two friends, eight years out

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roaringeagle
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Re: two friends, eight years out

Postby roaringeagle » Tue May 08, 2012 7:17 pm

Generally in my mind at least the best way to make money quickly is to be really good at sales. Branch out into Commercial/Residential Real Estate and you can make a fortune, though nowadays it is probably quite a bit harder. Selling money (bridge loans and such) is (was?) a great way to make it big, you just have to have a lot of luck and great sales skills. I am not bad at sales, in fact I just sold myself to a company successfully and managed to get a 3 month management gig. I also have experience selling catering contracts. You have to be good with people on the phone and even better in person.

bartleby
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Re: two friends, eight years out

Postby bartleby » Tue May 08, 2012 11:03 pm

know anyone who opened a bunch of Quiznos?

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a male human
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Re: two friends, eight years out

Postby a male human » Wed May 09, 2012 2:31 am

Isn't this why profs tell you not to go into law for the money? Besides you're in big law, so you make good money, just not as much as your friend.

johndhi
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Re: two friends, eight years out

Postby johndhi » Wed May 09, 2012 8:22 am

how much do you make as an 8th year associate?

Anonymous User
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Re: two friends, eight years out

Postby Anonymous User » Wed May 09, 2012 8:28 am

Why are you asking us? Ask your friend.

dixiecupdrinking
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Re: two friends, eight years out

Postby dixiecupdrinking » Wed May 09, 2012 9:22 am

30 year old dude making $250k is jealous of other 30 year old dude making $700k. Yawn.

keg411
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Re: two friends, eight years out

Postby keg411 » Wed May 09, 2012 11:09 am

Repartee16 wrote:That's awesome you went to high school with the guy that played Ned Stark


1) They're three different people
2) Different HBO show

LOLyer
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Re: two friends, eight years out

Postby LOLyer » Wed May 09, 2012 2:06 pm

You can get rich in law. You can get wealthy in business. It's one of the fundamentals of capitalism: The owners make all of the real money. If you think about it from that perspective, lawyers are essentially working class. Personally, I went into law to earn a big chunk of money to invest with, as well as to hobnob with a bunch of motivated entrepreneurs.

I think people who already have money miss out on becoming seriously wealthy because they don't agree with capitalism. While I can see arguments on both sides, those people need to get the fuck over it if they want to make serious money because that's how things work presently.

ruski
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Re: two friends, eight years out

Postby ruski » Wed May 09, 2012 2:22 pm

yea even bankers would technically be working class. just take a look at forbes top list. for sure there are no lawyers, but there are also no bankers, no CEOs, no executives. its mostly entrepenuers/owners who made it big.

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tyro
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Re: two friends, eight years out

Postby tyro » Thu May 10, 2012 12:25 am

It looks like you need 15k to start up your own subway franchise and that might not include rent. If you had a horrible first 36 months and sold out I guess you might end up losing 30-50k if you include housing, promotions, etc.

The catch is probably that all of the good locations are already gone and they have rules on franchise territories. I mean, if I knew of a large college campus that didn't have a Subway right next to it, I would honestly consider doing it or at least going in on it.

Anonymous User
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Re: two friends, eight years out

Postby Anonymous User » Thu May 10, 2012 11:41 pm

Birdnals wrote:“Don’t choose this career because it will lead to a lifestyle of partying on a yacht and doing blow in Thailand” could be the single least persuasive argument I have ever heard…


Well great, but that's not what I said. I said, IF you want to do those things, then ignore what I am saying. I don't know what the word for the figure of speech I was using is, but basically I was saying that if you don't have very lofty aspirations in life aside from making money, then go buy some franchises and hawk unhealthy sandwiches to people.

I did not say that if you own subways you will do coke in Thailand and own a yacht on which you will have parties.

Also, Subway sandwiches are not healthy. They are a lump of processed flour and processed, corn fed, steroid injected meat. You can lose a lot of weight doing coke, smoking cigarettes, and eating whatever you have the appetite to eat. That does not mean that such a diet is healthy.

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crazycanuck
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Re: two friends, eight years out

Postby crazycanuck » Sat May 12, 2012 2:06 am

Anonymous User wrote:
Anonymous User wrote:In 2004, my best friend and I graduated from college. I went to law school at CCN. He started his own Subway restaurant with, I believe, $20k in capital as part of a partnership with two other friends.

Here's the last 8 years for both of us:

Me: I graduated CCN class of 2007. Worked big law from 2007-10. From 2010-present I've been in a two-year district clerkship in a flyover district. And this September, I will finish that. I have a job lined up with my old firm.

Him: His Subway partnership expanded. He also went into solo ventures. He presently owns 14 Subways (in either partnership or solo form), 3 laundromats, and 2 gas stations. All that, in 8 years. From February to May, he went to China for a three-month trip. Just for the shits. Didn't work. Because we're very close, I learned he makes $700k a year profit from all his partnerships, and doesn't have to work at all because he is a passive investor in all his ventures. He can literally, do, anything he wants, and his businesses pay for his life. This year, he plans on diversifying out and investing in foreclosed commercial property so he can be a commercial landlord - another lazy way to make money.

I post this because the last year and half of clerking have been a huge change of lifestyle for me (for the better). And I'm about to dive back into 2300 hour billables. A huge part of me wants to quit law and follow his path, but I'll be starting a decade behind him and know little to nothing about business. I have the savings to do this. And it's very possible for me to just follow his coattails and try to understand this new path, if I go down that road.

Thoughts?


This might sound cheese ball to you, and it's based on the assumption that you like your work (which obviously might not be the case, if not then don't read this):

There is more to be earned in life than money. He makes $700k a year, so what? He owns subways. That's legitimately uninteresting. Boring. He's probably bored and anyone he talks to about his subway franchises is going to be bored out of their mind.

Clerking for a federal judge? That's interesting. You said its a flyover district, so what? Do something that you think is meaningful with your expertise. Do something real. Don't hawk shitty, unhealthy (yea, unhealthy) sandwiches to people. Don't sell cigarettes, gas, and beer for a living. Of course, if all you want to do is party on a yacht or do blow in Thailand then I guess go for it.


THE LAW IS LIKE LIVING ON THE FUCKING EDGE EVERYONE YOU TALK TO AT PARTIES ABOUT IT ARE HANGING OFF EVERY FUCKING WORD!!!!!!!

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gwuorbust
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Re: two friends, eight years out

Postby gwuorbust » Sat May 12, 2012 12:34 pm

ruski wrote:yea even bankers would technically be working class. just take a look at forbes top list. for sure there are no lawyers, but there are also no bankers, no CEOs, no executives. its mostly entrepenuers/owners who made it big.


http://amlawdaily.typepad.com/amlawdail ... wyers.html

run26.2
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Re: two friends, eight years out

Postby run26.2 » Sat May 12, 2012 3:34 pm

gwuorbust wrote:
ruski wrote:yea even bankers would technically be working class. just take a look at forbes top list. for sure there are no lawyers, but there are also no bankers, no CEOs, no executives. its mostly entrepenuers/owners who made it big.


http://amlawdaily.typepad.com/amlawdail ... wyers.html

Wait. I thought this was supposed to be a list of lawyers.

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courtneylove
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Re: two friends, eight years out

Postby courtneylove » Sat May 12, 2012 7:41 pm

hey OP, your friend's success seems accessible because you're so close to him and knew him before he achieved it. his position may actually be quite unique, and achieving that level of success and salary could be a lot harder for you than it was for him. just saying; a bird in the hand...

Eco
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Re: two friends, eight years out

Postby Eco » Sun May 13, 2012 1:09 am

He did invest in 2004. Back in the day, lol. Why go back to big law anyways? Go start your own firm. It's what YOU know how to do.




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