looking at for a future city is factoring in the cost of a car.

I can post my budget, I'm not bullshitting you. What are your expenses such that $20k seems impossible? Are you in an expensive area?

>> No.8955216

>>8955114
What is there more to tell you, it's fucking simple, doesn't mean it's easy.

You recruit a dream team off linked in, you get financing based on their experience (you give them % equity in the company of course, ~10% to chairman, 5% to other 3 key members, 3-2% to in house law & accouting, you keep the rest)
Once you have the dream team you start cold calling banks and financial institutions, you ask them if they are in a lending mode, banks give away hundreds of millions of dollars, money is literally free right now, look at SBA lenders, Banc of California Celtic Bank, Huntington Bank, there are so many fucking lenders. You get the money based on the credibility of your dream team.

Then once you have commitments from lenders you go find the fucking DEAL.

FREE UNENCUMBERED CASH FLOW COVERS DEBT SERVICE.

And then you BUY a business that is already operating making $$$$$$$$$ from owners who WANT TO SELL because they are either fucking old and dying and none of their relatives wants the business, just find MOTIVATED SELLERS, and then buy their business for x2years profit, so if they are making $700k a year profit then you buy it for $1,4 million, SBA loans. Now you have bought a fucking business and as long as free unencumbered cash flow covers debt service you are golden. Make the owners stay on a few years pay them salary and do owner private finance. Then go find another business in the same industry, doesn't need to be the same state, rinse and repeat. Roll them up, so now you have 3-5 of them in the same industry doing all the same thing and the money is just rolling in. Float them for 3-5years, or longer it doesn't matter, then package them in a sale for 8-10x EBTIDA and you're fucking RICH.

>> No.8955226

>>8955123
No shit Sherlock, do you have experience working in technology?>>8950695
Is there an equivalent accreditation or qualifications that CTOs need?

I'm a software engineer working at a well known US company after I graduate in the UK and I want to know what I need to learn to go beyond Managing just a small team and become a leader/director/CTO in Technology.

I'm intrigued by your assisted living homes, we rarely have those in the UK only care homes.

>> No.8955235

>>8955147
0!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! Get two or three banks to finance it. Need a dream team with credibility cuz it's likely (just like me) that you have NONE. Until you get your first few deals under you.

>> No.8955284

>>8955152
go ahead and post your budget, meanwhile i'll load up my mint account and see if i can poke holes in it. i do entertain friends / go out to dinner, am generous with gifts and whatnot, like to drink expensive stuff. i'm guessing that's where most of the extra goes. I don't get overly concerned as i know I'm still saving the majority of my income and i don't plan on retiring for another 5 years or so.

i don't live in an expensive area, my taxes/HOA fees are around $600/month

>> No.8955402

>>8955050

At C-staff level, specialisations tend to blur away.
Technical aspects matter less (for a CTO) than you think. It's all about networking, power-politics, influence, sociopathy etc. Refer to "48 Laws of Power" (Book), if you are willing to hand over your soul to a devil.

If you are a typical tech-introvert (God forbid INFP), best strategy would be: let the aspiration go.

Once you've done that - Frugality, Purpose and Investment should be able to help you to some degree.

>> No.8955414
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8955414

>>8955284

Commute and insurance is taken out of my paycheck pre-tax, those income numbers are after that. Gas, water, etc is included in my rent. I have a roommate otherwise my rent would be even higher (NYC).

>> No.8955426

>>8955414
And loan is student loan payments, so in 10 years that expense will disappear.

>> No.8955519

>>8955414
if you're really the kind of person that doesn't go out for entertainment, doesn't drink, doesn't buy anything for themself, doesn't buy gifts for others (bday, holidays, etc.), doesn't have a cell phone, won't need to pay for parking in NYC, haircuts, toiletries...you might be right. electricity will probably be higher tho.

you may want to create a new category for "reserves" when the computer dies, or you need new clothes.

>> No.8955590

you go to temple? im a senior finance major in fox lol.

>> No.8955685

>>8955519

>go out for entertainment
Movies via moviepass with friends, or just having friends over at my place or going to their place.

>doesn't drink
Yeah pretty much, though honestly even when I did it was a nearly negligible expense since I drank at apartments, not bars, and usually cheap alcohol. A $10 bottle of hard alcohol goes a long way.

>doesn't buy anything for themselves/gifts
Covered in the $50 misc generally. Realistically I might need to bump that up because yeah I spent a bit more than that on gifts, but I don't need much for myself. Video games are fucking cheap, moviepass is cheap, I pirate most everything digital. Try and avoid buying physical stuff unless it really makes a meaningful difference in my life.

>doesn't have a cell phone
Fair point, forgot that's the one thing my parents are still covering. It's about $20 for my part of it, I should start paying them.

>parking
I take public transit or NYC would be even more of a financial nightmare than it already is. I will likely need to get a car if I move which will bump up transportation costly significantly, but should cut rent even more.

>haircuts
Buzz myself, but not just to save money. I was maybe paying $15 a month before for that.

>toiletries
I include these in my groceries since I get them there.

>electricity
That's the average it's been so far, been here 7 months. Maybe $25.

I agree I should probably bump my misc up to $100 or something. Once I move cities I'm going to be cutting my rent very significantly, so I hope to maintain 60%+ savings rate for the rest of my career. Anyway not judging others who spend more but I really don't feel like I'm "missing out" on anything, socializing can be very affordable if you mostly go to friends' apartments/host.

>> No.8955725

>>8955685
well regardless of my nitpicking you have the right mindset. when i was in your position i did the same thing, but then fell into a crowd that enjoyed going out to bars/eating fairly often and that's where a lot of my disposable income went. i didn't really start saving until i started to calm down a bit and was in my late 20s. if you can stick to your plan you're probably going to make it.

>> No.8956065

>>8955725

I figure I'm keeping my expenses down now when it's easy to do so and it doesn't bother me. I expect some lifestyle inflation, but savings grow faster and faster once you've got a decent pile (and possible raises), so if I realize I can work a few more years and hit a more generous budget available, I'll probably do that. But I'm not going to feel comfortable until I'm financially secure, so my main goal right now is to save very aggressively; if I have $500k in 10 years, that's a much more comfortable position to be evaluating my future options from.

>> No.8956084

>>8949143
>>8951842
where in Philly do you live. I'll let you know if you're a cuck right now.

>> No.8956303

>>8949143
Stay living with your parents, pay off your loans as fast as possible and start saving/investing every penny you make.

Don't stop learning, learn skills that increase your worth and always apply to other jobs even when employed.
I'm 21 right now taking home 80k after taxes, plan to get that figure to 150k after taxes within the next 5 years. I still live at home, my parents are leaving me the house when they pass, and I have 200 dollars a month in expenses. Plan to early retire at 30.

>> No.8956333

>>8956303
How are you making 80k at 21? My best prospects employment wise seem to be hitting 45k tops

>> No.8956393

>>8956333
He lives in NYC,SF, or is larping

>> No.8956412

>>8949143
You need some kneepads

>> No.8956745

>>8955216
>Telling people your business secrets

>> No.8956808

>>8956303

How do you feel about living at home? Worthwhile? Seriously considering it if it means putting away an extra $6-12k a year. Just trying to find well-paying jobs near my parents.

>> No.8957078

>>8952440
It's easy to be a millionaire engineer when you earn 200k a year. Hell, I earn 165k and I'm on my first year ever.

>> No.8957128

Anyone here would actually prefer suicide to wage cucking?

I don't have much to live for and existence is barely tolerable by being a NEET. If I had to work I would kill myself.

>> No.8957260

>>8956393
>>8956333

NYC is the correct answer, Software Engineering and I graduated early so I have more work experience than a normal 21 year old. Also made two aggressive job hops.

>>8956808
I have a great relationship with my parents so I love living at home, get to hang out with my little and older brothers, get a home cooked meal every now and then(mostly just meal prep tho). Just do it to save money, bang out sluts at their apartments instead of taking them home and just put the money you woulda spent towards retirement.

>>8957128
Find something you actually want to do, my best friend went to school for film and makes 60k a year doing shit related to production and spends all of his time writing movies and fucking twinks.

Life is pretty ez if you have a passion for anything.

>> No.8957361

>>8957260
Sadly my parents don't live anywhere near NYC, or a major city at all. Good for you though, you should be in a pretty good financial spot by 30. I hope to be reasonably good by 35, and very comfortable by 40 if I choose to work that long.

>> No.8957459

>>8957361
I saw your other posts in the thread and you look like you have your head on straight, only thing I would recommend is to take advantage of what NYC has to offer(in terms of salary). I know so many cucks just sustaining on like 40-60k a year in the city and staying at the same job for 7+ years. Make intelligent salary moves when possible(try to always increase income by at least 25% because constant job hopping will be frowned upon eventually so make the most of each move).

Also remember whatever your expenses are will be much lower in retirement, I personally plan to move out of NY(or go upstate/deep long island) and go to somewhere where I can just get a fat lot of land for cheap with a low property tax.

>> No.8957533

>>8957459

I've only been here for 7 months, hoping to have something lined up by the 1 year mark since 70k is somewhat low (also in software engineering). I'm really trying to move to another city that has a much lower CoL and where I could room with several very good friends of mine, but that probably means not making much of a jump at all, maybe $80k.

Any tips for making good jumps, finding openings, besides carpet-bombing job sites? I'm sure connections are the best option by far, working on building that network but don't have much of it right now. Once I make my first jump to the city I want to be in, I'm planning to apply for jobs once a year but only make an actual jump for something really big, e.g. 25% like you said.

>> No.8957660

>>8949178
Black rednecks and white liberals

>> No.8957677

>>8957533
Specialize in highly coveted fields, go back to school for your masters(I'm personally gunning for the GIT online masters), have a social media presence, form connections on LinkedIn, post on anything semi-related to whatever industry you're eyeing, attend industry events.

A lot of generic advise that works, always be eager to learn more, always be working on some kind of side project to add to the portfolio, ask people who are more successful than you at work what they did to obtain those positions and what has changed in their job in terms of task and knowledge.

You have the right idea, carpet bomb the shit out of job sites, put that extra time into your resume, get a tech recruiter to look it over and discuss areas where it could use improvement. Look into job postings in higher salary ranges and advertise/learn the skills you don't know on those postings.

It's a lot of work to get a higher paying job but in the end it'll pay off down the line.

>> No.8958206

>>8950029
I'm literally the same person anon. Feels good. This shit needs to pop one more 10x for us to fully make it.

>> No.8959133

Are my prospects good? I’m fluent in a second language and am studying chemical engineering. I have a research gig on the way 3.6 gpa