<p>Hello all! I am currently a College Freshman (2nd Semester) and am desperately seeking a career. I was wondering whether any of you smart, career-oriented people might be able to help me.
I am very interested in financial stability. For months have I been researching and "googling" careers in medicine. In fact, some time ago, I had convinced myself that I was going into cardiothoracic surgery (very lucrative, you see). But, now after learning about more and more business success
stories (The Real Housewives of Orange County--SLADE SMILEY-->I know it's real estate) and googling Forbes.com and gawking at these fabulous multi-million dollar homes, I have come to the conclusion that a career in business or finance better suit my needs; for example: investment banking.
Now, I worry about the demand of investment bankers because it seems as if EVERYBODY is trying to get into this field. That's a reason I shyed away from plastic surgery: Beverly Hills is littered with them and potential patients can have their pick and choose of the many thousands nation-wide.
I read somewhere on this message board last night about "trading" (if anyone could this career to me---it would be much appreciated).
I search for lucrative careers--not just something like CT surgery which would leave me with about $400,000+ per year (and then taxes!). Something wherein it would be relatively easy to earn a seven-figure salary within the first 5-10 years of working. If you've got anything, please post.</p>
<p>If we knew, we'd be doing it. I don't think anything in this world comes with a guaranteed million dollar salary. Unless of course, you are an employee of the NBA/MLB/NFL.</p>
<p>I think if you are good at any of the fields that you have listed, you should enjoy reasonable financial success. It might not be a million dollars/year but what can you do with a million that you can't do with $500K? As you grow older, you'll also come to realize that while money is certainly important, enjoying what you do is also key. Is there a field that you have a larger interest in? Perhaps that would be the right one to explore?</p>
<p>In my experience, there is an inverse relationship between financial stability, and making loads of money. </p>
<p>If you really want to make lots of money, learn how to become a successful entrepreneur. You can't learn to be successful by reading a book, but having done your homework always seems to come in handy. The downside is that there are lots of failed ventures, and that you have a much greater chance of losing your shirt than making enough money to cover your variable costs.</p>
<p>You can dream of being a cardiowhatever surgeon while you are a freshman in college, but do you really know what that entails (I'm not just talking about the academics)? Do some internships, learn what it's like to work in different sectors, and for different companies. </p>
<p>My advice is that you try to experience as much as you can now while you are in college, and you are in a relatively safe environment. Talk to people in jobs that you think you might want to pursue, and learn as much as you can.</p>
<p>I know, but I don't really think that entrepreneurship is exactly for me. I understand that there isn't really cookie cutter formula for success, I was just thinking that maybe there were some areas out there of which you all were savvy or knowledgable about. Oh, and too, $1,000,000+ can buy me a heck of a lot more than a $500,000 salary. How do you suppose a wage-earner making half-a-million dollars a year could afford a $15,000,000 home? Just a thought.</p>
<p>Why would you need a 15 million dollar house? A 5 million dollar one wouldn't suit your housing needs?</p>
<p>If you are really this interested in $$$, I wouldn't advise medicine for you then. Becoming a CT surgeon is a long path that involves high debt and very low pay during your residency and fellowship years. If you are solely in it for the money, you won't be able to finish. I would suggest business if money is your only goal.</p>
<p>Thanks impactangel. That's really the way toward which I was leaning. I am, I guess (and I really hate to admit these things), influenced by glitz. That's horrible, I know. But in watching shows (and I am aware that TV is not so much a reliable source as, well, anything else, but...) like The Real Housewives of Orange County and just really "googling" this lifestyle (the real estate in Winnetka, IL), I just threw out that goal. I don't know, maybe $5M would/could suffice. I'm still a Freshman daring to dream. But then, to ensure the horse's death, I worry about land cost, then the cost of the architect, and labor fees, and everything else in between. </p>
<p>I have already begun to plan my life after college--so far that I've already chosen private elementary prep schools for my 2.5 children. Am I in over my head? (Yes, you are. Finish Calc.III and Organic Chemistry, and then worry about your children's trust funds <<so says that annoying little voice in my head). </p>
<p>So about business, what area makes that kind of money. Keep in mind, that $1M/year is out there (I know this)--but $800K+ would be fine. I'm thinking IB or real estate...(Real Housewives). How does one get into IB? What is required? I've heard about the long hours (70-100) and the immediate $100,000 salary after about 5 years (Princeton Review)...</p>
<p>What is a balloon payment? Could this really help a person of that salary range afford an estate of said price?</p>
<p>Oh, and impactangel, in reference to a previous message, I don't really care about how unhappy I would be in any particular profession. That doesn't matter so much to me as the capacity to enjoy an affluent and comfortable lifestyle for my family. So, if I have to work 70+ hours per week for the sake of my family at the risk of probably seeing them on the weekends (at best), I will do so, I swear it. Whatever it takes.</p>
<p>[Man, that sounded just a little bit psycho.]</p>
<p>immediate 100k salary after 5 years? You make 100k in total comp your first year. And the hours are more like 80-120 (with bigger spikes during crazy deals -- unless you're a trader)</p>
<p>As for what it takes to get into IB? That's been discussed more than enough over here, do some searching.</p>
<p>I would say investment banking is your best bet. There's lots of money to be made although the hours you will be working are just as bad if not worse than a medical resident!</p>
<p>And I would like to re-emphasize that it is important for you to be happy with what you do. (I'm going to use the medicine example seeing as I am not well-versed in business)</p>
<p>For example, it would be impossible for you to move up the ranks of medicine without truly enjoying what you do. Would you stick behind longer to learn some extra procedures if you hated your job?</p>
<p>Would you come in early to help set up a unique case if you hated your job? Would you sit at home and read research articles about your specialty if you hated it? Would you constantly push yourself to learn new things if you didn't have an inherent interest in the material?</p>
<p>If you hate what you do, you may be able to tolerate it but you won't be able to excel in it. And let's face it...it's the best doctors/businesspeople/lawyers/engineers/programmers/writers/analysts who cash in! The merely average workers are the ones with merely average pay!</p>
<p>No, i'd say that it's probably not her best bet. She's thinking about sending her 2.5 children to school, it's not a great career if you're thinking about having kids and being married, it can definitely create problems and lead to professional setbacks.</p>
<p>Personally, I don't think having business/economics as the sole major while an undergrad is the right way to go. That is too limited. The IDEAL undergrad cirriculum would probably involve a double major of engineering and economics.</p>
<p>investment bankers do make a lot of money but you won't have time to spend it or live in your 15 million dollar home, which in addition most ibankers can't afford, only traders can. And of course if trading was that easy, then the world would be full of multi millionaire traders. and trading is probably one of the most riskiest jobs out there, with the worst job security, and after that put investment banking. so it's up to you brinscor, but the stress will probably make you end up going to see a cardiowatever doctor.</p>
<p>When you make $3MM per year, the job is usually not stable. You should go into investment banking or trading and then switch to hedge funds/private equity.</p>
<p>you know ihateCA it's not a walk in the park to just go into IB and then HF/or PE. You keep posting as if it's this easy thing that everyone can do. It's not. First of all, unless you know someone it requires some top notch grades in college. Then to get into PE it's a lot of luck. You have to be lucky enough to get into the right group to get that modeling experience and then even LUCKIER to get that PE job which is probably 100x harder to land than IB. Hedge funds are similar, they require a very specific skill set that a lot of people wont have and then even AFTER that it's still hard.</p>
<p>If you have to ASK how to make a seven figure salary....you are far far from it.</p>
<p>Get the basics down before you think about making a seven figure salary. The more important question is how do you position yourself to have the potential of making a seven-figure salary. </p>
<p>There are many ways to do this and economics/finance/ibanking is probably not the best way to do this. It may be the best route to get CLOSE to this goal, but it may not be the route to actually GET to this goal.</p>