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Ask HN: Did you get "never have to work again rich" through software?

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Re: Ask HN: Did you get "never have to work again rich" through software?

#161
post #52

Earlier quoted context omitted.

Hi Diego, Could you elaborate more on the cashing out of stock from public companies point? You sold IndexTank for 1.6 million dollars. I don't really consider that "never work again rich" in this day in age. Were the sales of your stock significant?

I think you misread.. it looks like the $1.6 million is how much was raised in the seed round: http://www.crunchbase.com/organization/indextank The acquisition would be much more than that.

The figure was never publicly disclosed but I'd say somewhere between $20M and 200M... If I were to guess I'd say somewhere around the middle of that range.

Re: Ask HN: Did you get "never have to work again rich" through software?

#162

Yes. "Retired" when I was 33 with about $4.5m (now 35). Posting under a throwaway account, because I'm a private guy. Made money off being the 100th engineer at a company which had a huge IPO ($2m+), and some good real estate transactions ($1m+). Plus my wife is very successful in her own right and added a fair bit. Just to put it in context, I wasn't a total lottery winner. I spent 80 hrs/week working throughout my…

> Made money off being the 100th engineer at a company which had a huge IPO ($2m+)

If you don't mind, can I ask for clarification: I'm assuming that the "$2m+" was your stock option worth, and the company itself IPO'd for a much larger number (a few billions)?

Re: Ask HN: Did you get "never have to work again rich" through software?

#163
post #52
post #18

Yes. I sold IndexTank to LinkedIn among other things. It was a gradual process for me that started with the first dot-com boom. It wasn't as big of a deal as I thought it would be. I was 41. Cashing out stock from public companies I've been at, selling consulting services before building IndexTank, selling IndexTank. I don't think there is such a thing as overall happiness. I do live in the present more than I used t…

Hi Diego, Could you elaborate more on the cashing out of stock from public companies point? You sold IndexTank for 1.6 million dollars. I don't really consider that "never work again rich" in this day in age. Were the sales of your stock significant?

I think what you're looking at isn't "never work [for someone else] again rich" but "never work [at all, and maybe just never leave your bed] again rich". There's enough room to read either into that sentence, but the former is just as real as the latter because most people who do it once will probably try to do it again.

If your position before the liquidity event is "making low six figures per year in salary," 1.6 million dollars will at least give you an ~10 year buffer in which to make it to your next liquidity event with relatively little risk.

And that one's probably the one that lets you stay in bed for the rest of your life, if that's what you really want (but it probably isn't).

Re: Ask HN: Did you get "never have to work again rich" through software?

#164

Yes. "Retired" when I was 33 with about $4.5m (now 35). Posting under a throwaway account, because I'm a private guy. Made money off being the 100th engineer at a company which had a huge IPO ($2m+), and some good real estate transactions ($1m+). Plus my wife is very successful in her own right and added a fair bit. Just to put it in context, I wasn't a total lottery winner. I spent 80 hrs/week working throughout my…

> Made money off being the 100th engineer at a company which had a huge IPO ($2m+) If you don't mind, can I ask for clarification: I'm assuming that the "$2m+" was your stock option worth, and the company itself IPO'd for a much larger number (a few billions)?

yes, $2m+ was my take after taxes (california).

Yes, company IPO'd for many billions.

Re: Ask HN: Did you get "never have to work again rich" through software?

#165
post #120

Earlier quoted context omitted.

[Thanks, japhyr, for pointing that out although we obviously disagree] Actually, I've already figured that out. This guy is going to be my friend for the rest of my life even though I've only known him for a year. Several times it's happened that we both make excuses to ditch our respective girlfriends to just hang out alone together, drink wine and talk about life. Women have almost no intellectual curiosity. It is…

> Women have almost no intellectual curiosity. It is just how they are wired. If you want to have great conversations about anything meaningful, you must find a man. It makes me burn with shame to see such horseshit on Hacker News. This account is banned as a troll. Do not post anything like this again, and kindly keep the douchey Maxim-magazine pastiche off this site as well.

Thank you!

Re: Ask HN: Did you get "never have to work again rich" through software?

#166

> Did you get "never have to work again rich" through software? It feels pretty stupid to reply to this as a "no", but to offset the incredibly depressing stories of random luck success, I figured I'd go ahead with it anyway. No, I'm not rich. I'm 33 and dead broke, actually. > How did you do it? I started my first company (a video-related SaaS B2B product) at age 22 and it should have been a home run. The idea and t…

> No cofounder = no accelerator = constantly stuck in neutral.

I cofounded a startup that was eventually sold for $64 million. My cofounder forced me out of the company and stole all of my equity from me, costing me nearly $13M. So cofounders are not all they're cracked up to be.

As for the general negative tone, businesses fail - you don't, unless you quit trying. My advice: work on something with a short path to revenue for now, and stop taking yourself so seriously. After the thing with my cofounder, I had several ambitious ideas to make millions again, but those were failures and I was basically emotionally destroyed. So I finally made something with less potential, that was less interesting to me, but with a clear and simple value proposition for customers. I also developed a way to market directly to my potential customers for free. That business is now doing quite well, and the mere fact that people are paying for something I created has completely turned around the depression I was in.

Remember this: Walmart makes billions selling inexpensive crap that they buy from other people. Their innovation? They charge more for their products than they spent buying them. At least until you can afford to take risks on interesting, swing for the fences kind of stuff, get rich doing boring things. It's easier and faster.

Re: Ask HN: Did you get "never have to work again rich" through software?

#167

Kindasorta there. I built a platform tool that basically replaced a department of people in this vertical. Add the bizdev cofounder who gets businesses use it and them lock them into long term agreements. Now we have some scale and I get to collect some dividends (low mils) every year that I end up throwing into real estate. My spend is I still work at the company but don't drive the top line revenue -- I mainly tink…

How did you identify the vertical that you've successfully targeted?

Re: Ask HN: Did you get "never have to work again rich" through software?

#168

> Did you get "never have to work again rich" through software? It feels pretty stupid to reply to this as a "no", but to offset the incredibly depressing stories of random luck success, I figured I'd go ahead with it anyway. No, I'm not rich. I'm 33 and dead broke, actually. > How did you do it? I started my first company (a video-related SaaS B2B product) at age 22 and it should have been a home run. The idea and t…

> No cofounder = no accelerator = constantly stuck in neutral. I cofounded a startup that was eventually sold for $64 million. My cofounder forced me out of the company and stole all of my equity from me, costing me nearly $13M. So cofounders are not all they're cracked up to be. As for the general negative tone, businesses fail - you don't, unless you quit trying. My advice: work on something with a short path to re…

[deleted]

Re: Ask HN: Did you get "never have to work again rich" through software?

#169

Kindasorta there. I built a platform tool that basically replaced a department of people in this vertical. Add the bizdev cofounder who gets businesses use it and them lock them into long term agreements. Now we have some scale and I get to collect some dividends (low mils) every year that I end up throwing into real estate. My spend is I still work at the company but don't drive the top line revenue -- I mainly tink…

How did you identify the vertical that you've successfully targeted?

This... is fortuitous I suppose, but my cofounder is actually the one who identified the vertical AND brought the first customer/partner. I was the execution guy who also happened to be a domain expert in a relevant field.

However, to get to this point: this was startup #3 for us together (and monetizeable side project #15~20, by this point in life). Our first startup fizzled out over time as the vertical became efficient (right domain though); our second was poorly executed and run (totally my fault)... but we grew together as a team. And on collective try #3 we learned through our fuckups to not do them again.

Re: Ask HN: Did you get "never have to work again rich" through software?

#170
post #120

Earlier quoted context omitted.

[Thanks, japhyr, for pointing that out although we obviously disagree] Actually, I've already figured that out. This guy is going to be my friend for the rest of my life even though I've only known him for a year. Several times it's happened that we both make excuses to ditch our respective girlfriends to just hang out alone together, drink wine and talk about life. Women have almost no intellectual curiosity. It is…

> Women have almost no intellectual curiosity. It is just how they are wired. If you want to have great conversations about anything meaningful, you must find a man. It makes me burn with shame to see such horseshit on Hacker News. This account is banned as a troll. Do not post anything like this again, and kindly keep the douchey Maxim-magazine pastiche off this site as well.

Spot-on reply!
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