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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

#191

Post by nl »

petercooper wrote: post #102
muhfuhkuh wrote: post #11

Can we conclude that this is the wistful daydream equivalent of the "Maserati Problem"[1]? I can definitely say that if 30 years we're looking at half a million dollars as a "cost of living adjustment", that world will for the people who don't make that kind of money be Thunderdome. I mean wages have barely kept up with inflation. In the last 40 years (between 1967 and 2007), median wages have only gone up US$10000 (…

Whoa, that 40->50k over 40 years stat seemed ridiculous to me so I looked it up and you're right. This strikes me as bizarre because in the UK, both prices and wages have blown through the roof over the same period. I wonder what the deal is here (though the USD-GBP rate was significantly different decades ago).

Those numbers are adjusted for inflation.

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

#192

Post by kragen »

huhtenberg wrote: post #159
pg wrote: post #66

There's little that's specific to startups here. What he's arguing is that being independently wealthy doesn't work the way one might naively think. But few things do work the way one might naively think. Certainly his title is false though. Obviously it depends how much you clear.

> But few things do work the way one might naively think. A bit cryptic. Can you elaborate?

Everything that has been written about how anything works explains how it doesn't work the way one might naïvely think. So, read everything that's ever been written about how anything works, and you'll have your answer.

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

#193

Post by jshen »

michaelkeenan wrote: post #144
jshen wrote: post #70

Earlier quoted context omitted.

this is a libertarian fantasy and nothing more. Wages for most people have been stagnant or declining while energy prices are steadily rising. This is a huge problem

> Wages for most people have been stagnant or declining Wage growth has been slower than you'd expect because healthcare is getting much more expensive, so the increase is hidden in a worker's benefits, rather than being revealed in higher wages. Overall compensation is increasing: http://www.marginalrevolution.com/marginalrevolution/2007/10... Unfortunately, most workers don't realize that their healthcare costs hav…

yes and no. If we look at the economic growth of the past decade a disproportionate amount has gone to the super rich. If it were only healthcare to blame, or even primarily healthcare, then the delta for different income brackets would match historical trends. It hasn't, and healthcare is getting more expensive, and energy is getting more expensive.

It's a trifecta that is going to hurt.

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

#194

Post by thailandstartup »

zmmmmm wrote: post #163
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.

Aren't you concerned that there seems to be a coup every second week blockading the airport and then every other week someone is arrested for accidentally insulting the King? I'd feel a little edgy living their as a foreigner!

I worry about road traffic accidents and heart disease. You might like this book -

"The Culture of Fear: Why Americans Are Afraid of the Wrong Things"

http://www.amazon.com/Culture-Fear-Americans-Afraid-Things/d...

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

#195

Post by thailandstartup »

elai wrote: post #176
thailandstartup wrote: post #117

Earlier quoted context omitted.

$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.

Where are you? You can get a nice 2 bedroom in phuket for $200.

Pattaya, I guess the rental market is diverse. I didn't care for Phuket much myself - a bit of a tourist trap I thought.

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

#196

Post by webwright »

myoung8 wrote: post #37
muhfuhkuh wrote: post #11

Can we conclude that this is the wistful daydream equivalent of the "Maserati Problem"[1]? I can definitely say that if 30 years we're looking at half a million dollars as a "cost of living adjustment", that world will for the people who don't make that kind of money be Thunderdome. I mean wages have barely kept up with inflation. In the last 40 years (between 1967 and 2007), median wages have only gone up US$10000 (…

Tony's calculations are wrong because he assumed constant inflation. There will be periods of deflation, and many think that one is starting now. It also won't be the last.

No, he doesn't assume that. He assumes an average rate of inflation with the mean average being above zero, because it's always been that way. http://www.usinflationcalculator.com/inflation/historical-in...

When you're talking about decades of retirement, the compound annual growth rate of inflation is all that really matters.

There isn't clear consensus on inflation/deflation in the near term. While last year saw deflation, a lot of economists think that printing money like we are will cause unusual deflation.

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

#197

Post by sokoloff »

jacquesm wrote: post #82
mechanical_fish wrote: post #77

Earlier quoted context omitted.

When I lived in the Valley I bought a 1986 Toyota MR2 for about $6k. It had hilarious 80s-era retro styling with angles reminiscent of Tron , and it admittedly has been through an engine and transmission rebuild in the last 24 years, but it still runs great (for the friend I sold it to) and doesn't cost much more to maintain than any car of that age would cost. It is marginally less fuel efficient than many cars, des…

The WRX has been mentioned in this thread, that's one that I would definitely stay away from second hand. People that drive those usually push them as far as they'll go (and further) whenever they get the chance. MR2 is a great little car and about as reliable as sports cars come.

First Gen MR2s are definitely fun (and cool/quirky looking), but I sure wouldn't call them "fast". The NA cars are 0-60 in the mid/high 8s and standing quarter mile well over 16 seconds.

The average 2010 soul-less imported sedan will easily show its taillights to a 1986 MR2 in a stop-light grand prix (and most will give the MRS2 a good run).

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

#198

Post by robryan »

webwright wrote: post #96
_pius wrote: post #15

I think it was Jadakiss who said "Entrepreneurs don't retire, they just get chubby and become angel investors." I don't know of many people in this business who actually plan on being utterly retired while they blow hundreds of thousands of dollars a year. Most just want to not be obligated to work on things that don't interest them.

But you ARE. Or at least you are obligated to work on things that throw off meaningful amounts of money. What if what interests you is poetry? Raising foster kids? Working on open source projects? If what interests you is not an income source, then you're going to need to avoid "living rich". Which, IMO, is fine and dandy. I get very little joy out of huge houses, expensive wines, and 1st class travel.

The question is what percentage of successful entrepreneurs are really concerned with living rich and how many are just after the freedom. Looking at it in terms of expected value of a startup there would be far better ways for one to focus solely on making money if that was the only goal.

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

#199

Post by asmosoinio »

zmmmmm wrote: post #164

I can't imagine needing $200k / year to live comfortably. I'd like to see this analysis performed with a $100k / year income. That is still very comfortable, especially if it means you can afford to live somewhere cheaper and cut a lot of your other expenses.

Open the spreadsheet link, File / MAke a copy, and enter in 100000$. Voila: it works, you never run out of money with the 4M$.

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

#200

Post by jacquesm »

sokoloff wrote: post #197
jacquesm wrote: post #82

Earlier quoted context omitted.

The WRX has been mentioned in this thread, that's one that I would definitely stay away from second hand. People that drive those usually push them as far as they'll go (and further) whenever they get the chance. MR2 is a great little car and about as reliable as sports cars come.

First Gen MR2s are definitely fun (and cool/quirky looking), but I sure wouldn't call them "fast". The NA cars are 0-60 in the mid/high 8s and standing quarter mile well over 16 seconds. The average 2010 soul-less imported sedan will easily show its taillights to a 1986 MR2 in a stop-light grand prix (and most will give the MRS2 a good run).

The fun in driving a sports car is all in the handling and improving your skills as a driver, not necessarily in raw power.

I drove this little thingy for years: http://pics.ww.com/v/jacques/cars/copen/dscf1074.jpg.html , 700 cc, not even 80 HP and an absolute hoot to drive. On the straights not the fastest car (about 175 real km/h), but very quick of the mark because it's so light and absolutely unbeatable in corners.

It's also RHD which helped a lot in not having it stolen.

Most fun I've ever had driving a car.

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