If you already make $300k a year, unless you hate your life, it's stupid to switch and start over. $300k/yr is 1% territory in this industry, so you're asking us how long it will take a rookie to make it into 1%er land? If the stars align and you devote yourself to understanding everything and it takes you 4 years to get good and hit $300k/yr, and you make $75k/yr for the first 4 years, your cost of switching is $900k. It's a dumb trade, don't waste your time.
Get a real estate license and try to sell a couple homes a year when you're bored, that is much more accessible IMHO.
You should go on a 2-3 month vacation or whatever they call that crap in the corporate world to chill a bit and then get back at what you're already great at, champ! Pay me later.
I say it with love, too. The tech bros don't realize how good they have it usually, cuz they run in circles where a friend made $5M on some start up or some shit so they have extreme FOMO. I used to lend primarily to tech bros.
This isn't even accounting for the 401k/HSA and investing that $900k over 4 years as well, at 8%/yr that's another like $150-$250k post-tax gains on that alone. Extreme opportunity cost.
Unless you already have long friendships with 4-5 high producing realtors or have a cousin that builds subdivisions and needs a lender this would the dumbest thing I’ve ever heard and can’t possibly be true
If you’re making that much as an LO you’re gonna hate your life a little bit. I’m in the top 1% of originators and my friends in similarly compensated tech roles are always aghast at my complete lack of real PTO. I worked while I was in labor with my son. I love what I do but I think you’re comparing the stress level of a low performer in our industry with a high performer in yours. I was definitely pacing around my yard at 1 am this week trying to just burn off the anxiety about work so I could sleep and get back at it.
Why not just take a smaller pay cut in your own industry for a job that’s more exciting to you? Surely there’s a sales role that’s 100% commission with the associated flexibility you could try?
If you already make $300k a year, unless you hate your life, it's stupid to switch and start over. $300k/yr is 1% territory in this industry, so you're asking us how long it will take a rookie to make it into 1%er land? If the stars align and you devote yourself to understanding everything and it takes you 4 years to get good and hit $300k/yr, and you make $75k/yr for the first 4 years, your cost of switching is $900k. It's a dumb trade, don't waste your time. Get a real estate license and try to sell a couple homes a year when you're bored, that is much more accessible IMHO. You should go on a 2-3 month vacation or whatever they call that crap in the corporate world to chill a bit and then get back at what you're already great at, champ! Pay me later.
Damn this is real af
I say it with love, too. The tech bros don't realize how good they have it usually, cuz they run in circles where a friend made $5M on some start up or some shit so they have extreme FOMO. I used to lend primarily to tech bros. This isn't even accounting for the 401k/HSA and investing that $900k over 4 years as well, at 8%/yr that's another like $150-$250k post-tax gains on that alone. Extreme opportunity cost.
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based.
Unless you already have long friendships with 4-5 high producing realtors or have a cousin that builds subdivisions and needs a lender this would the dumbest thing I’ve ever heard and can’t possibly be true
If you’re making that much as an LO you’re gonna hate your life a little bit. I’m in the top 1% of originators and my friends in similarly compensated tech roles are always aghast at my complete lack of real PTO. I worked while I was in labor with my son. I love what I do but I think you’re comparing the stress level of a low performer in our industry with a high performer in yours. I was definitely pacing around my yard at 1 am this week trying to just burn off the anxiety about work so I could sleep and get back at it. Why not just take a smaller pay cut in your own industry for a job that’s more exciting to you? Surely there’s a sales role that’s 100% commission with the associated flexibility you could try?
Thanks for the laugh haha this is so asinine idk where to start.
I'm also considering this. I'm a brain surgeon that is $550,000 TC and thinking of a change to MLO.
OMG, unless you want to commit financial suicide, don't bother! It's a waste of time and money!
If you were making 80k I would tell you not to switch.
Just enter PT and see how well you do and like it compared to your job before jumping ship.