what’s the best path for accumulating wealth trying to pivot out of life sciences consulting (think biotech/pharma strategy)

planning on leaving end of next year with 3+ YOE

is it leaving for industry? going into PE? joining a startup?

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you can't outrun a bad budget.

someone making $80k and $40k is building wealth faster than someone making $150k who only saves $20k.

save money. invest. be responsible. then wait 10-50 years.

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I did lol. I make better money now, but I've always lived below my means and invested. compound interest is a hell of a drug.
I recognize that's not for everyone though, so to each their own.

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I’ve accumulated a net worth of around $12M with no inheritance or outside help and with a SO that maxed out at a salary of about $140k and retired after working only 20 years. It’s not $20+ million but I think it’s a level that I never would have expected to obtain when I was in college. My advice: there’s a couple paths to this level of wealth. 1 - get into a startup that goes to the moon, meta, Netflix, Nvidia all made a lot of multi millionaires. Problem with this is identifying and getting hired and getting options at a company that goes to a $50B+ market cap (this was not my path), 2 - find a job where there are large numbers of people making $500k+. On a $500k-$1M salary you can save a significant amount of money. Invest that and you can get to $10M. Careers that can do this include tech at top companies, medicine, law, consulting, PE, IB, accounting, and sales. This was my path. Once my investments got to ~$4M, investment returns added another $1M every ~2 years. Today, I have two kids in college and honestly save very little. My top savings years were right before I started paying for college. But there were a few year there where I made around $1M (before taxes) and had low expenses and saved a lot. I will retire in my early 60s with my house paid off and $15M in the bank. 3rd way is to start a business. This is the only way to get super rich and the easiest way to end up in bankruptcy.

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I largely agree with those paths. I wish I had a better sense of the start-up/mid-cycle companies with a great trajectory.

...often seems very obvious in hindsight

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Become a partner to increase your comp potential. “Accumulating wealth” will take a lot more than corporate job.

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Saving and investing....or marrying well or inheritance. Unless you invent something, grow your own business. Or luck into an company that gives your significant RSU snd the goes public or is acquired for big bucks, you aren't ever going to earn your way to wealth.

be strategic and seek the right opportunities for growth - that could be inside or outside of consulting but don’t sell yourself short. i just left consulting, late 20s, net worth over 500k - but that’s not the wealth i’m trying to create. it’s the safety net of having my retirement basically funded (with compound growth) even if i don’t save another dollar.

ive now switched my focus to doing something more exciting albeit risky. it’s gonna be harder to take big risks as you get older. make sure you have equity - real wealth that lands early comes from ownership, not high cash savings like you might have the lower rungs of consulting / banking.

remember - you cant really save your way to $20m+. high savings rate really only takes you so far.

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