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If you are involved in startups, you should have other friends and acquaintances who are running startups. Some of them will be funded and you will at most be o
by AJ007 12y ago
If you are involved in startups, you should have other friends and acquaintances who are running startups. Some of them will be funded and you will at most be one or two steps away from a billionaire like Thiel. You should have these friends not because of money but because you need people who have similar struggles as you.
As for the $1m thing. $1m today will barely allow someone to retire above the poverty line. You may be surprised how much money exists in just a few blocks of a non-descript town. $1m was also the number Warren Buffet started investing with, raised from other friends and neighbors.
- AndrewKemendo 12y ago> If you are involved in startups, you should have other friends and acquaintances who are running startups. Some of them will be funded and you will at most be one or two steps away from a billionaire like Thiel. You should have these friends not because of money but because you need people who have similar struggles as you. All very true, however that is a different context than Thiel and a few others mentioned in this thread (Gates etc...). The difference is really in the "Terms" or lack thereof and the proofs. Yes it is true that I can reach out and touch a handful of millionaires, and in fact spoke with a few yesterday on a conference call. However they weren't "Friends and Family" like the Thiel/Gates case, they were businessmen looking at me like a potential asset/liability. The relationship and the bar for getting their money is completely different and I think not comparable.