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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?

#91
> How to become a millionaire in 3 years?

I've said this before: statistically speaking you are highly unlikely to achieve this.

In fact in my experience those who set out to earn discrete amounts in a discrete time with no idea how to do it are those most unlikely to achieve it.

The truth hurts.

Others have said that setting a deadline is a good idea; which it usually is. Here is just limits your scope - very few things can earn you an initial $1Million in 3yrs, and most of them rely on luck or a lot of skill (and if you have that skill why are you here asking the question).

With that out of the way there are sure fire ways to make a million:

- work in corporate of finance positions, you can be on $100K+ in a few years with minimal effort and on bonuses shortly after. By living frugally you can earn $1Million in 5-8years no problem

- find someone willing to "invest" $1 Million in you. Making another $1 Million with that is fairly easy if you are smart.

But, ultimately, I think this falls well into the category of pipe dream :)

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

#92
post #82

Move to Zimbabwe.

This was a brilliant idea but unfortunately they no longer use Zimbabwean Dollar anymore, instead the economy has fully moved to USD (now they are legally allowed to do so).. Previously you would get paid in billions.. Zimbabwe's $100 billion banknote could buy you 3 eggs on its release date.

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

#94
Great question. I believe that almost everyone here in HN is trying to reach the same goal.

I don't have $1M, but can't imagine that you would reach this goal (I suppose of having $1M available, meaning that you paid already your apartment and car) without learning how stocks work.

I would say that you should learn do be "one day trader" first, and once you master that you could start investing in the long term, with a portfolio of stocks, bonds and other investments.

This is how I imagine that one could have that sum of money. Anyone agree?

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

#95
Your desire to not answer the question on why you want the money, your choosing a relatively ambiguous goal (millionaire), and the rather short time frame (3 short years) makes it really difficult to answer the question.

How many million exactly would you want? what are '3 short years'? Would you be willing to put in 5?would you be willing to put in 10?

What would you do after you had this money? Is it conceivable that you could make your millions doing what you 'dream' of doing right now instead of waiting for after you've made your money?

Why do you have such a weak way of putting it - 'just want to hear people's thoughts about the idea'?

Are you committed to it or not?

Final question - Would you like to make a ton of money without working hard? actually that should have been my first question.

Unless you start asking different questions you're setting yourself up for failure.

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

#97

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…

I am just curious jason...based on your detailed feedback, is this something you have achieved? In a similar time frame? Or is this just based on your knowledge of how income & opportunities work?

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

#98

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…

Playing devil's advocate here. >:\

If you think you can focus or be actively conscious of all these things at once, you 1)have a weird definition of focus, 2)are probably fvcked.

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

#99
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…

I like this method but just increasing the time span to 12 years. 100% success rate.

With or without the gambling part?

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

#100
post #75
post #15

"Start by being a Billionaire" -- Sir Richard Branson, on how to become a millionaire in the aviation industry)

Ok. So how do you become a billionaire?

Enter the stock industry as a multi-multi-billionaire.

(Of course, you already ruined my entrance:

"How do you make a small fortune in the stock market?"

"Start with a large one." )

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