How My Biggest Mistake Led To My Biggest Win

Bankruptcy was staring me in the face

How My Biggest Mistake Led To My Biggest Win

Bankruptcy was staring me in the face.

I lost my career, my family, my self-respect, and for a brief moment, I even lost my will to live.

It was a dark time in my life. And it forever changed the way I viewed risk and reward.

It all started with the first big payday of my life…

I began buying beaten-down junk bonds in 1990 when I was 19.

Before the year was out, my junk bond trade had netted me over $250,000. That’s about a half-million dollars in today’s money.

The year before, I had made just $8,000, or a bit more than $15,000 in today’s money..

During the mid-1990s, I was making money hand-over-fist in technology stocks – including $54,000 in a single day.

By then, I was 22 and making a fortune. And I let the money make me an arrogant jackass. A few years later, I’d lost it all.

You see, I made a terrible mistake…

Instead of taking small bets on high-risk, high-reward ideas, I was taking massive stakes on these types of trades.

When the 1997 Asian financial crisis rolled around, I’d built up a substantial portfolio. But I stuck around too long and got too greedy.

And when the market went against me, I made bigger and riskier bets. I lost all perspective and was investing for my ego… Not my bank account.

Within three weeks, I lost everything I’d made and more. I went from wealthy to poor in less than a month. And ultimately, I was compelled to file for personal bankruptcy.

It mentally destroyed me… My wife and I separated. I ended up renting a room from a friend in Queens… And lived on a wafer-thin mattress for nearly a year-and-a-half.

I remember one day sitting in this tiny room on a tiny mattress and saying, “You know what, my story can’t end like this.”

And at that moment, I started thinking about where I had gone wrong… What I should have done differently… And how I could make my life better.

The Lesson I Learned to Get Rich Again

Subscribe to keep reading - It's Free!

This content is free, but you must be subscribed to The Digital Asset Daily to continue reading.

Already a subscriber?Sign In.Not now