lejend wrote:Right, but I'm not talking about a million dollar business here; just a few dozen grand a year from a variety of investments. It can be from entrepreneurship too, but as you mentioned, that's a tough job, especially in the early stages, with a high rate of failure.
Venture and even angel investors gravitate toward companies providing innovative products or a social good, I think, rather than random inexperienced kids just trying to make money. So I don't think you need to worry about them in the early stages. Just save up money by yourself.
I don't think these are good points unlike others said.
What does a variety of investments mean? Any particular investment product in mind?
I never considered entrepreneurship as an investment. You do need to worry about them relatively early if you plan to grow after a certain point and become "successful", I believe you referred to that in a previous post. But let's assume you ignore these.
Saving money through a lifestyle business and as an inexperienced guy in his early 20s, not sure where you get that from, considering you have to pay food, rent and extras. I'm sure it's possible and some guys manage to create successful businesses early on, but that's a vast minority. Most guys will fail their first few businesses, and will only start saving (if not making) money after months/years, especially if you have 0 previous industry experience. You will most likely have to invest in online classes to learn about marketing etc. There is a reason why a lot of successful entrepreneur come from an investment banking or consulting background.
In the end, I can't see which type of entrepreneur you are referring to: barely working, making enough money to save and invest, while having 0 experience in any industry.
A few dozen grand a year is also very abstract, and not much depending on which state you live in/your lifestyle/family situation.
It is "safe", but, meh, it seems inefficient to me. The point is to make money without having to work for it. But. to each his own.
Yea well, that a pretty tough thing to do when your initial investment is $0-1k that your parents gave you. Even when you start making money ($100k+ savings), making a relevant amount of money through investing is tough.
What if you graduate from an Ivy League school with a 200K starting job awaiting you, and on your graduation day some random guy armed to the teeth, declares a beta uprising against you?
Very few have 200k jobs after graduation, even after an ivy league degree. Divide this number by at least 3 for an average. But the situation you described seems pretty unlikely - had to google what beta uprising was.
Life is inherently risky, so let's not pretend that handling your financial affairs unconventionally is that much riskier in the, grand scheme of things.
That's an empty sentence to me. People waste fortunes/the few savings they have everyday in poor investments, which often have dramatic results on their life.
What will happen will happen. Rather than be paralyzed by, "what if"s, focus on minimizing all unnecessary risks, and soldiering on despite any setbacks.
I'm not talking about being paralyzed, but taking risks for the sake of taking risks doesn't sound appealing to me. Realistically, an
average kid who skip school to become an entrepreneur will waste his parents money and still live in their house in his 30s.
"Prestige is like a powerful magnet that warps even your beliefs about what you enjoy. If you want to make ambitious people waste their time on errands, bait the hook with prestige." - Paul Graham