Mike Furlong, a former Wall Street enthusiast, left the financial district to start his own venture, Sliced Investing, supported by notable backers including Y Combinator and Khosla Ventures. This transition mirrors my own shift from Wall Street to concentrate on Financial Samurai, drawn by Sliced Investing’s innovative approach to democratizing access to hedge funds and alternative investments.
Before stepping into the financial world, my early job as a caddie at a country club offered a front-row seat to the opulent lifestyles of wealthy bankers and traders. This experience was eye-opening. Lugging around heavy golf bags for minimum wage, I was constantly reminded of the stark contrasts in lifestyle and opportunities. It wasn’t just about carrying clubs; it was about glimpsing a world of financial success that seemed worlds away from the greens where I stood.
Lessons from the Caddie Days
These days on the golf course weren’t just a job; they were my classroom. Here, I learned the harsh realities of manual labor, the allure of wealth, and the motivation to strive for more. It pushed me to take control of my destiny, leading me to Wall Street, where I joined Citigroup as a trader.
The Wall Street Experience
Initially, Wall Street was everything I thought it would be—fast-paced and financially rewarding. However, it didn’t take long to see the shifts in the industry. Technological advancements were making traditional trading roles obsolete, leading to job losses among my peers. This realization was a turning point, prompting me to leave Citigroup and move to San Francisco to start a financial technology company.
Why I Left Wall Street
My shift from Wall Street to fintech was driven by three main desires:
1. Meritocracy over hierarchy – I was tired of the conventional corporate ladder that prioritized age over innovation. In tech, I found a culture that values what you can build over how long you’ve been around.
2. Real risk-taking – On Wall Street, the risks weren’t personal. In the startup world, I was putting my own skin in the game, which brought a whole new appreciation and understanding of what risk really means.
3. Creating impactful solutions – There’s a unique satisfaction in creating products that people use every day, improving their financial well-being. It’s about making a tangible impact, not just moving money around.
The Rise of Fintech
This journey isn’t just mine. Many from Wall Street are now navigating the tech landscape, driven by a desire to solve real consumer pain points that were once only accessible to the wealthy or institutional investors. Fintech startups like Lending Club and Acorns are revolutionizing the way we save, invest, and borrow by making these processes more transparent and accessible.
The Importance of Fintech
The financial crisis had eroded public trust in banks significantly. Fintech is mending this trust by enhancing transparency, cutting down fees, and making financial management accessible to everyone. This revitalization is not just about recovering lost trust but about redefining the finance industry to better serve the individual.
Investing in Innovation
Looking forward, diversifying into private growth companies through platforms like the Innovation Fund is a smart move. These platforms allow everyday investors to get involved in sectors like AI and fintech at much lower entry points compared to traditional venture capital. It’s a chance to be part of the next wave of major technological advancements without needing deep pockets.
Tracking and Building Wealth
Understanding and managing your finances is crucial. Tools like allow you to monitor your net worth and prepare for retirement by providing detailed financial analysis and planning features, which are essential for long-term wealth building.
In conclusion, while Sliced Investing has closed, the journey continues with new ventures and opportunities to disrupt the financial landscape further, aiming for a future where technology continues to make personal finance more equitable and accessible.
