4 ms·

Only asking for opinions from people who were successful is literally asking for survivor bias perspectives. I dream of working for myself but I've never taken

by foxhop 9y ago

Only asking for opinions from people who were successful is literally asking for survivor bias perspectives. I dream of working for myself but I've never taken the plunge. My income from side projects is about 1/3 of the way to my minimum number to quit and go full time. I do a lot of thinking about this, my number is the same as my financial independence / early retirement number. One of the biggest things that holds me back is medical insurance for a family of 5. Having an employer offsets this cost a LOT.

zghst 9y ago
Oh that is very tough! I'm only in my early 20s, but I worry so much about retirement, probably one of my most deep fears! I figure the only way for me to get ahead is to be financially successful, either my startup makes it or I go to get my PhD in a cutting edge, lucrative compsci field.
- vasco 9y ago
  I chuckled at the thought of getting a PhD to be financially successful.
  - akerro 9y ago
    He's also in his 20s and worries about retirement money! The financial system will crash at least twice before he retires
  - zghst 9y ago
    To he able to deeply understand a science and be credentialed makes me internationally valuable, as opposed to having limits in just a single market. Sure I could just hop over to a big corp, but long term wise, I’m not sure if it’s sustainable building credible expertise from just working up the chain, that lifestyle could also disappear from the marketplace like tenured jobs; additionally I would love to be a top expert chosen to contribute to national policy or economical mattters. My model of financial success for the future depends on impact, specialization, incisive & collaborative science and a recognizable brand.
- aj7 9y ago
  I thought that too, and was fairly successful working for small companies and startups in the laser field. Peers in government and the national labs outearned me. The key is expectation value of total lifetime earnings. In retirement, people with real pensions take riverboat cruises in Europe. People without have to worry about Sharpe ratios and PEG.
- sjg007 9y ago
  Just save and you'll be far ahead and get a job at google or someplace like that (a professional software company) OR go into finance.
jasonkester 9y ago
Only asking for opinions from people who were successful is literally asking for survivor bias perspectives. Possibly. But on the flip side, "only quit your day job once your business replaces its income" is a really good strategy for being successful. That's actually a piece of advice I don't feel like I see pounded in enough. I see so many people "quit my job today to start a startup!" and I have to bite my tongue before I dump on their day by telling them what a terrible idea that was. Then again, I personally did kinda quit my job before building my first revenue generating product, so pots & kettles and all that. I wouldn't do it again though. Sounds like you're on the right path.

by foxhop 9y ago

zghst 9y ago

Oh that is very tough! I'm only in my early 20s, but I worry so much about retirement, probably one of my most deep fears! I figure the only way for me to get ahead is to be financially successful, either my startup makes it or I go to get my PhD in a cutting edge, lucrative compsci field.

vasco 9y ago
I chuckled at the thought of getting a PhD to be financially successful.
- akerro 9y ago
  He's also in his 20s and worries about retirement money! The financial system will crash at least twice before he retires
- zghst 9y ago
  To he able to deeply understand a science and be credentialed makes me internationally valuable, as opposed to having limits in just a single market. Sure I could just hop over to a big corp, but long term wise, I’m not sure if it’s sustainable building credible expertise from just working up the chain, that lifestyle could also disappear from the marketplace like tenured jobs; additionally I would love to be a top expert chosen to contribute to national policy or economical mattters. My model of financial success for the future depends on impact, specialization, incisive & collaborative science and a recognizable brand.
aj7 9y ago
I thought that too, and was fairly successful working for small companies and startups in the laser field. Peers in government and the national labs outearned me. The key is expectation value of total lifetime earnings. In retirement, people with real pensions take riverboat cruises in Europe. People without have to worry about Sharpe ratios and PEG.
sjg007 9y ago
Just save and you'll be far ahead and get a job at google or someplace like that (a professional software company) OR go into finance.

jasonkester 9y ago

Only asking for opinions from people who were successful is literally asking for survivor bias perspectives. Possibly. But on the flip side, "only quit your day job once your business replaces its income" is a really good strategy for being successful. That's actually a piece of advice I don't feel like I see pounded in enough. I see so many people "quit my job today to start a startup!" and I have to bite my tongue before I dump on their day by telling them what a terrible idea that was. Then again, I personally did kinda quit my job before building my first revenue generating product, so pots & kettles and all that. I wouldn't do it again though. Sounds like you're on the right path.