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Ask HN: How to become a millionaire in 3 years?

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Re: Ask HN: How to become a millionaire in 3 years?

#61

Post by chc »

clark-kent wrote: post #36

First thing you need to do, is determine how much income you want to be making. Are you happy with $1M net worth (in stocks and real estate) or do you want to make $1M USD annual income. I would rather have $100,000 monthly income than a $1M net worth on paper. I am not a millionaire yet. I would like my annual income to exceed $1M. I don't care much about net worth. Once you determine how much income you want to mak…

This got downvoted, but I think it's pretty insightful. If you're wiling to live in abject poverty, just work any six-figure job and you will be a millionaire in under a decade. If you want it in three years, make sure the job pays more than $300k.

Re: Ask HN: How to become a millionaire in 3 years?

#62

Post by kiba »

petercooper wrote: post #52
Terry_B wrote: post #43

Earlier quoted context omitted.

My problem so far has very much been that all of my ideas and efforts have been towards big, pie in the sky, breaking new ground type things. And of course, they usually don't get finished. I've been trying to get far more disciplined in looking for the more practical, boring problem/solutions that follow market trends etc. I just find it so hard to do because it doesn't excite me as much, even though I know there is…

Perhaps an example of how "small" a trend can be could excite you enough to look out for things that are "bite sized" enough to try. I'm pretty deep in the Ruby world. A trend that has emerged (and is almost becoming a cliché) over the past 18 months or so is selling Ruby related screencasts. Peepcode started selling screencasts about 3 years ago but no-one followed on in a serious fashion for quite a while (until Pe…

I somehow got myself in producing open source video games for freelancing cash.

I first got my starts by trying to blog about video games. Then I started a wiki which I bootstrapped off my own saving. Now it produce maybe 20-30 bucks each year. Not a whole lot, but I bootstrap my way with that money in addition to programming work that I started working.

I am hoping to go back in automating the maintenance of my wiki and create new sites in that niche to generate a bigger income, which then will be used to bootstrap other sites.

The way I figure it is that for each domain, I only need to make about 15 bucks to be profitable. Basically, they serve as buffer money used to fund new mini-ventures.

Re: Ask HN: How to become a millionaire in 3 years?

#67

Post by Alex3917 »

starkfist wrote: post #57
Alex3917 wrote: post #54

If all you care about is making a million dollars in three years, just franchise three or four restaurants.

You would need to already have a million dollars to qualify to franchise three or four restaurants.

Yeah, but it doesn't have to be your money.

Re: Ask HN: How to become a millionaire in 3 years?

#68

Post by volida »

jasonlbaptiste wrote: post #5

I'm going to go and replace 3 years with a "short time frame". Some things to focus on: - Market opportunity- a million dollars isn't a lot in the grand scheme of things, but it certainly is a lot if the market opportunity is not large enough. Even if you put Bill Gates and Steve Jobs as founders in a new venture with a total market size of 10 million, there is no way they could become too wealthy without completely…

now that's what someone would call a self-made millionaire mindset!

Re: Ask HN: How to become a millionaire in 3 years?

#69

Post by nl »

pfedor wrote: post #60

Get a job as a software engineer at a large company. Rent a small room, don't own a car, don't eat out, don't go to Hawaii for vacation, whatever it takes to save $250k in three years. Then go to Vegas and put everything on red twice. (Metaphorically speaking -- I don't know if they'd allow a $500k bet in Vegas. But in the wonderful world of contemporary financial markets, there are instruments to make any kind of be…

This method is by far the best here.

Not only does it make sense, but it allows you to see exactly what your odds of success are. Everyone acknowledges that both the "get famous" and the "do a startup" method have an element of luck, but this method allows you to quantify it.

Also, if you did it there a non-zero chance that you could get famous and become rich though your fame (even if the Vegas bets failed).

Re: Ask HN: How to become a millionaire in 3 years?

#70

Post by starkfist »

nl wrote: post #69
pfedor wrote: post #60

Get a job as a software engineer at a large company. Rent a small room, don't own a car, don't eat out, don't go to Hawaii for vacation, whatever it takes to save $250k in three years. Then go to Vegas and put everything on red twice. (Metaphorically speaking -- I don't know if they'd allow a $500k bet in Vegas. But in the wonderful world of contemporary financial markets, there are instruments to make any kind of be…

This method is by far the best here. Not only does it make sense, but it allows you to see exactly what your odds of success are. Everyone acknowledges that both the "get famous" and the "do a startup" method have an element of luck, but this method allows you to quantify it. Also, if you did it there a non-zero chance that you could get famous and become rich though your fame (even if the Vegas bets failed).

Except he'd have to first find a software engineering job that paid $150K/yr.
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