25 things @25 - Derrick Fung

When I turned 25 a few months ago, I wrote down some of the things I've learned over my short time on earth. The last year has been a crazy roller-coaster ride which has enabled me to see certain things like never before. Last year during this time, I was working at what I would consider my "dream job" - well, before Idiscovered my current "job" (I don't think I can even call it a job). Over the last year, I've tried to learn from people who have "made it" in life - entrepreneurs, figureheads, lawyers, bankers and even politicians. I've realized that there is no formula to success in life, but there are definitely lessons that can be learned to help along the journey. I came up with the following list which I hope to someday come back to - but for now, I think it's a pretty accurate depiction of how I think ;) So without further ado:

1.     Take risks when you're young. The older you become, the harder it gets. But they should always be calculated.

2.     The most important thing you learn in school is how to learn. Once you master that, nothing will stand in your way. Never stop learning.

3.     I would rather say that I tried and failed than live a life of regret. You miss every shot you don't take.

4.     Dream big. Life is too short to only be mediocre.

5.     Music is the cheapest and simplest cure to life's problems. Queue up your favourite play list, put on some headphones, and take a walk. You'll instantly feel better.

6.     Drink beer. Lots of it. It makes you think more creatively. Oh,and wine too.

7.     Join clubs and put yourself in as many different social settings as possible. It will help you understand people and make you a better communicator.

8.     Start your own business as young as possible. Even if it's a lemonade stand, it will teach you business lessons you'll use for the rest of your life.

9.     If you're going to fail, fail fast and make it public. Don't drag it on. Then pick yourself back up. Knowing that others watched you fail will encourage you to prove them wrong.

10.           Meet lots of different people. Life is serendipitous in many ways and you never know what can happen.

11.           When life throws lemons at you, make lemonade. Then pourit for all your friends. Be optimistic. It spreads like wild fire.

12.           Success does not lead to happiness. You need to be happy first before you can become successful. Find what makes you happy. Don't stop until you find it.

13.           Many people don't want to start businesses because they are scared. Successful entrepreneurs got to where they are because they were willing to tread where others wouldn't. If you're too scared to leave your 9-5 job, entrepreneurship is not meant for you.

14.           Surround yourself with people way smarter than you. That is the only way you will be challenged to grow.

15.           Only those who are with you during the struggles deserve to be with you when you celebrate the successes.

16.           Pick and choose your battles carefully. There are only 24 hours in a day. If something isn't worth your time, just say no...or outsource it to India ;) (thank you 4 Hour Workweek)

17.           The most important asset to invest in is yourself. Take classes to make yourself a better person and never stop learning. Buy books. Lots of them.

18.           True friends will never question why you disappeared off the face of the earth. They will be there for you unconditionally.

19.           The more comfortable you are with a job you don't want to be doing, the harder it will become to leave it and chase your dreams. Learn what you can, then go change the world.

20.           A dream job does not exist. You have to create it.

21.           Travel as much as you can. You will come back with a wider perspective of the world and more ideas on how to change it.

22.           "Thank You" - the most powerful two words in the English dictionary.

23.           God gave us all a purpose. Don't settle until you find yours. I didn't think mine was to sit in front of computer screens and trade foreign exchange, so I kept looking.

24.           The world may seem big and scary. But the older you get, themore you realize that everything is man-made. Nothing is set in stone. Don't stick with the status quo.

25.           Life is not easy. But having the right support group with you during your journey goes a long, long way.

By: Dhruv Kalaria On 11:05 AM

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Wall Street.. Wall Street.. Wall Street.. Wanna be there ?

With following skills you can land a Job in Wall Street ->
Lets find out

There's no doubt that America is enthralled with Wall Street's big hitters. Many of them lead lives that seem more befitting of rock stars than those of MBAs. Making millions is just one benefit of a career that includes rubbing elbows with the rich and famous. Making it big on Wall Street is something that many ambitious professionals set their sights on, especially when they're fresh out of college.

But don't expect to find the Wall Street job of your dreams in Sunday's classified section of your local paper. The most glamorous positions usually go unadvertised and require more hustle than resume - and more moxie than diploma. These positions aren't always handed out to the boss's nephew, either, but instead, to those willing to fight tooth-and-nail for a shot. If you're up for the challenge, here are four of Wall Street's most glamorous jobs and what it takes to land them.

Investment Banking - Classic Wall Street Glamour

 Although it's lost a little of its luster since the burst of the dotcom bubble and the nosedive of the financial markets in 2008, investment banking is still one of the most tried-and-true routes to WallStreet riches. Those who have hit the big time can expect to be in the middle of the action when it comes to IPOs, mergers, acquisitions, corporate lending, institutional trading and other big-ticket Wall Street transactions.

Entry-level investment banking associates do pretty well for themselves, often receiving salaries of $75,000 or more in their first year. Within four to five years, seasoned investment bankers rising through the ranks can easily earn $150,000 to $250,000. If you've got what it takes to stick around and land a key role in a huge deal, you could easily walk away with a multimillion dollar paycheck.

Sound like the right career for you? If so, then prepare to pay your dues. After getting themandatory MBA from a top-tier business school, you can plan on moving to New York and working 80 to 100 hours per week as an analyst for the first couple of years. Make sure to brush up on youraccounting and networking skills, too - both are crucial for differentiating yourself from your competition and climbing through the ranks. 

Stockbroker to the Stars - Rubbing Elbows with America's Richest

Only in America does an NBA all-star's entourage include his stock broker. While that may seem alittle extreme, there may be few people more important to an up-and-coming celebrity than an investment advisor and accountant. Because these celebrities receive large but intermittent paychecks and no guarantees of future employment, it's key for them to manage their windfalls wisely. 

Is the paycheck worth tolerating the paparazzi? You bet it is. On average, investment advisors to high-net-worth individuals earn about 1% per year on the assets under their care. So, a broker who manages $5 million for each of 10 up-and-coming talents could easily earn $500,000 per year. Thosenumbers just keep racking up as your client list grows.

Before you set your sights on becoming the Jerry Maguire of celebrity investing, you need to come to terms with one fact: you'll probably get yelled at - a lot. Athletes, actors and aristocrats tend to be high-performance people who are used to getting their way. If you're not living up to expectations, especially when they compare notes with their wealthy peers, you can bet you'll hear about it.

While a four-year college degree is more than sufficient to get you in the door at many local branches of large Wall Street firms, be prepared to duke it out with every other ambitious broker trying to make a name for themselves. If you plan on being the one to land the big-ticket clients, you'll have to learn how to network your way through the system of talent managers, lawyers and accountants. Because most celebrities have no interest in showing up at a Saturday morning investment workshop at your local brokerage branch, they rely heavily on referrals from their trusted circle of advisors. 

Mutual Fund Manager - Masters of the Trading Universe

For some people, the glory doesn't come from closing the big deal or hob-nobbing with the elite - it comes from being the best and from outperforming the pack. For that kind of glamour junky, there's no higher mountain to climb than managing billions of dollars of mutual fund assets. It's the Olympics of the investing world, where the winners receive high ratings for their funds instead of gold medals.

While the days of a single investment guru managing a fund seem to be on the decline, an "entry level" position on a mutual fund management team can easily earn $200,000 to $400,000 per year before bonuses. Climb the ladder to become a senior team member or join one of the most prestigious mutual fund families, and starting pay can easily exceed $1 million dollars per year. Be sure to tuck that money away though - one major mistake or bad investment call and there's a good chance you'll never manage another fund again.

If you feel like you're ready to get behind the wheel of a few billion dollars in other people's nest eggs, you may need to start in the mailroom of your favorite mutual fund. It's not uncommon to see newly minted Chartered Financial Analysts (CFAs) fetching coffee for the big guns - in between researching a couple hundred potential companies per week, of course. Mutual funds promote heavily from within their own ranks, most often favoring people who have proved that they can work as part of a closely-knit team.

Media Personality - Becoming a Household Name

If there's a brass ring for those seeking Wall Street glamour, it's the household recognition of becoming a media personality. These are the folks who are giving the market commentaries on the financial channels at the end of the day. They're the ones with the absurdly lucrative TV, radio and book deals. They are the "go to" people for millions of investors and get paid astronomical amounts for simply sharing their opinions.

Considering that folks like Suze Orman and Jim Cramer can earn $10 million to $20 million in a bad year, it's not hard to see why Wall Street has become the new Hollywood for people craving the attention of a home viewing audience. But just like all true celebrities, fame comes with a price. The more visible the person, the more the public is interested in your personal life and unforgiving of your mistakes. 

If you think you're ready for your close-up, you've got two main options for getting your foot in the door: First, you can get your journalism degree and work on finding an entry-level position behind the scenes at one of the major media networks. Like many other Wall Street jobs, the best positions are given to insiders who have paid their dues. You can plan on spending three to five years carrying cords and verifying sources before you get that first shot at some airtime. Another option is to become a local expert, parlaying your Wall Street wisdom into recurring guest spots on local TV or radio channels. Many of the biggest names were once hometown favorites who eventually grabbed the attention of one of the national morning shows.

The Bottom Line

Wall Street is still the greatest bastion of individual capitalism in the world and a place where determined individuals can work their way from answering the phones to calling the shots in just a matter of years. But the reward doesn't come easy, free or fairly.

You won't find Wall Street glamour simply by working on Wall Street. It also can't be attained through sheer luck - unless you choose to make your own. As the famous Roman philosopher Senecasaid, "luck is what happens when preparation meets opportunity." If Wall Street glamour is what you seek, never stop preparing for that moment of opportunity, when you can step in and prove thatyou've got what it takes.

Article Courtesy by Investopedia.com

By: Dhruv Kalaria On 1:43 PM

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