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Ask HN: I made $24k over the last month. Now what?

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Re: Ask HN: I made $24k over the last month. Now what?

#31

Post by icey »

eru wrote: post #20
icey wrote: post #8

Earlier quoted context omitted.

While microloans are certainly an admirable use of money; I don't think that really helps Max with his request at all. Kiva is something you do to be charitable, not something you do to make money.

If you get a decent return on your microloans, they can be a good way to make money (and give some capital to people who need it). But I agree: I doubt Max has as much of an advantage in evaluating promising targets for microloans than he has building software.

The feel that I've gotten is that nobody is really making any money with Kiva. Most people I've read have gotten roughly a 1% return. Have you heard much about people having success with Kiva that exceeds a bare return on principal?

Re: Ask HN: I made $24k over the last month. Now what?

#32

Post by swombat »

I don't know what to do with the money, how to use this very large monthly income to actually make myself rich

What would you do if you had already made yourself rich? What would you spend your time on?

Why not start doing that right now? Why do you need to "make yourself rich" before you can do it?

Re: Ask HN: I made $24k over the last month. Now what?

#33

Post by jackowayed »

iworkforthem wrote: post #7

Invest in companies.

That's pretty risky. If you have a few million dollars that you want to invest into a dozen companies, you're diversified enough that if you make good decisions, it should pay off.

But at an angel level he probably only has enough to invest in 1-3, even fairly small rounds. So it's not too unlikely that all 3 of those companies fail and he loses it all.

High-risk bets, even those with high expected values, are bad if you can't afford to make the same bet enough times.

Re: Ask HN: I made $24k over the last month. Now what?

#36

Post by Mz »

cellis wrote: post #18

I once read "Never give financial advice for free: if it is good advice, you won't get credit, and if it is bad advice -- you'll get the blame". You should consider why anyone here would give you advice on how to turn xx,xxx into millions quickly. HN is full of smart people who are fully capable of getting their hands on that much in vc/other leverage and doing it themselves. Any advice they give you, from a purely c…

If anyone knew of a way to turn 24k into millions, why would they say how to do it for free?

Because people are social creatures and often take great pleasure in talking about something they know a lot about and may have difficulty finding many people that really want to listen/discuss it. Besides, as gets stated here often, a great idea isn't worth much. You still have to put in the time and effort to get any payoff. So it's not much of a threat, really.

Re: Ask HN: I made $24k over the last month. Now what?

#37

Post by noodle »

icey wrote: post #5

First, congratulations; that's a pretty impressive feat on the app store. Have you thought about taking some of the income and using it to hire other developers to increase the number of apps that you've got being developed at once? It seems like you know what works and doesn't work on the app store, so it would probably make sense to start trying to make your efforts scale up.

i echo the congrats and everything else icey says, basically.

things that i would add:

- consider just sitting on (some/most of) the money for a while. you don't need to make a big hasty plan and execute just because you have some cash to spend right now. thats not to say do nothing. just don't throw all your resources at something immediately just because you have the resources to burn.

- diversify. as you said, the app store won't be forever. try looking into other things that are either just becoming viable for development, or things that are going to be longer-lasting.

- pad your account. no matter what you do, there will be dry times and hard times. make sure you're good to go for that. stash some money away while you have it.

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