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Reply to "How did the rich people you know get rich?"
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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]Almost all of the really rich people I know worked very hard and owned their own business. My wife worked hard and was a director for a privately held company. When offered the opportunity to buy stock in the company she always did. At times I thought she bought too much of their stock. When the company went public the stock became worth over $20MM. She always said it was worth buying. So I’ll add stock options to one way people get rich. [/quote] Most startups fail, so this is less typical. Especially if not founder/executive. Maybe director is very high level?[/quote] There are stock options for many many companies that are established and beyond the "Start up phase". You simply get less options than if you enter as a startup, and often need to be at a higher level to get more. Many people in tech are rich from stock options; that has been happened for 30+ years. At a private company the entire executive team would have really good options and the next few levels would have decent (say to make $200-500K when company goes public, perhaps more). Whenever the company goes public, they make big $$$$. [/quote] Established private companies aren’t generous with options unless you are an executive level and it’s part of your TC to woe you from an established company. Yes in the 90s and 2000s many people made lots of money in stock options but after FB IPO investor and founders got stingy, and they saw Zynga succeed with clawbacks, and realized there were plenty of people willing to work for lottery tickets who had no options to fight dilution, etc. hacker news talks about this all the time. If you want be a startup worker, treat it as a learning experience unless you are founder or single digit employee. [/quote]
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