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I'm curious to know the financial situations of those who apply to YC. You don't have to give specifics, but has anyone gone through YC with a lot of school de
by alexhaefner 15y ago
I'm curious to know the financial situations of those who apply to YC. You don't have to give specifics, but has anyone gone through YC with a lot of school debt? (>$20k, >$40k?) How did you manage this?
For those who haven't gone through YC but do have a lot of school debt or otherwise, how do you think you'll manage?
- untog 15y agoI'd be interested to hear this, too. Also outside of the context of applying for an incubator, even- the general idea (as far as I can see) is to work for as little as possible, keeping cash in the company. Sensible, but I live in New York, and rent/food isn't cheap. I've been wondering to myself how I would balance that- I have savings, but not a ton.
- webwright 15y agoStartups are a lot harder for people with debt/no savings/kids/mortgages/etc, but there are plenty of cases where resourceful people found a way to make it work. When you have debt and a huge-but-not-immediately lucrative opportunity in front of you, I imagine you'll manage like entrepreneurs have for centuries. Sleep on couches, eat ramen, rack up some more debt (credit cards?), dodge or persuade your creditors, etc... And hope that it works out.
- jarek 15y agoI would advise to exhaust every possible better source of debt before turning to credit cards. Compound interest on your average credit card rate is brutal, and entrepreneurs going through high uncertainty shouldn't fall for the time-bomb promotional offers.