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Beside a startup, what are the other ways to significant wealth for a dev?

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Re: Beside a startup, what are the other ways to significant wealth for a dev?

#61

Post by dleskov »

I am with a small company focused on compilers and managed runtimes (JVM), and I can tell you that _good_ compiler consultants are in high demand. For instance, I had a discussion with a CEO of such specialized consultancy looking for GCC specialists last year, and he said that LLVM engineers are even harder to come by.

I also see processor startups popping up all the time that need compiler/tools engineers badly.

Overall, I'd repeat what others have said: "save a lot and invest your savings wisely."

Re: Beside a startup, what are the other ways to significant wealth for a dev?

#62

Post by caminante »

sosuke wrote: post #48
caminante wrote: post #40

Earlier quoted context omitted.

Maybe it's late, but I thought he answered your Q1 and Q2.

It is late, I can't think super clear either, but I just read that he says money should not be the focus, but doesn't address why that is an issue. As to why big dev corps are better he didn't give any reasons for his belief, no examples. Person y makes $1 million a year at company x, but they aquihired their startup to get there. If I started at big dev corp as a senior developer and made $100k, what path does it ta…

For Q1, he said that money shouldn't be the ONLY focus.

For Q2, I "think" he's saying that CorpDev > StartupDev in terms of expected wealth creation. In your example, you don't appear to be accounting for the volatility of your future CF's of $1M (StartupDev) and $100K (CorpDev) figures. Startups are risky bets compared to stable increases with CorpDev.

Re: Beside a startup, what are the other ways to significant wealth for a dev?

#63

Post by chubot »

ryandrake wrote: post #56
starmole wrote: post #24

It really depends on skill and motivation. If your motivation is only money you are unlikely to succeed. Personally I am a big corp dev and making >600k/year on track to retire at 40. But you do not get there by trying for the salary. Try to be good, no exceptional, at what you do. Become valuable and you will be paid. But your motivation should be your craft and not money. I believe the same applies for startup foun…

If what you say is true about your own situation, you must realize that you are an extreme outlier, and no general advice you give is going to allow someone to repeat your immense luck. "Be valuable and you will be paid" sounds like vague happy-talk, not concrete, repeatable steps that one can put into practice and replicate your success. Most people who are "exceptional at what they do" are putzing around at a corpo…

No, being motivated by money is likely to make you less wealthy, because it leads you to the same behaviors as other people seeking money. You are then competing with them, which lessens your likelihood of success.

Read Peter Thiel's Zero to One. He talks about competition vs. monopoly. You want to do things that other people aren't doing. He talks about the Harvard MBA grads who chase the last bubble, i.e. getting your timing exactly wrong.

People don't get rich by doing things other people told them to. And people don't get rich by doing "prestigious" things either. Read the parts here about prestige -- it's dead on:

http://www.paulgraham.com/love.html

(BTW this is also coming from someone who "got lucky" -- can retire in my 30's but never thought about money.)

Re: Beside a startup, what are the other ways to significant wealth for a dev?

#64

Post by ryandrake »

Since a lot of people are commenting that the original poster is not being specific in what he or she means by "significant wealth", let me propose a more concrete question:

"Besides a startup, what are some other reliable (close to risk-free) ways to retire at any age with $20 million net worth and $1 million a year in passive income--that a motivated and skilled software developer can achieve starting in his twenties?"

Practical step-by-step advice only, no general platitudes like "just love what you do!" and "don't be in it for the money!" My guess is it's impossible without rolling the dice on business ownership, but I'd love to be proven wrong.

Re: Beside a startup, what are the other ways to significant wealth for a dev?

#65

Post by Jack000 »

There's always the "get rich slowly" approach: put a large portion of your income in low-risk investments. This is slow but once you hit a critical mass in capital more interesting opportunities become available. Eg. you could eventually bootstrap your way to buying an apartment complex, parking lot etc.

I think a better question is how do non-computer people create wealth? Devs as a group are already predisposed to having higher income. For my family it has been to work really, really hard, live frugally and invest all disposable income. I'd venture to guess that most wealth creation happens this way - call it the long tail of wealth.

Re: Beside a startup, what are the other ways to significant wealth for a dev?

#66

Post by ryandrake »

chubot wrote: post #63
ryandrake wrote: post #56

Earlier quoted context omitted.

If what you say is true about your own situation, you must realize that you are an extreme outlier, and no general advice you give is going to allow someone to repeat your immense luck. "Be valuable and you will be paid" sounds like vague happy-talk, not concrete, repeatable steps that one can put into practice and replicate your success. Most people who are "exceptional at what they do" are putzing around at a corpo…

No, being motivated by money is likely to make you less wealthy, because it leads you to the same behaviors as other people seeking money. You are then competing with them, which lessens your likelihood of success. Read Peter Thiel's Zero to One. He talks about competition vs. monopoly. You want to do things that other people aren't doing. He talks about the Harvard MBA grads who chase the last bubble, i.e. getting y…

The problem with the simplistic "do what you love, love what you do" advice is that it is not reliable or repeatable. I can point to tons of people who love what they do and are still somewhere between solidly middle class and struggling to get by.

Re: Beside a startup, what are the other ways to significant wealth for a dev?

#69

Post by jacquesm »

ryandrake wrote: post #56
starmole wrote: post #24

It really depends on skill and motivation. If your motivation is only money you are unlikely to succeed. Personally I am a big corp dev and making >600k/year on track to retire at 40. But you do not get there by trying for the salary. Try to be good, no exceptional, at what you do. Become valuable and you will be paid. But your motivation should be your craft and not money. I believe the same applies for startup foun…

If what you say is true about your own situation, you must realize that you are an extreme outlier, and no general advice you give is going to allow someone to repeat your immense luck. "Be valuable and you will be paid" sounds like vague happy-talk, not concrete, repeatable steps that one can put into practice and replicate your success. Most people who are "exceptional at what they do" are putzing around at a corpo…

He's not that much of an outlier as you may think, he's exceptional though to be making that kind of money and openly talking about it.
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