Tell me the truth about the hours most you guys are working. I go in about 9-9:30 and leave about 4-4:30. By Friday I'm gone by 2-3 pm depending on the day. I would say I work between 35-40 hrs a week. I'll net about 75k this year with 18 mill AUM...10 mill of that feebased.
I average about 55-60 hours per week. Mon- Thurs from about 7am until 7:30pm. Friday from 6:30am until about 2pm, then I leave early to go sit on the beach and watch the scenery walk around. I try to work every other Saturday from about 9am-12pm to catch up on proposals, reviews, paperwork, etc ( but that is usually dependent upon how rough Fri night was). Keep in mind this is Cali, so the market hours are much earlier out here. In keeping with another post, the air is much more relazed out here than back east, so my director thinks that my working those hours are amazing. Its all relative I guess.
EZ, how many years in are you? 35-40 hours seems a little low if you are in your first say 4 years or so.
I typically work Mon - Friday 7:30am - 5pm. I don't work on the weekends unless I have to write some business.
Ez - It's a great question. I think in the beginning the hours are harder, because there is not much reward. I have been in a good cycle lately, where I am in @7:00 (wich is a great time to get up to speed with WSJ, and other news, review accounts, Then get to it). I have had a lot of later meetings lately, and get home from work between 8-9. But it's been kinda fun. When your busy, and you are experencing even the most modest level of success, you could put in 90 hours, and not care. I believe there comes a point where you start to figure out things that work, and you start to make a few bucks, and you become more passionate and excited, and competitive, and you really get into your business, but wow, it's not easy to get there.
Case in point: Remember in Wall Street, in the beginning, Bud Fox is slaving on the phones, just completely mundane and grinding. Always borrowing money from his buddy, and dad. What a miserable existence (I Know.....because I lived it). Then he lands Geco..... Fast forward, He's got his mondo condo, bangin Darien, and working like a freak. Up all night reviewing crap, comming up with new ways to illegaly generate business (the concepts the same), and his stuff is workin!!!!
If you are into movies, you would have never bought any real estate in TOkyo after that Godzilla crisis they had a few years back!
When your busy, and you are experencing even the most modest level of success, you could put in 90 hours, and not care. I believe there comes a point where you start to figure out things that work, and you start to make a few bucks, and you become more passionate and excited, and competitive, and you really get into your business, but wow, it's not easy to get there.
Been at it for 3 yrs now. As I said, I'll net about 75k this year, 100k next. I fiqure I'm not going to work myself to death then burn out while building this fee based business. I'm content making a steady increase in income every year while building my business, at the same time enjoying life. That's why I'm doing what I'm doing. I'm still on track to make 200k in 4 more years. I can live with that while working my 35-40 hrs a week. BTW this doesn't count the week per quarter I take in vacation. Life's too short.
8:30-6:00...one Saturday a month, 2-3 evenings/month until 7:30 or 8:00 (appts w/employeds). About half of my lunches are 20-30 minutes at my desk, the rest are out in the community networking. 50-55 hours/week on average. 60 during tax season...
EZ - It sounds like you have a great thing going. There is nothing wrong with that projection. Do you know how many years it would take you to make $100,000 as an accountant??? We are in a business where if you are not making $250,000 or more, your a piker. WHo gives a crap how many hours you work. That's why you get into this business. is for the flex.
I think we should define actual "work". Sure it's important to reconcile client confirms, briefly keep up on the market and our positions, but what actually makes us money is talking to clients and prospects.If I were that anal about work, I would say I'm actually working about 6 hours a day - 2hours meeting with 2 clients, 1.5 hours prospecting, 1.5 hrs putting together proposals, etc , 1 hour putting out fires. I usually enjoy reading trade pubs, research about 2 hours per night.
Time in the office doesn't equate to time working.That's why I love this business. My wife thinks I'm working, but I'm watching a game at the office.
I've been out 3 years and get to the office around 7:45-8:15, calls all morning (15-20). I take a 1 hour lunch at home to relax and let the dog out. I usually leave between 4:30-5:00. Afternoons are prospecting and appointments usually. Usually take off by 2-3:00 on Friday's for some twilight golf. Stay later during the week for appointments of working people when need be. Somewhere between 35-40 usually I'd say.