Nearly every person I have met who has over one million dollars in assets did so slowly by making good investment decisions and a consistent, high-paying employment track record.
Consistent, high-paying employment here as well, paired with consistent investing in stocks.
I got pretty well smacked down in 2000 and again in 2008, but still crossed the 7-figure mark around age 40 even in spite (I would argue because) of the volatility and risk in the stock market.
I suspect that you know a lot more people with a million dollar net worth and just don't realize it.
A million dollar net worth is often externally indistinguishable from "suburban family just barely making ends meet". In fact, invisible millionaires are less likely to have a flashy new car in a huge McMansion garage than the "barely making it" crowd is, IME.
Yes, the only difference is, those who have accumulated that million dollar net worth by retirement age (and oftentimes about half of this is home equity), actually get to retire. The rest have to keep working to pay the bills.
I concur, but location is a massive factor in who looks like a millionaire and who doesn't. A single million in Cupertino gets you a house that's about 1500 square feet with a tiny yard, while just an hour south of Cupertino a million could get you a 4000 square feet house with several acres.
Usually visible millionaires are probably a lot richer though or just really bad at saving. The question is who's going to do well in the long run, and that's most likely the one that's always saving.
That's probably sampling bias. I'm assuming you work in startups since you're on YC. I work for a large corporation and the only millionaires I've met in my short career are executives that climbed the ladder. The truth is probably somewhere in between.
I know a guy who bought AAPL at about $8 a share a while back and still holds a lot of shares, was part of the initial Dell IPO and also recently complained about only making 10x his Tesla shares so far. He's quite well set for a guy who invests as a hobby.
I started a software business in 2003 catering to mortgage brokers. Sold it in 2008 for 7 digits.
I have been managing it since then which bores me. I like to control my own path so I just handed-in my resignation and will start another software business.
I'm 54 and don't let anyone tell you you're too old, or any one of the other million excuses. Backing yourself is the only true security.
I've been trying to think of products for the mortgage or real estate industries for a while. Do you happen to have any ideas you'd like to share? Or advice on finding ideas?
I'm also looking for the same. I try browsing on subreddits related to real estate and mortgages for ideas ...
Haven't found any that I am pursuing ... Most inputs I get are to replace a large product which I think is quite a risky path to go on. I am more keen on finding a niche area to work on and go after
Best bet is to phone-up and meet a few brokers and ask about their work, stresses, and pain. You may be lucky and a common thread may surface. If it does, then you know your path. Following the pain is a great way to get ideas.
When I started I didn't know a mortgage from a hole-in-the-wall (I came from telecom) and sent emails to every local mortgage broker. I met-up with a very cluey broker and that was the start.
You cannot think of ideas in a vacuum. You need to talk to the people in the trenches. Good luck.
1.) Graduated from a top engineering school with little debt ( ~$10k ) thanks to wonderful parents who planned from day one to send my sisters and I to our top choice colleges.
2.) Consulted, tutored, did odd jobs throughout school to help pay for living costs and continued this for my first year out of college while I worked at a large engineering company ( one year out and I had saved ~$40k, which > than a year's expenses at the time ).
3.) The $40k allowed me to take a risk and join a smaller company in the financial/software space that was offering half the salary other companies were offering, but with very good upside potential.
4.) Company has been doing very well -- much better than I anticipated. I invested my earnings well ( avg'd just over 20% return per year since I started investing during the turmoil in 2008 --- took very little, IMHO, investing risk --- turns out obsessive-compulsive tendencies can be put to good use digging into and understanding 10k reports ). I made my first million before I turned 30 and have multiplied that a few times over in the next few years doing pretty much the same thing. There was no one event that dropped a bunch of cash in my lap. I accumulated ( and continue to accumulate ) cash ( at an increasing rate --- snowball effects are amazing ) over time. Still cranking away.....
Best advice I can give for those who want to accumulate wealth. Find something you enjoy, can reward you well financially, and then grind it out for a decade. The last part isn't talked about that much because, well its generally not all that glamorous --- but I enjoyed it.
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[ 3.0 ms ] story [ 59.9 ms ] threadSorry for the boring answer.
I got pretty well smacked down in 2000 and again in 2008, but still crossed the 7-figure mark around age 40 even in spite (I would argue because) of the volatility and risk in the stock market.
my family invests stocks as well and we lost ~40000 in 2008, those were not good times.
A million dollar net worth is often externally indistinguishable from "suburban family just barely making ends meet". In fact, invisible millionaires are less likely to have a flashy new car in a huge McMansion garage than the "barely making it" crowd is, IME.
Usually visible millionaires are probably a lot richer though or just really bad at saving. The question is who's going to do well in the long run, and that's most likely the one that's always saving.
I'm 54 and don't let anyone tell you you're too old, or any one of the other million excuses. Backing yourself is the only true security.
Haven't found any that I am pursuing ... Most inputs I get are to replace a large product which I think is quite a risky path to go on. I am more keen on finding a niche area to work on and go after
When I started I didn't know a mortgage from a hole-in-the-wall (I came from telecom) and sent emails to every local mortgage broker. I met-up with a very cluey broker and that was the start.
You cannot think of ideas in a vacuum. You need to talk to the people in the trenches. Good luck.
2.) Consulted, tutored, did odd jobs throughout school to help pay for living costs and continued this for my first year out of college while I worked at a large engineering company ( one year out and I had saved ~$40k, which > than a year's expenses at the time ).
3.) The $40k allowed me to take a risk and join a smaller company in the financial/software space that was offering half the salary other companies were offering, but with very good upside potential.
4.) Company has been doing very well -- much better than I anticipated. I invested my earnings well ( avg'd just over 20% return per year since I started investing during the turmoil in 2008 --- took very little, IMHO, investing risk --- turns out obsessive-compulsive tendencies can be put to good use digging into and understanding 10k reports ). I made my first million before I turned 30 and have multiplied that a few times over in the next few years doing pretty much the same thing. There was no one event that dropped a bunch of cash in my lap. I accumulated ( and continue to accumulate ) cash ( at an increasing rate --- snowball effects are amazing ) over time. Still cranking away.....
Best advice I can give for those who want to accumulate wealth. Find something you enjoy, can reward you well financially, and then grind it out for a decade. The last part isn't talked about that much because, well its generally not all that glamorous --- but I enjoyed it.