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No, You can't retire rich at 30 if you sell your startup

tonywright.com

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Re: No, You can't retire rich at 30 if you sell your startup

#111

Post by gamble »

sabat wrote: post #9

As someone who just witnessed two non-founders of a startup that had a recent IPO become wealthy enough to retire -- B.S. You can do it with stock options (even without an IPO). Tony seems to be making a binary argument: it's not guaranteed, so you may as well give up on the idea. Of course I'm doing it for the money. I'm also doing it for other reasons. Did someone die and tell Tony Wright that the world is only com…

You can also get your FU money playing the lottery. It's probably a better deal overall, since the odds are about the same and you don't have to pull any all-nighters to win the lotto.

Re: No, You can't retire rich at 30 if you sell your startup

#112

Post by jshen »

pchristensen wrote: post #91
jshen wrote: post #81

Earlier quoted context omitted.

I'm disputing the prediction that the future, if we remain on our current course, will be more of the same. Here's what you said, "If the past 40 years are a guide to the future". I'm disputing the idea that income inequality doesn't mean anything because the "poor" will have a higher standard of living that the middle class does today. Again, incomes are on the decline for most americans, and energy prices are risin…

"most people I know live in smaller houses than their parents" But do they live in smaller houses than their parents lived when they were your friends' age?

yes, but I live in L.A. and I'm sure it's different in most parts of the country. I make way more money than my parents or grandparents, even when adjusted for inflation, but I live in a much smaller place than they did.

Re: No, You can't retire rich at 30 if you sell your startup

#113

Post by nadam »

I don't want to be rich, for me being free on my (an my family's) current standard of living is enough. I live in Eastern Europe (Hungary) and my current net income is $24000 per year. $30000 per year would be enough. (It is a very strong middle-class level here, maybe I can say upper-middle class especially if you don't have debts and already have a reasonable house.) I am 35 years old and let's say I want this money to last until I am 80. So I need $1.350.000. Provided that I will most probably always be a single founder and most probably will always bootstrap because no one will want to give me money, it will be enough to sell my company at $1.350.000, which I think would be more than doable if I would succeed with my current idea.

Edit: and also it is hard to imagine that I would absolutely not make any income with the lots of fun-projects I would do after my 'retirement'.

Re: No, You can't retire rich at 30 if you sell your startup

#114

Post by achompas »

tokenadult wrote: post #87
portman wrote: post #84

Earlier quoted context omitted.

The US inflation rate over the last 40 years is readily available from the US Department of Labor based on the Consumer Price Index. http://www.bls.gov/data/inflation_calculator.htm $35,594 in 1970 got you the same as $200,000 today. So why does it strain credulity to believe that $200,000 today will be equivalent to $500,000 in the year 2050? Inflation was much higher over the previous 40 years.

More to the point, of course, is how much you will have to work to have that number of nominal dollars.

Right. People are going crazy over the $500k number 40 years out but, in real dollars, that could easily convert to a middle-class wage today.

Re: No, You can't retire rich at 30 if you sell your startup

#115

Post by steveklabnik »

jacquesm wrote: post #106
steveklabnik wrote: post #103

Earlier quoted context omitted.

The person I was replying to said > I think I could get by on $30,000 a year Also, most people couldn't survive? Seriously? I live on two thirds of this, and I'm putting money in the bank every month. It is worse if you have a family, but then you have two incomes to play with.

> It is worse if you have a family, but then you have two incomes to play with. Unless of course you have one or more young children in the house, in which case a good bit of time that you could spend on work goes towards taking care of the kids. Effectively that works out to about one full timer.

It's true. My own mom decided to be a stay-at-home one, and it certainly caused financial hardship.

But, at the risk of sounding callous... that's what happens when you make those choices.

Re: No, You can't retire rich at 30 if you sell your startup

#116

Post by jshen »

yummyfajitas wrote: post #99
jshen wrote: post #81

Earlier quoted context omitted.

I'm disputing the prediction that the future, if we remain on our current course, will be more of the same. Here's what you said, "If the past 40 years are a guide to the future". I'm disputing the idea that income inequality doesn't mean anything because the "poor" will have a higher standard of living that the middle class does today. Again, incomes are on the decline for most americans, and energy prices are risin…

A quick google search finds many links suggesting house sizes have gone way up. This one says 1500ft^2 in 1973, 2500ft^2 in 2006. http://www.realtor.org/RMODaily.nsf/pages/News2007032701?Ope... In spite of the purported declining income and increasing energy prices, people in 2007 have more and better material goods and services than in 1967, far more than the mere $10k increase in real incomes would predict. You cou…

"I'll leave predicting the future to you and Ray Kurzweil."

Except that you did try to predict the future earlier. Energy prices haven't risen much yet. You have an odd pattern of dodging my main point, and picking at tangential details.

Btw, I put a caveat on the house thing, I live in a major city and I'm sure it's different in most parts of the country. I'll bet this changes when driving long distances to work becomes much more expensive.

Re: No, You can't retire rich at 30 if you sell your startup

#117

Post by thailandstartup »

itsalive wrote: post #104
thailandstartup wrote: post #72

Earlier quoted context omitted.

About $35000 here in Thailand gives me a lifestyle that I think of as lavish and decadent, but I guess the OP would consider frugal and cautious. 120sqm condo beside the sea, eat out every night, tennis and language lessons. I could probably cut the budget down to around $20000 in a pinch and still live comfortably. The major downside is that there aren't many hackers about.

how much does the condo rent cost you?

$900 p/m. Easy to cut back to $500 a month for a smaller place, or $300 to lose the view too, or $200 to lose the location too. You wouldn't want to go any lower than that though.

Re: No, You can't retire rich at 30 if you sell your startup

#119

Post by JoeAltmaier »

> There are too many mechanics out there to make sure that the folks taking the real risks (investors and founders) make the real money.

I resent this attitude, that somebody investing a fraction of their (somebody else's) money is taking the "real risk".

Re: No, You can't retire rich at 30 if you sell your startup

#120

Post by ora600 »

houseabsolute wrote: post #88
ora600 wrote: post #56

Earlier quoted context omitted.

Agree, except the single family home. Because the quality of life in US apartment buildings is appalling. I don't want to hear every step that my upstairs neighbors take. I don't need to know when they go to the restroom in the middle of the night. I don't need my downstairs neighbor ask me not to walk after 10pm. This is ridiculous. I'll live in a US apartment once the sound insulation issue is resolved (hint to US…

Maybe you just picked the wrong building? The only noise I hear from my neighbors is when the windows are open and the kids are screaming two doors down. But no insulation is going to fix that problem.

I am actually talking about 4 different buildings in 3 different bay area towns. If there is a secret to picking buildings, obviously I'm not in on it.

But - I looked at apartment ranking website, and on every single building there will be some very negative comments about noise levels. So I still suspect a more systematic problem.

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