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Ask HN: Getting depressed about money. How do I make a meaningful amount “fast”?

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Re: Ask HN: Getting depressed about money. How do I make a meaningful amount “fast”?

#71
post #67

Earlier quoted context omitted.

Selling, which is the biggest skill you need to have, is clearly missing. Which explains a lot of your frustations. I strongly suggest you read Way of the Wolf by Jordan Belfort. Best sales book there is. Go buy it right now. Read it amd email me when you are done.

Will do. I have some sales experience though I never worked as a dedicated sales person. I've made cold calls that turned into paying gigs and I've done sales as an engineer: go present the technical aspects of the product and take potential customers from "who the hell are you guys?" to "how can I give you my money?". I also have a lot of negotiation experience and do quite well with that, but never a bad thing to g…

Good, because you grasp the importance of my suggestion.

Emailing me to continue forward is also important. Otherwise you stay in the same place.

Re: Ask HN: Getting depressed about money. How do I make a meaningful amount “fast”?

#72
post #60

If you want to become a millionaire some day, then you're already on that path as a software developer. You can get top dollar by working for FAANG and working your way up the levels.fyi. That's probably the peak you can get by working for someone else. If you want to make it to become a billionaire, then the only way is to not work for someone else, to become the boss (owner). Which means, taking a huge risk in star…

Wow, this is one of the most helpful comments here. If I can ask for some details: The CEO track sounds nice. I've done the middle management stuff before and was quite successful at it. In my last job I was heading up the software team for a software/hardware startup, as well as taking on partial management of the support team and the data entry team. I have been C-level at two companies but both were early stage wh…

C-level at a startup is probably comparable to middle-manager at most companies, so like 10 reports. CEO track means you're in charge of like a hundred people minimum. You don't apply to jobs any more in the traditional sense. Companies hire executive placement firms to hire you. For your area, you probably need to find VPs from the big companies there and ask them about how their career path goes.

If you want to get rich in finance go to Harvard and get your MBA, and then just follow what everyone else around you in your class is doing.

Re: Ask HN: Getting depressed about money. How do I make a meaningful amount “fast”?

#73
post #68

Earlier quoted context omitted.

Not that I mean to pry but that sounds like it benefits everyone involved if it meant the pay raise – get a few months in savings in then bootstrap from there. Easier said than done I know.

My wife says she will never move out of the area. She goes to work when I get home to watch the kid and spends all that money on horses. So I don't have any free time to do LeetCode and I am forced to stay here and pay all the bills.

Sounds like your problems aren't really income or job problems.

Re: Ask HN: Getting depressed about money. How do I make a meaningful amount “fast”?

#74
If you didn't at least buy an S&P 500 index fund when it was tanking in March then investing might not be your strength.

Otherwise, as a rule of thumb, everyone who starts out poor and ends up rich does it in real estate. (That's not the same as saying everyone who invests in real estate gets rich.) There's a fundamental tenet of profitable investing that makes this so but you don't have to understand that in order to profit from a real estate investment.

It's not stupid to both rent the home you live in while at the same time buying a home to rent to others. This maximizes flexibility but with some extra effort.

Re: Ask HN: Getting depressed about money. How do I make a meaningful amount “fast”?

#75

If you didn't at least buy an S&P 500 index fund when it was tanking in March then investing might not be your strength. Otherwise, as a rule of thumb, everyone who starts out poor and ends up rich does it in real estate. (That's not the same as saying everyone who invests in real estate gets rich.) There's a fundamental tenet of profitable investing that makes this so but you don't have to understand that in order t…

The fist part is kind of garbage but real estate is true.

For whatever reason real estate gets preferential risk treatment in the US. If you pick a hot area you can double your leverage in 7-10 years that’s typically a 500% return. You don’t pay taxes on that gain and your downside is limited to 20% in most non recourse states.

That being said it would be hard to guess what a hot area is right now. Maybe Boise Idaho, and Bend Oregon

Re: Ask HN: Getting depressed about money. How do I make a meaningful amount “fast”?

#76
post #55

How old are you? Do you have a lazy stock portfolio? It's the first thing everyone should be starting at 18. Parents should be setting it up the day you are born. Investing gradually you would have enough money to not worry. Saving with compounding is the best way for the general public.

Mid 30s. I have a small but slowly growing stock portfolio. If I keep going the way I am, in 5 years I might be able to buy a Model 3 with its worth. My family growing up invested in my education, not in a stock portfolio, so what I have is skills, not cash.

Then maybe add more because the market returns are suppose say 5%, but they are generally much more higher, around 10% over a 15-year period. Over 14-years that money doubles, but the market is performing at 10%, and even higher lately, so that's 7 years. So instead of buying that model 3 in 5-years if you continue adding small increments that Model 3 turns into a Model S in 7-years.

The issue is many people hold a savings account in cash but then inflation eats you up, or they store it in a savings account, but then you break even with inflation. Taking advantage of compound interest is huge.

Re: Ask HN: Getting depressed about money. How do I make a meaningful amount “fast”?

#77
My friend, I'm very sorry to hear this. It seems like you are under a lot of pressure to be the financial backbone of your family. Without any knowledge of your circumstances, is there a way to have a frank discussion with some members to ask for their support? We tend to focus on thinking the soltuion to our money problems is getting more money/wealth. That is objectively true, but it might be at the risk of your mental and physical health. If you can get additional support from your family to contribute financially, please have that honest conversation and tell them how you are feeling.

Creating a winning startup is like the lottery. Lots of things have to go in your favor. It might be best, given the pressure you are feeling, to stay with the slow and steady market gains you are experiencing, as when we are under pressure we make bad stock market gambles.

I would also take a solid look at your budget/spending and see if you can cut anything at all. You'd be surprised with what you can cut out of your life.

Again, I am sympathetic to your pain and feel it myself.

Re: Ask HN: Getting depressed about money. How do I make a meaningful amount “fast”?

#78
I would recommend redefining wealth in your life to be something other than money. We all die and life is short - find something that you're fulfilled doing while you're still alive. I don't anticipate I will ever retire, but I hope to do something I enjoy until I die so in a way it doesn't matter. I don't want to do software for the next 20 years just so I can retire for 20 years before I die.

Re: Ask HN: Getting depressed about money. How do I make a meaningful amount “fast”?

#79
post #45
post #25

I can't really help you, but I just wanted to say that I've also felt the same way for a few months now. I'm not really in the same situation, but just seeing people make these outrageous amounts of money has been pretty depressing. What really gets me, apart from people like Bezos (like you've mentioned), is that there are literally children making multiples of a doctor's salary by peddling products to even younger…

At least I'm not the only one :)

Count me in :)

Re: Ask HN: Getting depressed about money. How do I make a meaningful amount “fast”?

#80
While softwares are scalable. Problem is that you not the owner of those softwares, will you be able to negotiate with your employees to give you 1-10% of the total profit they generate. Unlikely! Yes, software developers make a lot of money but they still end up in category of "expense" not revenue generator in accounting. You'll only get paid what it costs to replace you.

You need to start a business where you own total upside and total downside. It's high risk and high reward game, if you get lucky - you'll be in the names like Bezos.

Having worked with software developers, they hesitate from charging too much as they don't understand the value of the work they are providing and are generally happy making stable amount of money over lifetime.

This is not bad if you value stability. But if you want more, you need to play with fire. Highly likely you'll get burnt but that's what it takes.

I quit my job to produce 3d printing filament and I am making 7000 euros a month as the business grows, I'll probably make more but see it's a limited scope process to make filament so it's very scalable. I expect upside to increase steadily over few years before I plateau and then I plan to move on to another opportunity.

Here's my project: https://medium.com/endless-filament/make-your-filament-at-ho...

Just like me, pick a problem where people have money to pay and start finding how how to reduce costs and increase sales.

In business/sales/marketing you need to display confidence which often software developers lack (because they know of so many ways things can go wrong). Customer doesn't like this, customer wants to feel that your solution is flawless without any holes! That's where clever sales person come and sell the software solution for several multiples of what it costs to make it.

When you've enough money, you don't need to struggle - you need to do things that are fun for you and have upside.

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