My wife and I had good jobs with incomes over $150k each but I started a company that instantly grew to generate millions in cash flow and was acquired for 8 figures. I was the sole owner so saw a windfall and have $20M in the bank (investments etc). Lots changed in my life, most things didn’t. Ask me anything
I recently became wealthy through a company that grew rapidly and find myself with $20M in the bank. AMA
r/AMA
Comments
How did you land on the idea for the business? How did you validate it?
What sort of business was it?
How long did it take to make $20M ? 💲
What was the first thing you did when the money hit your acct? Pay off debt? Book a flight? Buy something expensive?
Do you plan on doing any sort of philanthropy? What could you do with the money to keep you satisfied and fulfilled?
Did you hire a financial advisor or fiduciary, or do you plan to manage your own money, despite jumping tax brackets?
Congrats on your success! Retire early and enjoy your life.
What were the needed steps to take to create a company and make sure your ideas weren’t taken?
How old are you? And what do you do now?
Since you specialized in dentistry consulting, how did you differentiate yourself from your competitors?
Do you think more people could start successful business’s like you, but are too scared or lack the capital?
What are yours plans now aside from big chilling big spending
What color is your Bugatti?
How does it feel?
I’m currently in half a million dollars debt and i don’t remember what being financially secure felt like.
Are you planning on starting another company, or was this a one time thing?
Congrats on your success! At what point did you know it was profitable business? How did you know what to charge? How did you know it was in demand?
$20 million is enough to retire and live comfortably without ever touching the principal amount of the investment.
Is this something you are planning to do? Or do you plan to keep working?
In either case, what are your reasons for taking that decision?
Were you well off before this new wealth? That is, have an enjoyable life with holidays, new items, etc.
How much actual cash do you have access to and what’s the biggest purchase you’ve made
What was the process like selling a company/being acquired?
Did you make any impulsive, unnecessary, and/or “just because I want to” purchases after making your fortune and, if so, what was it?
As much as most people complain about work, it does give us purpose each day. Do you think you will ever work again or perhaps choose voluntary work? Otherwise how will you fill your days?
Congratulations! You have more than enough to escape the rat race, Will you keep working or just follow your passions now?
Do you think it’s more important to make money or figure out what you like to do?
Have you, by any chance, considered giving a portion of it to some random people from Reddit? What would be, theoretically of course, criteria to be included in such receivers group? 🙂
When you were an average income person did you have any wild ideas what you will do if you were rich?
Any advice for someone wanting to start a business?
What will you do to protect that money?
Can I ask for your money? Since it is asking me anything lol
So what color is your Bugatti?
Straight up, can I have 50k? Mainly for debt and to support family lol
But for real, had this not panned out like it did. Were you happy at your previous jobs? What motivated you to take that plunge with starting the business and I assume selling it? What are your plans now?
This might be a weird question but is there anything about it you regret? it just seems like its one of those things where once your trajectory of life changes you cant change it back
What do you want to teach your children about money? And how does that affect your spending plan?
You said you are working your second company as an obligation to the employees. How fast do you want to offboard that company?
Haha that’s awesome I have no questions I hope one day that happens to me cheers and hope yall spend it well! Hopefully move out to a country side or outskirts of a major city keep in the quiet. One thing that doesn’t change is a good steak off the grill rich or poor
I see that you work in the dental consolation field. My question is, “Do dentists actually make decent money?” Dental insurance does seem to cover too much.
What kind of stress does that amount of money create? Have you lost friends or family over it?
Do you plan to take a dream trip or vacation after the sale of the company? Traveling is something I want to do, that would be a second on “my list” (after a dream home) if I came across that money. Congratulations on your success! 🥳
Do you have the desire for more money? If so, what is the motivation.
No questions, but congrats! I spun up a partnership once to do some dev work for an angel investor, but nothing really “stuck”, and we all had decent paying jobs and advancing careers… so we closed up shop to focus our efforts on that. It was a tough decision, but success is often being in the right place at the right time. Most businesses end in failure. Most successful entrepreneurs fail multiple times, but when you’ve got a family to feed, it’s OK to bow out and focus on what you have. Still, I think about the “what ifs” on occasion.
Well done and congrats! Sounds like you have a good plan to maintain steady income and remain humble. I do hope that at that very least, you take your family on a dream vacay this summer to celebrate. There’s no way to prepare, but just know, once money is no longer an issue, then your issues become things that money can’t buy. May your marriage be long, your children grow up to be/remain good people, and you never have a day where you wish this never happened. Cheers!
Edit: to actually ask a question: is there any hobby/interest you have or would like to pursue or learn about that you never had the chance, money or time to devote to?
Have you seen the all to common corruption of friendship and family over your money? If not what do you think helped avoid this? If you did how did you handle it/shut them down?
Congrats btw. I’m sure you know but play this right and you’re set to do whatever you want for the rest of your life, that’s true freedom.
Can you confirm the people that say “money doesn’t buy happiness” are liars now?
[deleted]
1.) Are you a dentist yourself?
2.) Is your second business related to the niche of the first one, or the two are otherwise mutually exclusive except you being the owner?
3.) Can you tell us anything, just the basics about your second business? Just like you told us about the first one.
4.) MOST importantly, do you think business/startup is more of a habit, maybe an intent rather than a luck factor, which includes chancing upon a brilliant idea? Because you’d have people who won’t take risks. Others, who’ll be “serial entrepreneurs”. So is there a risk taking personality, a disposition towards doing business and making money, that separates the doers and the non-doers, and is it a gift?
Got any relatives, or old buddies suddenly befriending you?
(Everyone else already asked the intelligent questions bro I’m sorry)
Do any of your family, friends, or neighbors know?
Are you considering starting a new venture, aside from the other business you’ve already talked about having?
Are you into aviation? You could get a decent little plane (twin engine, turboprop, Cirrus VisionJet, etc.) for taking trips and having fun in without breaking the bank. Just don’t buy a big/private/business jet – those are massive money hogs.
How did you use someone else’s service, then turn around and sell that same service to other dentists? Why didn’t the original person who provided you the service sue you for intellectual property theft or misappropriation? Did you buy the rights to the service first?
What kind of car do you drive every day?
What is your favorite car you own and why don’t you drive it everyday? (Reaching on the second part because most people “protect their favorite car).
Side quest: if it’s very recent and maybe you arnt a car person what car are you going to buy.
I have a fairly simple list. If it helps, Audi wagon, something like a new s6 avant, some 50’s/60’s pickup truck, maybe a new 1ton diesel depending on your lifestyle, then I’d start a collection of air cooled Porsches and probably start buying old Porsche and Lamborghini tractors. There would probably also be an older Landcruiser or two in there as well.
Would granulated soy lecithin keep my chocolate chip cookies from “deflating” on the cooling rack after I take them out of the oven, are you good at swimming, what hair color should correy feldman have, crocks… Wtf, why is a bird in the hand worth two in the bush is that a standard exchange rate, what happened to slap bracelets they just kind of disappeared, how do you handle a feral cat who not just won’t leave but is constantly “flexing” on you, is peanut butter too pretentious as an ice cream topping, should every coffee table have an inhaler, how did three blind mice find each other, are zebras wondering why hair band guys in the eighties wore so many things that look like them, is rope really just a bunch of threads and strings put together, and lastly who did Horton hear?
Did you get the two chicks at the same time out of your system? The next step is to buy life insurance for your siblings and cousins so their kids can have a house.
When coming across a large sum of money did people treat you differently? Do you see yourself different from 10 years ago? What has changed? I’m a few years younger than you, would like to take my business to a higher level.
What was the first thing you did? Lots of us fantasise about winning/making lots of money and what the first thing we would do with it is
Why should anyone care that you suddenly have more money than the rest of us?
Assuming some sort of software engineer who created a tool for a friend who owned / worked for a dentistry business and was able to save them money in the long run vs a competing solution that didn’t have enough competition to begin with.
This is how you do it. You don’t need to reinvent the wheel. You just need to make it less square.
Hey OP,
Thanks for the AMA. Read through some of the responses, so forgive me if I’ve missed it.
Where do you see yourself and your family in, say, 10-20 years? E.g. traveling, quiet life, running an animal reserve? Thanks!
You mentioned in another post that you’re still working.
I understand the desire to keep busy, and forgive me for being blunt, but with all that money and time why aren’t you volunteering?
Presumably there are a lot of charities that would absolutely love to have someone like you donating their time or expertise on a regular basis.
I see that you won’t tell us what your former company did since it’s very niche but you mentioned that you had other business ideas that were stolen from you in the past. What were some of those ideas and did any of them end up being successful for the thief?
Is your wife single?
You do seem like you have an imposter syndrom, plus a few other small issues.
Do you see a shrink or a therapist? Having this kind of money while not being 100% feet on the ground could be devastating for your family and your kids.
Before they get to be teenagers you need to ground yourself.
You have no reason to trust me, but please just do.
You don’t feel comfortable in your skin and you require external validation (your friends, family, us Redditors…).
That’s a very slippery territory to be sitting on such cash with that problem.
At the moment it feels like your wife is your grounding and kudos to her.
But you need to be able to be grounded on your own.
As this is AMA, will just ask:
Are you aware of this? What are you doing to fix this unhealthy need for external validation?
Have you seen the reddit post detailing what happens when people win the lottery and the incredible ways they lose it (or more alarmingly, their lives???)
Might be useful as it points out some interesting ways you can protect yourself. I’m guessing lots of people have asked you for money once they found out you got super wealthy quickly?
Did you have any experience in business/corporates prior to this? I’m a corporate lawyer and have limited understanding of business and absolutely none of accounting and the like. I’ve always wanted to explore starting a business but I’ve been put off due to this lack of experience/skill. What would you suggest?
As a psychologist I’m interested in the effects of wealth on empathy. According to research wealth reduces compassion.
As you recently have become wealthy, do you feel like your level of empathy has changed or shifted? In other words, has your wealth somehow changed how you view other people?
Does 20 mil buy happiness, or are you just as happy to continue life as it was in terms of working and generally just keeping yourself busy? Congratulations BTW.
Were you born or married into larger capital or did you build your wealth as you and your wife progressed in life?
That question does not need an answer, i posed it to build up to my real question:
In case of the latter, does your close environment (friends, family) know about this windfall, and did their behaviour towards you change as you built your wealth? If yes, how?
What purchase have you made that seemed trivial but has improved your daily life?
Now you have this set up whats your dream now ?
The security the money brings must remove so much stress, whats that feel like?
Thanks
I really hate my current job (not the work, my boss) and have thought about consulting. Can you give me advice on how to go about that? I know it’s not starting a business but I thought I’d try. Background is Masters in Public Admin, 6 years of experience as an administrator for higher education and a fire department, auditor for over 3 years. Have some background in IT but just seasonal jobs in college at their help desk. I’m very detailed oriented since reviewing and looking for mistakes is the main part of my job.
Since you’re still only a millionaire, what’s your take on how the Billionaire class use their wealth to influence policymakers in their countries?
I know that the AMA is over. However, I did want to comment on one thing that generated a lot of comments, both positive and negative. You said that you do not get fulfillment from philanthropy. I believe strongly in a generosity mindset, especially when someone has a great deal to give. How that generosity looks can be different for everyone though. You mentioned that you have loaned out some money to people you heard needed it. That, I feel, is being generous and philanthropic. I hope that you can continue to do this, even if you do not get paid back on some part of those loans. I also hope that you can use your experience, insight, training and financial support to foster and grow other people in their business pursuits. Congratulations on your success!
Hi I hope this is still going, you mentioned your kids go to public school, would you consider getting them high quality private tutoring. High quality education is a long term investment into family prosperity, thanks!
What is something you don’t/didn’t do to be successful? I read that you don’t listen to gurus, but I mean more in your day-to-day, like you obviously use Reddit, but do you use social media, or game in your free time? Interested in my habits that could be preventing me from accelerating success.
Do you ever consider your employee’s pay when you make so much?
Is there ever enough money for you?
Are you gonna buy some land and live there, in peace and solitude?
What are your indulgences and what kind of “basic and boring” habits and traits are you going to keep doing despite being able to afford much better? An example being you prefer a homemade PB&J sandwich for lunch rather than a lobster and steak.
Do you feel less stressed generally? I daydream about coming into a large sum of money mostly thinking I’d be a lot less stressed and would finally be able to say “fuck no” to most of the things I didn’t want to do. True for you?
OP the fact your talking about “buying an expensive 2.3m home” makes me think your full of shit. Mines worth that amount in £ and im nowhere near 20m.
Your comments in general stink of BS and i have a fairly good radar for it.
Saw your answer pertaining to your new found hobby and my questions are:
Have you flown business class, the ones where you can lie down?
How did you handle the tax implications for a windfall that big? Did you just put it into a LLC or some other business and just pay yourself a ‘salary’ out of that, or did you just pay the tax man knowing its all free and clear? I know with some lottery winners, they tend to create ‘charity organizations’ to dump some of their money into then do some charity work, while having the charity own some of the assets they use (ie planes, cars etc).
Did your kids behaviour change at all after they learnt about how successful you’ve become? If you don’t have children then what about family and friends?
Your post gave me drive and motivation that I kind of lost when working on something. May I ask how long it took to build the software? and what the company/software is exactly and does? Did you have to spend a lot on marketing? Can you also please give me tips on how you sold the company?
Also what tips would you give for someone that also want to start a tech company?
Im sorry if my questions are not too forward, but I like functional useful advice and gave us an oppurtunity to ask which I appreciate, also I wish you and your family continued success and hapiness 🙂
Is this something you’ve kept a secret from most friends / family? If not, have you found some of your relationships changing?
I’ve always been curious about this, in that I do know someone who won the lotto (was not a big amount by any means), but they had told me that so many people magically appeared after years of not connecting, and that’s one of those things that I’ve always been afraid of (relationships changing/getting awkward if I suddenly get more wealthy).
How many personal messages have you gotten from strangers sharing their stories with you and asking for money? I always wonder if posts like this cause the OP to be harassed for money.
Oh man, that’s awesome. Just talking out of my ass here but I would totally retire, buy a nice house in a busy city and open up a coffee shop/cafe and give free food to the hungry now and then
Are you happier?
Are taxes more stressful?
Are you donating to causes, and, if so, which cause are you most passionate about?
Congratsss!!! Would you mind sharing the Best lesson for someone in their late 20 wanting to start their own company. How do I start? Where to get the funding, what are some valuable lessons you learnt and wish you know in the beginning of your journey
Do you and your wife a college degree? Do you think( if you don’t have one) that it would make it easier , harder z same to be as successful? Are you planning to encourage your kids to go to college and/ or take the reigns of your new empire?
Congrats man! You living everyone’s dream and you seem like a very descent, down-to-earth kind of guy. 👏🏽
What is your networth? And how is your second company doing? How much money would you get if you were to sold that too?
How much research, tweaks of your product, you had to do before launching it? Do you think that Ai could’ve helped you faster? Would you rely on Ai for researching on a specific niche?
Also by developing it by yourself (said by you somewhere in this post) burned you or made you spend less time with your family? If so was it worth it?
I’m in the developing stage (not launched yet) like others and i feel that my product has good potential and would have good results. What do you recommend me in this stage? Money is kinda an issue now but there’s ways to go cheap now and then fix it
Does it feel like money is fake yet?
Do you have any advice for others who would like to also become rich?
My son is 14 and has a totally legit good idea to build a website that would serve an obvious need. It’s a classic “wish I had thought of that” idea. There is huge need but no current company providing the service. My son has no money but skills in coding. Should he try to build the website on his own with no real money to build it? Or should he try to secure investor money to build it “right”?