And how many people got poor starting a new company ?
How People Get Rich Now
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Re: How People Get Rich Now
#82I think there’s a different reason, companies just aren’t paying enough. Wages, even at 150-200k just really aren’t that much. 200k now is a lot less than 200k in 2010. The younger generation intuitively knows this. I don’t know anyone jockeying to climb the corporate ladder, and my social circle spans Stanford grads to no college degree at all. People are starting businesses because working for a corporation day in…
"working for a corporation day in and out is slavery"
Corporations are the boogeyman de jour but from personal experience, landlords / restrictive zoning / "anti gentrification" activists are the primary cause of my angst. I make more money now than I ever thought I would, but a truly staggering amount of it goes directly into my landlord's pocket.
Re: How People Get Rich Now
#83I don't want to derail this too much with personal anecdotes, but I suspect you are much more likely to build wealth with the more established tech companies - and that wealth is "rich enough". Maybe I am just unlucky or unskilled, but I spent roughly 20 years working at startups or innovation labs. I was "close" to some big events where I could have made big $$ but made 0. Both at my own startup and being at early s…
Who's the tech guy in the life of Brian? As in, what part of the movie are you referring to?
Just the whole notion that Brian is the guy whose life paralleled Christ but unlike Christ he was just some random guy.
Re: How People Get Rich Now
#84Earlier quoted context omitted.
Wouldn’t that just be “the left” with “the far left” reserved for MAP (minor attracted persons gag), ANTIFA, weather underground, etc type organizations that have their hopes invested in the left but see no support from the actual party.
That's why I put "far left" in quotes. What is "just left" to many might seem to be the "far left" to Mr. Graham. But I'm just speculating what he meant by "far left" and could be wrong. He doesn't elaborate on the term.
he does elaborate, he said "after having been on the side of labor in its fight with capital for almost two centuries" whereby he describes the aspect of the left he is talking about. He is a pro capital-ist, and he's referring to the part of the left that is anti capitalist. There is a lot of the left that is not anti capitalist
Re: How People Get Rich Now
#85>>> Indeed, we should expect both the number and wealth of founders to grow, because every decade it gets easier to start a startup.
In my view, this isn't guaranteed. I don't think there's any inherent reason why the "tech" industry can't consolidate itself into a few huge "gatekeeper" companies, and make it harder to start startups that are actually successful.
At any moment, we could be at the beginning of an era, or at the end of one.
Re: How People Get Rich Now
#86Earlier quoted context omitted.
How many consultants & I-bankers do you know? You sound like you come from a remarkably entrepreneurial subset of the world. Where I come from, everyone wants to make MD/Partner, ether in law, finance, or consulting. More generally, MBA applications to top schools have been rising for years. Besides, if 10x the median individual income isn't enough outside of SF/NYC, you got bigger problems.
I used to work in investment research in NYC. So I know those types, but the vibe was the same. Maybe I’ve been lucky, but a lot of people I know actually have had startup success. I know a few people that ended up making over 25 million by 30. None of them made it in law or finance, and none of them ever wanted to continue their finance career. 10x the median income just isn’t that much. If you have three kids, mone…
"...because they’re actually getting paid what they produced."
Do they really though? That's really the owners getting paid that, not all the workers. And a lot of that is really valued on the potential rather than what was actually produced to that point.
"10x the median income just isn’t that much. If you have three kids, money is still tight."
That's about $400k, right? That seems like an insane amount of money (I'm not in the Bay area).
Re: How People Get Rich Now
#87I'm not sure what the intent of this post is. Seemingly, it's to encourage people to start a company, because it's so easy now and you can get rich (look at all these people in the top 100 that got there by starting a company!) But I'm not sure looking at the top 100 is a compelling argument. That's for the 0.0001%. How does the top 10% do? The top 25%? What about the median outcome? More than that, what are the trad…
Pg looking at the top 100 people and giving his essay the heading "How People Get Rich Now", makes for a very distorted definition of "rich". How many hundreds of millions or billions does it take to be rich in his eyes?
When argumenting based on statistics, labeling of the graph or text is where the ideology really shines through.
Re: How People Get Rich Now
#88I don't think that the top 100 richest people is a good dataset. You can be extremely rich without making it anywhere near that list. While a lot of those top 100 people made it to that list by starting companies, I'm curious how many of them did so by leveraging family or inherited wealth.
What is leveraging family? Thats kind of broad. I.e. having parents who were able to afford you extra time for learning, paying for secondary education so you have no debt, exposing you to interesting people/ideas or something more Trumpian like offering up a multi million loans for free?
I'd agree top 100 is too small a data set.
Re: How People Get Rich Now
#89I'm not sure what the intent of this post is. Seemingly, it's to encourage people to start a company, because it's so easy now and you can get rich (look at all these people in the top 100 that got there by starting a company!) But I'm not sure looking at the top 100 is a compelling argument. That's for the 0.0001%. How does the top 10% do? The top 25%? What about the median outcome? More than that, what are the trad…
I think the point of the article was to demonstrate that the "wealth disparity" we are seeing nowadays is not due to parasitic rent seeking behavior, but due to genuine creativity and the creation of things people want to buy, and also that this was the norm except for the mid to late 20th century.
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Re: How People Get Rich Now
#90I don't want to derail this too much with personal anecdotes, but I suspect you are much more likely to build wealth with the more established tech companies - and that wealth is "rich enough". Maybe I am just unlucky or unskilled, but I spent roughly 20 years working at startups or innovation labs. I was "close" to some big events where I could have made big $$ but made 0. Both at my own startup and being at early s…
> Maybe I am just unlucky or unskilled, but I spent roughly 20 years working at startups or innovation labs. I was "close" to some big events where I could have made big $$ but made 0.
Probably holds for many people, but we mostly hear the success stories only.