Made 3 "Fortunes" Lost Each 1 To The Penny

[Magi]

...Just lost the last one. I don't have the energy to build it again, only to lose it yet again. I can build it, keeping it is another story.

I don't want sympathy, I don't want encouragement, I just want those who have been in this situation insight!

...How did you find and get rid of the blind spot that seems to be creating this pattern?

 

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[1PercentStreet]

Either give up or suck it up and do it again.

I'm not sure how you lost it 3 times and didn't learn from it. I've made my fortune twice and lost it, currently rebuilding it again. I realized what I lost it to and it will never happen again.

 

[DeletedUser2]

so. having done that before myself.
I know more about how I work.

1. I have a 5 yr time frame. if im not out of a business in 5 yrs. shit goes wrong. and it self implodes. its just my internal clock.

2. after I make the living wage, and comfortable. I move money into other ventures fast. never 1 basket.

3. I did it faster and better each time. now its pretty quick. I just show up every day. do what needs to be done, rinse repeat.
consistent action is better than all nighters.

4. im not in love with the product. im product agnostic. so I am ok with doing what the market wants, not what I want.
the money allows me to do what I want.

Stop whining. get back in the game. keep it up.

your alternative sucks. getting a job until your dead? that train has left the station.

Z

 

[andviv]

What happened to the money?
How did you waste/spend it?

Obviously you spent more than what you had. How? What did you buy?

What were those really important things you needed to buy back then so you wasted your fortune?

Your purchases reflect your inner thinking. Dd you buy more house than what you really needed? Fancier car, purse, shoes, golf clubs? Are you trying to keep up with the joneses?
If so, you need to work on that first. No need to compensate for these material things And sacrifice your freedom for the long run.

Or you lost it because of putting 'good money' into new, bad investments?

Or maybe you did not sell when it was time and rode the cycle of your business all the way down?

By the way, how much money are you really talking about? Some of us here have lost hundreds of thousands for different reasons.

If you dont understand your internal situation, the WHY, you will do it again.

 

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[100k]

Question.

What is a fortune? And how did you lose your "fortunes" 3 times?

Have you looked under the couch ? I've lost my fortunes there a few times, but always had more in the bank.

I look forward to your replies.

 

[Magi]

What happened to the money?
How did you waste/spend it?

Obviously you spent more than what you had. How? What did you buy?

What were those really important things you needed to buy back then so you wasted your fortune?

Your purchases reflect your inner thinking. Dd you buy more house than what you really needed? Fancier car, purse, shoes, golf clubs? Are you trying to keep up with the joneses?
If so, you need to work on that first. No need to compensate for these material things And sacrifice your freedom for the long run.

Or you lost it because of putting 'good money' into new, bad investments?

Or maybe you did not sell when it was time and rode the cycle of your business all the way down?

By the way, how much money are you really talking about? Some of us here have lost hundreds of thousands for different reasons.

If you dont understand your internal situation, the WHY, you will do it again.

I never spend more then I had... ever!

The money was lost in different ways each time. One was my fault for sure. The other 2, no... not on the surface analysis at least. A deeper analysis though, yes, something inside me is creating this. Only question is what?

 

[Magi]

Question.

What is a fortune? And how did you lose your "fortunes" 3 times?

Have you looked under the couch ? I've lost my fortunes there a few times, but always had more in the bank.

I look forward to your replies.

I hope this is a joke.

A fortune. Anything over 500K, but 500K doesn't go as far as it use to

It was lost in completely different ways each time. The only common denominator is me... and I realize that!

 

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[Talisman]

Give it to me next time, I'll take good care of it. It really is your best solution. For your own good. Doing you a favour.

No no, no need to thank me, it's just how I roll.

 

[100k]

Tony Robinson (the big fella) talked about this problem in one of his courses.

I believe the problem here is that you do not feel you deserve that money, or you do not feel comfortable being a "wealthy/rich" person.

Look into why that is. It seems you do know how to make the $$$, you just don't feel comfortable once you have it so you get rid of it. Maybe you think there is more pain in having it (i.e wonder if women like you for you, if your friends are h8ing on you and will turn their backs on you - same thing goes for family...etc. etc.).


You need help bro.

 

[theBiz]

your alternative sucks. getting a job until your dead? that train has left the station.

Write that on your mirror everyone

 

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[million$$$smile]

Self sabotage.

Look inside...

Randall

 

[RBefort]

From a poker standpoint and losing my bankroll to stupidity and rebuilding several, several times....get back on the horse and learn something. You weren't really specific on how you lost it. What I tell myself: "Buck up, stop being a little bitch, and get to work." Money is abundant. The problems with this world are abundant. Go fix the problems and collect the monies.

 

[andviv]

The money was lost in different ways each time. One was my fault for sure. The other 2, no... not on the surface analysis at least. A deeper analysis though, yes, something inside me is creating this. Only question is what?

You did not answer the question.

One was your fault. What was it?

The other two you said not your fault. Then what happened?

Again, it all goes back to your inner beliefs.

In my case, I blew a million dollar deal right before closing because took too long to close and delayed on my side. Why? Cause I felt it was too good to be true and felt like I did not deserve it yet.

In anoter instance, I lost $200k in bad investments. I did not pay attention to the detailed numbers and went by some optimistic calculation instead of following the hard cold facts.

In another opportunity I blew $50k in an investment because I chose the wrong time to jump into the deal.

In all cases it was my fault. I work hard not to make the same mistakes again.

What about you?

 

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[Rawr]

Going too fast?



You now have experience, that is something.

 

[Magi]

You did not answer the question.

One was your fault. What was it?

The other two you said not your fault. Then what happened?

Again, it all goes back to your inner beliefs.

In my case, I blew a million dollar deal right before closing because took too long to close and delayed on my side. Why? Cause I felt it was too good to be true and felt like I did not deserve it yet.

In anoter instance, I lost $200k in bad investments. I did not pay attention to the detailed numbers and went by some optimistic calculation instead of following the hard cold facts.

In another opportunity I blew $50k in an investment because I chose the wrong time to jump into the deal.

In all cases it was my fault. I work hard not to make the same mistakes again.

What about you?

You did not answer the question.

One was your fault. What was it?


The other two you said not your fault. Then what happened?

First one, crushing medical bills from an unexpected multi-year problem... basically scammed almost to death by a defunct medical system. BTW I cured myself once I was too broke to continue their treatments. So going broke saved my life.

Second one, direct embezzlement, and theft of intellectual property taken overseas. Leading eventually to the end of the biz. Competitive advantage was gone. I wasn't as cut throat as the thief to compete. They were outside of legal jurisdiction to go after them (as if it would have done anything anyway).

Third one, leveraged investment, pyramiding on the way up. A black swan event completely froze up the exchange. Exchange was actually shut down completely because of the load for a day. Stops were not executed until the exchange servers caught up, liquidating my leveraged position at the bottom. Over 1/2 million gone in one day. My mistake. Too many eggs in one basket. I knew that going in. I knew the potential risk of the single point of failure (the exchange). But it was only a short-term trade (famous last words). My fault entirely.

...As if any of this reasons matter. Something in me is creating this.

Even when I was rolling in 50K per month I never spent it on myself. Never even bought a new car. Plenty of others though found urgent situations to spend that money for me

I don't mind taking care of family and friends when I'm able... and doing what I can for the community around me, but there is a clear issue with spending it on myself. All the intellectualizing hasn't fixed it.

So, yes, I see the problem. Fixing it is another issue. It's likely not something to be fixed through intellectualizing (already tried that).

 

[rico]

In your situation, I'd slow down, take stock of how you made the money in the first place.

It sounds like you've had bad luck with partners, so go it alone next time. Secure the assets of the business and get legal advice so the same mistakes can't happen again.

Then move forwards in a logical planned way and build up again.

Most people struggle to make the money in the first place. You've seemingly got this part nailed. Next step is to secure the money once you've got it.

Good luck

 

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[biophase]

You need forced savings as if it were a bill. Imagine your savings account sends you an invoice for $2000 each month. It nags you like a creditor does until you pay it.

 

[liquidglass]

First one, crushing medical bills from an unexpected multi-year problem... basically scammed almost to death by a defunct medical system. BTW I cured myself once I was too broke to continue their treatments. So going broke saved my life.

Second one, direct embezzlement, and theft of intellectual property taken overseas. Leading eventually to the end of the biz. Competitive advantage was gone. I wasn't as cut throat as the thief to compete. They were outside of legal jurisdiction to go after them (as if it would have done anything anyway).

Third one, leveraged investment, pyramiding on the way up. A black swan event completely froze up the exchange. Exchange was actually shut down completely because of the load for a day. Stops were not executed until the exchange servers caught up, liquidating my leveraged position at the bottom. Over 1/2 million gone in one day. My mistake. Too many eggs in one basket. I knew that going in. I knew the potential risk of the single point of failure (the exchange). But it was only a short-term trade (famous last words). My fault entirely.

...As if any of this reasons matter. Something in me is creating this.

Even when I was rolling in 50K per month I never spent it on myself. Never even bought a new car. Plenty of others though found urgent situations to spend that money for me

I don't mind taking care of family and friends when I'm able... and doing what I can for the community around me, but there is a clear issue with spending it on myself. All the intellectualizing hasn't fixed it.

So, yes, I see the problem. Fixing it is another issue. It's likely not something to be fixed through intellectualizing (already tried that).

At first you claimed two out of three losses were not your fault, then in your detailed break down it seems as though they all are. Now please don't think I'm kicking you while you're down nor am I belittling your situation. But I think a first step for you would be to accept responsibility for all things involving you. If you become immensely wealthy you're going to say " I did this" so when you go broke you can't lay blame else where and say "they did this." Once you accept responsibility for all your success AND failure you'll be successful again.

You know how to make money, that seems apparent, now you've learned how to lose money as well. The first part doesn't need fixing, what needs fixing are the leaks on your ship. Don't take on more 'cargo' until you can stay afloat instead of worrying about how fast you have to bail water.

Just my two cents bud, good luck in the future.

 

[Magi]

You need forced savings as if it were a bill. Imagine your savings account sends you an invoice for $2000 each month. It nags you like a creditor does until you pay it.

Saving has never been a problem. It's these big, unexpected events that seem to take away the savings all at once.

At first you claimed two out of three losses were not your fault, then in your detailed break down it seems as though they all are.

Perhaps give my posts another re-read. I take full responsibility.

 

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[andviv]

Saving has never been a problem. It's these big, unexpected events that seem to take away the savings all at once.

Health problem does wipe out your savings.

Theft of your intellectual property does not.
You could have innovated, create another product, sell the business, etc.

Maybe keep in mind that you can sell your business at any point andu cash out.
I get the feeling you are riding the business down and never consider the exit opportunity by selling it.

Overleverage wiped your savings because you gambled more than what you had saved. I made this mistake too. You put all your eggs in a basket you couldnt control. Here is where the real savings would have made a difference.

So, with all this, I think you may wanna spend more time studying different alternatives to cash out and diversify once the money is coming in.
Makes sense?

 

[biophase]

Saving has never been a problem. It's these big, unexpected events that seem to take away the savings all at once.

I can see where in situation 1, I would have dipped into my savings.
In situation 2, how does direct embezzlement, and theft of intellectual property affect your savings? Isn't your personal and business account separate?
In situation 3, how does bad investment affect your savings? Don't you have an investment account and a savings account?

You and I must have different definitions of savings accounts.

 

[EastWind]

Stop putting all your eggs in one basket. Have a retirement fund on the side period. It grows in parallel with your business and promise yourself you will never tap it.

 

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