New ask Hacker News story: Ask HN: How to start a startup when you have kids/mortgage/high cost of living?
Ask HN: How to start a startup when you have kids/mortgage/high cost of living?
2 by undercover89 | 1 comments on Hacker News.
Hi HN, TLDR: How do you start your own startup when you have high living expenses (2 kids, mortgage, high CoL)? Background about me: I'm a typical software engineer who worked in several FAANG/unicorn companies for the past 8 years. Up to this point, I have been climbing the ladder like most people. The pace was okay, but definitely not one of the most successful ones. I don't see myself making any major breakthrough in the next 5 years. Recently, I realized that this path won't lead me to my goal - reaching certain level of financial freedom in 5-10 years, either with my own business or a higher up management role in a big corp. I'm not looking for FIRE status since my spending is expected to keep growing in the next 10 years and I plan to keep working hard. I have 2 babies (both < 2 yo) and live in a high CoL area. I want to provide my kids good education ($$$) and my family a good life ($$$ again). Keep working in FAANG or jumping to the next pre-ipo unicorn is too slow to bring me to my goal. Looks like starting my own business is the only way to go. I have some saving that can support my family for 1-2 years which isn't quite enough for me to safely quit my job. With my already high expense, I'm not accumulating much wealth even when working in FAANG. Staying in FAANG for longer won't change my situation. But starting my own startup is risky and I have so much to lose (vs someone who's single and young). I feel like I'm in a terrible position to make a change. How do I start? Folks who have gone through this transition, can you share your experience? Thanks!
2 by undercover89 | 1 comments on Hacker News.
Hi HN, TLDR: How do you start your own startup when you have high living expenses (2 kids, mortgage, high CoL)? Background about me: I'm a typical software engineer who worked in several FAANG/unicorn companies for the past 8 years. Up to this point, I have been climbing the ladder like most people. The pace was okay, but definitely not one of the most successful ones. I don't see myself making any major breakthrough in the next 5 years. Recently, I realized that this path won't lead me to my goal - reaching certain level of financial freedom in 5-10 years, either with my own business or a higher up management role in a big corp. I'm not looking for FIRE status since my spending is expected to keep growing in the next 10 years and I plan to keep working hard. I have 2 babies (both < 2 yo) and live in a high CoL area. I want to provide my kids good education ($$$) and my family a good life ($$$ again). Keep working in FAANG or jumping to the next pre-ipo unicorn is too slow to bring me to my goal. Looks like starting my own business is the only way to go. I have some saving that can support my family for 1-2 years which isn't quite enough for me to safely quit my job. With my already high expense, I'm not accumulating much wealth even when working in FAANG. Staying in FAANG for longer won't change my situation. But starting my own startup is risky and I have so much to lose (vs someone who's single and young). I feel like I'm in a terrible position to make a change. How do I start? Folks who have gone through this transition, can you share your experience? Thanks!
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