Has anyone ever build an over 100k net worth, lost most of it, and came back?
08-04-2011, 02:32 AM
Yeah in 2008 I lost it all... Got into real estate in 2006 (I was making a lot of money) didn't do much research, just jumped in because It seemed like the thing to do. I sank a lot of money into it for two years, finally I decided to cut my loses and did a short sale after 2008.
Also lost about 80% of what I had invested in the stock market, I wasn't really paying attention... just trying to spread my money around while I worked to make more, all this happened between 2006-2008. I also got laid off at the end of it all, as the icing on the cake.
During those times I got most of my news from the main stream media, and places like the wall street journal and new york times... All these places are full of shit for the most part. They rarely have people who know what they're talking about, but it's what most people listen to... Krugman is a joke, Andrew Ross Sorkin lol... please... Fast Money, Jim Cramer? God Help you if you listen to these people.
If you don't educate your self on these things you wouldn't know who's full of shit and who's telling the truth, who's on the right track and who's clueless..
After I got burned I started doing my own research, read tons of books about economics, (I basically got myself a self educated economics degree by all the research and reading I've done) and found smart people to follow and listen to so that this wouldn't happen to me again...
Since 2008 I've built back my wealth.... positioned what was left of my money after loosing almost all of it in 2008, and now I'm at about 200k... and I'm positioned well for the future... Making about 12-15k/month looking to be at 20k/month by the end of the year and hopefully at least double my net worth within the next year before I leave and start traveling again...
I'm grateful I lost all that money, even though it hurt. Without those loses I don't think I would have ever been motivated to learn so much about economics, money and finance, even real estate. It was definitely a learning experience. I'm happy I learned what I did at an early age, while I still have time to rebuild and get back up... I can't imagine all those baby boomers who spent their entire lives working and over the past decade have been wiped out because of the way the stock market and economy has been. And there's more wiping out to come in the next few years.... sadly most people don't know what's going on.
There's a great quote on iterative development from Goro Shimura, talking about his colleague Yutaka Taniyama in the BBC documentary about Fermat’s last theorem:
Taniyama was not a very careful person as a mathematician. He made a lot of mistakes, but he made mistakes in a good direction so eventually he got the right answers. I tried to imitate him but I found out that it is very difficult to make good mistakes.
Also lost about 80% of what I had invested in the stock market, I wasn't really paying attention... just trying to spread my money around while I worked to make more, all this happened between 2006-2008. I also got laid off at the end of it all, as the icing on the cake.
During those times I got most of my news from the main stream media, and places like the wall street journal and new york times... All these places are full of shit for the most part. They rarely have people who know what they're talking about, but it's what most people listen to... Krugman is a joke, Andrew Ross Sorkin lol... please... Fast Money, Jim Cramer? God Help you if you listen to these people.
If you don't educate your self on these things you wouldn't know who's full of shit and who's telling the truth, who's on the right track and who's clueless..
After I got burned I started doing my own research, read tons of books about economics, (I basically got myself a self educated economics degree by all the research and reading I've done) and found smart people to follow and listen to so that this wouldn't happen to me again...
Since 2008 I've built back my wealth.... positioned what was left of my money after loosing almost all of it in 2008, and now I'm at about 200k... and I'm positioned well for the future... Making about 12-15k/month looking to be at 20k/month by the end of the year and hopefully at least double my net worth within the next year before I leave and start traveling again...
I'm grateful I lost all that money, even though it hurt. Without those loses I don't think I would have ever been motivated to learn so much about economics, money and finance, even real estate. It was definitely a learning experience. I'm happy I learned what I did at an early age, while I still have time to rebuild and get back up... I can't imagine all those baby boomers who spent their entire lives working and over the past decade have been wiped out because of the way the stock market and economy has been. And there's more wiping out to come in the next few years.... sadly most people don't know what's going on.
There's a great quote on iterative development from Goro Shimura, talking about his colleague Yutaka Taniyama in the BBC documentary about Fermat’s last theorem:
Taniyama was not a very careful person as a mathematician. He made a lot of mistakes, but he made mistakes in a good direction so eventually he got the right answers. I tried to imitate him but I found out that it is very difficult to make good mistakes.