vania-janet/multiturn-rag-retrieval-data huggingface dataset:
There are well established recruiting paths into the big bulge bracket banks. They recruit heavily from target schools, both undergrad and MBA. You don't just career switch into a front office role.  If you want to become a banker, you would typically enter as an Analyst, with a two or three year stint directly out of undergrad. You would have needed to get top grades from a target school and be successfully chosen from a very, very competitive recruiting pool.  If you already graduated, you will need a few years at a top firm, score 700+ on the gmat, get into a top bschool, deal with similar recruiting situations, and then enter as an Associate from your target MBA.   Competition is so tight I see CFA on everyone's resume. Lots of MBAs.   source: i work at a BB in NYC
"This is a well worn path and not a bad idea.  There are quite a few pitfalls but there are a lot of resources to learn for other people's mistakes. Having a plan and doing your research should help you avoid most of them.  Here is some general advice to help get you started on the right foot.  Know the market you are investing in.  The city should have more than one major employer. The population should be rising and hopefully there are other positive economic indicators.  Check the city's and state's chamber of commerce for useful information.  You do not want to be stuck holding a bunch of upside down property in Detroit.   Accurately calculate expenses.  Set aside money for repairs.  budget 5% of the rent or 100 a month for repairs if no repairs happen that money goes into the repair fund for the future.  Set aside money for capital expenditures if the roof has a 10 years of life left in 10 years you better be ready to replace it same with any major appliances. Your area should have a baseline vacancy rate 5-8% in my area. That says out of a year your property will be vacant for around 6% of the year or 21 days for turnover. You should build that cushion into the budget as well setting aside a portion of the rent to cover that lean period. Some property management will offer ""eviction insurance"" which is basically them enforcing that savings.  Financing maybe difficult a lot of banks like to see 25% down payments on investments. You will also face higher interest rates for investment properties. Banks generally also like to see enough money to cover 6 months worth of expenses in your account for all property.  Some banks will not give financing for investment property to someone without 1-2 years of landlord experience. All in all finding money will be hard when you gets started and your terms may be less than ideal.  (hopefully make around 3 - 5k a year in profit)  If that includes loan pay-down and is not just cash-flow you are probably in the right ballpark.  I can find $100-$200 dollars cash-flow a month on single family home in my area. Once loan pay-down is included your numbers are close.  It sounds like you have a good attitude and a good plan.  A book that I really enjoyed and I think may be useful is ""Start Small, Profit Big in Real Estate"" by Jay DeCima.  I think of it as required reading for do-it-yourself real estate investors. Good luck and happy investing"
"What is your biggest wealth building tool?  Income.  If you ""nerf"" your income with payments to banks, cable, credit card debt, car payments, and lattes then you are naturally handicapping your wealth building.  It is sort of like trying to drive home a nail holding a hammer right underneath the head.   Normal is broke, don't be normal. Normal obtains student loans while getting an education.  You don't have to.  You can work part time, or even full time and get a degree. As an example, here is one way to do it in Florida.  Get a job working fast food and get your associates degree using a community college that are cheap.  Then apply for the state troopers.  Go away for about 5 months, earning an income the whole time.  You automatically graduate with a job that pays for state schools.  Take the next three years (or more if you want an advanced degree) to get your bachelors.  Then start your desirable career. What is better to have ""wasted"" approx 1.5 years being a state trooper, or to have a student loan payment for 20 years?  There is not even pressure to obtain employment right after graduation.  BTW, I know someone who is doing exactly what I outlined. Every commercial you watch is geared toward getting you to sign on the line that is dotted, often going into debt to do so.  Car commercials will tell you that you are a bad mom or not a real man if you don't drive the 2015 whatever.   Think differently, throw out your numbers and shoot for zero debt. EDIT:  OP, I have a MS in Comp Sci, and started one in finance.  My wife also has a masters.  We had debt.  We paid that crap off.  Work like a fiend and do the same.  My wife's was significant.  She planned on having her employer pay it off for each year she worked there.  (Like 20% each year or something.)  Guess what, that did not work out!  She went to work somewhere else!  Live like you are still in college and use all that extra money to get rid of your debt.  Student loans are consumer debt."
Skimmed this, but it is pretty true.  Try to get into sales.  Since you will basically need to be selling anyway, you might as well get paid as such.  Sales teams make a lot more than the analysts in 90% of the cases.  As long as you don't get fired a middle of the road to below average salesperson will make a lot more than all but the top analysts (who are probably on their way to being promoted to managment to no longer be analysts).  Again maybe not all firms are like this, but from what I have seen it seems to be a trend...
"You're right to seek passive income and since you're already looking for it, you probably already know some of the reasons to why it is important.   Do you live in the United States? If so I'd strongly recommend purchasing your primary residence and then maybe investment properties if you like owning your own home.  The US tax and banking structure is set up to favor this move in more ways than I can count. So, SAVE, SAVE, SAVE then beg, borrow and steal to get the down payment, rent rooms to friends or random people to afford the payments, buy a fixer upper in an up and coming neighborhood.  The US is rife with these in all price ranges. If you're working 56 hrs a week, you've got the work ethic. So if you can't afford it it's probably because you're spending all your money on other stuff. If you want to do this, it will take some effort, smarts, and savings. You will have to trim back the mochas, vacations, dinners out, etc, etc etc.  Let your friends do that stuff and rent from you.  Your life will get continually easier. If you have already trimmed back all the discretionary spending and still can't make it then you need to earn more money. Doing either and both of these things will absolutely change your whole economic life and future. So in summary I'd offer these  Ranked Priorities: 1) Learn to Save (unless you always want to have to work for someone else) 2) Increase your income capability (since your most valuable asset is YOU) 3) Buy and hold real estate (because the game is rigged to favor passive income) I'm 38, never earned a six figure salary, made some good purchases when I was 25-30 and work is ""optional"" for me now."
Are things getting better yet or are things still a mess? I have heard people say that right now is a 'good' time to take out a   loan, and that it is a buyer's market in real estate. Something to consider here is what intentions do you have for the real estate you'd buy.  If you intend to sell quickly, then selling into a buyer's market doesn't sound like a great idea.  While real estate may be cheap, there can be the question of how long do you think this will last?  How much of a burden on time and energy are you expecting to take if you do switch residences or buy an investment property? But more specifically, are there any hidden details that come with   taking a loan out when interest rates are low that I should be aware   of? I'd be careful to note if the rate is fixed for the entire length of the loan or does it adjust over time.  If it can adjust then there is the possibility of those adjustments going up.
If you can't answer that question, you need to get that in writing so that you won't have an argument over it someday. If the condo has appreciated significantly and all you have to pay is the $115,000, then that's a sweet deal for you, because you'd be buying out a much more valuable property for much less than it's worth. If that is the agreement, and the property is appreciating (no guarantee, especially with condos), then you are essentially building equity. If the property is declining in value and you do wish to sell it, then you won't have to pay $115,000; they'll just end up with their 75% share, which will be less than the $115K they invested. Both of you would lose some of your investment, but you would have had all the benefits of living in a nice condo all those years and they wouldn't. They are definitely taking more risk than you are. Second, if you had $40,000 cash saved up, your parents probably raised you with some good financial sense and work ethic, so I'm optimistic they have good intentions for your future. Operate from that frame of mind when you go to ask for a written agreement. Next, read up about Equity Share Agreements. There are many models that will help inform your decisions. But, you should engage a real estate lawyer to help you draw up a fair agreement for both parties. I was in an equity share agreement for my first townhouse. It's a common practice, and it won't cost all that much to get one created. It's worth the money to get it done properly.
"I'd ask what your goal is.  I was definitely on the path, and for one reason: to make piles of money.  After some years in I decided to jump shit and get an MBA. Then the market went into freefall. Guys who paid their dues got fucked huge.  Finance isn't the only way to get rich. It's one way, and it seems like the ""easy"" way. Do x-y-z and jump through the hoops and you are on the path.  I'd suggest that if the money is really your true motivation, then there are other ways."
I just did this with a potential tenant. She said she was in her spot 5 years and wanted to move to a nicer place. She talked about money, her jobs, her habits. It wasn't until my second conversation that I picked up she was nervous because this was a big move for her.
The best way to invest in college for your kid is to buy an investment property and rent it out. You might think I am really crazy to ask you to you to buy a real estate property when everyone is running from real estate.  Go where others are running away from it. Look where others are not looking. Find out the need for a decent rental property in your city or county and start following the real estate market to understand the real activities including the rental market. I would say follow it for 6 months before jumping in with any investment.  And manage your property with good tenants until your kid is ready to go to college. By the time your kid is ready for college, the property would have been paid off by the rents and you can sell the property to send your kid to college.
It would be difficult to answer without knowing specifics about a particular offer. In certain cases, it's definitely great and one could become a millionaire [Google for example]. In other cases one could lose money. In most cases one makes a decent return. As the specifics are not available, in general look out for: Most of these would determine if the plan is good for you to get into.
I recognize you are probably somewhere in the middle of various steps here... but I'd start and go through one-by-one in a disciplined way. That helps to cut through the overwhelming torrent of information that's out there. Here is my start at a general checklist: others can feel free to edit it or add their input. How 'much' house would you like to buy in terms of $$$ and bedrooms/sq ft. You can start pretty general here, but the idea is to figure out if you can actually afford a brand new 4bd/3ba 2,500 sq ft house (upwards of $500K in your neck of the woods according to trulia.com). Or maybe with your current resources you'll be looking at something like a townhome that is more entry-level but still yours. Some might recommend that this is a good time to talk to any significant others/whomevers and understand/manage expectations. My wife usually cares a lot about schools at this stage, but I think it's too early. Just ballpark whether you're looking at a $500K house, a $300K house, or a $200K townhome. How much house can you afford in terms of monthly payments only... (not considering other costs like utilities yet). Looking around at calculators like this one from bankrate.com can help you figure this out. Set the interest rate @ 5%, 30-year loan, and change the 'mortgage amount' until you have something that is about 80%-90% of what you currently pay in rent each month. I'll get to 'why' to undershoot your rent payment later. Crap... can't afford my dream house... If you don't have the down payment to make the numbers work (remember that this doesn't even include closing costs yet), there are other loan options like FHA loans that can go as low as about 5% down payment. The math would be the same but you replace 0.8 with 0.95. Then, look at your personal budget. Come up with general estimates of what you currently bring in and spend each month overall.
"The suggestions towards retirement and emergency savings outlined by the other posters are absolute must-dos.  The donations towards charitable causes are also extremely valuable considerations. If you are concerned about your savings, consider making some goals.  If you plan on staying in an area long term (at least five years), consider beginning to save for a down payment to own a home.  A rent-versus-buy calculator can help you figure out how long you'd need to stay in an area to make owning a home cost effective, but five years is usually a minimum to cover closing costs and such compared to rending. Other goals that might be worthwhile are a fully funded new car fund for when you need new wheels, the ability to take a longer or nicer vacation, a future wedding if you'd like to get married some day, and so on.  Think of your savings not as a slush fund of money sitting around doing nothing, but as the seed of something worthwhile. Yes, you will only be young once.  However being young does not mean you have to be Carrie from Sex in the City buying extremely expensive designer shoes or live like a rapper on Cribs.  Dave Ramsey is attributed as saying something like, ""Live like no one else so that you can live like no one else.""  Many people in their 30s and 40s are struggling under mortgages, perhaps long-left-over student loan debt, credit card debt, auto loans, and not enough retirement savings because they had ""fun"" while they were young.  Do you have any remaining debt?  Pay it off early instead of saving so much. Perhaps you'll find that you prefer to hit that age with a fully paid off home and car, savings for your future goals (kids' college tuitions, early retirement, etc.).  Maybe you want to be able to afford some land or a place in a very high cost of living city. In other words - now is the time to set your dreams and allocate your spare cash towards them.  Life's only going to get more expensive if you choose to have a family, so save what you can as early as possible."
THIS. That's why I'm fortunate enough to work a remote job where I live 3 hours north of NYC and have traveled 30 years back in time when it comes to prices of homes. I feel like even with shit credit, the hope of a dream home is much more attainable now that the cost/income ratio is where it should be.
With out a doubt: commercial real estate.  Those that have significant amounts of money, and want to make lots more usually end up investing a chunk of their portfolio in commercial real estate.  Everyone finds a way to make money elsewhere, but there’s no comparison to the incentives and returns in real estate when you have tens or hundreds of millions of $ at your disposal.  Have money, make money.
One of the best money related trades people acquired is obtaining a property. Notwithstanding whether you are looking for a home buy or a pivotal event home strikingly, finding the right property at the right cost is basic for advance. Blue Ridge Royalty is a secretly had and worked for the association, and we are centered around our property clients.
To invest relatively small amounts in the real estate market, you could buy shares in a Real Estate Investment Trust (REIT), a type of mutual fund. Admittedly that's a very different proposition from trying to become a landlord; lower risk but lower return.
You should absolutely go for it, and I encourage you to look for multi-unit (up to 4) properties if there are any in your area.  With nulti-unit properties it is far more common than not that the other units pay the mortgage. To comment on your point about slowly building an asset if the renter covers the payment; that's true, but you're also missing the fact that you get to write off the interest on your income taxes, that's another great benefit. If you intend to make a habit out of being a landlord, I highly encourage you to use a property management company.  Most charge less than 10% and will handle all of the tough stuff for you, like:  fielding sob stories from tenants, evicting tenants, finding new tenants, checking to make sure the property is maintained...  It's worth it. There fees are also tax-deductible... It makes a boat load of sense.  Just look at the world around you.  How many wealthy people rent???  I've met one, but they own investment properties though...
Make sure the financial adviser is fee only.  This means the person gets paid a set fee instead of a commission.  The commission based adviser will put you in a financial instrument that can charge upwards of 5%, so he would get $900k for hooking you as a client.  You can go to finra.org to find a good one.  Read books a variety of books so you know about finanical matters.  Credit is not advisable if you have as much money as you do.  You have already won the race, no need to take risks.
Working on existing accounts does look really easy. It takes a special type of person though, and getting those accounts in the first place does take some serious effort.  As an aside, one of the more interesting things I found about salespeople is that they are well compensated, but very stuck. They can move to competition, but changing industries or moving to another region is extremely difficult for them due to the highly networked nature of their business.
Financial advice from good advisers sounds a good idea.  Talk to two or three before taking their advice... their services and advice are surprisingly and sometimes alarmingly diverse.  Gaining money from renting out property is harder than it seems and 10% sounds very ambitious after all costs. Buying abroad especially is a challenge to make money on.. You need to be lucky, and have a strong flair to do it despite all. Bear in mind santander pay 3% on current accounts by the way. Have you ever thought about living abroad somewhere stable or cheap or downsizing. A part time job or low pressure job might top up a limited pension for long enough to find a long term solution while giving you the feeling of starting retirement. Just some thoughts... think it through carefully .. weigh the risks.. be realistic and good luck. Jonjo
(You mentioned not being interested in the ""upkeep work"", so that's another 8-10% off the top to pay for a property manager.) If you can find a property at an attractive price, secure financing on attractive terms, and can be reasonably confident that it will rent in the ballpark of 1.5-2% of the purchase price, then it might be a fine choice for you, assuming you are willing and able to handle the work of being a landlord -- something worth at least as much of your research time as the investment itself. It sounds like you're still a ways away from having enough for even an FHA down payment, which gives you a great opportunity to find and talk with some local folks who already manage rental properties in your area (for example, you might look for a local chapter of the national Real Estate Investment Association), to get a sense of what's really involved."
Admitting that you paid too much for your house is more of an admission of ignorance of yourself, compared to agent incompetency. If you decide to low-ball the owner, your agent spends more time with you and possibly reduces their reputation with the selling agent. So it is common for agents to tell you that you should not offer a low price as you will insult the owner. My advice. Unless the home is truly one of a kind for the market offering anything within 20% of the asking price is DEFINITELY within range. I have offered 40% less. If a house is asking too much and has been on the market for 8 months there is no way I am going in with an offer of even 15% lower. That leaves you no room. What you do? First think about how much you think this house could sell for in the next 3 months. In your example let's say 80K based on conservative comps. Then take the most you would actually pay for it. Let's say 75K. 70K is about as high of an opening offer I would go. Do NOT tell your agent your true breaking points. If you tell your agent that you would go to 75K on the house. Then that is what their negotiations will start at. Remember they want the sale to happen as soon as possible. Very likely the other agent - especially if they know each other - will ask if how flexible you are going to be. Then next thing you know your agent calls you back and says would you be willing to go 77K or the owner is firm at 80K. Do not give up your position. You should never forecast to your agent what your next bid or offer would be for the house. Never get into scenarios or future counters. So you offer 70K. If your agent asks you how firm that is? ""Very firm"". If your agent doesn't want to take the offer to them, ""Thank you for being my agent, but I am going to be working with someone that represents what I want."" If the owner says ""You are done too me cheapskate."" Well that's how it goes.
Hi, finance degree holder here.  Graduated in 2012, been working in retail ever since. Almost went homeless twice. Unless you know for sure 100% that you want to go to grad school and/or get a few (expensive) certifications, the only shot at gainful employment you have is in insurance sales. Or at major firms if you're close to a big city.  Ymmv, and a lot depends on the area, but I didn't exactly have a good time.
"When I was in a similar situation (due to my stocks going up), I quit my job and decided that if I live somewhat frugally, I wouldn't have to work again (I haven't).  But I fell victim to some scams, didn't invest wisely, and tried to play as a (minor) philantropist.  Bad move.  I still have enough money to live on, and want to buy a home of my own, but with the rise in real estate costs in ALL the ""good"" major cities my options are very limited.  There is a LOT of good advice being given here; I wish someone had given me that kind of advice years ago. $1,200,000 sounds like a lot but it's not infinity. Side comment: I've seen lots of articles that claim to help you figure out how much money you need in retirement but why do they all start out by asking you ""how much money do you need in retirement?"""
"70k is doable, but to get that right out of school you will need experience at a real company.  The investment club sounds cool, but it doesn't carry as much weight.  Companies need to be able to call someone you worked for and verify that you are a worthy employee.  Also, your club won't count towards ""experience"" - which is required nowadays for an entry level position.  Get an internship, ASAP and put that ahead of everything including grades.      source: '15 grad"