Steps:
1. Learn to come up with your own ideas.
2. ...
3. Profit!
Ask HN: How to become a millionaire in 3 years?
11–20 of 147 posts
Re: Ask HN: How to become a millionaire in 3 years?
#12Why three years? IMHO, you're focussing on the wrong part of it all.
I imagine it's simply to put a stake in the ground. The exact number (2 or 4 or 5, etc.) is not important. Three years is long enough that it can probably include ramping up time, pivots, mistakes, tuning, etc. while not being so long that he's going to be an old man and/or unable to enjoy it, or have follow-on goals be pushed out too far.
Regardless, one year is unrealistically too short. Twenty years is depressing. So pick something in between.
Re: Ask HN: How to become a millionaire in 3 years?
#13I'm going to go and replace 3 years with a "short time frame". Some things to focus on: - Market opportunity- a million dollars isn't a lot in the grand scheme of things, but it certainly is a lot if the market opportunity is not large enough. Even if you put Bill Gates and Steve Jobs as founders in a new venture with a total market size of 10 million, there is no way they could become too wealthy without completely…
Great advice Jason. Thank you.
Drawing energy from people and specially your customers is a much underestimated ingredient for success.
After a couple of years of being a machine, you need an oil change and you need to replace the wear and tear components.
I found taking one week a day and cold-visiting our customers brings back the much needed spark that makes you feel like taking over the fucking world!
-Nash
Re: Ask HN: How to become a millionaire in 3 years?
#14Why three years? IMHO, you're focussing on the wrong part of it all.
sorry, what is wrong with a given measurable short frame of time?
Re: Ask HN: How to become a millionaire in 3 years?
#15"Start by being a Billionaire"
-- Sir Richard Branson, on how to become a millionaire in the aviation industry)
Re: Ask HN: How to become a millionaire in 3 years?
#16I'm going to go and replace 3 years with a "short time frame". Some things to focus on: - Market opportunity- a million dollars isn't a lot in the grand scheme of things, but it certainly is a lot if the market opportunity is not large enough. Even if you put Bill Gates and Steve Jobs as founders in a new venture with a total market size of 10 million, there is no way they could become too wealthy without completely…
Great advice Jason. Thank you. Drawing energy from people and specially your customers is a much underestimated ingredient for success. After a couple of years of being a machine, you need an oil change and you need to replace the wear and tear components. I found taking one week a day and cold-visiting our customers brings back the much needed spark that makes you feel like taking over the fucking world! -Nash
Thank you Nash :)
- I actually love anything that deals with customer support. It gives me a lot of insight and makes me feel rewarded.
- Yup, I fully fully agree. Machines can break. When I talk in terms of being a machine, I talk in terms of reliability, not over-working yourself. It's good to be reliable+ consistent. Avoiding burnout is certainly key.
Re: Ask HN: How to become a millionaire in 3 years?
#17In parts of Africa you can set up a artesanal diamond mine with a shovel and a strainer. Spend a few weeks there finding diamonds, then smuggle them back to the US and sell them. Document this whole process on video, then sell the rights to a documentary and do a book deal when you get back. Estimated time to completion: 4 months.
how do you not get arrested after publicly admitting you did something illegal?
Re: Ask HN: How to become a millionaire in 3 years?
#18My advice: forget the deadline. Imposing a deadline on a result that is largely beyond your control will serve no constructive purpose. You should only set deadlines on things that are within your power to control, e.g. I will finish X by time Y. But putting a deadline on the market to respond is just silly.
If you want to be a millionaire, here's the procedure:
1. Pick an activity that you think will make you a millionaire within a reasonable time frame.
2. Engage in that activity for that time frame.
3. Are you a millionaire? If so, you're done. If not, figure out what you did wrong in step 1 based on the information you acquired while engaged in that activity. (Often this turns out to be some kind of mistaken assumption about market dynamics, sometimes about your abilities.)
4. Iterate.
This procedure is not guaranteed to terminate. But it does tend to converge.
Re: Ask HN: How to become a millionaire in 3 years?
#19My advice: forget the deadline. Imposing a deadline on a result that is largely beyond your control will serve no constructive purpose. You should only set deadlines on things that are within your power to control, e.g. I will finish X by time Y. But putting a deadline on the market to respond is just silly. If you want to be a millionaire, here's the procedure: 1. Pick an activity that you think will make you a mill…
Thanks for the reply, good points.
I disagree with the following though: "Imposing a deadline on a result that is largely beyond your control will serve no constructive purpose".
True - that the goal is way beyond my control, but I think it forces me to take action and make it happen.
Re: Ask HN: How to become a millionaire in 3 years?
#20Start with $5M. Invest in a bunch of Web 2.0 startups, preferably ones blessed by Y Combinator. If you are lucky, you will still be a millionaire at the end of it.