This I wonder : are there many millionaire who planned to become a millionaire ? Or is it just something that happens to people who pursue other (healthiers?) goals ?
Ask HN: How to become a millionaire in 3 years?
111–120 of 147 posts
Re: Ask HN: How to become a millionaire in 3 years?
#112First 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.
True but the chances are slim that one can obtain a position at this pay scale. We are talking about ~.5% or so of all earners? In the world!
Re: Ask HN: How to become a millionaire in 3 years?
#113I'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…
Awesome answer! I like the "Be an unrelenting machine" the most, discipline and hard work is king. Always.
Re: Ask HN: How to become a millionaire in 3 years?
#114A slightly different approach:
!. Marry Warren Buffet
2. Divorce Warren Buffet
But all kidding aside, 3 years is too unrealistic..
Most do it in 5 to ten years..that is Bill Gates, Paul Allen, Steve Jobs, etc
Re: Ask HN: How to become a millionaire in 3 years?
#115Why? Why do you want to be millionaire? A little introspection and self knowledge might lead you to your real goals more directly. I've always been wildly successful at my goal - which was to be happy.
If I'm already happy but just want to expand my horizon, isn't it bad to wish for 1 mln ?
Re: Ask HN: How to become a millionaire in 3 years?
#116Earlier quoted context omitted.
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…
I hope you missed a "k" after that 20-30 and 15...
"k" and "bucks" are rarely used together, so I think kiba means dollars. While the amounts might be small to you, be careful of putting it down - everyone has to start somewhere, and better to be excited to be making anything at all than depressed that it's not much.
Re: Ask HN: How to become a millionaire in 3 years?
#117I'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.
Point I didn't get to make: learn how to filter- you'll hear and learn a lot of things. You can't act on everything, so pick and choose what makes sense. If you tried to make every piece of advice you received work together, you'd become immobile.
Re: Ask HN: How to become a millionaire in 3 years?
#118If you are starting with '0', or even say 50k, you have one option: get lucky. There are no legitimate (meaning non-lucky, legal) investment returns available that will get you to $1mm in three years. Sorry!
Time honored 'get lucky' options that make you look brilliant:
1) Options trading
2) Buy highly (say 100%) leveraged real estate just before a boom
Now, let's say you have no money, but great social capital: awesome trading skills, and good connections, we can add an option:
3) Become a trader, running other people's money. Make good money.
Now let's say you have awesome entrepreneurial skills, good social capital, and no money. We can add an option:
4) Buy a business with other people's money, taking a smallish cut. Grow the business / tart it up for sale. Sell it.
There is a very rarely successful variant on this, which is 'buy someone's idea, and build it out and launch it with other people's money.' This is called doing a startup. Think of it as 4a. For most people, it's equivalent to just getting lucky.
Now, let's say you're hot and super sexy, and you have a thing for the older guys/gals. We can add what is pretty much the final option if you aren't going to inherit:
5) Marry it.
Re: Ask HN: How to become a millionaire in 3 years?
#119 If you are able to convince others that you know the secret to become millionaire in 3 years, you can sell it to yours readers and do it real. You can bet that you will get 1 million in 3 years.
Re: Ask HN: How to become a millionaire in 3 years?
#120My advice: forget the deadline. Imposing a deadline on a result that is largely beyond your control will serve no constructive purpose. You should only set deadlines on things that are within your power to control, e.g. I will finish X by time Y. But putting a deadline on the market to respond is just silly. If you want to be a millionaire, here's the procedure: 1. Pick an activity that you think will make you a mill…
If you follow a rational path, you will find yourself going in the same direction as many more. There will be no much money to reach because other will be there before taking you money. If you can't run at top speed, don't use your legs. If your mind is not top one, don't use your mind. If you don't have a lot of imagination, don't dream.
Becoming millionaire must be a way to find a secret force that only you can use. Don't be rational.