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Ask HN: you're rich, now what?

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Re: Ask HN: you're rich, now what?

#111

Post by evdawg »

gridlock3d wrote: post #101
sivers wrote: post #61

I sold my startup a few months ago for enough cash that I never have to work or worry about money again. http://news.ycombinator.com/item?id=341565 I went to the most peaceful spot I could find, and relaxed. I did nothing. http://www.vimeo.com/1292105 After only a couple days, it was never more clear that I was never doing anything for the money anyway, and the reason I'm always working, driving, pushing, learning, g…

What I would really like to know is how much money it takes to get to that point. $5 million isn't enough according to a very interesting New York Times article: http://www.nytimes.com/2007/08/05/technology/05rich.html So how much does it typically take for someone in Silicon Valley to "solve the money problem"?

If you had followed Derek's link you would have found out he sold CD Baby for $22 million :)

Re: Ask HN: you're rich, now what?

#112

Post by etal »

antiform wrote: post #109
ratsbane wrote: post #73

I'd go back to school and study bioinformatics. I've seen too many friends and family suffer slow deaths from cancer, Parkinson's, and soforth and I think the solutions to those problems are only a matter of time. To be even a small part of that solution would be the most satisfying thing I can imagine.

If it's so important to you personally, what is stopping you from going after it now?

Doing the legwork to get back to school and lining your life up with the admissions schedule can take a year or more of planning before it's safe to quit your day job. It helps if other people you know are doing the same thing at the same time. But one thing it doesn't require is getting rich beforehand.

Re: Ask HN: you're rich, now what?

#113

Post by newsycaccount »

ryanwaggoner wrote: post #104
gridlock3d wrote: post #101

Earlier quoted context omitted.

What I would really like to know is how much money it takes to get to that point. $5 million isn't enough according to a very interesting New York Times article: http://www.nytimes.com/2007/08/05/technology/05rich.html So how much does it typically take for someone in Silicon Valley to "solve the money problem"?

$5m invested invested fairly conservatively can throw off 8%, or $400k / year. I'm sorry, but if you can't live on $33k / month, even in the Bay Area, you've got problems. A couple of those people in the article have homes worth over $1m that they own free and clear while they work 70 hours a week to make ends meet. Not smart. Mortgage the house to 70-80% (rates are dirt cheap right now) and invest the cash at the af…

Please link to a single "conservative" investment with an 8% yield.

Re: Ask HN: you're rich, now what?

#114

Post by gaius »

newsycaccount wrote: post #113
ryanwaggoner wrote: post #104

Earlier quoted context omitted.

$5m invested invested fairly conservatively can throw off 8%, or $400k / year. I'm sorry, but if you can't live on $33k / month, even in the Bay Area, you've got problems. A couple of those people in the article have homes worth over $1m that they own free and clear while they work 70 hours a week to make ends meet. Not smart. Mortgage the house to 70-80% (rates are dirt cheap right now) and invest the cash at the af…

Please link to a single "conservative" investment with an 8% yield.

Right now you can get 6% in the UK on a no-frills deposit account at Tesco (hmm, thought they were a supermarket) but that'll be taxed so it's more like 4% real. Which is barely keeping pace with (real, not official) inflation.

Re: Ask HN: you're rich, now what?

#115

Post by gaius »

time_management wrote: post #34
kqr2 wrote: post #6

Earlier quoted context omitted.

Knowing when to quit is also a skill. Especially applicable to professional sports.

Athletes peak in their late 20s and early 30s. In intellectual endeavors (despite prominent counterexamples, half of whom were like Keats or Galois and died on ascent) most people peak in their late 40s or 50s. So there isn't the same call to quit after a few years of success.

Well, yes and no. Mathematicians for example are notorious for burning out young.

Re: Ask HN: you're rich, now what?

#117

Post by gruseom »

MaysonL wrote: post #56

Join Esther Dyson in funding Fluidinfo.

Your comment caught my attention (I studied logic with Esther's mother years ago) so I looked up Fluidinfo. This is impressive stuff, and Terry Jones is a singularly impressive, engaging, understated guy. After browsing his blog for a while and watching part of some videos, I'm sure I want to see more.

I'm curious how you found out about this, and what you think of it?

Re: Ask HN: you're rich, now what?

#118

Post by jmtulloss »

ryanwaggoner wrote: post #98
peregrine wrote: post #94

Earlier quoted context omitted.

I totally agree. Like I can spend all my time working on a startup when I work 20hours in a week as an intern and do a very high load class schedule. I keep telling myself someday...

Two pieces of unsolicited advice: 1. You make your own choices, and there's always tradeoffs. It sounds like you've decided that a busy internship and a high load class schedule are more important to you than working on a startup. Own that decision...you'll own the consequences. If you don't feel it's the right path, change it. 2. Be careful about telling yourself someday...it can easily turn into never. Not saying t…

I agree. Right out of school I took the plunge and it didn't work out. Now I have a decent job and a comfortable life. I'm happy to do that for a while and then take another plunge when the Next Big Thing comes along. After all, the first one didn't kill me, why would the second?

Re: Ask HN: you're rich, now what?

#119

Post by brianr »

Fuca wrote: post #105
sivers wrote: post #61

I sold my startup a few months ago for enough cash that I never have to work or worry about money again. http://news.ycombinator.com/item?id=341565 I went to the most peaceful spot I could find, and relaxed. I did nothing. http://www.vimeo.com/1292105 After only a couple days, it was never more clear that I was never doing anything for the money anyway, and the reason I'm always working, driving, pushing, learning, g…

Dude and I am being serious, do you have a blog?

http://sivers.org/blog

Re: Ask HN: you're rich, now what?

#120

Post by Tichy »

peregrine wrote: post #94
njoubert wrote: post #93

Earlier quoted context omitted.

Although it's a nice success story, you are marginalizing the majority of Americans and, in fact, the majority of people in the tech world, that has to spend a considerable amount of time and effort just to make ends meet. Paying your way through college and dealing with the current lack of jobs means that I can't necessarily just work on what I love and I have to make concessions. It has nothing to do with whether I…

I totally agree. Like I can spend all my time working on a startup when I work 20hours in a week as an intern and do a very high load class schedule. I keep telling myself someday...

I don't get it. It sounds as if somebody is forcing you to do an internship and go to class. Who is it? Who are you complaining to?
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