I’m in IT (software development) at a pretty large pension fund. So I can say that both IT and Finance suck.
I’m actually looking for something new, and I’ve found that the only way to at least match what I make now (about what you make translated into USD) is to stay in software development. I think the finance side of my background may serve me well in the future, though.
But I’m really attracted to the data analytics side of things. I think that has a bright future and a lot of financial tech can translate well into that field.
If you find this decission would make you satisfied, just follow it. I don’t know your background but suppose you are well experienced in finance so you might turn back any time.
Me too, you’re probably right. Getting some thoughts rolling on this today. It might just be the time to make the leap. Your particular move to self employment is definitely inspirational, probably a bit more ballsy than I’d go for though.
Why not work for yourself? Sounds like you are in prime position to do so. Your wife’s income can float you during the start up phase and you have plenty of savings. Worst case, it doesn’t work, and you go back to the corporate grind.
The nice thing about working for yourself is you really have no one else to blame if it doesn’t go well or you don’t like your co-workers.
Best career move I’ve ever made was launching my own fund. A lot more money, a lot less stress and I like everyone I work with or I fire them.
^ Yeah, I don’t have direct equity asset management experience so starting a fund isn’t really in my realm of possibilities, but I’m giving this some thought in general. This is why I initially started this thread as “quitting finance.” I likely could have more business opportunity outside of finance… like becoming an active partner in my landscaping venture. But the downside to that is of course wasting the last decade of my life building skills in this area.
Geo, why you consider this period as wasting time. Nothing is in vain. Can you try linking financial experience with some other activity? I am quite sure that it could be linked with almost any area. At the bottom, you may be managing partner responsible for finance, accounting and risk management processes even in agricultural entity. Just wondering.
It doesn’t have to be a fund, start a non-finance business that interests you. If not now, when? It sounds like based on your life situation, this would be an ideal time. If you can run a large portfolio you can probably pretty easily run most small businesses.
I bet there are some pretty decent businesses at good valuations you could buy into in Alberta right now, should you be interested in working for yourself. I’ve never worked with business brokers but it could be worth looking into.
I’ve actually given this some thought before too. Seems like a decent business. But thin margins from what I hear, and lots of working capital tied up in inventory. Revenue is definitely recession proof though I think.
A girl I went to HS with opened a liquor store in my Podunk town right after college, currently still only owns one location (a shit location imo). She just had a housewarming party in her new million $ house. Business was good apparently.
my buddy has one, makes extra from the high end stuff (liquors, wines, craft beers). offers free wine tastings, sells soda, also from snacks and lottery. some also offer check cashing and money transfers.
How do you know you’ll be successful doing something else? It may well be that you’re not particularly gifted and you should thank God you have a cushy job, and if this job goes, party over bud.