[pitt]

(09-26-2015 06:07 AM)H1N1 Wrote:  

(09-25-2015 08:12 PM)Gringuito Wrote:  

(09-25-2015 03:19 AM)H1N1 Wrote:  

Quite sure. £ billionaires several times over, not $ billionaires.

http://www.forbes.com/billionaires/list

If by £ billionaires several times over you mean 10B USD or more, then you know multiple people from a group of 124 people on the planet. That's pretty good. Even if you lower the mark to just 4B USD then it's less than 500 people. You should really think about leveraging those relationships.

I've also met and had lunch with billionaires. Much more with "poor" 9-figure net worth guys.

To the OP, good luck to your friend. I was a multimillionaire in my 20s quite a while ago. But I never thought about making millions/billions. I just focused on building my businesses. That took up all of my time.

I mean net worth between £2-6 billion. I'm not up on the exchange rates, but very roughly $1 billion is £600 million, so would not count as a billionaire here in the UK (we like to set the bar a bit higher than you yanks ).

I went to excellent schools due to parental sacrifice, so despite not having much personally, I am good friends with the children of 2 of the 3. The third one offered me a job as his right hand man, and spent a few months courting me. I wasn't able to accept, as I had already started a business, which I still have, and had employees depending on me. I still question whether I was right to turn it down, but I stay in touch with this chap from time to time.

Did I read this right! A billionaire offered you a job as his right hand man and you refused it? Are you running a multi million dollar business?

[Gringuito]

HIN1, be careful not to accidentally out yourself or your friends. Where you went to school and who your friends parents are could easily be determined. There are only 4-5 candidates with what you've already mentioned.

[TheNookieMonster]

My 2c

Success = Luck + Ability

Few people become extreme outliers (high or low) without a great deal of both luck and ability or bad luck and shitty abilities.

I believe that the distribution of luck resembles what you would expect from gambling, something like a power law. The distribution of most skills is approximately gaussian. This means that luck is more important the further you go out on the tail.

Billionaires are more lucky than they are skilled, in general.

Geniuses are more skilled than they are lucky, in general, and if you don't count good genes as part of luck.

[pitt]

(09-26-2015 08:01 AM)Gringuito Wrote:  

HIN1, be careful not to accidentally out yourself or your friends. Where you went to school and who your friends parents are could easily be determined. There are only 4-5 candidates with what you've already mentioned.

If say on here that I went to school with Drake, what are the guys on here gonna do? Set me up and Drake and get us robbed? Come on.

[Gringuito]

H1N1 owns a business.

thread-50547.html

[Pyrrhic victory]

Pitt:

I lurked in this forum for 2 years without posting partly due to confidentiality. Once you are worth 5m plus as a small fry and have contacts who are in the 9 figure plus range they will want to remain under the radar.

You never disclose who and what you know specifically when it comes to these relationships. I'm not referring to 30m worth actors or rappers with media exposure.

I'm talking about titans of industry people who employ thousands or tens of thousands of people who want to reduce their exposure for a reason.

Discretion is a must otherwise these relationships are compromised.

Unless you have friends like this you will never
Understand this dynamic.

[Peregrine]

(09-21-2015 04:39 AM)The Beast1 Wrote:  

(09-21-2015 03:31 AM)Phoenix Wrote:  

(09-21-2015 03:26 AM)The Beast1 Wrote:  

I'm more pissed off I missed the 90s tech bubble. A lot of billionaires had their timing with a wee bit of luck just right. I doubt your friend will ever make a million, let alone a billion without a business idea of his own.

Yeah there are a surprising number of names that came out of the tech bubble. For example, Tony Robbins is a product of the tech bubble, having sold his company before the bubble burst.

Trick is not to worry about the last bubble: that's just 'hindsight is 20/20' stuff. Just try to spot the next one and get there ready. There's always another one on the way.

The tech bubble was unique because of how easy it was to get something off of the ground and then have nitwit VCs practically vomit cash all over you. At least nowadays, I want to avoid a "dot com" or anything tech and do something that requires manufacturing.

I actually have a really solid business idea, but no means of actually getting the wheels on the ground since my background is mostly IT support. I need a few dozen engineers, physicists, and a pinch of computer programmers to make it happen.

Basically, the goal is to create a small thorium based "home" reactor. Once it creates steam you can use that to power AC units, heat homes/ hot water, and run refrigerators.

A lot of the mini thorium reactors go a step further and add a steam turbine for electricity generation that's all in one. I think that's an unnecessary addition for the time being. Keep the "energy" creation in steam only. Even a modest thorium based hot water heater would do wonders without all of the steam creation gizmos.

There are a few universities researching this, but obviously are dragging their feet. I'd have no idea where to start building such a thing, but oddly enough know where I can get angel funding and run the damn business.

Hope you don't mind me taking the piss:

[Merenguero]

(09-26-2015 05:09 PM)pitt Wrote:  

(09-26-2015 08:01 AM)Gringuito Wrote:  

HIN1, be careful not to accidentally out yourself or your friends. Where you went to school and who your friends parents are could easily be determined. There are only 4-5 candidates with what you've already mentioned.

If say on here that I went to school with Drake, what are the guys on here gonna do? Set me up and Drake and get us robbed? Come on.

With the heavy Toronto contingent on here, I wouldn't be at all surprised if one or more forum members went to school with Drake.

[tynamite]

One million seconds is 8 years, one billion seconds is 33 years.

[lavidaloca]

(10-23-2015 09:13 AM)tynamite Wrote:  

One million seconds is 8 years, one billion seconds is 33 years.

Your math sucks. 1 million seconds is actually about 11.57 days.

(1,000,000 / 60 / 60 / 24)

Alternatively

1,000,000 / (60*60*24)

You aren't even going to be a millionaire by 30 even if you are very well employed. (I.e. Investment Banker)

The only people I know who are at 1M+ by 30 are people who are small business owners that are highly leveraged. (Own 10+ rental properties)

All of these people own labour businesses. (Plumbers, Roofers, Electricians etc.)

People who go to the university typically spend too long in school to feasibly be millionaires before 30.

Take the prototypical high achieving lawyer. Graduates at 24.

Makes 160k, 190, 220, 250k, 280k, 310k. (Numbers obviously vary but are probably higher than 99% of lawyers at that experience level)

In total he makes 1.13 before taxes. Tax man gets 40%. 1.13 mil - 452k = $678k net earnings.

He has to spend a lot of that money in simple living costs and considering he will have to live in a major city and the costs he will incur at least 50k / year in outflow.

So 678k - (50*6) = 378k net

It's improbable he is able to invest at a rate that will make him anywhere near a millionaire by 30. Probably 500-600k and thats not even factoring in the likely massive student loans and complete avoidance of lifestyle inflation.

All the retire by 35 guys are married or have significant others. It's far far easier to become a millionaire when two people are making the money than one. The shared costs reduce your outflow substantially and if each only has to save 500k it's much easier than one saving one million.

[RichieP]

(09-26-2015 04:52 PM)TheNookieMonster Wrote:  

My 2c

Success = Luck + Ability

Few people become extreme outliers (high or low) without a great deal of both luck and ability or bad luck and shitty abilities.

I believe that the distribution of luck resembles what you would expect from gambling, something like a power law. The distribution of most skills is approximately gaussian. This means that luck is more important the further you go out on the tail.

Billionaires are more lucky than they are skilled, in general.

Geniuses are more skilled than they are lucky, in general, and if you don't count good genes as part of luck.

Hah cool observation. I concur.

I think creating a business worth $1-5mm (maybe up to $10-15mm, not sure) is decently possible for smart hard-working people if they want it enough, do what it takes, and have some luck along the way.

You can do that with ecommerce or an agency or a b2b app, or offline with a brick-and-mortar service business, in a proven market with established demand. Not by any means easy but I think if you want that enough and you just keep doing what it takes, sooner or later you can get there. There's not *too* much unpredictability once you have verified strong demand and are entering a growth market that is likely to keep growing etc.

For a $1bn business, you def need some massive element of luck and right-place-right-time. "Vision" is not enough, for every Gates or Zuckerberg there were 1000 equally talented people with equally awesome ideas for whom the stars didn't align and the trend they doubled down on didn't pan out.

Felix Dennis didn't hit $1bn net worth and he had an immense talent for business and dedicated most of his life purely to getting rich, that's even with huge amounts of luck along the way.

[Biz]

(10-25-2015 08:20 PM)lavidaloca Wrote:  

(10-23-2015 09:13 AM)tynamite Wrote:  

One million seconds is 8 years, one billion seconds is 33 years.

Your math sucks. 1 million seconds is actually about 11.57 days.

(1,000,000 / 60 / 60 / 24)

Alternatively

1,000,000 / (60*60*24)

You aren't even going to be a millionaire by 30 even if you are very well employed. (I.e. Investment Banker)

The only people I know who are at 1M+ by 30 are people who are small business owners that are highly leveraged. (Own 10+ rental properties)

All of these people own labour businesses. (Plumbers, Roofers, Electricians etc.)

People who go to the university typically spend too long in school to feasibly be millionaires before 30.

Take the prototypical high achieving lawyer. Graduates at 24.

Makes 160k, 190, 220, 250k, 280k, 310k. (Numbers obviously vary but are probably higher than 99% of lawyers at that experience level)

In total he makes 1.13 before taxes. Tax man gets 40%. 1.13 mil - 452k = $678k net earnings.

He has to spend a lot of that money in simple living costs and considering he will have to live in a major city and the costs he will incur at least 50k / year in outflow.

So 678k - (50*6) = 378k net

It's improbable he is able to invest at a rate that will make him anywhere near a millionaire by 30. Probably 500-600k and thats not even factoring in the likely massive student loans and complete avoidance of lifestyle inflation.

All the retire by 35 guys are married or have significant others. It's far far easier to become a millionaire when two people are making the money than one. The shared costs reduce your outflow substantially and if each only has to save 500k it's much easier than one saving one million.

haha hilarious "your math sucks"

Being a millionaire by the time you're 30 is every single man in the world's dream. You know who actually accomplishes that dream? The guy that never got laid.

[RichieP]

^I wonder how common that mythical "banker/lawyer who avoided lifestyle inflation" is... yet to meet one.

The ones I know are burning through their cash to blow off steam and buy flash toys. Saving about as much as an accountant or whatnot.

I suspect you're both right, perhaps the only ppl really saving significant $$ up to 35 are the guys who got married early, regardless of profession.

[lavidaloca]

(10-26-2015 12:01 AM)RichieP Wrote:  

^I wonder how common that mythical "banker/lawyer who avoided lifestyle inflation" is... yet to meet one.

The ones I know are burning through their cash to blow off steam and buy flash toys. Saving about as much as an accountant or whatnot.

I suspect you're both right, perhaps the only ppl really saving significant $$ up to 35 are the guys who got married early, regardless of profession.

This is 100% true. I watch my friends who are also in the profession and they have $2,000 / month apartments...$400-$1000 / month car payments etc... $500-1000+ / month student loan payments.

It's a financial disaster of epic proportions.

Money is just a means. Having 1 billion vs. 2 million would have literally almost no difference on my life. All I'd have is a nicer car(s) and bigger house(s).

The average American millionaire is 57 years old.

1% of millionaires are under 35. Likely 90% of those people are couples who just own a home that has appreciated substantially. 38% of millionaires are seniors.

http://www.investopedia.com/financial-ed...-rich.aspx

The true number of millionaires is probably greatly exagerated as most sources use the IRS method which tends to produce overly high expected net worth.

Part of the problem with high income professions is they tend to attract people who want prestige and status. Hence, the lifestyle inflation.

[pitt]

He told me he will become a millionaire in 2016. He is not even joking or trying to sound confident, he is dead serious.

Actually, he told me some of his ideas and you know what, I am not even doubting this guy anymore, he may not become a billionaire but I have a feeling he will be worth some millions by the time he is 40.

[Saweeep]

Success is more about execution than ideas.


Either way, what do people even mean by being a millionaire or billionaire? Are we talking assets aside from the business or as a result of some magical valuation of said business?

I think the distinction is important.

[joost]

Delusional friend. None of the world billionaires knew they were going to be billionaires. And your friend is from Central America? Good luck with that.

Money talks, bullshit walks.


He owns a business? Ok. Is his business extremely profitable? Is he expanding aggressively? Maybe he's talking to some big company who's going to buy his and we don't know?

Maybe he ALREADY developed an idea like an impressive software algorithm. It's already on his laptop and he's ALREADY showing to some angel investors? I'll check Google Ventures and Andreessen Horowitz websites to see if he's already there.

[The Beast1]

(09-26-2015 11:13 PM)Peregrine Wrote:  

(09-21-2015 04:39 AM)The Beast1 Wrote:  

(09-21-2015 03:31 AM)Phoenix Wrote:  

(09-21-2015 03:26 AM)The Beast1 Wrote:  

I'm more pissed off I missed the 90s tech bubble. A lot of billionaires had their timing with a wee bit of luck just right. I doubt your friend will ever make a million, let alone a billion without a business idea of his own.

Yeah there are a surprising number of names that came out of the tech bubble. For example, Tony Robbins is a product of the tech bubble, having sold his company before the bubble burst.

Trick is not to worry about the last bubble: that's just 'hindsight is 20/20' stuff. Just try to spot the next one and get there ready. There's always another one on the way.

The tech bubble was unique because of how easy it was to get something off of the ground and then have nitwit VCs practically vomit cash all over you. At least nowadays, I want to avoid a "dot com" or anything tech and do something that requires manufacturing.

I actually have a really solid business idea, but no means of actually getting the wheels on the ground since my background is mostly IT support. I need a few dozen engineers, physicists, and a pinch of computer programmers to make it happen.

Basically, the goal is to create a small thorium based "home" reactor. Once it creates steam you can use that to power AC units, heat homes/ hot water, and run refrigerators.

A lot of the mini thorium reactors go a step further and add a steam turbine for electricity generation that's all in one. I think that's an unnecessary addition for the time being. Keep the "energy" creation in steam only. Even a modest thorium based hot water heater would do wonders without all of the steam creation gizmos.

There are a few universities researching this, but obviously are dragging their feet. I'd have no idea where to start building such a thing, but oddly enough know where I can get angel funding and run the damn business.

Hope you don't mind me taking the piss:

Fun fact,

Steve Jobs never engineered or did any programming for Apple even in its earliest days. Wozniak did all of that.

[HonantheBarbarian]

Steve Jobs was really just an incredible leader and slave driver. He knew how to get people to get shit done insanely quick. That was pretty much everything that he brought to the table.

[swoosh]

It's good to see fellow posters checking him on reality however I see a lot of haters as well. Billionaire by 30 in conventional ways sounds hard but nothing is impossible. Ever.

There are no set rules in this life and if you want it than go get it.

I think he could be. I don't particularly care for the part where he proclaims extreme things without backing it up through evidence or a plan however.

[Numbers Man]

I wish your friend all the best in this regard, but he should also be aware of all of the obstacles that stand in the way of him achieving this goal. The first component would be developing an entrepreneurial mindset and getting some skin in the game. Once he learns the fundamentals of business he will be able to scale his efforts, whether he will be able to scale enough to become a billionaire is another question - but it shouldn't dissuade him from doing so.

[joost]

I guess most guys here are not haters. We're giving a reality check. For the way the idea is planted (i'm going to be a billionaire), the guy looks like an ignorant arrogant. Saying he's going to be very rich, multi millionaire is another story.

Just put him in front of an experienced executive and after a short interview, he'll know if he's the real deal. Very likely help him out on his endeavor IF he's good.

[birthday cat]

(10-26-2015 04:35 AM)CrashBangWallop Wrote:  

Success is more about execution than ideas.

I've met and "know" some young guys that have achieved 8 and 9 figure net-worths and I've read about some billionaires. I've found two common denominators.

(1) They were entrepreneurs at an early age and they started many businesses before they started the business that made them rich. Many of those businesses were failures but that isn't important. The point is that these guys were entrepreneurs focused on execution at a young age.

(2) They are relentless about execution, not ideas. One guy said that most ideas aren't worth anything but a really really good idea might be worth $20...everything else is execution. A lot of these guys will get annoyed when aspiring entrepreneurs constantly talk about ideas or how great their idea is.

[joost]

^^

Exactly. When Sergey Brin and Larry Page went looking for investors, they ALREADY had a demo to show. Same for all kind of business. Investors want a WORKING idea. They want it implemented. Money is there to expand it, not to create it.

A good example is the program Shark Tank with Kevin O'Leary. He's a business man (400million USD net worth). People show their ideas/business and O'Leary gives his tips/critique. If the business is worth it, he invests (at least he say that on TV). It's a good way to see how a good executive thinks.

[TheFinalEpic]

How's he doing 3 years on?