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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?

#81

Post by Psyonic »

jackowayed wrote: post #41

I know it's risky, but I wouldn't count out the stock market. With the whole financial meltdown, the stock market tanked, and there was no doubt they'd go back up. A year ago, even though I was 15, only had a grand or so, and needed the money a year and a half from then for college, I considered the stock market because I knew they were going to shoot back up (and they did). So if it were a year ago, I would be screa…

You'd have been SCREAMING stock market at him? It went down to... 7k? So if he had invested in an index fund he'd have made 33%... another 8k? I don't think that qualifies as GRQ, but ok

Note: not saying it's a bad idea, but he's asking for something to quickly make a LOT more money. Your advice, while likely sound, isn't going to accomplish that, unless he can pick one of those lucky stocks (like Akamai was at one point) that goes up 33x in a year.

Second note: What he is asking for is a pipe dream. If it was that easy to turn 24k into millions, there'd be a hell of a lot more people doing it. 24k isn't really that much.

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

#83

Post by Mz »

cellis wrote: post #70
Mz wrote: post #55

Earlier quoted context omitted.

A lot of excellent ideas are viewed as "crazy" when first proposed. That is probably a bigger reason you aren't going to get a qrq scheme from an online discussion: Either they are burned out on trying to convince people casually or you won't recognize it as brilliant. And that comes back to my earlier remark: An idea isn't worth that much. Execution is what brings in the money. That still won't prevent some folks fr…

Ok, I'll bite. I just don't like talking about this sort of thing because it often devolves into scammy ideas. For instance here is a dead simple way to make money if you are really hard up: Build a site where the only goal is to serve ads and get visitors. Give away N of your ad revenue to a random visitor. Write viral hooks into it to propagate it faster. Of course it won't work for long - someone will eventually t…

I think you and I probably see this much the same. It's not like I've made any grq suggestions. I'm just one of those annoyingly chatty people who likes to talk -- and it gets me in hot water all the time. I have refrained from suggesting that this is a bad idea because a) sometimes a discussion is useful to someone, even if it doesn't accomplish the stated goal and b) long experience tells me that no one wants me to rain on their parade and say "Gee, that doesn't sound like a great thing to be asking".

In addition to your concerns, I will add that people seem to typically get rich pursuing a niche market which is a good fit for them as an individual. Which means a potential billion dollar idea is only a billion dollar idea for some people and not just anyone....um, which comes back to "execution", I think. :)

Nice chatting with you. I should probably shut up now and let people carry on with discussing what this individual might want to do with their money.

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

#86

Post by wmblaettler »

rufugee wrote: post #77

Rather than advice, I have questions....namely, is there a list of your published apps somewhere? I'd like to understand the types of simple applications you're developing. Thanks!

I am also interested in knowing this, if you are willing to share.

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

#88

Post by Psyonic »

icey wrote: post #23
vaksel wrote: post #17

you can do what Jacques does, he also has a "passive" income from one of his sites, so he makes a few small time investments here and there. You really don't need a lot of money to invest. Just look at the HN model. As an angel all you need is 25K to get into most early rounds.

That's pretty risky - you'd need to put 25K into one company to make it worthwhile for the company. Angel investing is like VC on crack; you have to spread your investments around because the failure rate is likely going to be well over 50%. The goal is to make the 1 or 2 in 10 that succeed pay off well enough to obviate the cost of the failures.

Angel investing without connections probably won't work, anyway. Most people are looking for more than money.

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

#90

Post by Imprecate »

taylorbo wrote: post #16

No one has a guaranteed way to make more money quickly...but here's some ideas. Invest in startups - You might see amazing returns in ~2-5 years, but the risk is very high. High risk hedgefunds - All equity/bond/commodity investment doesn't have to be slow. It can be risky and full of high returns/loses. My favorite idea... Expand what you're doing: Use your proven track record and revenues to bank roll your own app…

The original poster probably doesn't meet the requirements for investing in hedge funds http://www.fool.com/investing/mutual-funds/2006/02/28/are-yo...; and they don't take $24k investments anyway.
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