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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?

#71

Post by gallerdude »

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…

Yeah, this is what scares me. How do you live in the moment and plan for the future? How do you be fulfilled in work while having a good personal life? I’m kind of scared that some sort of balance between the two is completely idealized.

I’ve read a lot of Alan Watts recently, and his deal is enjoying life where you are. But at the same time, I really value personal freedom and doing my own thing.

And on top of all of that, I want to be happy with my future SO, whoever she is. Maybe I’m just going through a conflict of goals right now.

Life is a huge and beautiful thing, and I just want to live as much of it as I can.

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

#72

Post by timthelion »

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…

I believe the opposite may be true. You may be swearing off marrying or dating a gold digger, but why would you want to? I have a well dressed, intelligent, good looking wife and she makes more than she costs.

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

#73

Post by ranic »

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…

Even if you're not swearing off a serious relationship, you're almost certainly swearing off having children. And this is an interesting thing because my attitude toward having children wasn't the same in my twenties as it was in my thirties. Children weren't a serious consideration at all when I was younger, but after I met my now wife, I began to want children far more seriously.

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

#74

Post by TwiztidK »

gallerdude wrote: post #29
throway8675309 wrote: post #18

Adding to what everyone else is saying, remember that $80k/year will be great for now, but if you're not letting the principal grow at all, you'll still only be getting $80k/year in 40 years, at which point it'll be a lot less useful

Yeah, I’ve considered this. Maybe in years where return exceeds 4%, you invest the excess.

I'm going to assume you mean 'in years when 4% exceeds $80k, leave the excess invested'. As the whole point of using 4% as a safe withdrawal rate is that it allows the good years to balance out the bad years.

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

#75

Post by _m8fo »

bshimmin wrote: post #70
edent wrote: post #47

Earlier quoted context omitted.

> 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.

Couples also have a tendency to use something called a contraceptive.

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

#76

Post by ryeguy_24 »

delbarital wrote: post #20
CodingGuy wrote: post #6

Buy Bitcoin and wait a year...

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

Agree in totality. This is the same concept as buying South African Rand because the value moved significantly in the past year or two with respect to your current. These aren't assets, these are mediums of exchange. Plus, in a world where all we use is Bitcoin, the price change with respect to dollars becomes irrelevant.

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

#77

Post by gallerdude »

saluki wrote: post #62

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 al…

A lot of people on HN talk about SaaS - why this route? It seems passive, but then you have to maintain it and update it to the current needs of the market. Furthermore, unless you’re a really technical mind and can do straight CS work, you have to completely understand the needs of a different field. Is this really the best way forward?

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

#78

Post by eagsalazar2 »

Don't get sucked into the idea that "startup" means VC funded startup with high risk, multi-year investment of your time. Consider bootstrapping many "utility" startups with the aim of getting 1-2 that have an aggregate value of $2.2M and that, as assets, will provide > $80K in revenue versus $80K in interest, which amounts to the same thing practically speaking.

I think the math in valuing these things is tricky but just for the sake of this conv let's say you want to create assets that produce $160K in income/year (to offset for the fact that these assets might only produce value for a few years or require additional investment down the road). That means you need assets that produce $13K/mo. Which, honestly, is not much.

So ask yourself this, what is more fun, easier, and more likely, making $2.2M from a single big gamble? Scrimping your dev salary for 20 years working on someone else's dream? Or making 2-3 bets (apps/products) year for a 2-3 years where 1 or 2 turn into actual money makers? I think by following a strategy like this, by the time you are in your mid 20's you easily should be basically retired. There are a million little needs and still backward industries where people are willing to pay for some automation and/or convenience. Finding and scratching those itches is pretty satisfying IMO.

It is a very personal thing and obviously you need the few years of space to build these things without also worrying about how you are going to eat.

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

#79

Post by gallerdude »

fpisfun wrote: post #35

Haha nice, I always like when people think this way because I've realized I only need so much money also and killing myself working to get more than that is pointless because I already know very well that money doesn't bring happiness by itself but having too little also leads to unhappiness. I have no idea what the answer is to your question but I'm going to be reading the comments.

Yeah, it’s quite freeing in a way, knowing that I don’t want a billion dollars. Everyone wants to be rich, but by knowing how rich, you can plan a lot better.

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

#80

Post by dejv »

ranic wrote: post #73
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…

Even if you're not swearing off a serious relationship, you're almost certainly swearing off having children. And this is an interesting thing because my attitude toward having children wasn't the same in my twenties as it was in my thirties. Children weren't a serious consideration at all when I was younger, but after I met my now wife, I began to want children far more seriously.

Or maybe he is living/want to live somewhere cheap. In my country (still in club of rich countries and part of EU) will 80k/year puts you in rank of 1% by earning.

Even if you are not living in somewhere that cheap, 80k should be enough to afford you dating, children (or two) and probably even enough to live off that one income stream.

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