this post was submitted on 27 Nov 2023
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Assuming:

A) your goal is to reach 8-figure net worth within 7-8 years

B) you're willing to work your ass off (obviously!)

C) you're able to be one of the best out there AND adapt to new technology

In other words: with the above criteria and a strong desire to learn and apply a valuable analytical skill set as you become an entrepreneur, is accounting a particularly good choice?

Hot takes welcome!

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[–] 88captain88@alien.top 1 points 11 months ago (1 children)

Like a CPA? The problem is accounting is generally $150-200 hour rates so good steady income and good career but not great to establish a ton of wealth. Accounting firm maybe but it requires hiring people with degrees and careers which means heavy labor costs and thin margins.

Accounting isn't like other skilled labor like Attorneys and doctors where they can hire interns and assistants to do most of the work, Accounting typically has all the work handed to them by the business and they just need to review and rubber stamp it

[–] HangryHangryHobo@alien.top 1 points 11 months ago (1 children)

Ya OP is looking to accumulate over 10M in 8 years meaning they need to clear 1.25M per year after taxes and expenses. Not sure accounting will get you there.

[–] Sardine86@alien.top 1 points 11 months ago (1 children)

Very fair point. I should have been much clearer, sorry. I did mean starting a firm and growing it from there. Outsourcing, automation, and likely combined financial planning services could all be key tenets of the business. It's hard to know what to do nowadays since I'm not one who's inclined at all towards programming or dragging myself through poverty in university (when it hardly seems necessary IRL) but everything seems to be going that way!

[–] LeadThySelf@alien.top 1 points 11 months ago (1 children)

The margins on this business are tough, there are some new companies that are doing accounting for startups for like £20/mo I have no idea how they will generate enough profit. Honestly I would steer clear.

[–] Sardine86@alien.top 1 points 11 months ago

That's crazy. Maybe combined AI automation, oversees outsourcing, and frankly minimal services? Just a wild guess.

I'll steer away from this iceberg. Not sure where to but the sea of business is immense!

Like the name by the way: Lead Thy Self.