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Ask HN: 8 figure parents

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Re: Ask HN: 8 figure parents

#21

Post by taway_1212 »

pinnbert wrote: post #10
chatmasta wrote: post #9

I know lots of people in this situation, including more than a few with "10 figure" parents, and the happiest ones are those who choose to ignore the money and live a normal life. They might live in nicer apartments, but for the most part they get the same jobs as their peers and go down the same career path. If they didn't do that I imagine it could become quite isolating. If that doesn't interest you, you could sta…

Well I know a mid 8 figure only-child family, but don't know or lie about knowing "10 figure parents". I'm working and getting a $28k bonus for evading the gift tax--that's fine for now. My parents would know about that part. I have the pressure to present any business ideas to my parents, or even the trustee. Video games frankly seem tempting.

Don't be that rich sucker that jumps into a business sector he knows little about and either wastes enormous amounts of money or is taken for a ride by some cynical people. In the end, you'll probably lose the money and may end up being a local laughing stock ("- Remember that guy who knew nothing about video game development and yet thought it's a good idea to pour a couple millions into idea X? - Yeah, we made a killing off him too!").

IMO the smart thing to do would be to be cautious about choosing your industry (that's assuming you want to be entrepreneur, which may change with time). Video games development is definitely not for the faint of heart (i.e. when you're starting out, to turn a profit you need to be either very very good AND lucky or just plain super-lucky), so I'd suggest spending some time in the industry as an employee first to assess whether you like what you're getting into. This has the benefit of being exposed to a lot of things, so, in the end, even if you come to conclusion that you don't want to start a game dev company, you might figure that you really liked what programmers|artists|musicians|managers|marketers did in that company and choose it as your next pursuit. Life is a journey really and it's best to treat it as such from the start.

Re: Ask HN: 8 figure parents

#22

Post by gyardley »

I'm having trouble seeing how your parents' net worth is relevant here. If you're interested in AI, you get a job with an AI company or you study AI in school, same as anybody else.

I'm guessing that none of that sounds appealing, though, or you'd already be doing it / wouldn't be asking this question. My guess is you're kind of like me - because you're in a good place economically, you don't have a lot of tolerance for the hard and boring grunt work that goes into intensive study or challenging jobs, and because of that you're not going to be able to achieve something awesome.

The solution is to find the thing you love to do so much, it makes the hard and boring grunt work pleasurable. That thing probably isn't AI, since you've got a MSc in Computer Science - if your thing really was AI, you'd just be off doing it. So if I were you, I'd free up as much time as possible and then use that time to experiment widely. Get an easy job or some unstructured academic thing to keep your parents happy and then explore whatever catches your eye. When you find the right thing, I suspect you'll know it.

Re: Ask HN: 8 figure parents

#23

Post by atmosx »

Go around the world in 160 days, spending as less as possible, always using the cheapest way of transport. You'll figure it out before you get home. Meet people, talk to them, take some risks, live in the moment.

ps. Don't try to be an entrepreneur, to be yourself, just figure what you want now what is cool. You're the one that gives purpose to a cause/item/person.

Re: Ask HN: 8 figure parents

#24

Post by qwrusz »

Like everyone else in the same boat (having both the awareness to ask and enough money to do something about it)... you spend the rest of your life trying to answer this question.

Good luck.

Re: Ask HN: 8 figure parents

#25

Post by leepowers »

What are you passionate about? Do that.

The advantage the money gives you is an ability to fail. You can follow your passion, fall flat on your face, and yet still have stability in your life. So shoot for the moon.

If you follow this route you will meet fellow travelers who are passionate about the same thing. Help them out. Encourage them. Find a way to extend that stability into their lives.

Re: Ask HN: 8 figure parents

#26

Post by sh87 »

gumby wrote: post #17

Why not just ignore the money and work like anyone else (not being sarcastic, being serious). You'll have resources if it all causes problems, or to modulate around the edges (pay cash for your home, take slightly nicer vacations than you and your spouse might otherwise have done, have a full time nanny when the kids are small). I've sold some companies here in the Valley and I've noticed that the most fun people to…

Take this chance, take some risks that others cannot. You'll make great friends in the process and equally formidable enemies. There are a lot of real problems to be solved like housing, food, transportation, fighting exploitation, building things cheaper, etc. These don't need a lot of innovation that isn't there already. They need slightly deeper pockets ( that you have ) and a lot of courage that is derived from purpose (which you will find as you get out). As long as money isn't your sole and immediate purpose, there's a lot that you can do.

Re: Ask HN: 8 figure parents

#27

Post by reality_czech »

Buy the Winchester Mystery House and start extending it. The haunted house space is ripe for disruption. Eventually, sell the whole thing to Google as their newest campus. Then join the board of YC and spend the rest of your days funding apps that let people send the word "yo" to each other.

Re: Ask HN: 8 figure parents

#29

Post by bottler_of_bees »

Down the track, I'd buy a place on http://aboardtheworld.com/ and just network with others of your ilk. They'll have faced the same challenges and could offer some good advice I'd suspect.

Otherwise, what are you interested in beyond AI? I see AI as interesting, but a means to an end. Gardening, for instance, interests me. I would look at ways of improving crop yield, rehab'ing land etc (perhaps naively), or anything with a quantifiable goal. The current wealth imbalance of the world interests me, I'd research ways of coming to terms with that or fixing it :p

Re: Ask HN: 8 figure parents

#30

Post by bottler_of_bees »

pinnbert wrote: post #10
chatmasta wrote: post #9

I know lots of people in this situation, including more than a few with "10 figure" parents, and the happiest ones are those who choose to ignore the money and live a normal life. They might live in nicer apartments, but for the most part they get the same jobs as their peers and go down the same career path. If they didn't do that I imagine it could become quite isolating. If that doesn't interest you, you could sta…

Well I know a mid 8 figure only-child family, but don't know or lie about knowing "10 figure parents". I'm working and getting a $28k bonus for evading the gift tax--that's fine for now. My parents would know about that part. I have the pressure to present any business ideas to my parents, or even the trustee. Video games frankly seem tempting.

There is a wide gap between making games, and enjoying them.

Once they're reduced to nuts and bolts and hard work, they become much less interesting.

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