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Ask HN: What is the fastest way you can think of to make a million dollars?

17 pointsby deadcoder0904over 5 years ago

12 comments

deanmoriartyover 5 years ago
If you are a semi-competent software engineer with some experience, move to the Bay Area, get a position at any large company that pays well (350k-500k including RSU is pretty feasible these days), live absolutely frugally (under 40-50k a year), invest the rest in VTSAX+VTIAX and don&#x27;t keep them in your company stock (perhaps some 30% fixed income too to smooth the ride) and you&#x27;ll be there in ~5 years with absolutely minimum risk (if the market crashes it might take maybe 7? But if you buy a slice of bonds you&#x27;ll have dry powder to rebalance into equities as they fall).<p>I&#x27;ve been doing that for a few years now and I&#x27;m at ~1.6M all liquid and on track to retire before I&#x27;m 40 (32 now) and I&#x27;m a standard software engineer working in infra. I wish I would have known that earlier instead of completely wasting my time working as a startup employee for pennies, but I also had immigration issues (H1B visa) that prevented me from freely navigating the job market (or at least that&#x27;s what I like to tell myself as a poor excuse for not taking more control of my future sooner...).<p>If you want to reduce those ~5 years, you can start putting your money in speculative bets (e.g. crypto, leveraged etf, option trading), but that&#x27;s not my cup of tea, I am way too aware of how much easier it is to go from $1M to $0 than from $0 to $1M.<p>The biggest advice I have for you is: if you&#x27;re interested in seeing financial returns on your time&#x2F;work, don&#x27;t work for a startup, ever :-)
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claudiulodroover 5 years ago
Depends on risk tolerance. In general, the less risk tolerance, the longer it will take.<p>The most surefire way is to work at a FAANG for ~10 years and keep your expenses under control or work your way up to an executive&#x2F;partner position in a medium-sized business, but that&#x27;s clearly not super fast.<p>The fastest way is the roulette wheel mentioned in another comment or the lottery, but that is realistically almost never going to pan out.<p>Entrepreneurship is IMO a good middle ground between the two paths.
vtripsover 5 years ago
Old wise man once told not the fastest, but the most successful way - &quot;If you want to make good money, focus on creating value and money will take care of itself&quot;<p>Create value.
ColinWrightover 5 years ago
Put $1 on a single number on a roulette wheel, let it ride, and have your number come up 4 times in a row.
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tozeurover 5 years ago
Marriage.
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fuzzfactorover 5 years ago
Make millions of dollars worth of sales.
dmarlowover 5 years ago
Probably in real estate. You can make good money still if you are a savvy buyer.
bjourneover 5 years ago
Start with a billion dollars and lose 999 million of them in bad investments. :p
winternettover 5 years ago
Get a small one million dollar loan from your father. Anyone can do it. ಠ_ಠ
lapaz17over 5 years ago
Put your money on countries with a high interest?
xchipover 5 years ago
you mean legally I presume?
_archon_over 5 years ago
I&#x27;d buy 1,000,000 dollars. Starting with linen paper and printing it is super slow.