alt Hacker NewsThe real problem is his example, "you start off with 2 million dollars and 95% growth rate".
Fine, show me the average person who can come up with 2 million dollars. I sure as hell can not. I even went to banks and founders with my ideas, cash flow sheets and customer list looking for a loan.
No, I am convinced, the rich already have 2 million dollars, and make themselves a billionaire. The system is rigged against "normal" people.
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Of course people who have more access to money and parents who understand money would be better at earning it.
Why are you presupposing the world is just when EVERY skill and opportunity is distributed non-linearly?
One in 500 of them makes themselves a billionaire, the rest have thrown two million dollars down the toilet. It's just a fair bet, there's nothing "rigged" about it.
Well the average person, when you exclude real estate, is neither worth nor has a million dollars, that is true.
But this kind of person isn't rare either, even in Italy or Poland where I live I know many multi millionaires.
Some are farmers, some have restaurants/hotels, some work remotely for US tech companies, some were early engineers in startups.
He was talking about an equity stake in a start-up. Although on paper it is worth $2M, it is (probably) not liquid (i.e, the shares can't be traded easily, maybe at all.) The vast majority of founders don't literally spend $2M from their checking account to purchase their position in a start-up - they get some ownership as part of taking the start-up risk.