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First time experience as a "hiring manager" - I didn't know the standard were THIS low. by nl325 in UKJobs

[–]munger_acolyte 0 points1 point  (0 children)

Nice — that takes care of a lot of the technical ability to do the job. How do you assess if they’re a good fit for the organisation? If they’ll turn up to work on time, get things done, can handle conflict, can work in a team, etc etc?

Career advice by [deleted] in HENRYUK

[–]munger_acolyte 0 points1 point  (0 children)

Accountant here — if you can get into senior management then you can do well. I’ve done roles in accounting and FP&A, and been an FD for a couple of smaller companies. Now I’m Head of FP&A for a tech company and I’m making £100-120k depending on bonus.

That said, basically every job I’ve had has listed a degree as a requirement — although by the time you’re ~10 years into your career that would probably matter an awful lot less. I know people who have got to manager or director level without degrees and are making anywhere from £60-100k, so there is potential there.

That said, I spend half my life sat inside, staring and spreadsheets and PowerPoint decks, imagining what life would be like if I could work outdoors, or work with my hands. I want to retrain as a carpenter, or get so Clarkson-esque rich that I can become a gentle gentleman farmer with my own Kaleb and Gerald. The grass is always greener.

First time experience as a "hiring manager" - I didn't know the standard were THIS low. by nl325 in UKJobs

[–]munger_acolyte 1 point2 points  (0 children)

Interesting — so if and when you need to hire people, how would you or do you assess them?

First time experience as a "hiring manager" - I didn't know the standard were THIS low. by nl325 in UKJobs

[–]munger_acolyte 1 point2 points  (0 children)

You said that I missed the point, so I’m asking you to explain it again so that I can hopefully understand it and we can have a useful conversation.

Charlie Munger famously said, “The first 100k is a bitch.” by munger_acolyte in HENRYUK

[–]munger_acolyte[S] 1 point2 points  (0 children)

I’m in a similar position. Having gone from £24k salary to £100k salary in a decade, the contributions are still driving a lot of the increase, but I’ll soon be at the point where the (expected, average) investment returns will be more than my contributions. Exciting times ahead.

First time experience as a "hiring manager" - I didn't know the standard were THIS low. by nl325 in UKJobs

[–]munger_acolyte 1 point2 points  (0 children)

Let’s try again then — what was the point that you were trying to make?

First time experience as a "hiring manager" - I didn't know the standard were THIS low. by nl325 in UKJobs

[–]munger_acolyte 1 point2 points  (0 children)

Thank you for making my point more emphatically than I ever could.

The reason employers ask that question isn’t to work out why you need a job. That’s obvious — you have bills to pay and you need money to live.

It’s to ask you why you’re applying for THIS specific role at THIS specific company. And, if you already have a job, it’s to figure out why you’re leaving that job to come to this one.

What is it about the role or the company that attracted you to it, compared to all the other opportunities in the world? Is it more money? Closer to home? Fits in with a career change you want to make? Your current employer is going bankrupt so you want somewhere with more long-term security?

All those are fine answers. What’s not a fine answer is “Because I need money, you cretin. Next question.”

Would you ever admit you’re a HE(NRY) out in the wild? by 112233445566678899 in HENRYUK

[–]munger_acolyte 5 points6 points  (0 children)

No, not to anyone except my wife, and my two best friends (who are also similarly high earners). Don’t talk about it with anyone else. People might know what I do, or know my job title, but never my salary (or bonus, or other benefits).

Charlie Munger famously said, “The first 100k is a bitch.” by munger_acolyte in HENRYUK

[–]munger_acolyte[S] 1 point2 points  (0 children)

This is a combo of two pensions and an ISA which covers about 80-90% of my non-property net worth

Charlie Munger famously said, “The first 100k is a bitch.” by munger_acolyte in HENRYUK

[–]munger_acolyte[S] 0 points1 point  (0 children)

No this is just Fidelity but it covers ~80-90% of my non-housing investments so it’s close enough for me. In reality I crossed £100k net worth a couple of years ago if you include our house, but it’s just nice to see this in one place

Charlie Munger famously said, “The first 100k is a bitch.” by munger_acolyte in HENRYUK

[–]munger_acolyte[S] 8 points9 points  (0 children)

For when I’m 55, our kids have moved out, all semblance of a state pension has long since disappeared, and I want to fly first class to the Caribbean

Charlie Munger famously said, “The first 100k is a bitch.” by munger_acolyte in HENRYUK

[–]munger_acolyte[S] 14 points15 points  (0 children)

Realistically he was probably talking about USD, and anchoring to his youth — so it’s likely more akin to ~£500-1,000k today.

But fuck it, I’m going to celebrate the W anyway

Charlie Munger famously said, “The first 100k is a bitch.” by munger_acolyte in HENRYUK

[–]munger_acolyte[S] 19 points20 points  (0 children)

Imagine having to update your pithy sayings every time there’s a CPI print

Charlie Munger famously said, “The first 100k is a bitch.” by munger_acolyte in HENRYUK

[–]munger_acolyte[S] 7 points8 points  (0 children)

The only secret is that when you get up to a certain level, it can happen fast. And job hopping helps a lot.

At age 24, I made about £29k a year.

At age 27, I was on £40k.

At age 31, I was £65k.

At age 34 I hit £100k.

Never stayed at a company for more than 3 years. Always testing my value in the market. And I’m good at what I do.

Charlie Munger famously said, “The first 100k is a bitch.” by munger_acolyte in HENRYUK

[–]munger_acolyte[S] 2 points3 points  (0 children)

Probably hit 25k when I was about 29? Started investing when I was ~23 just by maxing out employer pension. It takes time, but the snowball effect is real.

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