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In order to be a millionaire you can do your diversification and you can get to become a millionaire. You can invest and try and play it safe.
In order to become a billionaire you are going to have to bet the farm in a concentrated bet and hit it out of the park.
This is very true! But there's a corollary: of those who try to become millionaires according to the above recipe, a good smattering will succeed. But of those who try to become billionaires, the vast majority will fail not only at becoming a billionaire, but even a millionaire!
Which would you rather do: become OK-affluent with comparatively little risk, or seek to build stupendous wealth - with inordinate risk?
Sounds like you are a programmer and worked for a tech start up? That is a very fortunate situation. The rest of us recent college graduates are considered lucky if we have a $40,000 to $60,000 a year job!
I didn't work for a start-up. The company already had 1000 employees when I joined, so I didn't get that many option grants. And my starting salary was $40-60k. Today's grads don't have it any worse than when I graduated. If anything it's better now because at least their loans are much cheaper than mine
Now let me preface this by saying I'm not rich...YET. I started a business about 2 years ago as a side thing. In the past year my business has really taken off, doing a few million a year in sales and clearing well over 6 figures for hte first time in my life, although granted most of it gets rolled back into my business. As someone who still works a barely above min wage retail job, basically for the security and benefits, I feel I have some good insights on this.
1. When you had nothing, did it ever seem possible to you to one day have 7 or eight figures?
No, I always wondered what kind of job can I get to make that kind of money? Just didn't seem possible. You have a much better chance doing it on your own vs working for someone else. Even when running your own business I always thought what coudl I sell, waht business could I start? I actually kind of fell into my business. I saw a need not being met at my day job and started my own business at first small on ebay making $50 a week. Soon it grew and now I do easily over $200,000 a month.
2. How does it feel psychologically and emotionally to have 7 or eight figures?
I'm far from rich, my business did 2 million in sales this past year. Profit was about $160,000, however majority of it gets rolled into the business. I take out 10% profits as my pay every month and the rest gets moved towards growing the business. I still oftentimes live check to check but in the longrun obviously all that money is mine. I have a little extra spending money but don't yet have the luxury to live like someone making the money Im making as I don't see it.
3. How long did it take?
Started business two years ago. Was fairly successul making making 2k-5k a month extra but in the past 6 months or so I been making like 20k a month.
4. Any tips on how to achieve such a feat?
My advice is do something. Not everything you do is gonna be a success but if you sit around and never start anything nothing is ever gonna take off. I'm very entrepreneurial, I've had dozens of failed businesses and ideas but finally found a winner. I actually wound up teaming up with a partner. I think thats part of my success. he's more a numbers and accounting guy, I'm more internet and creative. Stuff he hates doing i love doing and stuff i love doing he doesn't know how to do. I attribute this to much of my success
this is a zombie post. it pops up every 2 months, same question asked different ways.
usually the responses are hostile. if noah came up to most of the posters and told them today how to avoid drowning they would laugh at him just like they did b4.
most people just looking for a trick to get rich quick and easy.
that is not how it works.
most envy what i have \ none envy what i had to do to get it
True, true. Even when they are told what they have to do to get it will run to buy a lottery ticket hoping they get rich that way. Others hoped Obama would legislate prosperity which is impossible no matter what he tells the American people. Very few are willing to do what it takes but will cry and scream when they don't get what you have.
I don't mind these threads though. What it takes might sink through to someone.
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