Learning about money could help you make some serious cash. It makes sense; if you work in the industry if your job it so helps make other people rich and look after their money then surely you can do it for yourself, but how? A degree in finance is an excellent place to start, and while that isn’t a degree in how to get rich, it certainly offers many career options to you and with the growth rate in the finance industry you can expect their career to develop 5% faster than the average occupation.
There are many different jobs within the finance sector such as personal financial advisors and Financial managers within the professional and scientific services or working for the government which all pay relatively well. However, if you’re looking to be a millionaire then according to Business Insider, highest paying finance gigs on Wall Street can earn you over $20 million, and most of them are based in New York:
- CCO – Chief Compliance Officer, $1 million to $2 million
- CRO – Chief Risk Officer, $1 million to $3 million
- CTO – Chief Technology Officer, $2 million to $3 million
- Proprietary Trader, $2 million to $3 million
- Hedge Fund Research Head, $2 million to $3 million
- Top Partner, $2 million to $5 million
- Head of Mergers and Acquisitions (M&A), $2 million to $6 million
- Head of Investment Banking, $3 million to $8 million
- Chief Hedge Fund Traders, $1 million to $20 million (or more)
If you haven’t got a degree in finance, there are other ways to get your foot in the door, but you’ll have to be able to prove yourself. You will have to study, and you’ll need to know all the jargon, the difference between dilution and dividend, what historical option prices are and how NPV and DCF differ, otherwise you’ll never make it past an interview.
Now the other ways you can get rich would be not just to study finance, but to study rich people. If you can manage to get yourself a job working for a multi-millionaires and working close to learn how he or she works how they make their money, then you’re going to get the most valuable experience you could ever wish for. Learning the things that matter is so important and if you can determine what’s going on from the ground up and see when mistakes are made and why matters. Study and read the books written by successful people and investors.
Once the learning is ongoing, it is time to put your knowledge in practice and try to accomplish some minor tasks.
Example: Spend let say 200$ in a period of 24 hours. The challenge is, what you spent,you need to gain in back in one week but double the amount. This is the challenge, as my mentor show me… It is easy to spend but not easy to gain this money back but once you have the knowledge and the drive, it should not be a problem.
Did i stuggle, the first time i tried this concept? Yes! But with time and practice, i was abble to apply this principle and not be affraid to not have money in my pocket for a period of time and know how to make it back.
- Sell a item for profits
- borrow and invest to gain back more money
- work at a second job
- offer my services
Realistically, becoming rich depends on how determined you are, how much work you put in and also whether you get lucky. Studying finance will definitely help, but if you have the hard work and determination to study that, then, to be honest, you can study law or medicine and get paid just as well. If you have an idea and a nose for business then study the rich people, the entrepreneurs and work out just what is their secret and you should get there.
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