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

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

#61

Post by readhn »

fpisfun wrote: post #43
SirLJ wrote: post #12

The way for me is the stock market - building trading robots, this is the way to get your FU money and believe me it is well worth it and it is the ultimate freedom in life... I would recommend starting with Interactive Brokers or similar API (it is free), small linux VPS, some data for back testing and off you go, for around $100 you can start + a lot of time of course... Start by testing any trading strategy you ca…

Cryptocurrency currency bots can be way more profitable in my opinion, I'm working on this myself. The complexity is no joke, to build a truly robust system, but hopefully it will be worth it

You are entering the market at the time similar to a tulip bubble mania.

Be VERY CAREFUL.

There is time to be IN the market and there is time to be OUT of the market.

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

#62

Post by saluki »

I recommend a goal of creating a product and/or SaaS.

Listen to this for inspiration: @DHH Start Up School Talk https://www.youtube.com/watch?v=0CDXJ6bMkMY

Great advice here: StartUpsForTheRestOfUs.com Listen to the archive you'll follow Rob from drop shipping beach towels to selling his SaaS for $XXM exit.

Since you're in college you have plenty of time to make this work and build a 'lifestyle' business that will allow you to get to $2.2M and maybe even have ongoing recurring revenue on top of that.

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

#63

Post by derekp7 »

stale2002 wrote: post #45
sillysaurus3 wrote: post #17

I'm surprised no one has mentioned this, but if you want to attain your goal, you're basically swearing off having a serious relationship. It's very rare for you to meet someone serious about saving money. Before you know it, they're complaining that you never do anything even though you have plenty of money (relatively). Are you sure you won't want a relationship? You're young enough that within a decade you'll be a…

You do not have to limit as a hermit to save up tons of money. Daily "spending money" to go to the movies or the bar with friends is very very little when compared to the average salary of a Google engineer. The way to save up money is to get a job that pays 2X or 3X more than a comparable job (or in other words, don't work for startups. Go work for one of the big 5 tech companies). You are wasting your time if you a…

To add to this, make the saving automatic. If possible, have your check direct deposited between two different bank accounts, a fixed amount going into one, and the remainder to the second. Use the fixed amount account to auto-pay all your living expenses, and other fixed bills, and to auto-transfer a set amount into whatever your investment vehicle of choice is. You will need a bit more going into this checking account than the average of all your bills, to cover variances. Then once a year take the excess, and dump that into an investment.

The second account is then used for daily expenses such as groceries, restaurants, and other entertainment.

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

#65

Post by vannevar »

Assuming you want to do this with low risk by the time you're in your 40s, and that you're starting with a net worth of around $10K, you'll have to invest over $5K/month and generate an average rate of return of at least 5%/year. If you want to play around with the numbers, there are lots of investment calculators like this one: http://www.bankrate.com/calculators/retirement/investment-go...

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

#66

Post by fwdpropaganda »

blocked_again wrote: post #46
delbarital wrote: post #20

Earlier quoted context omitted.

"Investing" in any currency is a very bad idea.

Write down the price of BTC today and take a look at your comment after 1 year.

That's not how risk works.

If one year from now it's up 10x, that doesn't mean it's a good idea now.

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

#67

Post by ryeguy_24 »

"live the rest of my life off of the interest"

You are still young but the people who live the longest and happiest are the ones with purpose.

While you didn't ask for an opinion on this, if I were you, I would first identify your true purpose. Maybe that purpose is playing tennis 5 times a week and reading books (I know I'd like that) and which case, your question above makes total sense. But maybe it's helping improve the life of others via biotechnology innovation. Who knows. Don't discount having purpose in this mystical thing we call life. I've seen what happens when people retire early and have no purpose - it can lead to the unhappiest time of your life.

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

#68

Post by dragonwriter »

fpisfun wrote: post #39
gallerdude wrote: post #34

Earlier quoted context omitted.

Well, I think marriage helps give life some sort of meaning, and from a pragmatic standpoint, two salaries and a permanent roommate for life. So it might actually make more sense to marry.

You can do everything that a marriage entails without the legal contract that gives someone else leverage over everything you own.

> You can do everything that a marriage entails without the legal contract that gives someone else leverage over everything you own.

No, you can't, because the mutual ownership is a significant part of what marriage entails. An economic partnership in which the partners provide mutual support and can therefore adjust, dynamically and informally, together the distribution of marketed work and non-marketed support work is fundamental to marriage.

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

#69

Post by edent »

I'll tell you what my plan is. It will vary from your plan because we're different people and I'm in the UK.

1. Don't have children. They're probably the biggest expense that you'll ever have.

2. Find a partner who also doesn't want kids. Everything is cheaper when you're a couple.

3. Loyalty doesn't pay the bills. Whether it is your phone supplier or your employer - if someone is offering a better deal, take it.

4. Your equity in a start-up is worthless. Even on the chance that it does take off, there are some very clever accountants out there who will make sure you don't get much.

5. Remember Citizen Kane. "Well, it's no trick to make a lot of money...if all you want is to make a lot of money." At some point the quest for riches will be harmful to you. Make sure you have a release valve.

Good luck!

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

#70

Post by bshimmin »

edent wrote: post #47
sillysaurus3 wrote: post #17

I'm surprised no one has mentioned this, but if you want to attain your goal, you're basically swearing off having a serious relationship. It's very rare for you to meet someone serious about saving money. Before you know it, they're complaining that you never do anything even though you have plenty of money (relatively). Are you sure you won't want a relationship? You're young enough that within a decade you'll be a…

> you're basically swearing off having a serious relationship. Ha! What nonsense. It is cheaper for two people to live together, to cook together, to go on holiday together, to travel together, to game together, to invest together... I'm struggling to think of anything that isn't cheaper when done as a couple. Even if you find the cheapest living space possible - it becomes a lot cheaper if someone else is contributi…

Couples have this tendency to produce children, which tend to come with additional costs.
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