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> Yet, many don't start anything, despite wanting to. That's a pretty tone deaf response. Many people don't start something, anything, because they don't have
by movedx 8y ago
> Yet, many don't start anything, despite wanting to.
That's a pretty tone deaf response. Many people don't start something, anything, because they don't have $1.5m in liquid assets sitting around, mate.
I have my own business. I'm writing this from the office we hire. I have tens of thousands in business bank account, not $500k. I have tens of thousands in personal savings, not $500k. You don't need a lot to start, in my opinion, but when you have $500k it's really not a hard decision to start at all.
With $500k you can start, then start, then start, and keep starting and failing over and over, easily, for 5-10 years with that kind of cash.
> Suddenly there's more to lose than to gain. Once you realize you've "won the lottery" and you find yourself with a nice nest egg, you start worrying more about losing it, than about using it to gain some benefit.
I believe this is a sign of a deeper problem, Daniel.
If you can maintain a happy lifestyle on (for example) $50k per year, there's no reason you shouldn't be able to maintain the same lifestyle should you "win the lottery" and find your self with $1.5m in the bank... you simply keep living off of $50k. The lottery winnings are just a bonus you can grow on the side.
Worrying about losing it is, essentially, worrying about being poor. And that's a valid concern for some, but it's not a valid concern for you, sorry.
- DVassallo 8y agoI think you have misunderstood me. I see it the same way as you do. I’m ready to spend it all while trying, trying, trying... But people in a similar situation as mine keep telling me that I’m bold for taking such a big risk, that they admire my courage, and that they don’t have the same risk appetite as I have. What I’m trying to communicate though is that what I’m doing is not risky or bold. I’m not risking anything consequential, even if I lose 90% of my wealth. From my own anecdotal observations, people with little to lose (no wealth, early career) are much more willing to start their own business than someone with a successful career and $1M in the bank. This was the point of that paragraph you quoted.
- movedx 8y agoThen I've misunderstood. My apologies. I think you're right. A lot of people are afraid of being poor. Of losing everything and being on the street. They forget that they can just get a job and start again, really. They're lowest point is a $100k+ job, right? I really do hope young people are taking bigger risks and starting something for themselves. I'm 34 but my brother-in-law is 24. I'm bringing him into my business because I need him to understand that selling his time for money is a bad investment, among other things. Thanks for clarifying.