Speaker 1: They're hedge fund managers making a million dollars an hour, you know it's crazy right? It's money everywhere, it's money in everything. I want to help you. Start your business today, come join my royal family, subscribe to casino as a name. What's going on right now you're watching casino is the name and in this video I want to compare being an accountant to being a lawyer. Now there's a reason why I want to compare these two and it's primarily because well I'm an accountant in case you don't know but if there was ever a career field that I might have thought that a small part of me would maybe say if I wasn't doing this what other career field could I see myself doing right? And I absolutely love being an accountant like I wouldn't trade it out for really anything it's just that if there was a trade out, if there was by chance I was going to choose a different career field at a different time in my life like in the past or you know even maybe in the future then it might be one other thing and it would be to be a lawyer. That's about the only other thing that I guess I feel comes naturally. So as an accountant there's a lot of different roles you can, a lot of different job titles you can have as an accountant and the job title that I had for years was I was an auditor. So I'm an accountant but my job title was auditor and I was a performance auditor so I was looking at policies, regulations, financial records, you know all of that kind of stuff trying to make sure people were within regs or that a particular program performed at a certain level that it was expected to and to try to figure out how to get those things back aligned if they were not. So looking at laws and regulations was just a part of my day-to-day job and a lot of times I may find that even with working with lawyers I might have been even better at it than some of the lawyers that I knew just in looking at particular verbiage and you know I've even gotten myself out of a few situations or at least discovered where I needed to lead my lawyer to based off of my own skill set as an auditor, auditing contracts or whatever. And so if there was ever another career field that I would have chose or could choose, you know my sister's always sending me some link about law school and things like that still saying hey you probably should go to law school you know it's still up in the air I don't know I don't know I don't know. But yes so if there was another career field then yes then that would be a possibility. But let's really like look and compare them though. So why, what are the pros of, I don't want to say the pros, what are the differences right? If I was a lawyer I could represent clients in court, might have access to certain things that I don't have access to as a non-lawyer. If you got family members facing charges and things like that as a lawyer I might have like an added you know ability to see them or look into their case or something like that I don't know. Something like that. But the added benefit of being able to represent a client you know in a case if that's something you're into. Now the drawbacks are of course it's school and I'm going to be honest yes lawyers can make a lot of money but when I think about the job like jobs and things like that like even from even if you were just say having your own practice or working at a law firm and you're representing clients you can do the same thing as an accountant. You can have your own accounting firm. You can represent clients at your own accounting or at another firm that you may have a job. You can work for the government. You can work private sector. You know you can work for major corporations. You can do all of these things in both sides. Where is the most money? I guess that would be ideally what the most important I guess focus would be. Where's the most money? Well a lot of the higher positions are typically reserved for I'd say lawyers. I'd say most of the higher positions in spaces that I might be interested in working or if I were a part of an organization would probably be reserved probably primarily for lawyers. But what is that saying? Is that saying the full is that giving the full picture? Because even with me saying that I know that there are more accounting jobs. Well I guess that's hard to say because it depends on like the location you plan on working. So yeah it just all depends on where you plan on working right? Say like the big four. The big four accounting firms are hiring a stupid amount of accountants every year. Regional firms are hiring a stupid amount of accountants every year. And I don't know if lawyers are being hired by the hundreds of thousands or the tens of thousands like accountants are. But I will say that I have needed accountants more in my business life than I have lawyers. I mean that's I guess one way to look at it. But of course if you do anything legally you know lawyers are almost a necessity for a lot of things. Counsel. You want to seek counsel. So it just all really depends right? Like it's a very, the two career fields are very very close to each other. Both have firms right? Like you can have an accounting firm. You can have a law firm. To share in the profits of an accounting firm you need to be a partner, an accountant partner. So you need to be an accountant. Like say a CPA firm, you need to be a CPA, Certified Public Accountant and in order to make partner you have to be a CPA or you have to be an accountant. So but for a law firm to be a partner or share in the profits or to make partner at a law firm you have to be a lawyer right? Like I'm an accountant if I got a job at a law firm I could not, essentially I couldn't share in the profits. I couldn't make partner at a law firm. So it's just like they're very similarly set up you know. So yeah it's really interesting to see how all of this works. But I can honestly say that even though most of the higher positions or a lot of the higher positions are reserved for say lawyers, it doesn't necessarily mean that the highest paid lawyer makes more than the highest paid accountant. So it really all depends right? There are some extremely, extremely well paid lawyers right? But then you have like hedge fund managers and stuff like that who are making billions of dollars a year running hedge funds that fall in the financial accountant section. And I'm not saying that every hedge fund manager is technically an accountant but you know if you have an economics degree, you have a finance degree or an accounting degree you're technically an accountant. But the financial space typically pays more than the legal space does. It's just kind of what it is. And I'd say that the workload is better. Personally I feel like it's better. Now from my experience, I probably can get to whatever level financially a lawyer would be at financially in their career. If like let's say we're both working for the government or we're both working private sector or we're both working whatever. I could probably get to wherever their financial situation is and I would probably have a better ... respectfully. And I mean this in a respectful way. Because like I said it's something that I could still look into but I believe my quality of life would still be better. I think the quality of life of an accountant, not necessarily one that's like towards the bottom or whatever like that, but I feel like the quality of life of an accountant is just better. Like I see a lot of lawyers in high positions and they're extremely, extremely stressed out. Extremely stressed out and they have a lot going on and they have to know and remember a lot of stuff but I don't see the same thing at the higher levels of accounting. So quality of life to me is very, very important which is probably why I wouldn't really go over to the lawyer side unless it's just for specific things I guess you can say. But yeah it's so many mistakes. Of course there's mistakes you can make in accounting but imagine you're fighting for somebody's life. Like you're representing a client for $40,000 and if you lose they could get a life sentence. That could be very, very stressful. But at the same time there's a lot of situations where you don't have to be in a position like that where you're representing somebody like that and things like that. So it's just a lot of things that I would probably not want to be a lawyer for. I probably would want to be a lawyer for myself and my own business endeavors and things like that. But yeah I just don't see the same quality of life from when I see the higher level accountants and when I see the higher level lawyers. They take you through so much. They take them through so much. And I know there's law firms that make stupid money and stuff like that but if you were working for the government and the stuff they got Fannie Willis and all of them going through and all of that. That is just so stressful over time versus like the highest paid accountants. I don't want to say the highest paid accountants but accountants that make a similar amount of money as them. It's nothing like that. So yeah I think the pros to accounting would be quality of life. Quality of life. Being able to make similar amount of money or more. Yes of course you can meet a lawyer in a particular role or doing a certain thing. You can make more money than an accountant that may be in an adjacent amount of years and experience and all of that. But if we looked at the highest paid accountant versus the highest paid lawyer I don't really think it's close. I really don't think it's close. I think we're talking about a billion dollar difference per year. You know what I mean? Something like that. We're talking like hedge fund managers and people who work in the stock exchange. And don't get me wrong like I said you can be a lawyer and make a lot of money because you're handling stuff on behalf of these wealthy people but I don't think they make anywhere close to what the accountants at the highest highest level versus the lawyer at the highest highest level. I don't think it's close. You know what I want to look this up. I don't see where I can really see a person. Because I was going to say I believe the highest paid, now the richest CPA I believe is going to be Phil Knight but he owns Nike. You know what I mean? I think he had like $25 billion but that's not all because he was an accountant. You know what I mean? He got Nike. But when you got guys like let's say you might be hearing my fridge over there it's making a little noise. I think it's trying to make ice or something I don't know. David Tipper, Income, 2023. Okay so, okay. Now these accounting types, let's call them accounting types. These accounting types, hedge fund managers and stuff like that, I think it says, okay. The top 25 hedge fund managers earned $31.7 billion. So $31 billion, they earned $31 billion. Let's see, I'm trying to see if I can find David Tipper on here. Okay so yeah, so like 2023, this is saying that he earned $2.3 billion. One year. One year. Now if I find the highest paid lawyers, which I don't know. Yeah see this is not going to give the real guys justice. This is like $100,000, $200,000. This is not, this is like the average person working, but this is not the law firms, okay top paying law firms, okay this is just the top paying law firms. But anyway, honestly the highest paid lawyers are basically representing guys like David Tipper though. So it is what it is. But that's why it's like if I'm looking at the highest level, if I'm going to work like crazy and I want to be at the top, I'd be better off in the financial sector and it's a better quality of life in my opinion. And you can make more money in my opinion. And it's less school, right. It's a four year degree versus four years plus another three years versus seven years. So yeah, no, I don't know. But I am interested in it still. Like I still might, I might, I don't know, I don't know. You guys let me know what you think. Should I pursue getting my juris doctorate? I don't know. My sister's barred in two states. I'm not, you know. But anyway, right now you're watching Casino is the Name. Please like, share, comment and subscribe and we out. They're hedge fund managers making a million dollars an hour. That's crazy, right? There's money everywhere. There's money in everything. I want to help you. Start your business today. Come join my royal family. Subscribe to Casino is the Name.