

Ask HN: How did you make your first million dollars? - Apane

Let&#x27;s discuss...
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josephschmoe
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.

Sorry for the boring answer.

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sokoloff
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.

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4channer
good on you haha

my family invests stocks as well and we lost ~40000 in 2008, those were not
good times.

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privatedan
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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Im_Talking
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.

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mrfusion
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?

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Im_Talking
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.

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jaworrom
Every person I know that has a million dollar net worth is either an
entrepreneur or business owner.

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sokoloff
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.

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throwaway344
This is in the Million Next Door, kind of theme.
[http://en.wikipedia.org/wiki/The_Millionaire_Next_Door](http://en.wikipedia.org/wiki/The_Millionaire_Next_Door)

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sokoloff
Thanks. I knew I'd read it ages ago, but couldn't place it.

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bartonfink
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.

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jweather
I'm working on my second million... gave up on the first one a while ago.

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tn13
Managed to sell a disputed ancestral property.

