Opinions please?

Discussion in 'Chit Chat' started by phillipmarlow, Jun 15, 2009.

  1. Hi,

    I'm here looking for advice from financially successful people.

    About me: I'm 27 years old, BA in English(I know, I know) from a state school in Texas. I come from the generation/class of people who were told "Get a college degree, any degree and you'll have a higher standard of living".

    Moved around a bit after college and worked some odd jobs here and there. I recruited for a staffing agency briefly, and I hated it.

    Taught myself some internet marketing concepts and landed a job at a personal injury law firm which lasted for a year before I was let go--they didn't have enough for me to do and could no longer afford me.

    I live at home with the parents now and am determined NOT to work a job surrounded by mouth-breathers. Half of the people I grew up with are high school teachers now and that just isn't my route--

    ---but neither is being a "customer service agent" or regional retail manager.

    Law school seems risky right now and I don't want to be a doctor. I'm looking at M.B.A.s but I have no idea what kind of career path that would take me in.

    I have an entrepreneurial spirit and don't do well with stupid people. I want to be wealthy eventually and would like to make good money.

    What would you do if you were in my position, given my education, lack of experience and the current economy?

    Thanks :D
  2. bump
  3. You're essentially asking "what should I do with the rest of my life?"

    You know that's an impossible question for any of us to answer.

    The wise man told me a long time ago to follow what I'm passionate about and the money will hopefully follow.

    He said if I followed the money, lacking any passion, I'd end up neither materially wealthy nor happy.

    You may want to start by being honest about your passion and where your skills lay.

    If those two intersect, you should have your answer.
  4. So you're interested in the trading industry? I will say that while education is important (at least a B.A. is necessary) it doesn't really matter what your discipline was. (Some firms, like investment banks or quant hedge funds, do prefer MBAs with disciplines in math, quantitative finance, physics, etc.) If I were you, I would learn as much about the markets as you can. You don't have to buy books, but visit investopedia.com and learn all the fundamentals of various markets (stock market, fixed-come, futures, options).

    If you enjoy the literature, go to wsj.com on a daily basis and start recording prices of various instruments into a excel sheet (that's what I did). You will learn a lot doing that. With that knowledge people will take you more seriously and you could try to find a job in finance somewhere.

    If you are very serious about finance, think about signing up for the CFA program. It costs about 1,000 for Level I registration. Its for being interested to be a analyst. It won't make you a great trader, but the knowledge is great. The test is very difficult (33%) rate, but if people see that you passed Level I, you will be considered a serious candidate. It will also make up for you majoring in English.

    In the meantime, learn as much as you can about the markets. Go to investopedia.com and wsj.com and just read, read, read. Do not bother opening up a trading account yet... you will lose your money. Most traders lose... even if they are bright and informed.

    When you are comfortable that you know some things about the market, consider apply for clerical positions at investment firms. It could be a small-broker dealer. There are also many hedge funds throughout Texas... (considering studying energy and crude oil prices). It's tough to get into hedge funds though.

    I would try to find all kinds of firms related to the markets... develop a professional looking resume and compose a generic cover-letter.... and just e-mail as many firms as possible. Ask if there are any entry-level openings or clerical positions. Say you're passionate about the market and are willing to work for a low salary.

    Another route could be to find a prop firm where you have no financial risk. Remember... real prop firm and not a arcade where you have to put up your own capital and pay commissions out of your pocket. I've heard that Kershner is a good firm in Texas. There must be many others. Many of these firms actually prefer to hire guys with little to none experience because these candidates have less bias towards the market and are easier to train.

    Feel free to PM me.

    Good luck
  5. Ah yes. Follow your passions is what I was told when I was younger. Unfortunately there doesn't seem to be to many jobs studying Greco-Roman art and literature these days : )
  6. It wasn't my interest in the trading industry that led me here, instead I was trying to find a forum where high net-worth/intelligent individuals spent their time. I was referred here by a post from a successful affiliate marketer from another forum.

    Thanks for your detailed reply, investopedia looks like an AMAZING resource.

    I must admit, my quantitative skills are lacking--I was always drawn to the arts, history and whatnot--I am trying to fix that. It seems there is quite a disparity between the way I IMAGINED the world to work and the way it ACTUALLY does.
  7. Their are brokers and consultants in the art industry that do quite well for themselves...I mean the ones who are top notch, which probably means they were extremely passionate about their areas of expertise at one time in their life.
  8. Lucrum


    1) And you came to ET?

    2)My mistake, you're definitely in the right place and will be right at home.

    3)Have you considered suicide?
  9. I have an entrepreneurial spirit and don't do well with stupid people.


    I suggest you rethink this and learn to exhibit patience with "stupid" people.

    Your customers will/may be stupid people and your employees might end up being stupid employee's.

    Sometimes stupid people have money.

    Don't despair though, often we need employees who are not that smart.
  10. excellent point
    #10     Jun 16, 2009