Comments on: What I Learned Working on Wall Street

By: J. Money

J. Money — Fri, 20 Sep 2019 21:05:42 +0000

By: Wholesome Wallet

Wholesome Wallet — Fri, 20 Sep 2019 18:16:38 +0000

I like your post. Income isn’t the same as wealth because if you spend all your income, you cannot build wealth. Many people, especially athletes, get it wrong when it comes to income and wealth. That’s why many of them go broke few years after they stop playing

By: Buyside Hustle

Buyside Hustle — Sat, 29 Jun 2019 21:44:55 +0000

This is a great article. There are so many young folks out there who think working on wall street (either at an investment bank or in private equity/hedge fund) is the best job you can ever get. You may get paid a ton, but you are sacrificing the rest of your life for money.

After working in banking and at a number of different hedge funds, I can tell you that not every place is the same. You really have to love the work in order to succeed and make a lot of money. The stress, hours and lack of freedom add up over the years and cause many to burnout very quickly.

Personally, I love the intensity and get to look at many different types of investments to see where I can maximize risk vs. reward. It is not for everyone however.

By: mama fish

mama fish — Fri, 29 Mar 2019 13:01:35 +0000

Hi I am a retired mama fish can you help me find a work experience placement on wall street for my grandson he is a high achiever still at high school with a natural ability in math.
Thank you,
Mama Fish x

By: J. Money

J. Money — Mon, 15 May 2017 14:31:42 +0000

“Now, I’m fine with a job that allows me to be home every day for dinner with the family and gives me a chance to work on my blog as my side hustle.” – that’s where it’s at, my man :) Though lately I wish there was a way to turn OFF that part of the brain that wants to hustle during free time as unlike 9-5s, blog stuff can be 24/7!

By: Dave @ Run The Money

Dave @ Run The Money — Wed, 10 May 2017 12:17:10 +0000

Wow, now that’s a post! I should have read this earlier. Kept meaning to come back to it.

While the movies may stretch the truth, it seems a lot of them are right on par. Not something I would ever want to be a part of.

I had an auditing job right out of college that required us to be there hours on end during busy season. I knew right away I wanted no part of that life. The income wasn’t even close to what you were making either. Now, I’m fine with a job that allows me to be home every day for dinner with the family and gives me a chance to work on my blog as my side hustle.

I appreciate you sharing this insight. I often thought I sold myself short by not going for a more glamorous job.

By: Young and Finance

Young and Finance — Wed, 03 May 2017 18:45:43 +0000

Hi Chelsea. Thanks for letting us know what it was really like working on Wall Street. It had to be scary to go through that at such at young age but I’m glad you got out early. I too invest in low-cost index funds and believe this is the best way to go to avoid the stress of watching each stock you own daily (I’ve done that before as well, lol).

Again, thanks for sharing such an awesome story!

By: Wall Street Playboys

Wall Street Playboys — Wed, 03 May 2017 00:39:07 +0000

In reply to Chelsea @ Mama Fish Saves.

Ha perfect so you already see the issue

The guys recommending dollar cost averaging won’t even be able to listen to their own advice! More than half of them will sell creating a massive dislocation again.

Will be fun to watch the next one. Small caps for everyone!

By: Chelsea @ Mama Fish Saves

Chelsea @ Mama Fish Saves — Wed, 03 May 2017 00:34:07 +0000

In reply to Wall Street Playboys.

50%+ is low. There is a reason mutual fund investor returns are dramatically lower than the returns of the actual funds! But whether those people are being their own PMs or investing in index funds, their panic is likely still going to get the best of them.

“Be greedy when other are fearful and fearful when others are greedy” is easy to say and tough to do.

Hopefully, everyone that was just out of school in 2008 and got to see the crash and the following recovery will be smarter at sticking to DCA as investors. Though, as you said, all we can do is wait and see!

By: Wall Street Playboys

Wall Street Playboys — Wed, 03 May 2017 00:08:31 +0000

In reply to Chelsea @ Mama Fish Saves.

Sure agree you’ll make money if you dollar cost for 20-40 years straight.

All that needs to be said is “we’ll see”

Easy to stay emotionally stable when the market is up every year. When it’s down 50%, they miss dividends and have to dip into principal to pay bills… we’ll see if the vast majority do not hit sell.

We’ll take a friendly wager and say next recession 50%+ of personal finance advisors saying “just dollar cost” will lose their minds and draw down.

There were guys in their 50s-60s who dca’d for 30+ years in 2008… they ended up selling.

The good news is, buy the dip and buy small cap ETFs!