Lessons from my First Million Dollars
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- เผยแพร่เมื่อ 12 มี.ค. 2021
- After making my first million dollars by the age of 32, I have learned a lot and many of the lessons somewhat surprised me.
There is a HUGE difference between making a million dollars and having a million dollars. Having a million dollars takes many years of hard work, saving, and investing! Making a million dollars requires you to obtain valuable skills and does contribute to having a million dollars. And gaining those skills is not cheap! My education (bachelors and masters) cost around $110,000. When you are a student working at a start-up that doesn't pay well, you have to borrow money just to pay rent and have food to eat. Student loans are no fun however they are worth it if you make a calculated risk. Spending a fortune on school is only worth it if there is a good probability of being paid enough to pay the loan in full.
There are sacrifices everywhere! To get promotions and work your way up the corporate ladder you have to perform well and network well. A lot of All-Star employees often get looked over because they haven't built relationships and spoken up when changes need to be made. It is no fun challenging the status quo and often people will dislike you, however if you can make a big impact by pushing for an improvement that will help the business, you'll be able to reap the rewards later down the road. You will sacrifice happiness as there is a lot of stress in determining how much to rock the boat. You'll also have to sacrifice you most important asset which is your time. Working late will prevent you from seeing your family. Being on top of projects and making an impact often requires you to not take vacations. I feel bad that my family hasn't been able to take a fun vacation more often than once every 5-10 years. I'm working on changing this however it is hard to up your performance and take off time.
We all know money compounds however more importantly, Time compounds! Making small changes every day that are positive changes will result in huge gains later down the road. I've often spent my free time increasing my education. Many of the skills I have learned were not relevant at that time however they made me an All-Star when my employer all of a sudden needed it.
Education is more than just college. Education is just enhancing your knowledge. There are many careers that will make you a million dollars and many of them come in the form of vocational school. Don't get caught up in the college trap if that doesn't interest you. Following your interests will make it much easier to stick with your career and perform well! Focus on creating VALUE not MONEY!
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Thank you, Dimitri.
Congratulations , Dimitri! I look up to you! Thanks for being such an inspiration
Thanks for being a part of the channel!
Congratulations Dmitri, only up from here.
Thanks, Dimitri! We are in similar situations except you work and live in the same market. I am leveraging economic market arbitrage. My income is based on a high cost of living area (Fairfax, Virginia). I live in a significantly lower cost of living town which allows me to own my home. The spread allows me to own my home while paying my six-digit student loans and still have money for savings. My mortgage is my smallest debt.
That's a smart decision. I'm still frugal today even after everything I've done.
Congrats! Been watching you for a year and you've given me a lot of great information.
Thanks for being a part of the channel!
Great and comprehensive video, thanks Dimitri!
Thanks!
Congrats! 🍾 I’m taking your advice and have been taking your advice! Thanks for these videos.
No problem. Thanks for being a part of the channel.
i didn't even know i made my first million when i did. i feel like most people on their way are too busy to keep tabs on when they hit some arbitrary figure
On the topic of specialization, what are some examples of good areas to become a specialist in with regards to quantitative finance? I know you have touched on how risk analysis is becoming more and more sought after. Also, what steps should someone take to "become" that specialist and build up that reputation?
The words “my first million” triggered a fight or flight response I didn’t know I had
@@upnextcrypto6588 Wow, what a totally not automated bot response! Thanks definitely 100% real Dimitri, you seem like the kind of person who would act this sketchy.
@@JJLiu-xc3kg lol, this is the first time I've seen someone somehow fake my comments. They seemed to have spammed most of the other comments as well. I'm just deleting them now.
@@DimitriBianco Haha, cheers...real Dimitri?
Great insights, loved it.
Thanks
Love the video! Really appreciate your insight and advice
Thanks!
also in finance, appreciate your work
I'm happy to help where I can. Thanks for being a part of the channel.
Hey Dimitri,
What types of Financial Quant roles can you find in Texas, specifically Dallas?
Thanks
Risk management for banks. There are model development and model validation. I plan on make a video for locations of risk jobs.
Congrats bro
Thanks
Dimitri plz make a video on the difference between applied economics and financial engineering
I'll consider making a video on it.
If you haven't already, I'd really appreciate you making a video on your personal experience with logic and methods of proof since this has such a strong underpinning in all forms of mathematics. Furthermore, do you use logic and proofs frequently in your day-to-day quant life, or is this more of a thing that you personally defenestrated after school.
Also, I like the new sound effect on the intro! lol
We occasionally do proofs if something doesn't seem right. Two colleagues will come to a different conclusion and then we break out the math. This isn't very common though as once we understand the problems and the proofs, there is no need to re-do them.
Dimitri amazing video as always.
I have a question. Now as I am starting my career in Finance what skills (both Technical and soft skills) do I need to have? What tools do I need to learn?
Thank you for answering my question!
You should've gone for CS then finance. But okay, learn coding.
It depends on your career goals. Finance and quant finance are very different. Both can be fun and successful careers however you'll have to take one path or the other. They also differ in skills needed.
@@DimitriBianco I am interested in traditional finance roles, working in a asset management company or an investment bank, what skills do I need?
Now that's a title my friend
Thanks
How many hours a week did you work during that year?
It was made over many years but most weeks were 40 hours. There was maybe 4-8 weeks at 50-60 hours. Risk management allows you to have a life outside of work.
In 1 year or total??
Total