The most prestigious law school admissions discussion board in the world.
|
 |
 
|
t/f: the only way to big $$$ ($500k/year +) is by owning a biz
Poast new message in this thread
Date: June 12th, 2013 12:44 PM Author: Light Property or at least owning a part of a business (e.g., partnership)
i say true
with the exception of some doctors who clear this much per year and some top executives (who largely get their pay from stock options, meaning equity stakes in their company), you don't make this kind of $$ working for someone else |
Date: June 12th, 2013 12:48 PM Author: salmon vibrant bawdyhouse boiling water obvsly tru (http://www.autoadmit.com/thread.php?thread_id=2279889&forum_id=2#23380489) |
|
Date: June 12th, 2013 12:50 PM Author: talented queen of the night tank Making $500k+ a year isn't terribly common when you look at the entire labor force. Vast majority of business owners struggle to net $100k a year. (http://www.autoadmit.com/thread.php?thread_id=2279889&forum_id=2#23380506) |
 |
Date: June 12th, 2013 12:51 PM Author: Light Property what is 500k+? like top .1%? (http://www.autoadmit.com/thread.php?thread_id=2279889&forum_id=2#23380513) |
|
Date: June 12th, 2013 12:52 PM Author: talented queen of the night tank Among single filers, it's probably like the top .5 % (http://www.autoadmit.com/thread.php?thread_id=2279889&forum_id=2#23380525) |
|
Date: June 12th, 2013 12:53 PM Author: Light Property jesus (http://www.autoadmit.com/thread.php?thread_id=2279889&forum_id=2#23380528) |
|
Date: June 14th, 2013 11:33 AM Author: Bossy claret parlour giraffe one of 200? no fucking way it's that high (http://www.autoadmit.com/thread.php?thread_id=2279889&forum_id=2#23394223) |
|
Date: June 17th, 2013 5:39 AM Author: Electric casino with regard to AGI, the top 1% is something like 350K (this is based off tax returns not self reported "what is your dick size/income/net worth garbage)
|
|
Date: June 17th, 2013 12:31 PM Author: Bossy claret parlour giraffe i found this here http://www.irs.gov/uac/SOI-Tax-Stats-Individual-Statistical-Tables-by-Tax-Rate-and-Income-Percentile 2010 top 1% is $370k 2010 top .1% is $1.6m i was wrong |
|
Date: June 12th, 2013 1:44 PM Author: crawly newt the entire labor force is filled with retards. (http://www.autoadmit.com/thread.php?thread_id=2279889&forum_id=2#23380846) |
|
Date: June 12th, 2013 1:47 PM Author: Light Property true
but just having a lot of intelligence doesn't necessarily mean you're going to make a crapload of $$
i think at the higher end of the income spectrum people skills are more important than anything |
|
Date: June 12th, 2013 12:51 PM Author: histrionic bonkers church building degenerate since you decided to fold doctors/consultants/biglaw partners and most finance jobs under the title of "owning a business" sure. (http://www.autoadmit.com/thread.php?thread_id=2279889&forum_id=2#23380515) |
|
Date: June 12th, 2013 12:52 PM Author: Light Property doctors are the exception. most are salaried aren't they? and even the salaried ones can clear multiple hundreds of thousands
technically biglaw partners do own a biz....its just a part of one |
|
Date: June 12th, 2013 12:53 PM Author: talented queen of the night tank doctors in private practice are not "salaried" in the tradition sense. They may pay themselves a salary, but in reality they are a small business owner. (http://www.autoadmit.com/thread.php?thread_id=2279889&forum_id=2#23380534) |
|
Date: June 12th, 2013 12:54 PM Author: Light Property but doctors at hospitals (who i assume are employees of the hospital) can still clear a crapload, right? (http://www.autoadmit.com/thread.php?thread_id=2279889&forum_id=2#23380542) |
|
Date: June 12th, 2013 12:56 PM Author: talented queen of the night tank A physician being on staff at a hospital isn't the same as being "employed" by the hospital unless you are talking about an academic type arrangement where the doctor is a salaried employee of the university and hospital. Doctors who are on staff at private hospitals are really more like private contractors. (http://www.autoadmit.com/thread.php?thread_id=2279889&forum_id=2#23380569) |
|
Date: June 12th, 2013 3:57 PM Author: Thriller misunderstood black woman And also don't clear half a mil in numbers anywhere close to those in private practice. Private practice >>>>>>>>>> on staff @ hospital in terms of salary. (http://www.autoadmit.com/thread.php?thread_id=2279889&forum_id=2#23381596) |
|
Date: June 12th, 2013 3:32 PM Author: stirring mauve background story jew most of the doctors at hospitals own their own practice. (http://www.autoadmit.com/thread.php?thread_id=2279889&forum_id=2#23381373) |
|
Date: June 12th, 2013 1:04 PM Author: plum hominid crackhouse There are fewer of these jobs than shares of big firm non-income partnerships, but top legal execs at big companies make this much, and some make a lot more. Shorthand version of this would be the GC (obvs) and GC's direct reports, so roughly the top 10 or so lawyers in a legal department for a global 500 company. GCs further down from G500 can make this much as well. Any exec title or even the layer just below (i.e. the first level of managers) makes 300K+ and can do this well at a big company if the company's stock has a particularly good year and they pay top end bonuses. (http://www.autoadmit.com/thread.php?thread_id=2279889&forum_id=2#23380620) |
|
Date: June 12th, 2013 1:52 PM Author: lemon den Yeah, this is what I was trying to say below. I know a dude who is a VP at an F500 and pulls something like 350k for what seems like pretty reasonable hours (like 9-6, but a lot of traveling). And these companies have a shit ton of VPs. (http://www.autoadmit.com/thread.php?thread_id=2279889&forum_id=2#23380880) |
|
Date: June 16th, 2013 10:28 PM Author: Sticky Orchid Base Legend That's still a pretty high achievement to get to that level. Most attorneys top out at AGC. (http://www.autoadmit.com/thread.php?thread_id=2279889&forum_id=2#23411054) |
|
Date: June 12th, 2013 1:50 PM Author: lemon den nm (http://www.autoadmit.com/thread.php?thread_id=2279889&forum_id=2#23380870) |
|
Date: June 12th, 2013 1:50 PM Author: dull toilet seat tbf,
Most business owners are retards with no growth plan who get stuck making 45k a year. |
|
Date: June 13th, 2013 1:17 AM Author: Angry Fat Ankles Shitlib (guy who never started a business) (http://www.autoadmit.com/thread.php?thread_id=2279889&forum_id=2#23385488) |
|
Date: June 12th, 2013 1:52 PM Author: Sadistic police squad Investments can clear you $500k+, but it's really a subset of owning your own business because you take equity in different assets. I'm just nitpicking though. (http://www.autoadmit.com/thread.php?thread_id=2279889&forum_id=2#23380881) |
|
Date: June 12th, 2013 3:33 PM Author: stirring mauve background story jew Professional athletes, actors, and celebs in general. Other than that, seems like it. (http://www.autoadmit.com/thread.php?thread_id=2279889&forum_id=2#23381380) |
|
Date: June 12th, 2013 3:34 PM Author: crawly newt I've been telling people this for years, but no one listens.
instead, i just get "ahh ahh ugh too risky...ahh no heart, ahhh too much risk, too hard, no heart, afraid to fail.....ugh...gonna take out $175k in loans for law center instead and be mediocre for the rest of my life, ugh." |
|
Date: June 12th, 2013 3:54 PM Author: Flesh range depressive (http://www.autoadmit.com/thread.php?thread_id=2279889&forum_id=2#23381568) |
|
Date: June 12th, 2013 4:57 PM Author: Impressive antidepressant drug market Wait, aren't you a faggot biglaw guy? (http://www.autoadmit.com/thread.php?thread_id=2279889&forum_id=2#23381912) |
|
Date: June 13th, 2013 10:50 AM Author: Light Property (http://www.autoadmit.com/thread.php?thread_id=2279889&forum_id=2#23386654) |
|
Date: June 14th, 2013 11:29 AM Author: turquoise hyperactive legal warrant deer antler tell us about the businesses you've started (http://www.autoadmit.com/thread.php?thread_id=2279889&forum_id=2#23394199) |
|
Date: June 14th, 2013 11:33 AM Author: emerald trip pit haunted graveyard Rofl (http://www.autoadmit.com/thread.php?thread_id=2279889&forum_id=2#23394224) |
|
Date: June 12th, 2013 3:51 PM Author: Lake Bearded Telephone Stead This is really accurate...except for a bunch of exceptions. (http://www.autoadmit.com/thread.php?thread_id=2279889&forum_id=2#23381546) |
|
Date: June 12th, 2013 4:07 PM Author: Light Property such as? (http://www.autoadmit.com/thread.php?thread_id=2279889&forum_id=2#23381663) |
|
Date: June 12th, 2013 4:09 PM Author: crawly newt pro athlete actor/actress trader/portfolio manager singer/rapper/rocker high end commission based sales |
|
Date: June 14th, 2013 11:37 AM Author: Bossy claret parlour giraffe what kind of sales people make 500k? I know sales is sweet for getting into 6 figures, but i wouldn't think too many are hitting 1/2 mil (http://www.autoadmit.com/thread.php?thread_id=2279889&forum_id=2#23394238) |
|
Date: June 14th, 2013 11:41 AM Author: red kitchen striped hyena The guy who owns the sales business (http://www.autoadmit.com/thread.php?thread_id=2279889&forum_id=2#23394258) |
|
Date: June 17th, 2013 5:42 AM Author: Electric casino yeah there are literally maybe 2000 pro afleets making that money, and maybe a few hundred actors ad singers.
so like 10 percent of the total population of faggot town. where you are vice mayor no doubt. |
|
Date: June 12th, 2013 4:13 PM Author: Silver Space biglaw non-equity partners and of counsel.
associates/VPs, etc in PE/HF/bulge brackets.
myriad of VP, director and other middle/upper management jobs in random F500 companies where salary + bonus equals $500k.
in my 50-person firm alone (finance), i can think of 8-10 people who don't have equity who are likely to clear $500k this year. they are associate-level analysts and marketing people who get commissions. |
|
Date: June 12th, 2013 4:47 PM Author: Light Property jesus are you in nyc? what type of finance firm? |
|
Date: June 14th, 2013 10:42 AM Author: Racy Institution I can vouch for this. Buy side analysts are mostly former sell-side associates these days, and if you are going to give up miserable hours at Morgan Stanley for miserable hours some 30 person fund there are least has to be a mild markup to the 250 you are already making. So they give you 300 or 350, and before you know it you are there 2-4 years and 500 seems justifiable since you are one of the most tenured employees save for the founders.
|
|
Date: June 12th, 2013 3:57 PM Author: Thriller misunderstood black woman Yes. Absolutely yes. Categorically yes. Even executives who pull that much have an ownership stake in the companies they run. (http://www.autoadmit.com/thread.php?thread_id=2279889&forum_id=2#23381587) |
|
Date: June 12th, 2013 6:10 PM Author: Maize hyperventilating doctorate stag film of course this is true for people born after 1975 or so. And I don't even really count things like biglaw partnership as "owning" a business I just consider them to be basically unavailable to people who were born too late. (http://www.autoadmit.com/thread.php?thread_id=2279889&forum_id=2#23382332) |
|
Date: June 12th, 2013 8:23 PM Author: Light Property lol true
does'nt basically no one make partner these days? |
|
Date: June 12th, 2013 8:19 PM Author: Angry Fat Ankles Shitlib the only way? obviously false. actor, athlete, specialist MD, biglaw partner, business executive, all sorts of shit if you're at the top of your game (http://www.autoadmit.com/thread.php?thread_id=2279889&forum_id=2#23383191) |
|
Date: June 12th, 2013 8:24 PM Author: Light Property ok but all of those are akin to winning the lottery
being a business owner is really the only *realistic* way of making that much $$...i say realistic because even though it will take a shit load of hard work and perhaps even a bit of luck it is not a total crapshoot like the ones you have listed in your post |
|
Date: June 13th, 2013 1:19 AM Author: Angry Fat Ankles Shitlib (guy who doesn't know shit about shit) (http://www.autoadmit.com/thread.php?thread_id=2279889&forum_id=2#23385493) |
|
Date: June 13th, 2013 10:49 AM Author: Light Property educate me then, prole (http://www.autoadmit.com/thread.php?thread_id=2279889&forum_id=2#23386648) |
|
Date: June 13th, 2013 1:23 AM Author: mentally impaired house-broken lodge I don't understand how being a finance striver is any less of a crapshoot than owning your own business. 500k isn't terribly uncommon in NYC or SF (or london/tokyo/hongkong etc) bigfinance at the post-mba level. (http://www.autoadmit.com/thread.php?thread_id=2279889&forum_id=2#23385505) |
|
Date: June 18th, 2013 7:18 AM Author: Electric casino it is in fact not terribly uncommon but the subtext of many of the poasts here seems to be that these positions will be available to just anyone.
99% of you will fail to ever break 500K a year. COLD. HARD. FACTS. |
|
Date: June 14th, 2013 10:04 AM Author: Light Property (http://www.autoadmit.com/thread.php?thread_id=2279889&forum_id=2#23393785) |
|
Date: June 14th, 2013 11:25 AM Author: erotic topaz hell true, unless you're in finance (http://www.autoadmit.com/thread.php?thread_id=2279889&forum_id=2#23394167) |
|
Date: June 16th, 2013 9:22 PM Author: Light Property (http://www.autoadmit.com/thread.php?thread_id=2279889&forum_id=2#23410434) |
|
Date: June 16th, 2013 9:46 PM Author: concupiscible wagecucks mother True. The only multi-millionaires I know are business owners. (http://www.autoadmit.com/thread.php?thread_id=2279889&forum_id=2#23410653) |
|
Date: June 16th, 2013 9:48 PM Author: Light Property describe their businesses (http://www.autoadmit.com/thread.php?thread_id=2279889&forum_id=2#23410666) |
|
Date: June 16th, 2013 9:53 PM Author: concupiscible wagecucks mother computer software mainly, other tech stuff, restaurants
my goal is to open my own business |
|
Date: June 17th, 2013 12:18 PM Author: gay idiotic selfie around 250k is top 1% a year, it'll be somewhat higher in the Northeast and Cali. Relatively easy to make 100-150k. But as what OP said, if you really want to get ahead, you have to have equity and if the biz does well sell out and take advantage of capital gains rates.
BTW: why are there so few posts nowadays? |
|
Date: June 18th, 2013 7:38 AM Author: crawly newt $250k is top 1% income? if so, that's pretty lousy. (http://www.autoadmit.com/thread.php?thread_id=2279889&forum_id=2#23421117) |
|
Date: June 17th, 2013 9:43 PM Author: Light Property (http://www.autoadmit.com/thread.php?thread_id=2279889&forum_id=2#23417865) |
|
Date: June 17th, 2013 11:56 PM Author: peach elastic band (http://www.autoadmit.com/thread.php?thread_id=2279889&forum_id=2#23419169) |
|
Date: June 18th, 2013 12:01 AM Author: Smoky Codepig just do aspire to own multiple properties, bro (both to live in and to rent) (http://www.autoadmit.com/thread.php?thread_id=2279889&forum_id=2#23419210) |
|
Date: June 18th, 2013 12:07 AM Author: spruce beady-eyed idiot azn Be an executive of a non-profit. For example, dean of a law school or ED of a museum or some shit (http://www.autoadmit.com/thread.php?thread_id=2279889&forum_id=2#23419259) |
|
Date: June 18th, 2013 12:09 AM Author: peach elastic band This is why being at an ins. def. law firm is no route to becoming a millionaire, even if a partner (http://www.autoadmit.com/thread.php?thread_id=2279889&forum_id=2#23419291) |
|
Date: June 18th, 2013 3:44 PM Author: peach elastic band (http://www.autoadmit.com/thread.php?thread_id=2279889&forum_id=2#23422953) |
|
Date: June 18th, 2013 12:46 AM Author: peach elastic band (http://www.autoadmit.com/thread.php?thread_id=2279889&forum_id=2#23419801) |
|
Date: June 18th, 2013 6:31 AM Author: peach elastic band (http://www.autoadmit.com/thread.php?thread_id=2279889&forum_id=2#23421072) |
|
Date: June 18th, 2013 10:08 AM Author: Flickering abode useless brakes Doesn't owning a business also give you ridiculous tax benefits? At least that's what I hear from the few SMALLBUSINESSJERBCREATORs I know. (http://www.autoadmit.com/thread.php?thread_id=2279889&forum_id=2#23421399) |
|
Date: June 18th, 2013 11:01 AM Author: peach elastic band Explain (http://www.autoadmit.com/thread.php?thread_id=2279889&forum_id=2#23421606) |
|
Date: June 18th, 2013 8:17 PM Author: peach elastic band (http://www.autoadmit.com/thread.php?thread_id=2279889&forum_id=2#23424580) |
|
Date: June 18th, 2013 9:19 PM Author: peach elastic band (http://www.autoadmit.com/thread.php?thread_id=2279889&forum_id=2#23425075) |