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You absolutely CAN get rich “working for someone else”. It’s about the things you spend your money on and not your income.
Example: If you simply max out your IRA in index funds from ages 18 to 30, and you never invest another penny the rest of your life, you will retire a millionaire.
Simply make a habit of buying things that pay you to own them instead of buying things that cost you to own them.
What if my life doesn’t revolve around being a workaholic instead of simply enjoying life. Everyone thinks they are an entrepreneur. It’s just simply not for everyone. I enjoy working a 9-5, taking time off, and making enough money AND reducing my debt so I don’t have to worry about that and live comfortably.
Money?
Just remember you only hear about the 1% who made it, not the 99% who failed, have no money and fat holes in their resumes.
Also money to live, and money to invest to build the company
Not all of us are pursuing material riches. Working for a company saves you from headaches and can support a reasonable work life balance
@K1 a millionaire is not rich.... you can easily become a millionaire working for the companies we work for and rising through the ranks
You need money so you can live a few years while your start up is growing. You can't make pennies and expect to pay rent, eat, and run a business.
^My point being, MOST of us are already in at least the top 5-10% of intelligence, experience, income, etc. so really, that 99% total failure rate, which seems high to begin with for most industries, is probably more like 50-75 for this group. Just a thought. If this were advice given to the general public, I would totally agree.
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Lucky bums. I’m happy if I’m done before 10 pm.
I think you mean risk. There is plenty of money to be made going out on your own, but there is also much more risk that you'll make pennies/nothing.
@OP I totally agree! Personally I am pursuing my own thing while at Deloitte to shape it to a point that I can do it full time. But never jump ship from a solid paying job to pursue something that may or may not work out. Make sure when you decide to jump you have minimized as much risk as possible and at least you have a strategy in place that demonstrates the idea is viable
I had a professor tell me that Startups are at their core an irrational endeavor - the numbers don’t average out to a positive story. So I’d say risk and passion for the dream/idea is what’s missing
This OP is too involved. Ask the question and sit back.
Tried it before consulting actually. Turns out I like executing on work more than selling it...
Energy, strength, persistence, laziness, unwillingness to sacrifice comfort
No OP I don’t mean risk, I mean money lol
@KPMG Yeah, idk about you, but I'd rather not penny pinch my whole life just to be a 'millionaire' when I'm old and used up. That whole train of thought never made sense to me.
Agree with @SC2, I see this state as very temporary while I figure out how to run a business and identify what I want that business to be