I didn't invest in crypto but I run a business and I've experienced a down year this year. Went from buying 5k suits to eating beans and rice again.
I learned that having a big ego costs you a lot of money in business and honestly its probably the bane of my existence. Cost me a lot more than just money, relationships friendships etc
So now I actively keep it as small as I can and honestly I feel great even though my finances aren't where I want them to be I feel positive about the future.
took a huge gamble, threw away a golden opportunity over greed and a sense of self importance and the bird in the bush never materialized leaving me with nothing
so now im just barely baaaarely getting by but desu im feeling pretty good. made a few connections and I think things are looking up. just gotta keep my ego in check and I think things will be ok.
Cooper Sullivan
boy what business do you had and what was the big mistake?
Kayden Turner
I went trough bankruptcy I just feel like a zombie now no really carting about anything just wishing to be hit by a bus
Brody Adams
Hi. Please hold on. You will get there. Think positive thoughts. After all, WE ARE IN THIS TOGETHER
Ryder Walker
I lease skill training equipment to academies. The big mistake was turning down an easy 100k because I thought I was worth more and I thought I could easily get a much bigger contract somewhere else. I also decided to simultaneously expand my business with new models and equipment and that burned through all the capital I had before so losing those contracts basically wiped me out
Charles Smith
ouch
at least you had a solid plan, followed it through and fucked it up on your own and not outer circumstances.
apply that new wisdom to new stuff
Josiah Harris
yup. I got greedy and impatient. its ok, I got a good business and I won't make this mistake twice. Theres nothing like eating beans and rice for six months to really sink that lesson in ha
Ian Gonzalez
For what it's worth, you have nice bum pics so life ain't complete shit
Easton Phillips
that is a good base for a cheap Jow Forumsizen diet. nothing wrong with having rice/beans/lentils as a base for months I ate that nearly daily for 2-3 years
Liam Price
man its not complete shit at all, like I said I feel great. life is great when youre not constantly trying to convince yourself and others youre a bigshot
Alexander Lopez
interesting over investing and bad timing is what got me too
Joseph Allen
story tiiiiiiiiime
I will hit the bed now. Hopefully tomorrow I can reads some nice posts and knowledge from anons.
Justin Brown
what business are you in? did you learn anything in particular?
I think you guys are all like me, late 20s. we are just starting out in business, losing your money on big mistakes is part of the process. how quickly you learn is what makes the difference between getting it back or sputtering out and getting a job
Brody Scott
was in concrete/rock recycling using pick related with my father
at first it was great making +10k€ net profit / month but then we bought a second unit right when the financial crisis started in Europe 2010
order got lower as well as price, oil went up ( one unit use around 1000L /day ) and maintenance cost kept piling up
fought all the way to 2014 but bills went unpaid and judge force the bankruptcy
if I have any advice it's to cut your loss early and realise shit is going down not get emotionally attached to a failing company
thanks brudda, duly noted. hope things pick up for you and your family
Evan Murphy
good thread. I hope I can learn from you guys so I don't make the same mistake. (I know ego and greed can fuck you up, but I've still fallen for it, though only at lower scales) pls people, share more stories
Jacob Edwards
It sounds like you're learning from your experience. Honestly you have the majority of what it takes which is the courage and confidence to go out there and just do something on your own.
I have a ton of experience and would have never made these elementary mistakes, and probably would have made a great consultant to you... I've always wanted to start my own business. But I lack that confidence and instinctive not giving a fuck and just doing, which I think is much harder to obtain.
I work with a lot of small business owners and they literally never learn the experience side of things, even though they clearly have that thing I lack. The fact that you're on the verge of having both is very powerful.
Keep your head up and keep at it, you'll be successful. I promise you.
Robert Harris
At least you have the self-awareness to understand what your problem was. Most egoists don't.
I did well with crypto because I was humble enough to take what I could. When I cashed out half my BTC when it was 10k, people told me I was crazy because like a week or two prior it was 19k.
Specifically it was the friend who got me into crypto who told me I was crazy. He lost 2.5mil because he is an ego-driven covert narcissist, who has a pathological issue with admitting flaw. He wouldn't sell at any point because that would be 'admitting error', and he saw himself as incapable of committing error, and he kept reinforcing his bad decisions by telling himself he was so smart that his picks were always winners and that he had gotten this far because of what a genius he was, so therefore, it wouldn't be long before he was back to where he was. And he lost everything. He literally had millions and... last I heard, he was in five-figure debt, his startup failed, his investors want to rip him a new one, and he was living in his mom's basement on a filthy mattress smoking weed all day and looking for get rich quick schemes. Basically, also from 5k suits to beans and rice.
You should read about decision theory. Basically, one of the most famous studies is about Edison and his decision to sell stock tickers before light bulbs (because the stock tickers were a much lower financial risk but also had less profit). Which is similar to the problem you are describing. The point is that it's mathematically smarter to go for the sure thing rather than the bigger prize when you are starting out (but not always). But that's only one of the examples, there are other ideas that can help you in business and life.
Gavin Bell
do you have a good book on it you could recommend?
William Rodriguez
you were making 100k deals and buying 5k suits m8?
Isaiah Jackson
yeah a lot of what I do is sales so you want to look like youre worth 6 figure commitments but its also part of the reason im where im at
Jason Brown
Getting a green id in an "only green ids will make it" thread does actually guarantee you'll make it.
