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The question of consequences is real. I graduated in 2008 at the beginning of the great recession, and I watched some of my classmates go off and do startups.
by wing-_-nuts 2y ago
The question of consequences is real. I graduated in 2008 at the beginning of the great recession, and I watched some of my classmates go off and do startups. I asked them 'Dude, what if you fail?!' and one of them just shrugged his shoulders and said he'd move back home with his parents, and get a job at his dad's company. No big deal.
That's when I realized it was much easier to take those risks when you knew you had a safety net to fall back on and you didn't have to worry about winding up homeless sleeping under an overpass.
- ilrwbwrkhv 2y ago[flagged]
- sombrero_john 2y agoDig a little deeper into your dataset and you will find that the reason these people didn't end up homeless is because most of them have well-off / supportive families, trust funds, or Ivy League degrees. That said I agree that people give in to fear too much, which prevents them from taking risks.
- ilrwbwrkhv 2y agoHomelessness is not happening. If you have the skills to even attempt a startup, you can for sure get a job.
- ebiester 2y agoI saw a bunch of people who had the skills to get a job take months to get one in 2023 and 2024. I've also seen people who think they have the skills to attempt a startup that did not. All it takes is a downturn at the wrong time and a low capacity for risk.
- ipaddr 2y agoI'll take that guarantee and raise you. Someone on here who posts was in that situation. If you risk homelessness on a lottery ticket you are making a bad choice.
- Cheer2171 2y agoHomelessness != sleeping outdoors or in a homeless shelter. If you have to move out of your home and live with family or friends because you lost your job, you have lost your home and are homeless.
- rqtwteye 2y agoI did some real estate deals with guys from wealthy families a long time ago. We failed but the difference in consequences was enormous. I lost my savings of 10 years and struggled getting out of the situation. The other guys got bailed out by dad, did more deals and are now very successful business people.
- jbs789 2y agoSorry to hear. For the benefit of others, I read this as the importance of sizing the bet relative to your portfolio and nobody else’s, and is broadly applicable. If someone bets a million bucks on stock A, but is worth a billion bucks, then that’s not $1m conviction, it’s <1% conviction. And that information is then factored into the size of my bet. Unfortunately I also learned this the hard way.
- wadadadad 2y agoI really like the word conviction here for this concept and this use is new to me; has this been used before? A casual search for me doesn't term up anything.
- jbs789 2y agoI really appreciate this comment! (I think that word just popped into my head given some professional experience recently rather than being sourced from the field.)
- tracerbulletx 2y ago41 Jesus sat down opposite the place where the offerings were put and watched the crowd putting their money into the temple treasury. Many rich people threw in large amounts. 42 But a poor widow came and put in two very small copper coins, worth only a few cents. 43 Calling his disciples to him, Jesus said, “Truly I tell you, this poor widow has put more into the treasury than all the others. 44 They all gave out of their wealth; but she, out of her poverty, put in everything—all she had to live on.”
- 2y ago
- packetlost 2y agoFamily is easier, but you can also build up a support network with close friendships too. It doesn't necessarily come for free, but it's certainly possible. That isn't to say it's equal, especially when it comes to money.