Your Hardest Times?

[Kid Money]

This could get interesting and also kind of fun to look back on the hardest of times as an entrepreneur. What are some of your hardest times as a businessman and what were some of the extremes you have been through/done? Obstacles, issues, etc. Just a topic starter. I think we can probably all relate to most of what will be said. Thanks

EDIT: Also what were some of the things you did to overcome and get through?

:eusa_clap:

 

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[InMotion]

The largest amount of money I have ever lost was over time when I had a job lol. If you have a ceiling on your earnings like most you can go broke easier. Toughest times have been recent, I will blame it on a collapsed market that never returned and not finding the solution within the market.

 

[The-J]

Right now. Consider that I'm only 19 and didn't leave the house until a year and a half ago.

I'm quickly running out of money and I could end up kicked out of this country. My parents are also moving down South, so if I do run out of money I'll end up living in an environment that I'm completely unfamiliar with.

Oddly enough, this is also my happiest times I've experienced. I've realized that I do NOT need a J-O-B to support myself. I know what I spend, I know what I use, and I'm learning every day. I'm taking responsibility for my health and the consequences of my actions.

Thanks to the plan I'm going forward with, I suspect 2013 will be a wonderful year.

 

[Vigilante]

I am legally prohibited from telling you about my hardest time. So, instead, what I will do is tell you what I learned from it.

There's an element in legal contract drafting called an "integration clause."

In contract law, an integration clause, or merger clause (sometimes referred to as an entire agreement clause) is a term in the language of the contract that declares it to be the complete and final agreement between the parties. It is often placed at or towards the end of the contract, or buried within the fine print language.

Any previous negotiations in which the parties to the contract had considered different terms will be deemed superseded by the final writing. Any contract that has an integration agreement within it serves as the final authority on the agreement, and anything not contained within the four corners of the paper agreement itself is meaningless.

So... if the drafter of the agreement inserts an integration statement into a contract, make sure that either every single aspect of the deal is contained within the agreement, or that the integration statement is removed to leave room for outside evidence to substantiate the intention and breadth of the agreement.

To some, this may seem like common sense. There's no presumption of good will contained within contract law in the United States. Make sure you have competent legal advice from trained and expert contract attorneys before you entertain any contracts whose language may be drafted in legal-ese you don't fully understand.

Esquire --- if you read this feel free to correct and/or add to what I have stated here.

 

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[GPM]

Vigilante, can you sum that up by saying people do not have your best intentions at heart and that you always have to be looking out for yourself? While probably nowhere even close to what you experienced I was injured pretty bad at a job when I was 21ish and naively I thought that the company would honor its word and help me out and take care of me through it. Turns out I had to use all of my vacation time, time off with no pay, only to receive something in the mail later saying that I had declined workers comp and chose to work through the worst pain I have ever experienced in my life.

Generally only YOU have your best intentions at heart, beware trusting heartless entities with rosy words and fake smiles.

 

[The-J]

I am legally prohibited from telling you about my hardest time. So, instead, what I will do is tell you what I learned from it.

So, you got F*cked over big time, I take it?

But yeah, that's a tough lesson to learn the hard way. I read about it in Jackie's (CashFlowDepot) book on real estate options. I'll always keep it on the mind: if it's not on paper, it's worthless.

 

[BeingChewsie]

Lawsuits, foreclosures, business bankruptcy and one I won't say out here in the open as people would probably feel it was TMI (which was by far the hardest thing that I have ever had to deal with both in business and personally).

The thing is it could have been worse, one of us could have died. We at least went through these things together.

zen******* summed it nicely recently:

Nobody ate us
Nobody really cared
Nobody took away our birthday

They are just points in time, a past chapter in a well loved, well worn book that keeps adding new chapters.

Sue

 

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[Alchemy]

Stopped working my business to help my wife learn how to walk again. Business was not passive yet and lost it all. Wife healthy now And that's all that matters. Learned that Businesses can be rebuilt and More money can always be made. Time is most important. Spend it wisely.

 

[Lights]

I never had a legit hard time because I can go through fire, and I never get burn. As long as I breathe then I'm good. Everything is replaceable, but you can't replace health.

 

[Money mania]

We were becoming one of the biggest default 2nd lien mortgage buyers in the country, had huge LOC, couple dozen folks working for us, and times were good, one morning wife woke up and had double vision, found out she had to go into brain surgery 2 weeks later for bleeding in the brain, came out of surgery great, ended up having few more surgeries over next few years, now doing great. Business ended up dropping as mortgage meltdown happened, but best thing now is Wife is doing great and we have new business that is absolutely rocking, took alot of learing lessons from previous business and doing better then ever. Two things I have learned. Trust your Gut and Always be Grateful for Each Day.

MM

 

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