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What most people forget that the worlds 50 richest people are outliers - after all there are only 50 of them in the world. The interesting thing would be to see

by mixmax 17y ago

What most people forget that the worlds 50 richest people are outliers - after all there are only 50 of them in the world. The interesting thing would be to see how big a percentage of the worlds richest 5 million people made their money by creating and selling software. I'm not saying that you're wrong, just that the data doesn't support the view.

SwellJoe 17y ago
That's true. I suspect oil has made dramatically more millionaires and billionaires than software has (but, having lived for many years in Texas, having a dad that worked as an engineer in the oil and gas industry, and then working myself for a few years on software for the oil and gas industry, my view of rich people and how they got that way may be skewed). But, I think maybe we're past the time when there are major opportunities for new people to make their fortune in oil. Though I do know some software developers who're rich because of the software they make for the oil and gas industry. Anyway, I don't know, either. We're all working with dramatically less data than we need to make an informed decision. But, since we're probably all strongest at technical stuff, rather than finance or arbitrage or whatever other ways folks make a billion dollars, I kinda think our best odds are in playing to our strengths.
- krschultz 17y ago
  If you read the book Millionaires Next Door they pretty much tackle this problem and show that owners of small->medium sized businesses are the bulk of the millionaires. A lot of these businesses are just run of the mill things like construction, commercial real estate, service stations etc. The home runs from taking huge risks are few and far between.
  - SwellJoe 17y ago
    The Millionaire Next Door also reportedly has data problems, but, I think the idea of becoming one of those millionaires next door from software is also sound. I think the risks that have to be taken for those home runs in software are smaller, as well. What's the cost of a major construction project that can net millions in revenue vs. a major software project that can net millions in revenue? I was just think we're pretty lucky (or clever) to be working in a field that has produced so many billionaires in a short period of time, and now requires less risk and investment than ever before. It's a good time to be a nerd.

by mixmax 17y ago

SwellJoe 17y ago

That's true. I suspect oil has made dramatically more millionaires and billionaires than software has (but, having lived for many years in Texas, having a dad that worked as an engineer in the oil and gas industry, and then working myself for a few years on software for the oil and gas industry, my view of rich people and how they got that way may be skewed). But, I think maybe we're past the time when there are major opportunities for new people to make their fortune in oil. Though I do know some software developers who're rich because of the software they make for the oil and gas industry. Anyway, I don't know, either. We're all working with dramatically less data than we need to make an informed decision. But, since we're probably all strongest at technical stuff, rather than finance or arbitrage or whatever other ways folks make a billion dollars, I kinda think our best odds are in playing to our strengths.

krschultz 17y ago
If you read the book Millionaires Next Door they pretty much tackle this problem and show that owners of small->medium sized businesses are the bulk of the millionaires. A lot of these businesses are just run of the mill things like construction, commercial real estate, service stations etc. The home runs from taking huge risks are few and far between.
- SwellJoe 17y ago
  The Millionaire Next Door also reportedly has data problems, but, I think the idea of becoming one of those millionaires next door from software is also sound. I think the risks that have to be taken for those home runs in software are smaller, as well. What's the cost of a major construction project that can net millions in revenue vs. a major software project that can net millions in revenue? I was just think we're pretty lucky (or clever) to be working in a field that has produced so many billionaires in a short period of time, and now requires less risk and investment than ever before. It's a good time to be a nerd.