Starting with a small loan of $10 million, at 8% return, invested for 60 years, is all that is needed to be a billionaire.
Get rich parents that will loan their newborn $10 million.
Here in Norway, a few years back, almost every news outlet had "guides" on how to buy your first apartment/house (buying a home became an integrated part of our economy after the war).
It was in the style of "if I can do it, anyone can"-interview with someone that just recently had bought their first home. The articles started pretty tame with clever tips where the boy/girl made coffee/lunch at home and saved a miniscule amount of money. Sure. Nice tips on how to save money.
Then it usually escalated to get your parents to buy an apartment, rent it out and keep all the rent income while living for free at home. After a while, sell the apartment and buy a new one.
Pretty fucking horrifying that journalists thought: "yes, this is a good article to print. It will help people!"
That reminds me of this savings plan from 10 year ago that McDonalds and Visa created to show people how you can live on ~$20k per year:
They forgot to include food, among other wild inaccuracies. I love it when corporations give helpful savings tips.
$20 month health insurance! They were really banking on Obamacare
My health insurance costs 842€ a month. I pay half of it, the other half my employer. So I am quite impressed with the $20 from the estimation.
But why do two jobs? Won’t people do a better job concentrating on one thing and getting $2000 for that, instead of gaining experience in two different areas at the same time?
But why do two jobs? Won’t people do a better job concentrating on one thing and getting $2000 for that, instead of gaining experience in two different areas at the same time?
It's because McDonald's was trying to make an excuse that paying people US Federal Minimum wage (7.25$/hr since 2009, it's still that in 2023) is enough to live on, and utterly failed, even while holding both a 40h a week and 30h a week min wage job. I guess they expect fast food employees to use to make their own fast food while they're there as their food budget.
It was a case in point in 2013, rent and all expenses are way up since then. People aren't going to make a living or have any savings at all, probably accruing more debt even with 2 jobs and less than the minimum of expenses.
Two jobs!?
That's right, it's not too late to get adopted by an oligarch
But maaa, I want my own e-corp producing proprietary garbage 😭
Eat your veggies Timmy... yes, they're digitally signed by MS, don't worry.
No way! At 40, I'm the perfect age to make TWO Microsofts! Or one Megahard!
Or conquer all of Asia and kill enough people, and cause enough children to be a significant part of the gene pool for thousands of years
Oppan Ghenghis style!
I can make Orange. All we do is take other people's ideas, make them look a little nicer and charge 1000% more.
like the telephone company?
I've never seen capitalism explained better than this.
Also most of those "self made" billionaires already grew up in wealthy families.
Yeah, the youngest ever (at the time, at least) "self made" billionaire was a fucking Kardashian!
Bill Gates was 20 when he realized he came from a rich family thanks to his dad being a good lawyer and his mom was on a ton of Executice Boards.
Ibm.
That's how he got a hold of dos.
IBM is how he got into the PC infrastructure via licensing. He saw what the execs didn't, that anyone could build hardware but what ran on it controlled the world. And I don't know how true it is, but my understanding is that Gates was so shrewd he bet on getting that agreement before he even had the software in hand. Which if true says even more about the IBM execs who agreed to something sight unseen.
And I don’t know how true it is, but my understanding is that Gates was so shrewd he bet on getting that agreement before he even had the software in hand.
That's not being "shrewd;" that's just not giving a fuck about screwing over other people if your bet doesn't work out.
Probably was the parents pushing him(and helping him ofc), but where is the "star child" history in that eh?
Sadly, the age of garage tech startups is over, big tech made sure of that. They now just buy tech start ups with no intention of leveraging their innovations, but rather to maintain the status quo. Late stage capitalism...
Garage tech startups where the garage belongs to your already upper-income-class parents
I know it's not a business, but the whole fediverse gives "garage startup" vibes, and it's refreshing.
no such thing as big tech. Just tech companies
Too lazy to give up, fuck it
Don’t forget to mention that you were born 50 years too late on wrong part of the globe to wrong parents.
Game was rigged from the start.
Silly. I gave up way before I was in my 20s.
Someone's just going to steal whatever you make anyway.
I stole this comment
I stole this comment
I made an app that steals everyone’s comments and aggregates them into a feed. I call the app Lemception and I’m raising money for an ipo if you’re interested
Someone’s just going to steal whatever you make anyway.
[This is an original comment that no one else has ever made before.]
Better cite Wozniak as the one who 'made' Apple; but anyway.
Nah I'm too tired to give up
If you never try, you never have to give up.
Think outside of the box, make pear.
Megahard Pear.
Joke's on you, I gave up long ago!
I believe these are known as demotivational posters.
I wasn't planning on making a company like Apple or Microsoft, but thanks for the heads up, now I know I shouldn't even bother 👍.
Jokes on you, have years left until then.
If you start a business in your garage, I want in.
Gotta also be born into wealth so you can borrow hundreds of thousands of dollars from your family
You have to be born into wealth and not fuck it up.
2 sets of my great grandparents were quite wealthy. Unfortunately my grandparents and parents pissed it all away on stupid schemes.
Unfortunately it doesn’t look too promising on that front and it seems I’m kinda late to the startup/low interest loans and investment party.
Well maybe you'll think about that before you're born next time!
If you start a business in your garage, I want in.
I'm hanging potatoes from garages, want to join?
Oh-ho! Sounds like Squid's Potato-Hanger Warehouse has some competition!
Sounds like a burgeoning business to me!
In all honesty the big market is basically full but nicht products still allow for small company creation
Elizabeth Holmes screeching noises
Upvoating for comedy not accuracy.
It's unlikely to create a successful business late in life, but not impossible. Best of luck to all who are giving it a shot!
Not for me.
That’s correct, thanks
Never!
I like to suffer tho
My internal monologue: "I'm not giving up, I can do this all day!"
Starting with a small loan of $10 million, at 8% return, invested for 60 years, is all that is needed to be a billionaire.
Get rich parents that will loan their newborn $10 million.
Here in Norway, a few years back, almost every news outlet had "guides" on how to buy your first apartment/house (buying a home became an integrated part of our economy after the war).
It was in the style of "if I can do it, anyone can"-interview with someone that just recently had bought their first home. The articles started pretty tame with clever tips where the boy/girl made coffee/lunch at home and saved a miniscule amount of money. Sure. Nice tips on how to save money.
Then it usually escalated to get your parents to buy an apartment, rent it out and keep all the rent income while living for free at home. After a while, sell the apartment and buy a new one.
Pretty fucking horrifying that journalists thought: "yes, this is a good article to print. It will help people!"
That reminds me of this savings plan from 10 year ago that McDonalds and Visa created to show people how you can live on ~$20k per year:
They forgot to include food, among other wild inaccuracies. I love it when corporations give helpful savings tips.
Source
$20 month health insurance! They were really banking on Obamacare
My health insurance costs 842€ a month. I pay half of it, the other half my employer. So I am quite impressed with the $20 from the estimation.
But why do two jobs? Won’t people do a better job concentrating on one thing and getting $2000 for that, instead of gaining experience in two different areas at the same time?
It's because McDonald's was trying to make an excuse that paying people US Federal Minimum wage (7.25$/hr since 2009, it's still that in 2023) is enough to live on, and utterly failed, even while holding both a 40h a week and 30h a week min wage job. I guess they expect fast food employees to use to make their own fast food while they're there as their food budget.
It was a case in point in 2013, rent and all expenses are way up since then. People aren't going to make a living or have any savings at all, probably accruing more debt even with 2 jobs and less than the minimum of expenses.
Two jobs!?
That's right, it's not too late to get adopted by an oligarch
But maaa, I want my own e-corp producing proprietary garbage 😭
Eat your veggies Timmy... yes, they're digitally signed by MS, don't worry.
No way! At 40, I'm the perfect age to make TWO Microsofts! Or one Megahard!
Or conquer all of Asia and kill enough people, and cause enough children to be a significant part of the gene pool for thousands of years
Oppan Ghenghis style!
I can make Orange. All we do is take other people's ideas, make them look a little nicer and charge 1000% more.
like the telephone company?
I've never seen capitalism explained better than this.
Also most of those "self made" billionaires already grew up in wealthy families.
Yeah, the youngest ever (at the time, at least) "self made" billionaire was a fucking Kardashian!
Steve Jobs was 21 when he got Mike Markkula to invest a ton of money into incorporating Apple.
Bill Gates was 20 when he realized he came from a rich family thanks to his dad being a good lawyer and his mom was on a ton of Executice Boards.
Ibm.
That's how he got a hold of dos.
IBM is how he got into the PC infrastructure via licensing. He saw what the execs didn't, that anyone could build hardware but what ran on it controlled the world. And I don't know how true it is, but my understanding is that Gates was so shrewd he bet on getting that agreement before he even had the software in hand. Which if true says even more about the IBM execs who agreed to something sight unseen.
That's not being "shrewd;" that's just not giving a fuck about screwing over other people if your bet doesn't work out.
Probably was the parents pushing him(and helping him ofc), but where is the "star child" history in that eh?
Sadly, the age of garage tech startups is over, big tech made sure of that. They now just buy tech start ups with no intention of leveraging their innovations, but rather to maintain the status quo. Late stage capitalism...
Garage tech startups where the garage belongs to your already upper-income-class parents
I know it's not a business, but the whole fediverse gives "garage startup" vibes, and it's refreshing.
no such thing as big tech. Just tech companies
Too lazy to give up, fuck it
Don’t forget to mention that you were born 50 years too late on wrong part of the globe to wrong parents. Game was rigged from the start.
Silly. I gave up way before I was in my 20s.
Someone's just going to steal whatever you make anyway.
I stole this comment
I stole this comment
I made an app that steals everyone’s comments and aggregates them into a feed. I call the app Lemception and I’m raising money for an ipo if you’re interested
Someone’s just going to steal whatever you make anyway.
[This is an original comment that no one else has ever made before.]
Better cite Wozniak as the one who 'made' Apple; but anyway.
Nah I'm too tired to give up
If you never try, you never have to give up.
Think outside of the box, make pear.
Megahard Pear.
Joke's on you, I gave up long ago!
I believe these are known as demotivational posters.
I wasn't planning on making a company like Apple or Microsoft, but thanks for the heads up, now I know I shouldn't even bother 👍.
Jokes on you, have years left until then.
If you start a business in your garage, I want in.
Gotta also be born into wealth so you can borrow hundreds of thousands of dollars from your family
You have to be born into wealth and not fuck it up.
2 sets of my great grandparents were quite wealthy. Unfortunately my grandparents and parents pissed it all away on stupid schemes.
Unfortunately it doesn’t look too promising on that front and it seems I’m kinda late to the startup/low interest loans and investment party.
Well maybe you'll think about that before you're born next time!
I'm hanging potatoes from garages, want to join?
Oh-ho! Sounds like Squid's Potato-Hanger Warehouse has some competition!
Sounds like a burgeoning business to me!
In all honesty the big market is basically full but nicht products still allow for small company creation
Elizabeth Holmes screeching noises
Upvoating for comedy not accuracy.
It's unlikely to create a successful business late in life, but not impossible. Best of luck to all who are giving it a shot!
Not for me.
That’s correct, thanks
Never!
I like to suffer tho
My internal monologue: "I'm not giving up, I can do this all day!"
"Yeah, I know! I know..."