How to get ultra rich? (without counting my luck on crypto)
A friend of mine says he just came to the US to do Masters. After that, he plans to go back to India. We are in a private university which has a tuition fee of 50k per year. I just gathered that his family has assets worth 100 crores ($14 Million). That's when I realized he lives in a complete different world, with wayy more lenient rules. He didn't even care much about securing internships, or a job after MS. I felt so proud after landing a package of 275k right after my MS, although now, I feel like I need to do something to get into the big leagues. Does a high paying tech career get you that money? Assuming you change jobs and end up becoming a VP of a big tech company at 40? I want to be ultra rich so that I can change the rules for my future generations as well. Or is business the only/most common way to do that? I will get getting a chunk of FAANGMULA stocks in my next gig. Will stock appreciation really help?
Did you land a package of 275k, or did it become 275k after stock appreciation?
Doesn't take too long to realize that linear curve of NW increase will never make anyone Ultra Rich. Imagine you work for 30 years and earn 300k to 600k per year. That's gross ~13M i.e. ~6M after Taxes. You will spend a bit on buying a home maybe or Rent for the duration of your life, so that doesn't leave you with much. Exponential growth is the only way you can become ultra rich. Realize profits in short term, hit off an IPO, luck out in Vegas, gamble with some Stock options
Exactly. Plus realize even those numbers won’t allow you to live comfortably in NYC or the Bay Area.
income could be linear, but there is compounding effect on the investments. so there is hope. but the bottom line is how much money one is satisfied with makes that person rich.
Working your way to middle management at an established tech company isn’t the path to wealth. Let’s assume you’re trying to hit a net worth of $30M — the traditional definition of ultra high net worth. The only ways to get there is through entrepreneurship or being an early (first 50) employee at the next FAANG. The latter is basically like trying to win the lottery, so your odds are higher with the former (if you have unique skills and lucky timing). Option #3 is being a prodigious investor, but picking 10x stocks is notoriously hard.
First couple thousand works
Start a business.
Start a business but tbh 14Mil is not a lot. The big leagues is when you own NFL or NBA teams imo
Tesla 500 puts will make you $¥
and also homeless!!
Stock options. 14 million is small- I am worth more and feel just comfortable. If you hang with wealthy 100 million pre pandemic is ultra wealthy. 30 million was start of wealthy. With asset inflation you almost double those numbers.
thanks! thats really encouraging!
Inherited?