Wells Fargo to pay $3.7B settling charges it wrongfully seized homes and cars

Re:Wells Fargo to pay $3.7B settling charges it wrongfully s... by jliptzin on Wednesday December 21, 2022 @03:05AM (#34077927)

The point is to pick a boring business where it’s easy to become #1 in a market based on current competition, clientele, skills, etc.

In the corporate world you are still trading your time for money. When you own a business you decide what and how much you want to do, up to and including nothing at all while still making an income. Boring businesses make it easy to hire people to do the stuff you don’t want to.

[ Parent | on HN ]

Re:Wells Fargo to pay $3.7B settling charges it wrongfully s... by esoterica on Wednesday December 21, 2022 @12:45PM (#34083887)

There’s no such thing as a business that’s both lucrative and trivial. To the extent that you need finesse, hard work and luck to build a successful business, the same combination of finesse, hard work and luck could land you an equally or more lucrative corporate job.

You can also make passive income by investing your large corporate salary and earn extra income without working. There’s no such thing truly passive, zero labor income when running a business, there’s always some managerial overhead even if you delegate as much as possible. Index funds are truly 100% passive.

[ Parent | on HN ]

Re:Wells Fargo to pay $3.7B settling charges it wrongfully s... by jliptzin on Thursday December 22, 2022 @12:50AM (#34090258)

Not true. You hire a CEO if you really don’t want to do anything. And it is a lot of work but usually nothing that difficult for straightforward businesses.

[ Parent | on HN ]