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Risk it When You're Young

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31–39 of 39 posts

Re: Risk it When You're Young

#31

Post by ekanes »

zx77 wrote: post #2

Sure, risk it when you're young, but don't think that the older you get the less risks you should take. It's just the opposite. The "old dogs, new tricks" adage is a fallacy designed to keep people in line. Don't believe it! Take risks when you're young, when you're middle-aged, and when you're old!

Usually when people say "take risks when you're young" they're not talking about age as the only factor. As people get older, they (often, not always) take on more responsibilities such as children or a mortgage. When you have kids, you have to be more careful about "risking it all", etc.

I agree that if you don't have other factors like kids or a mortgage, there's no reason you should take less risk, aside from the natural how-many-earning-years-left risk profile that people often follow with investments (ie. Most people shouldn't "risk it all" two years before they retire, etc.)

Re: Risk it When You're Young

#32

Post by billswift »

rokhayakebe wrote: post #11
moolave wrote: post #4

Definitely do the things that you're passionate about, because you will only end up regretting and coming up with those "what-if" questions everyday. Do it anyway. They WePay founders are right in a way. You do give up (or do not adapt) a certain lifestyle if you do choose the entrepreneurial path, but the long-term rewards are endless.

I agree. As they say "In 10 years you will regret more things you have not done than things you have"

"Regret for the things we did can be tempered by time; it is regret for the things we did not do that is inconsolable." - - Sydney Harris

And I vaguely remember seeing another similar quote from Churchill.

Re: Risk it When You're Young

#33

Post by billswift »

roel_v wrote: post #27
eli_s wrote: post #15

Earlier quoted context omitted.

I'm kind of shocked at how casually you say 'They can default on their debt'. What a fcked up attitude.

Wrong, because most of the debt at the age we're talking about are student loans which are non-dischargeable.

What are they going to do, throw you in debtors' prison? Even in that case, all it really means is that you will have to work more to pay it (and the extra interest and penalties) off later.

Re: Risk it When You're Young

#34

Post by HeyLaughingBoy »

edanm wrote: post #20
patio11 wrote: post #14

There is nothing wrong with a year or three in industry. You'll be a much better coder, get exposed to problem domains outside the typical purview of twenty-something white and Asian males, build contacts, and improve your soft skills such as how to wear a suit and talk to people older than you outside of the teacher/student relationship. These things are enormously valuable. If you're worried about getting spoiled b…

There is nothing wrong with being in the industry. But I have many friends who planned to go the startup route after "2 years of working to save some many". Most of them wouldn't be able to leave their job now because of their comfort in it (and say what you will, it IS a difference in lifestyle).

That's personal preference.

I lived like a college student for years after graduating with an EE degree. I just don't care much about material things, so for about 3 years I had no car, no furniture except a nice mattress, no expensive clothes, cooked my own meals, etc. Pretty much all my money outside my share of the rent & utilities went into a bank account and paying off student loans.

If you're comfortable living with very little, it's not hard to do. Honestly, if I could sell my house right now I'd totally restructure my life.

Re: Risk it When You're Young

#35

Post by dreepers10 »

keeptrying wrote: post #13
jswinghammer wrote: post #8

I'm 30 now and just getting going on this. My startup is just starting to get some nice sales traction. I've never really understood the assessment of risk that people apply to starting a company. If my company fails when I start full time on it then I'll get a job in a week tops unless I decide to take some time off. My family won't ever notice the difference except when I have to get the insurance information chang…

What insurance did you change to for the startup?

For those of us in the US and over 30, I believe the $1600/mo health insurance bill (which may or may not cover everything for a family) is the single riskiest part of leaving the corp world, not the paycheck. It will likely stay this way for the next few years until the health reform takes effect.

Re: Risk it When You're Young

#36

Post by billclerico »

zx77 wrote: post #2

Sure, risk it when you're young, but don't think that the older you get the less risks you should take. It's just the opposite. The "old dogs, new tricks" adage is a fallacy designed to keep people in line. Don't believe it! Take risks when you're young, when you're middle-aged, and when you're old!

I agree - people should take risks at any age! I just don't think there is any reason to wait, and it can get harder with time

Re: Risk it When You're Young

#37

Post by ehnus »

jswinghammer wrote: post #8

I'm 30 now and just getting going on this. My startup is just starting to get some nice sales traction. I've never really understood the assessment of risk that people apply to starting a company. If my company fails when I start full time on it then I'll get a job in a week tops unless I decide to take some time off. My family won't ever notice the difference except when I have to get the insurance information chang…

What kind of job would you be looking to get back into in that week? Would you go back to what you were doing or would you go to anyone with a help wanted sign in the window? I ask because I have been looking to move out of my job and into something similar (video game library/embedded C++ development) for months now and there are few, if any, opportunities available.

If I could get my old job back (or similar) within that time frame I would quit tomorrow.

Re: Risk it When You're Young

#38

Post by nirav »

Tichy wrote: post #22
patio11 wrote: post #14

There is nothing wrong with a year or three in industry. You'll be a much better coder, get exposed to problem domains outside the typical purview of twenty-something white and Asian males, build contacts, and improve your soft skills such as how to wear a suit and talk to people older than you outside of the teacher/student relationship. These things are enormously valuable. If you're worried about getting spoiled b…

I wanted to "just try the industry for a year" before going back to school to do a PhD. I have ended up being a "Java Enterprise Douchebag" for years :-( I strongly advise against trying a normal job. Everything you could learn you could learn faster by simply watching the movie "Office Space".

Agree with your sentiments on enterprise douchbaggery, you are probably undervaluing what you have learned: You still have a chance to learn how to milk the enterprise when roles are reversed.

Re: Risk it When You're Young

#39

Post by qq66 »

eli_s wrote: post #15
qq66 wrote: post #7

Earlier quoted context omitted.

If you would truly be homeless if you went bankrupt, then yes, it's not prudent. But many of the people who would be in this position have a safety net if things go bad. They can default on their debt, move in with a friend or relative, and get a job and get back on their feet.

I'm kind of shocked at how casually you say 'They can default on their debt'. What a fcked up attitude.

There's no shame in defaulting on your debt because you tried to create a new economically productive company and failed. That's what bankruptcy is best used for. It's not like leasing a BMW.
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