[eddtests]

That's the realm of extreme skill, luck, and timing. There is no way there's a cookie-cutter solution to that and if people say there is I suggest they're no different to Tai Lopez etc...

Two solutions I have seen (thanks to the news):

1. Be being a world-class academic on a hot ML topic consulting to a huge tech company at a strategic level

2. Be the prime minister of a G8 country and consult for global investment firms

If you're a software engineer or even engineering leader at a startup/SME you're not going to find these contracts unless you're in the 0.001% of the market for a niche skill that's desperately in need.

[gabereiser]

Consultants exist at every level. An individual will (should?) never make more than the client they serve. However, a team of consultants (like the ones who consult for global firms) can demand more than an individual can. Often times a lot more. They also take on indemnification and more risk. Last I checked, an engagement with Deloitte for anything costs $10M out the gate.

[eddtests]

Yes but the question was how does one consultant earn multiple millions of dollars. The average managing directors at Deloitte earn around $500k - I don't think there's any reasonable way to earn over double the average managing directors rate at a Big 4 without being a sole contractor directly contracting with a company

[gabereiser]

Contracting != consulting.

[eddtests]

I don't really understand what you're on about anymore. Fwiw, I am a consultant and do know the field.

Edit: Maybe you're unaware of the term https://www.lawinsider.com/dictionary/sole-contractor, I was talking about a single person consulting, not a contract developer or whatever

[gabereiser]

You say you’re a consultant and yet link to a definition of a sole contractor.

Again, I’m talking about consulting, not contracting. Those are different. If you don’t know the difference then here’s a definition of a consultant https://www.lawinsider.com/dictionary/consultant

Now, to a layman, these may look identical. To a consultant, these are vastly different things.

You are not paid on output, you are paid on outcome.

Example: I can spend 10 days consulting a startup board on how to do something and make $50,000.

I can spend 10 days coding for client X and make $5,000 tops as a contractor.

[eddtests]

You're misunderstanding me. I'm saying it is extremely rare for a consultant to earn multiple millions a year. On the cases it is possible, they are going to be very niche individuals not going into a company via Deloitte etc but as themselves.