What did you do to make money after you went broke? –@ScottEPowers
I did several things:
DOWNSIZED. I had to sell my house. I severely downsized. I went from a 4,500 square foot penthouse to a 1,400 square foot house 70 miles north and I cut my expenses by 75%.
I HAD TO GET IN SHAPE. I worked out every day, I emotionally stopped dealing with people who were dragging me down, I made lists of ideas every day, and I either meditated or read from various spiritual or inspirational texts each day. I knew it was going to be a tough battle to climb back up so I did everything I could to prepare.
IMMEDIATELY STARTED WRITING ABOUT FINANCE TO GENERATE INCOME. Within a few months I had a book deal and I was writing for TheStreet.com and The Financial Times. Back then it was still possible to make money by writing.
I was also day-trading and doing well back then (2002-05). I don’t think day trading is practical now but it was then.
I STARTED TRADING FOR HEDGE FUNDS then I started helping people sell their companies, then I started a fund of hedge funds. One day at the time, as the ideas I wrote began to flourish I got back into the game.
I STARTED A COMPANY:
STOCKPICKR.COM http://bit.ly/qV3Q5E which I sold to TheStreet.com. There was a six year period where nobody was paying my salary and I had to hustle for every dollar. But that proved to me that no matter how bad the economy gets, if you’re the one eyed man (the optimist) in the land of the blind (the pessimists) then you will find the ways to make money even if we are in a Depression.
It might be your own creativity and flexibility that wants to get out and help you on your next idea. That creativity is a sleeping monster and it never gets smaller if you keep feeding it, nurturing it, loving it, taking care of it. Persistence in developing that creativity will make you better at execution, better at idea generation, and more optimistic (simply because over time you will be more confident that you can always awaken it). Creativity becomes your loving friend instead of your enemy. And optimism, creativity, and persistence are all close siblings that want to play together as much as possible.
I also always made sure I delivered at least one extra feature that the company didn’t ask for.
When you make other people make money, then you will make money. Then you repeat that and it’s a business.
Faq Me by James Altucher
“We all are learning, modifying, or destroying ideas all the time. Rapid destruction of your ideas when the time is right is one of the most valuable qualities you can acquire. You must force yourself to consider arguments on the other side.
— Charles T. Munger”
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