You dont think you can get wealthy as a lawyer?
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Date: May 17th, 2018 11:56 PM Author: Boyish Offensive Crackhouse Partner
Public company GCs, lawyers that go into finance and upper tier biglaw partners are all reasonable rich.
i assume there are a bunch of rich shitlaw PI guys too.
But lawyers have pretty consistent and predictable income streams and that adds up when coupled with long term investment returns.
The highest paid partners at my firm take home above $5mm a year. Can't be that hard to throw some money in with your PE clients and get to $25mm net worth over a career.
(http://www.autoadmit.com/thread.php?thread_id=3979941&forum_id=2#36074719)
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Date: June 30th, 2018 10:58 PM Author: razzle private investor
You may realize that the owners of a business get a disproportionate share of the profit, not the employees. For instance, the partners of a law firm get the lions share of the earnings, not the associates. Well, owning stock in a company is a convenient way to be a business owner. You are, in fact, a part owner of the company, with less trouble than actually starting your own business. The catch is, you have to identify the right companies to own. You have to learn the difference between business owners who just make a living, and the ones who get rich. You have to know business and accounting so you know what you're looking at when you read the annual reports. And, you have to wait for a bear market or correction so you can get your stake in the company at a good price. The other catch is, you don't actually get your cut of the profit each year unless the board of directors decides to distribute a dividend. You have to wait for the stock price to rise. I never said it was going to be easy, or fast.
(http://www.autoadmit.com/thread.php?thread_id=3979941&forum_id=2#36342951) |
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Date: June 30th, 2018 11:04 PM Author: Unhinged Passionate Parlour
Yep, you may realize that the owners of a business get a disproportionate share of the profit, not the employees. For instance, the partners of a law firm get the lions share of the earnings, not the associates. Well, owning stock in a company is a convenient way to be a business owner. You are, in fact, a part owner of the company, with less trouble than actually starting your own business. The catch is, you have to identify the right companies to own. You have to learn the difference between business owners who just make a living, and the ones who get rich. You have to know business and accounting so you know what you're looking at when you read the annual reports. And, you have to wait for a bear market or correction so you can get your stake in the company at a good price. The other catch is, you don't actually get your cut of the profit each year unless the board of directors decides to distribute a dividend. You have to wait for the stock price to rise. I never said it was going to be easy, or fast.
(http://www.autoadmit.com/thread.php?thread_id=3979941&forum_id=2#36342989) |
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