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

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[quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous][quote=Anonymous]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. [/quote]

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!
[/quote]

There are very few "jobs" that pay 7 figures, even fewer for someone in a technical capacity. Frankly I am surprised at the 600k income. Must be a very very niche talent combination.

The one thing that anyone can get into, at any time, is business. Some companies have great ideas about what they want to build, but if you don't have such an idea, you can always start your own company building what others want. Start your own consulting company or something. [/quote]

The problem with that is risk tolerance for most people; building a business generally will take capital, whether savings or loans -- and if the businesses fails we can be wiped out. As well as the lost income from the steady job that was left.  At 45, I have young kids to support, and college to pay someday, and while it would be great to build a business and set my kids up for life, it's a roll of the dice.  And the downside are very severe, since we have no safety net (savings is mostly in home equity and retirement, no family help to draw on, it's our jobs between us and poverty).

How do you others manage that risk to take the initiative to start their own company? Do you really put everything on the line, drain your savings accounts and take out home equity lines, you have that kind of confidence in your business venture?[/quote]l

This is a great point. My husband started his business before kids when he was poor anyway. I started mine after, but before I had a lot to lose. Freedom is just another word for nothing left to lose ;)[/quote]

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