I like to think that I've written some fairly useful stuff here over the last year or so. To the best of my knowledge, none of my comments has ever gone to Slashdot and the New York Times, but the comment that I turned into a blog post about programmers and names just did.
Your own blog is also a little easier to cite in resume-type situations. (Hypothetically assuming I were to seek funding, I have at least one HN comment that I'd point to to say "Read this, it is strongly indicative of the future success of the business you are about to invest in", and that is a little quirky.)
That being said... this is an interesting way to game one's HN score.
Comment on stories. Once it became obvious that a particular comment is popular/well-received (200+ points) clarify it a bit and post it to your blog. Then submit it as a story back to HN and get another (200+ points).
I found your original comment really interesting and the formatting on your blog way easier on the eyes than HN comments so I'm not complaining or anything.... just thought it an interesting (and inadvertent) example of how to abuse the HN point system.
a) I wrote the comment randomly on a Sunday night. I literally wrote what was on my mind. I kept updating it frequently as I thought of more things.
b) All of a sudden there were 200+ upvotes the next day. To me that indicated that people found the comment really useful.
c) I had more to say, wanted to polish it up, and put it on my blog in a more permanent place.
d) Submitted it since it was previously proven to be useful.
On the other hand, I know plenty of millionaires who never could have made a post like Jason's.
Why? Because of how they became millionaires. Either they inherited, joined a family business, climbed the corporate ladder, held onto or flipped real estate, grew a conventional business in the perfect climate, or just got plain lucky.
Better: Have you earned a million dollars through your own start-up > once?
It's still hard work though. However, you can probably combine the advice in that book and speed up the process of becoming a millionaire.
Once you get to that, I think you can live off a 3 percent interest. That's 30,000 dollars. I am pretty sure you can manage that if you live like a college student.
I'd spend part of the capital though, or invest on something with a better interest rate (like living off real-estate rent - my grandparents do that).
(a) Happened to pick the stocks that outperformed the market, and
(b) Invested during one of the strongest bull markets in history.
(Not to say who's right or wrong, just wanted to bring up an interesting counterpoint.)
There were two groups that stood out in the book:
1. Professionals who did well and invested wisely. He noted that most professionals who do well, spend all of their income and often even more.
2. Business owners.
Both groups became millionaires through one means: business ownership - through stocks in case 1 and directly through case two.
I know several people who've done very well and it's because of their businesses. A junkyard owner, an owner of an electrician company, an owner of a used tire business are among those who have little or no post-high-school education. They all have far more in the bank than I do.
Note that all of these are all what the blog post calls "unsexy" businesses. They provide a product or service and charge for it.
The first million didn't happen for them in 3 years. But it did happen and for at least two of them (I lost touch with the junk yard owner) the money just keeps coming in.
The reason they couldn't have made a post like Jason's might well be for many reasons, maybe they...
- don't want to share their experience and knowledge widely and freely
- think they're too busy to do the above
- hadn't considered blogging it
- are not as eloquent in distilling and expressing it.
I think there would be interesting and valuable lessons to learn from any of the millionaire types you mention - even from those who've done it only once, and from those who've failed trying.
I know he has a social network for families with Mark Bao and an app store for business apps.
But at most those are 10-50K a year businesses...at least in the foreseeable future.
But if you read the post a lot of the same skills are there.
If it is easier to parse replace money with wealth in my original post.
> Raise Revenue, Not Funding
Thank you, thank you, thank you.
> Look For Something That Is Required Or Subsidized By Law
I'd like to add that you should be careful about something that requires you to need constant permission from a third party. The iPhone market is a good example. While I'm not suggesting that you shouldn't develop for that market, you just need to be aware that whatever you do, your success depends on someone besides you or your potential customer saying "Yes."
Basically, don't forget who controls the product/service/platform you're trying to build for or sell. The prime example of this is Pandora's epic journey through the annals of the music industry. Brilliant idea, brilliant execution, but almost didn't make it because they didn't actually have any control over the product they were selling (other peoples' music).
I've seen lots of companies start and fail trying to do similar things -- music, movies, TV shows, etc. So many ideas can be so simple ... "we'll create this awesome service that lets you pick your song and XYZ"
Or, more simply put: Be in control of your own supply chain.
I like this. I'm going to steal it for my own personal use in later conversations, where I will forget to credit it to you, Mr/Mrs NLH.
> Thank you, thank you, thank you.
Why "thank you"? Are you looking for the truth, or just something that repeats what you wish were true?
The parent poster sold FriendFeed to Facebook last year in an estimated $50MM transaction. I would take his question seriously.
Even a large corporation is looking at 10's of thousands of pounds to pay a consultant to do the ISO work.
This is not just idle observation BTW: we are currently beta testing some tools to do self accreditation of ISO standards within the firm. So far we are looking at reducing those astronomical fees to "something additional for your admin staff to do".
The software has only been testing in about 30 companies and we already have about 50 word of mouth sales. This is a huge market.
On the other hand -- I've seen software from an employer I won't name that informed a Dr that his patient was not pregnant. Which was good since the patient is male. And not postop male, but bio male. You see a few visible fuckups like this and get awfully skittish.
Why would one want to be a millionaire?
This isn't to say that there's no reason to try. It's only to say that most people don't think about how much it costs to become a millionaire. Maybe some things are just worth more...
Great post, but just thought I'd mention I went searching for the RSS button on your site and couldn't find it anywhere (in fact, I subscribed to the comments on that post in my reader before I realized it was the wrong feed).
I could be blind, but in the end I noticed it was Wordpress so went to /rss/ to subscribe. Just thought I'd let you know!
If someone thinks it is a good idea, you are too late. - Yvon Chouinard
It seems appropriate.
Though I suppose every millionaire became a millionaire in three years, if you only start counting from three years before they became a millionaire.
The text is way too big, the margins way too wide, and the letters way too run-together.
I'd say go for it, but it really depends person to person. It's not perfect for everyone.
All the best!
Most smart people know not to overuse the dative form.