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Ask HN: Getting depressed about money. How do I make a meaningful amount “fast”?

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Ask HN: Getting depressed about money. How do I make a meaningful amount “fast”?

#1
I am a software developer and like the company I work for. I am smart and capable but have few connections. I have a family and several people rely on my relatively high income so I can't drop everything and do a startup. I live in a place where cost of living is obscene and I have no option to move due to family. I am (finally) debt free, but projecting the rest of my life, I will be able to retire at 72-75. I want to get our early.

Every day I watch people get stupid rich. I know the startup route and have done that a couple of times, though the products didn't take to their markets. I've tried stock trading, crypto trading, investment, small businesses, various passive income schemes, etc. None of this seems to return any decent investment. My portfolio can give me a solid 6-8% a year return, but unless I already have a couple of million to gamble it will still mean a slow and steady investment over decades which still lands me at a ridiculously old age before it's enough.

Every day places like Softbank are giving away obscene amounts of money to mundane or straight up bad ideas. Banks and the government are moving unfathomable amounts of cash around, a bunch of which ends up disappearing to corruption. Bezos just made $13b in a single day during one of the worst economies of recent history. There is plenty of wealth out there to be had, but how to get a slice of it?

I am tired and losing hope. Even though I'm better off than most I am still struggling to support everyone who depends on me. I want to get rich and I no longer care about how (as long as it isn't illegal, completely unethical, and does not endanger anyone's life or health). I am not afraid of working hard and when I pick up a project I work on it obsessively until it's done and done right, but it feels like I am panning for pennies in a puddle. What is the best way to get a large slice of a large pie without abandoning everyone who is dear to me for several years?

Re: Ask HN: Getting depressed about money. How do I make a meaningful amount “fast”?

#5
Wanting to get rich quickly is often a way to get poor. Be careful.

[Edit: Here's a quote I like. "Money is like gasoline on a road trip. You don't want to run out of gas on your trip, but you're not doing a tour of gas stations. You have to pay attention to money, but it shouldn't be about the money." - Tim O'Reilly]

Re: Ask HN: Getting depressed about money. How do I make a meaningful amount “fast”?

#6
Based off your description, I would say the most pragmatic way to secure a slice of that pie and retire early would be to take up the Leetcode grind.

I was blessed to be in a position where I was able to spend nearly the entirety of my quarantine free time practicing Leetcode. Last week I signed an offer with an American FAANG level company and more than doubled my final TC. I realize this is a highly anecdotal, unusual scenario, but the possibility is there. Note that part of this was due to the weak $CAD, but regardless, the level of potential TC gains going from small startup or dev shop to FAANG level truly cannot be understated.

If you're interested in joining the rat race, Blind is a pretty good place to start.

Re: Ask HN: Getting depressed about money. How do I make a meaningful amount “fast”?

#7
Since you mentioned crypto trading, might I suggest you take a deeper look at what fundamentally blockchain can accomplish via smart contract and then invest in project that will be powering it.

One project I'd suggest you checking is Chainlink. Check out these reading and video:

https://blog.goodaudience.com/chainlink-the-missing-piece-to...

https://medium.com/@smartcontentpublication/accessing-all-bl...

https://www.youtube.com/watch?v=ufVyX7JDCgg

Cheers to financial freedom :)

Re: Ask HN: Getting depressed about money. How do I make a meaningful amount “fast”?

#8
post #2

Lets take inventory of your skills. Reason is that making money is a skill you can learn. You probably have some of the ingredients you need to make it work, but are lacking other key ones. So, list away.

Good point:

- Software engineering. I am a full stack developer. I can and do program things from embedded devices, to medium scale web apps, to front end stuff. My graphics skills are sub-par, but I do UX well and can whip up a software solution quickly or architect a complex system. Hardcore comp-sci is not my core skill set as I didn't study it, so I won't be coming up with the next great ML algorithm or factoring large integers, but I can do lots of non-trivial things well nonetheless.

- System administration. I grew up on Linux/BSDs and am pretty good at old school systems administration. I don't need to use Heroku to run my apps if I don't want to.

- Electronics development. I am not an electrical engineer but I studied physics. I have manufactured custom PCBs that actually worked and am pretty good with a soldering iron. One of the products I was working on in the past required a custom enclosure and a Wi-Fi connected embedded system that ran on batteries for several years. I designed and put together prototypes from scratch on my own for this, though the product ended up not taking off for other reasons.

- Leadership/management skills. I am good at organizing work and motivating people. People like working with me. I have led major projects in my career and feel like I can do that again. I would be happiest leading a team of 6-10 people if working in this role.

- Communication skills. I connect with people easily and quickly, especially in person. I didn't start out this way (if this was a thing where/when I grew up, my parents might have had me evaluated as autistic for my inability to feel empathy; I have swung way in the other direction with lots of work on myself over the years). I can often convince people to do things for me even if it goes against their self-interest. While I know I can do that, I am very cognizant of this ability and try to find outcomes that are win-win for everyone even if that means a worse outcome for me. I am good at negotiating (salaries, prices, contracts, etc.). I have no problem approaching a stranger, knocking on doors, asking for or offering help, etc.

- Interviewing skills. I am good at being interviewed (in my career I got many more job offers than been turned down). I am very good at interviewing others for jobs. I have almost always been able to tell who would fit in well and who wouldn't for any given situation.

- Writing/public speaking/teaching. I am a decent writer and a good public speaker. I am told that I am a very good teacher/mentor. People who I have taught in the past have all been very happy with the time and energy they spent in my classes and most have gotten very good at what I was teaching them.

- Photography. I am a decent amateur photographer. I mostly do boudoir photography with friends for fun, but can do portraits well. I have sold a few prints for several $100 each at a couple of art shows I entered on a whim, but due to the nature of what I typically photograph I don't think it has wide appeal.

- Mechanical, construction, plumbing, electrical. I am not a professional in any of these, but have done enough work on my vehicles and homes I've lived in to know what I'm doing. I fix my own vehicles routinely and have redone plumbing for a whole house and have done some electrical work.

- Woodworking. I'm learning how to do some woodworking, just for fun. I mostly make practical things, not art. For example, I built my own motorized sitting/standing desk from hardware store parts.

- 3D printing and small scale manufacturing. It's a hobby, but I'm pretty good at it.

Probably a few others I am forgetting, but these are the main ones.

Re: Ask HN: Getting depressed about money. How do I make a meaningful amount “fast”?

#10

Wanting to get rich quickly is often a way to get poor. Be careful. [Edit: Here's a quote I like. "Money is like gasoline on a road trip. You don't want to run out of gas on your trip, but you're not doing a tour of gas stations. You have to pay attention to money, but it shouldn't be about the money." - Tim O'Reilly]

Yes, absolutely. I am not after getting rich overnight. I am after getting rich in the timeframe of say 5-10 years. Quicker is better, but smarter is better than quicker.
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