Forget about 6 figures, how did you made your first 7 figures?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:26 st hedge fund. Sorry: you can't do what I can.

And you can't beat passive index investing. We all have our limitations, LOL @ you!

You're laughing at someone who made more in five years than folks here will make in a lifetime? Enjoy those step increases and associate "bonuses."

Many of us just don't have any respect for your work and see the overcompensation for it to be an unfortunately glitch on the market. And, yes, I understand your work. Just couldn't be paid enough to spend my life doing it.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Be a top notch specialist surgeon.

that I am and I own a house in Vail, Corona Del Mar, and Georgetown.

Op here. Well, at 36 years old, I think I'm too late to be enrolling in a medical school. So far, seems like starting a business is my only way?

I make 600k and I feel I've reached my glass ceiling if I don't try something else. At this point, it's not about money anymore, I just want to know if I can!

I make about that. While I suppose more is better I don't feel underpaid or that I'm underachieving. Not sure I want to put in the time to earn more. I currently have a lot of flexibility and to get to 7 figures I'd need to work longer hours and travel more. Make sure you really want to make those trade offs, especially if you have young kids. Think about what will you do with the additional money. Will you have time to enjoy it? If it's about philanthropy, can you contribute in other ways?

[Anonymous]

^

Hedge funds are dying as investors realize they can't beat the market consistently over time (absent a few very limited exceptions). PP isn't one of those exceptions.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:26 st hedge fund. Sorry: you can't do what I can.

And you can't beat passive index investing. We all have our limitations, LOL @ you!

You're laughing at someone who made more in five years than folks here will make in a lifetime? Enjoy those step increases and associate "bonuses."

Many of us just don't have any respect for your work and see the overcompensation for it to be an unfortunately glitch on the market. And, yes, I understand your work. Just couldn't be paid enough to spend my life doing it.

Or as good at it as I am. Hey Feds! Y'all gonna get a 1 percent raise next year?

[Anonymous]

Salary + comission + RSU's vesting and sold. DOD cloud.

[Anonymous]

Own a business. I know 2-3 people in this situation (including me starting next year.. I'm just under the $1mln mark currently).

The reason is your profits can scale enormously in the right business, without much additional work. For example, let's say you make a software product. It takes huge resources to initially produce it and have it ready for market, but once you start selling, your marginal cost to "produce" another copy for sale is basically $0.

Meanwhile, think of a lawyer on their own. They can increase their billing rate, but there are only so many hours in the day so they can only earn so much. (I use a simple case.. I know partners in a law firm have more potential since they get profit-sharing basically).

Even a hot-shot surgeon -- you can only do so many surgeries per day/week. So you can increase your fee within reason, but other than that, your revenue is capped.. at a great number, but still limited.

[Anonymous]

Find a cure for neuropathy. I have horrible neuropathy from chemo. There are venture capitalists out there trying to hook up with the right researcher because if they come up with a drug that actually works there will be a huge pay off. 50 million people with some type of neuropathy. Or come up with a cure for many of the horrible diseases out there.

[Anonymous]

Become an actor.

[Anonymous]

Anonymous wrote:

Anonymous wrote:26 st hedge fund. Sorry: you can't do what I can.

And you can't beat passive index investing. We all have our limitations, LOL @ you!

Eh, hedge funds are really just consummate sales men that convinced people they could make them more money and charged exorbitant fees. They come from wealthy families, which leveraged with elite schooling and connections to make their "pitch". Their performance has been pretty subpar in recent years https://www.nytimes.com/2017/02/19/your-money/the-rise-and-decline-of-the-hedge-fund-billionaire.html?_r=0

I mean, I'd take the money, but most aren't really aren't quants and just know how to sell their "product" to the ultra-wealthy.

[Anonymous]

Anonymous wrote:Salary + comission + RSU's vesting and sold. DOD cloud.

Is that a 7 figure annua income , or just saved up earnings to 7 figures?

[Anonymous]

Anonymous wrote:We don't make that much every year but have three times. DH usually makes somewhere around 600-750k with bonus. Then a few times he was gifted a 6 figure equity grant. When it vests, we are allowed to sell some which put us over the 7 figure line a couple times. This is how we built up our net width to 3 mil and paid off our mortgage and other debt by 35.

nice. what does your husband do? just out of curiosity.

[Anonymous]

Equity partner at a law firm. Most equity partners clear over $1mm year.

[Anonymous]

Anonymous wrote:What do you do now, OP? That might help with some realistic options for you.

But, yes, most everyone in my life who has made serious money started their own business and had a big break of some kind. You could do some kind of entrepreneurial workshop to get some ideas started. I think Stanford has a summer program.

Op here. Thanks! I'm in I.T, a decent programmer but by no means great. Some companies do fight over me sometimes and I leverage that to my advantage, but again, I've reached my glass ceiling at $600k.

Thought about a Software company like another poster mentioned with low recurring costs, I just have no idea what type of software I can write and I lack the connection to Sales/Marketing guys to make it happen. I guess time to start work on it, only 14 years left before I reach 50!

[Anonymous]

Political fundraising.

[Anonymous]

Anonymous wrote:

Op here. Thanks! I'm in I.T, a decent programmer but by no means great. Some companies do fight over me sometimes and I leverage that to my advantage, but again, I've reached my glass ceiling at $600k.

Thought about a Software company like another poster mentioned with low recurring costs, I just have no idea what type of software I can write and I lack the connection to Sales/Marketing guys to make it happen. I guess time to start work on it, only 14 years left before I reach 50!

That's really good for IT. I'm guessing your a CTO or software dev manager.

Usually you need to go really big (think any of the major Silicon Valley companies) or niche. For example, software to manage hair salons (as a web-based solution), like client appointments, scheduling stylist, payroll, etc. That type of customer has the need, but not the $$ to build an in-house solution. You design a system specific to how they work (like allowing double-bookings since you can do a cut for one person while doing a color on another), then sell it for $500-1k/month or whatever. There are numerous salons out there, all in need of this. Once you sign up a customer, it's nice recurring revenue, and your cost to service them is nearly $0. Get 500 salons and you're already in the 7 figures easily.

Just an example.. you get the idea I think...