Make money money

[bighomage]

This kind of ties into the "make a lot of money without hard work" thread, but it's slightly different so I'm starting a new one. Besides, it's not like OOT has enough new threads anyway... right guys?

I'm about to head off to college and I've got one major career goal: get rich. Not like comfortable rich; "[censored] you" rich. I'm at a liberal arts college that has really good networking and success in business, so I'm thinking right now about double majoring in Economics and Math, which would be the right choice here if I want to do something in business. However, I've also considered medical school, which I'd probably have to know pretty early on if I wanted to do pre-med, and I also think law school should be an option. I've also considered majoring in Physics, because I'm really good at it and I've heard that Physics majors can get other jobs, although I don't know how true this is.
So, I've given you my background, and basically it boils down to this: What profession/major will make me incredibly wealthy. As far as doing stuff I like, financial stuff is probably the most enjoyable for me, but I don't know if working in that field will guarantee me money that a doctor might enjoy. Business probably has a higher ceiling, but I don't know how easy it is to get there. So, I'm a probably ignorant kid heading off to college. Tell me what the hell I should do.

[joshman1204]

be a pimp in AC or sell drugs.

[TStoneMBD]

there are people on this forum who will know much more about this than me. however, here goes;

your choice of degree isn't as important as what executive ties you build while in college. an mba in business is probably your best route to financial juggernautism, but its more important to have had some great internships with multimillion dollar corporations than anything else.

your goal should be to intern at companies that look at you as a potential board member. going to a select college that will give you great connections while earning your mba is your best bet imo.

[scotty34]

Well a degree in Law or Med School certainly will not make you filthy rich. Except for a very small number of doctors/lawyers, most are making well under a million annually. You can live comfortably, but will be working your ass off to do it.

No degree will make you rich. All a degree gives you is some basic knowledge, and opens a few doors in terms of getting jobs. To get rich you need to have a combination of several or all of the following things: creativity, intelligence, a good idea, very hard worker, knowing the right people, capital, and most importantly the ability to "sell."

[joshman1204]

most of those same skills are required to be a good dealer or pimp also! isnt that ironic

[FishNChips]

General Advice:

Take lots of different classes your first year, find the stuff that you like to study and major in it. The job will work itself out and if you enjoy what you study and then do you will be WAY happier than if you make "F YOU" type money. I know that you're going to blow this off with "You don't understand, I want to be rich beyond belief and I need to know what career to do it in." What I'm saying is that if you want to be rich beyond belief you need to do one of the following:

Pimp
Drug Dealer
Pro Athlete
Pro Poker Player playing in "The Big Game" (sorry for the poker content OOT)
Real Estate Mogul

of the things you listed here are my tips for you:

1 - Doctor : NO NO NO NO NO! I was a Bio major and I took classes with the premeds and they killed themselves at school. The fact that you are posting here and asking how to make the most money in a hurry says that you have NO interest at all in busting your ass for 8 - 12 years of college / med school. This is not a good choice for you.

2 - Math / Bus : this might work. You can do a lot of things with this combo including investment work, management, etc. I'm still not sure how you're going to parlay that into "FU Rich".

3 - Physics : physicists don't make mad money (that I'm aware of). You could become an Engineering major. Again, I don't think its mad "FU Rich" type $$$ but Engineers do fairly well for themselves

4 - Law school is always an option after you get out of school and I don't think it matters what you're major was (though bus or econ or history or PoliticalScience might be a good way to go if you're planning law school). Just understand that a $100k debt is usually about the price of law school.

Seriously though, about 10 years after you get out of college when you're married and have or are considering having a kid (or kids) its going to be less important to be FU rich and more important to be able to provide for your family both monetarily but also emotionally and stuff. You'll want to be there for your wife and kids and the mad world of getting FU rich won't matter as much.

Take some classes, find what you like, study that.

FishNChips

[david050173]

[ QUOTE ]
be a pimp in AC or sell drugs.

[/ QUOTE ]

neither one will get you really rich unless you are the head of the cartel.

There are few jobs that pay over million a year (we can debate if that is really rich or not). Some specialized areas of surgery (ie you will not get paid good money till your in your 30s), investment banking/wallstreet trading, some sales, and being high managment of a large company.

Most people that are really rich run thier own companies and leverage other people (employees) to make money.

Any of those choice require more work than most people are to do. It is easy to say you want to be rich. It is a lot harder to work the 80 hours a week for 5 years not knowing if it will pay off in the end.

[scotty34]

Those are certainly options. I bet a large number of very wealthy people have been involved in some form of illegal activities which has been a part of their success.

[tbach24]

marry rich

[IronDragon1]

[ QUOTE ]

1 - Doctor : NO NO NO NO NO! I was a Bio major and I took classes with the premeds and they killed themselves at school. The fact that you are posting here and asking how to make the most money in a hurry says that you have NO interest at all in busting your ass for 8 - 12 years of college / med school. This is not a good choice for you.


[/ QUOTE ]

You don't know too many doctors do you? (coming from someone who's dad is a doctor and who knows about a good 5% of doctors in the Chicagoland area

[ QUOTE ]

Seriously though, about 10 years after you get out of college when you're married and have or are considering having a kid (or kids) its going to be less important to be FU rich and more important to be able to provide for your family both monetarily but also emotionally and stuff. You'll want to be there for your wife and kids and the mad world of getting FU rich won't matter as much.

Take some classes, find what you like, study that.



[/ QUOTE ]

Regardless, this the best piece of advice you'll get in this thread.

[DoubleDown]

[ QUOTE ]
Not like comfortable rich; "[censored] you" rich.

[/ QUOTE ]

[ QUOTE ]
I've also considered medical school

[/ QUOTE ]

These things are mutually exclusive. I'd go as far as saying that <5% of M.D.'s make over $1 million per year. Those that do, have either:
a)specialized in spinal surgery, neurosurgery, or plastic surgery and run a relatively high-volume private practice
b)have gone into research and subsequently developed a new and marketable drug/pharmaceutical agent/therapeutic device
c)do not solely practice medicine (i.e. consult for hedge funds, etc.)

As far as option A goes: it takes a hella long time to specialize in those fields. lookin at 4 yrs of med school + at least 6 yrs of residency/fellowship (during which you accumulate massive debt and subsequently earn peanuts)

Option B: you can spend your entire life in research and not produce a single marketable product

Option C: why bother going thru medical school if you're not even going to practice medicine (med school's a real bitch)

If all you really desire in life is to become [ QUOTE ]
"[censored] you" rich.

[/ QUOTE ] ... go into business. It's a much easier and quicker way of obtaining wealth.

You said you enjoy doing "financial stuff" ... consider a career on Wall Street. Investment Banking perhaps. Classmates of mine were easily earning 6 figures after their 2nd years at their respective firms. Those salaries will increase considerably the longer they stay on and get promoted thru the ranks. You would obviously make considerably more working for yourself as the manager of your own fund (or consulting firm, etc.), which is a viable option (and common path for many people) after working on the Street for a few years.

if its only $$ you're after: business >> medicine

[CardSharpCook]

pretty pathetic life goal.

[Stuey]

Learn and understand non-self weighting strategies. Look for your edge and take shots. The larger the risk you are willing to take the quicker you will be fu rich or cocksucking poor. Careful bro.

[FishNChips]

[ QUOTE ]
Quote:
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1 - Doctor : NO NO NO NO NO! I was a Bio major and I took classes with the premeds and they killed themselves at school. The fact that you are posting here and asking how to make the most money in a hurry says that you have NO interest at all in busting your ass for 8 - 12 years of college / med school. This is not a good choice for you.



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You don't know too many doctors do you? (coming from someone who's dad is a doctor and who knows about a good 5% of doctors in the Chicagoland area


[/ QUOTE ]

OK, you caught me, I know exactly one person that is a doctor (well, I mean I go and see doctors and stuff, but...). She just finished med school and had to bust her ARSE to get it done. OP doesn't seem like he wants to bust ARSE... he wants to find the easy ride.

I'm totally open to correction on this if I'm wrong, please expand...

FishNChips

[DoubleDown]

to each his own

goin crazy right now studying for the godforsaken USLME Step 1 ... only to be followed by getting ridden for 2 years as a medical student on the wards ... followed by an internship/residency where service may be construed as an indentured servitude of sorts ... come out the other end, having one's entire 20s- some of one's 30s, completely passed by

OTOH- 2nd yr analyst at big I-Banking firm in NYC. Pulling in 6 figures. Works many hours now, but as the years pass and promotions are awarded, hours steadily decline, salary exponentially increases. Youth is not spent working crazy hours (save for 2-3 yrs or so) ... will have accumulated much wealth by mid-30s/40s. able to retire early and pursue philanthropic/charitable work that one has longed to do for quite some time