Making it?

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Apr 22, 2007 4:53 pm

Been in the bix for 16 months (second career - I am 40) brought in 15mil and T12 of 124k.  Starting to feel the financial pinch as salary goes away.  Any other second career types who can relate and tell me what they did to "make it" 

Apr 22, 2007 7:09 pm

Your trailing 12 is very low for bringing in $15mm.

Apr 22, 2007 8:15 pm

Wow...



If your military I would think the government would take you. Right now they have a pinch for accounting and budget.





Also I wonder about SEC. The govn is a nice change from this career. Guarenteed 8 weeks paid, 11 holidays and good salary.



Good luck!

Apr 22, 2007 9:08 pm
AirForce:

Wow...

If your military I would think the government would take you. Right now they have a pinch for accounting and budget.


Also I wonder about SEC. The govn is a nice change from this career. Guarenteed 8 weeks paid, 11 holidays and good salary.

Good luck!


That was harsh, even by MY standards.

Apr 22, 2007 9:58 pm
Brendan2:

Been in the bix for 16 months (second career - I am 40) brought in 15mil and T12 of 124k.  Starting to feel the financial pinch as salary goes away.  Any other second career types who can relate and tell me what they did to "make it" 


What firm are you with?


If you are at Jones this is when most IR's that could have made it left.


They so often have a so so month and don't get paid that much after all the fat is shaved. You sip your scotch and see that pipeline is dripping. Do I want to bang on doors or listen to Ms Jones talk about the weather. These may not be you exact thoughts, but you get it. You know you could make 75k without any of this bs.


Brendan2 if you love this business you must dig down deep, if not you simply will be wasting time.

Apr 22, 2007 10:33 pm

I'm not sure what firm you are with, but that doesn't sound too bad.  If you continue on at this rate, you'll have over 30M in assets before your full three years. There are a lot of five year guys with under 30M. 30M is enough to go independent and do your own thing.


Granted, you won't be making the "big bucks" anytime soon. But, at your rate, you will have a very nice semi-automatic income in another three years or so. And, it only gets better from there.

Apr 22, 2007 11:14 pm
now_indy:

I'm not sure what firm you are with, but that doesn't sound too bad.  If you continue on at this rate, you'll have over 30M in assets before your full three years. There are a lot of five year guys with under 30M. 30M is enough to go independent and do your own thing.


Granted, you won't be making the "big bucks" anytime soon. But, at your rate, you will have a very nice semi-automatic income in another three years or so. And, it only gets better from there.



This is a business of longevity. If you are going to build a book made of steel, rather than sand, you have to be patient. Your doing fine, keep doing what you;re doing. I got into this as a second career, so I feel your pain, I was a bit older than you when I started in 2000 (great timing). Keep brining in assets, keep putting it into annuitized platforms, and the rest will take care of itself.


If you are undercapitalized to begin with, thats another story. I was and I went into some debt, which I am now well on my way to paying down, after 6+ years.


Thats the best advice I can offer, there is no shortcut

Apr 23, 2007 12:05 am
Bobby Hull:

Your trailing 12 is very low for bringing in $15mm.


That would be respectable at UBS, SB or ML. As for ROA - that would be in line with all of the major wires.


I have found that most brokers still need to dip into savings to make it through year 2 and 3...

Apr 23, 2007 12:16 am

Those are some fairly solid numbers.

Is it possible that your lifestyle is what currently needs examination-in terms of your expenses?

It is perhaps bitter medicine to consider, but I have seen so many fail because they lived according to their last paycheck, and then they did foolish things to keep their income up when business got a little soft....because they had to.

Apr 23, 2007 8:03 am

I wouldn't call the guy/gal out his/her lifestyle because she's thinking $50k

aint the wonderful income we expect after 5 years or more in the business.



I would continue whatever you are doing. If you can scrape by for awhile,

you're income will continue to rise and will soon be at a more palatable level.

Apr 23, 2007 4:12 pm

Hang in there man...



I did not mean to be harsh.. I just sometimes see that working for the govn making 80k+ a year with 10 weeks paid is not to bad. Security, benefits paid and a few other kickers.



So please don't take my comment as negative. I realize this business is challenging, but I do think just like an investment its long term.

Apr 24, 2007 12:38 am

::bump::



we'll fix this troll problem yet.



don't feed 'em, just bury 'em!

Apr 26, 2007 1:26 pm

Look at your product mix. Sounds like you're doing a great job raising assets, but maybe you're placing too much in wrap/sma accounts. And that's great, but you need to Insure you can survive financialy to reap the rewards of your hard work.


Apr 26, 2007 1:54 pm

forget this guy...he's been proven to be a liar.

Apr 26, 2007 2:10 pm
Bobby Hull:

forget this guy...he's been proven to be a liar.



are you talking about me?

Apr 26, 2007 2:27 pm

Don't sweat it if he is...Bobby once called me a liar also...it's just part of his personality.  Weed this kind of stuff out and enjoy the good stuff like the two-fisted salute he posted a few days back...


He's also good for the occasional nugget of wisdom if you can find your way through all the wisecracks...

Apr 27, 2007 3:57 pm
Vin Diesel:
Bobby Hull:

forget this guy...he's been proven to be a liar.



are you talking about me?



Vin, I believe he's referring to Brendan2. Apparently, there's some discrepancy in B2's posts?

Apr 27, 2007 5:21 pm
BondGuy:
Vin Diesel:
Bobby Hull:

forget this guy...he's been proven to be a liar.



are you talking about me?



Vin, I believe he's referring to Brendan2. Apparently, there's some discrepancy in B2's posts?



Correct. Sorry, Vin.