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Is the 'millionaire dream' still an impossible feat for most? And if having a good startup can't guarantee it, what could?
Having a net worth over a million dollars is completely normal for middle-aged professionals, at least in the developed world: in the US it puts you at about the 90th percentile. Having a million in liquid assets is much rarer, but still easily attainable on a FAANG salary.
It is hard to find any good data - YC is a VC so why would they want to tell you that the median return is zero? I am disappointed that YC sell a dream, but don’t provide any data on historical results for founders.
This is a good analysis for historic YC companies: https://jaredheyman.medium.com/on-the-life-and-death-of-y-co...
> Is the 'millionaire dream' still an impossible feat for most? And if having a good startup can't guarantee it, what could? Having a net worth over a million dollars is completely normal for middle-aged professionals, at least in the developed world: in the US it puts you at about the 90th percentile. Having a million in liquid assets is much rarer, but still easily attainable on a FAANG salary.
Is it possible to reach that figure by 30 while living modestly?
> Is the 'millionaire dream' still an impossible feat for most? And if having a good startup can't guarantee it, what could? Having a net worth over a million dollars is completely normal for middle-aged professionals, at least in the developed world: in the US it puts you at about the 90th percentile. Having a million in liquid assets is much rarer, but still easily attainable on a FAANG salary.
> Having a million in liquid assets is much rarer, but still easily attainable on a FAANG salary. Is it possible to reach that figure by 30 while living modestly?
Earlier quoted context omitted.
> Having a million in liquid assets is much rarer, but still easily attainable on a FAANG salary. Is it possible to reach that figure by 30 while living modestly?
Back of the envelope math gives me that if you can stick $85K a year into an investment that gives 10% annual returns you'll have a million in 8 years. So in theory it should be just about doable if you get a really well paying job right out of college (with no student loans) and have a bit of luck on the investment front.
Earlier quoted context omitted.
Back of the envelope math gives me that if you can stick $85K a year into an investment that gives 10% annual returns you'll have a million in 8 years. So in theory it should be just about doable if you get a really well paying job right out of college (with no student loans) and have a bit of luck on the investment front.
I think even 50% of that (liquid assets) would be quite cool but yeah, getting rich by salary alone is quite difficult it seems which leaves many with no choice but to enter the field of business.
It takes roughly a decade to IPO, so figure at least that long. Oftentimes there are buyouts before then, but those usually come with a pair of golden handcuffs which extend the time period. And then of course there are all the failures that don't find traction or product-market fit. But are great learning opportunities. A FAANG job is more reliable to get you to millionaire status eventually, but a ton of luck at a…
I guess getting rich is not that easy. I saw some comments on HN by solo micro-SaaS devs who said that they have $20-50K MRR and I was blown away.
I wish I too could learn how to do something like that.
Earlier quoted context omitted.
I think even 50% of that (liquid assets) would be quite cool but yeah, getting rich by salary alone is quite difficult it seems which leaves many with no choice but to enter the field of business.
If your willing to work until you are 40 rather than 30 then it's enough to save $35k a year on 6% annual return, something that is slightly more reasonable to do.