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INTRO Reforming Sidewalker

Discussion in 'Forum Introductions (Who are you!?)' started by CRAsian, May 22, 2018.

  1. CRAsian
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    CRAsian Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER

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    Hello, everyone. My name is Khoa and I've been a Sidewalker my whole life (this is about to change) - I was one of the lucky ones who made millions of dollars in online sales, but, true to Sidewalker nature, blew it all over a span of ~5 years in a series of poor financial decisions. In a way, I'm glad that it happened relatively quickly since I can still change my ways and rebuild on a foundation of processes, Fast Laner-style.

    I'm now reforming after my humbling episode of going from hero to zero and I'm also learning a whole lot thanks to MJ's books (I wish I had read them earlier, but better late than never). My goal is to start building and validating a SaaS business in the coming weeks-months once I've identified prospective customer needs and/or problems that I could solve. I'm really happy to be here and I look forward to learning from you all and eventually making an impact on this great community.

    Thanks for having me!
     
  2. D2S
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    D2S New Contributor

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    You are welcome Khoa - very interesting backstory.

    I'm quite new myself and have found the forum very informative, I think you'll make the most out of it.

    Can you please share on how you lost millions? Seems quite intriguing...
     
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  3. CRAsian
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    CRAsian Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER

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    Thanks for the warm welcome, D2S. Here’s how I primarily lost my wealth:

    - Gambled on and became addicted to stock options (my biggest and worst screwup to date)
    - Being overly generous with friends/family when it came to gifts and meals (I don’t really regret this one)
    - Overspending on foods, clothing, useless expenses
    - Funding another startup of mine and not recouping funds or paying myself a salary even after raising capital (I never thought it’d fail but it did and I lost a huge sum)

    I can go on and on but I would say those are the biggest reasons why I’m back to square 1 financially. I’ve had time to reflect and now accept it, and will do better going forward; this time armed with MJ’s teachings and the lessons I’ve learned over the years.


     
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  4. D2S
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    D2S New Contributor

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    Thanks for sharing Khoa.

    I'll like to think of the losses as a large investment in your financial education.

    It is the reason you are here, and will serve as reminder of the things not to do.

    Enjoy the journey ...
     
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  5. MJ DeMarco
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    MJ DeMarco Raving Lunatic Staff Member Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER Speedway Pass LEGENDARY CONTRIBUTOR Summit Attendee

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    Congrats!

    Oh no, what specifically did you do? Sell calls on bio-tech stocks?

    Welcome aboard!
     
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  6. CRAsian
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    CRAsian Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER

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    That’s a wonderful way of looking at it - I’m going to need to adopt that same mindset if I’m going to succeed. Thanks for the great sendoff, I’m looking forward to being on this journey with you.

     
  7. CRAsian
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    CRAsian Contributor Read Millionaire Fastlane I've Read UNSCRIPTED FASTLANE INSIDER

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    Actually, what kickstarted the whole addiction was that I got extremely lucky buying calls on a popular tech stock which tripled in value in about a week. I’ve never made such easy money in my life so I proceeded to purchase more calls/puts thinking I was some sort of genius (I couldn’t be further from one) and lost all the profits I made and more. Hurts thinking about it, but I’ll never chase the “easy” money again. My two takeaways from that experience (may not apply to everyone):

    1) Learn when to cut losses: my losses kept getting deeper and deeper because I kept thinking that I could make it all back again so I would put more money in
    2) Don’t gamble on things you don’t understand: I wasn’t making smart investment decisions, I was gambling because I wanted quick, easy money and tossed money at options without understanding much about them or the underlying assets

    Thanks for the welcome MJ!
     

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