Ask HN: How do I get $2.2M dollars?

#1

Post by gallerdude » Wed, Nov 29, 2017, 4:32 PM UTC

I've decided that the optimal path I want in life is $2.2 million dollars, and then to live the rest of my life off of the interest generated from an index fund (approx $80K/year after tax).

Right now I'm in college studying Computer Science, and in my free time I write (I'm not any good at either yet, but now's the time to get good, so I'm not worried).

I've thought about a start-up, but the risk and reward are both too high. A successful startup is around the $10 million to $1 billion, depending on what you create. This is way over my goal. I'm sure the risk is proportional to the potential money earned, so it'd be inefficient to overshoot my target.

Re: Ask HN: How do I get $2.2M dollars?

#2

Post by itamarst » Wed, Nov 29, 2017, 4:36 PM UTC

1. Get a programming job with decent salary.

2. Live far below your means, saving most of your salary.

If you can live with less than 80K you will (A) save faster (B) need to save less money.

See http://www.mrmoneymustache.com/2012/01/13/the-shockingly-sim...

Also, you're young, so you may find you have different life choices in the end. Saving money is always a good plan, but there's other paths to having a life and a job (I cover them all in my book: https://codewithoutrules.com/saneworkweek/).

Re: Ask HN: How do I get $2.2M dollars?

#3

Post by mtmail » Wed, Nov 29, 2017, 4:45 PM UTC

Treat startups as lottery tickets. That investment risk class is way too high for your goal. A high salary and saving will get you there.

Re: Ask HN: How do I get $2.2M dollars?

#4

Post by corporateslave3 » Wed, Nov 29, 2017, 4:47 PM UTC

Honestly? Just master data structures, get competing offers at FB and Google, make 350-400k a year, invest heavily and aggressively, retire in 7 or 8 years

Re: Ask HN: How do I get $2.2M dollars?

#5

Post by tmoullet » Wed, Nov 29, 2017, 4:47 PM UTC

Read reddit.com/r/financialindependence for more ideas, but the gist of it is what itamarst says.

Re: Ask HN: How do I get $2.2M dollars?

#6

Post by CodingGuy » Wed, Nov 29, 2017, 4:47 PM UTC

Buy Bitcoin and wait a year...

Re: Ask HN: How do I get $2.2M dollars?

#7

Post by yongelee » Wed, Nov 29, 2017, 4:48 PM UTC

start and sell a million dollar business 2.2 times

Re: Ask HN: How do I get $2.2M dollars?

#8

Post by tpae » Wed, Nov 29, 2017, 4:48 PM UTC

You can find inspiration here: https://www.indiehackers.com/

Re: Ask HN: How do I get $2.2M dollars?

#9

Post by tlackemann » Wed, Nov 29, 2017, 4:49 PM UTC

Find a niche problem, solve it

Re: Ask HN: How do I get $2.2M dollars?

#10

Post by davelnewton » Wed, Nov 29, 2017, 4:50 PM UTC

You work, you save, you make safe investments, and you wait.

Seems mostly like common sense, really. Regarding "over-shooting"--the risk of startup-like-entities is manageable, particularly if it's a low-input resource.

Lower-risk passive-income projects don't necessarily bring in a lot of money, but they're largely no-input once the initial investment is made, and every little bit helps.