How did you make your first million dollars?
Answer by Anonymous:
24: $0 – Broke neck in diving accident. Paralyzed from chest down. Began learning stocks.
25: $0 – Hired as an analyst by small brokerage at $1,000/mo.
26: $0 – Lost job.
28: $0 – Re-hired by different company at $500/mo. looking for defunct public companies to reverse merge with private companies wanting to go public.
29: $10k – Salary increased to $3k/mo. learned the biz inside and out.
30: $100k – Got stock in a few deals that worked out. Started my own company and did a few deals.
31: $1M – Did more deals.
32: $7M – Did more deals and invested on full margin during internet boom.
33:$700k – Market crashed and lost 90% of my net worth. Indicted for securities fraud but charges dropped. IRS nailed me for offshore account.
37: $500k – Lost more money in bad deals. Depression. Thoughts of suicide. No job. Too afraid of doing what I used to do, after getting burned.
40: $300k – Lost more money. Depressed. Studying spirituality. Tried day trading futures.
46: $300k – Never made money day trading. Still dealing with fears of losing everything, being broke and paralyzed. But trying to gain new strength every day. No longer depressed. Still seeking a new path. Meditating. Mostly at peace with fact I'm 46 and some would call a loser. But, no longer equate self worth to net worth.
1. You can achieve your dreams regardless of your limitations.
2. Find a mentor, offer to work for peanuts and learn everything you can.
3. Hire an assistant as soon as possible to free you up for high dollar activities. They provide a huge ROI.
4. Cherish your youth and don't be afraid to take calculated risks early once you have some skills. It's easy to make up a 10k – 50k loss when you have your whole life ahead of you.
5. Luck plays a huge role. But, you also need to position yourself to get lucky. For a surfer to catch a big wave, you need to first choose to be a surfer, have the right board, surf under the right conditions and show up every day. Something bigger than you decides the size of wave you get.
6. Peal aside a chunk of your net worth and build a fortress around it. You never know when luck will turn. Look at Eike Batista. Was worth $30 billion. Now filing bankruptcy.
I remember when I was in my mid-twenties and saw a friend's dad lose a nearly $20 million net worth in real estate. I thought: "What a loser. I will never risk all of my money like that". But when you're worth $2M you wanna be worth $5M. When you're worth $5M you wanna be worth $10M and so on. Money is a game. Your life isn't. After you have earned a nice nest egg, make sure you play the game with only what you can afford to lose. And check your greed every day. Much more to life than money. Of course, that what's often said by those who don't have it 🙂