Ask HN: Good Morn. - What's The Quickest Way To A Million Dollars In 1-2 Years?
16 comments
- Okay thank you very much for this info penguin_gab.
Find a niche that you can offer something that people will want or better yet, pay for. It's better to start small or find a way to enter a market that you can easily differentiate yourself and go from there. Also, you shouldn't try to hide your idea, most ideas aren't unique, it's how you execute them off that can make or break them. So don't be afraid to tell friends and acquaintances and have them give you feedback. There is no easy way to a million but with the internet there are now more ways then ever.
- Okay thanks for the wisdom ksaville00. I appreciate it.
Start with a $100 mil.
1 Put $$$ in savings account with at least 2% interest
2 Wait
...
4 Profit!
Borrow $2 million from your parents. Wait until they die.
- Very funny VikingCoder, but my parents are not that rich.
- LeoSolaris, thanks for the info. The thing/problem is where will I get the first $1 mill of that $100 mil in order to begin.
The most realistic way for you to get there is this:
1. Have the tech skills to launch a complete web application or project that can either easily be acquired or generate revenue. If the former, aim for something viral and exciting. Think Threewords.me, which supposedly sold for 6 figures days after Mark Bao launched it. If the latter, price high and build a product for businesses or high-net-worth individuals. Assuming 30k of yearly living expenses, and not factoring in taxes (too complicated to calculate this right now), you'll need about 1,060,000 dollars. 1000 customers each paying 49 each per month over 2 years is $1,176,000.
2. Get paid at a salaried job / freelancing using said skills. Assuming you've got enough experience to do (1), you should be able to pull at least 100k. Live frugally and you can save 50k-100k from this job alone after two years.
3. Work on various iterations of (1) in your off-time from (2). Don't be afraid to sell a site on Flippa for a middling price if it doesn't seem to be growing huge. 10 sites at 5k each is still 50k.
1. Have the tech skills to launch a complete web application or project that can either easily be acquired or generate revenue. If the former, aim for something viral and exciting. Think Threewords.me, which supposedly sold for 6 figures days after Mark Bao launched it. If the latter, price high and build a product for businesses or high-net-worth individuals. Assuming 30k of yearly living expenses, and not factoring in taxes (too complicated to calculate this right now), you'll need about 1,060,000 dollars. 1000 customers each paying 49 each per month over 2 years is $1,176,000.
2. Get paid at a salaried job / freelancing using said skills. Assuming you've got enough experience to do (1), you should be able to pull at least 100k. Live frugally and you can save 50k-100k from this job alone after two years.
3. Work on various iterations of (1) in your off-time from (2). Don't be afraid to sell a site on Flippa for a middling price if it doesn't seem to be growing huge. 10 sites at 5k each is still 50k.
- Keiferski, thank you for giving me 3 options. I really appreciate it.
Acquire 10.15 Bitcoins and hope that the 2013 Wedbush Report [1] will be correct.
[1] $98,500 per BTC http://www.scribd.com/doc/188644617/Bitcoin-Intrinsic-Value-...
[1] $98,500 per BTC http://www.scribd.com/doc/188644617/Bitcoin-Intrinsic-Value-...
The problem with Bitcoins is that you must be able to sell them afterwards. And this would surely be a huge leap of faith.
- Okay, I will put that into consideration next time marco-fiset.
- Thank you for the link darkmethod. I really appreciate it.
Borrow 500k go to the casino and bet on red twice. 25% chance of a million dollars 50% chance of +- 0.
Funnily enough, this would probably be the answer that requires both the least amount of work, and has the best odds of actually succeeding :P
- Okay thank you Liongadev.
Start a company get 5 million dollar valuation and investment by making people think your in it for the long haul. Retain 20% that can't be diluted and has no strings attached. Get fired. sell said precentage once new CEO takes over.
What would the contract language that prevents a share from being diluted say?
- Very shrewd and smart plan/idea sharemywin. Thank you for the info.
Take 100k and invest 20k in five early stage startups for five to ten percent of equity.. pray for the next two years that one of them gets acquired for a billion
- Very very smart imahboob. I first need to get the money to acquire the 100k first.
<serious>
Start a new silkroad
</serious>
- Okay thank you hardwaresofton.
Forex. Stock market. Niche web/mobile app.
- Okay I'll definitely get into those joeldidit. Thank you.
Finance - if you can get a job in finance.
- Okay padseeker, thank you for the knowledge.
Drugs.
- Funny collyw. But what kind? Serious?
I am not a drug dealer (and have no intention of becoming one), but I could see that pretty much anything mainstream and illegal would have a high markup, and almost guaranteed demand if you are willing to take the risk.
I suppose cannabis / ecstasy / cocaine were the ones I had in my head when I made the comment.
I am just back from Nepal on vacation, where one could easily get hashish for a fraction of the price it costs here in Europe. I have reads before that drugs trafficking is significantly more efficient than any other market, arriving from producer to end consumer in way less steps than legal products.
I suppose cannabis / ecstasy / cocaine were the ones I had in my head when I made the comment.
I am just back from Nepal on vacation, where one could easily get hashish for a fraction of the price it costs here in Europe. I have reads before that drugs trafficking is significantly more efficient than any other market, arriving from producer to end consumer in way less steps than legal products.
- Okay, thank you for your feedback collyw.
- I totally forgot that I had ask this question but I will like to thank everyone for their response. Thank you so much. I appreciate it.
Background: 25 years old this year, software development firm made $500k in revenue so far in 2013.
Caveat: 1 million dollars revenue != 1 million dollars profit. Huge difference.