Has anyone ever build an over 100k net worth, lost most of it, and came back?
12-05-2011, 09:36 PM
Like November, I've lost what to me was a lot, but wasn't 100,000. I'm doing well now but to me 100,000 is a big number, and I'm impressed at the larger numbers that are casually tossed around here.
As an entrepreneur I've had a few high swings. Best 5 days ever - Woodstock 2, profit $30,000 in 5 days. In another business a high swing would be $30,000 in a month. But then I'd try to leverage the profits into new untested ventures, and get dragged into a slow spiral of decay. Only to build up again, then lose again, rinse and repeat.
My favorite lesson from it all was not learning how to make money. It was learning how to live on a satisfying life on a stupidly small budget. That's my financial security. I can live on little.
Oh, and I learned to not be overconfident in my time available to manage new projects. There is something to be said for keeping things small and simple.
That, plus now I'm in a high swing again, have savings again, and have a small diversification of businesses. I won't be raiding the coin stash for vodka money again.
As an entrepreneur I've had a few high swings. Best 5 days ever - Woodstock 2, profit $30,000 in 5 days. In another business a high swing would be $30,000 in a month. But then I'd try to leverage the profits into new untested ventures, and get dragged into a slow spiral of decay. Only to build up again, then lose again, rinse and repeat.
My favorite lesson from it all was not learning how to make money. It was learning how to live on a satisfying life on a stupidly small budget. That's my financial security. I can live on little.
Oh, and I learned to not be overconfident in my time available to manage new projects. There is something to be said for keeping things small and simple.
That, plus now I'm in a high swing again, have savings again, and have a small diversification of businesses. I won't be raiding the coin stash for vodka money again.