- My Forums
- Tiger Rant
- LSU Recruiting
- SEC Rant
- Saints Talk
- Pelicans Talk
- More Sports Board
- Fantasy Sports
- Golf Board
- Soccer Board
- O-T Lounge
- Tech Board
- Home/Garden Board
- Outdoor Board
- Health/Fitness Board
- Movie/TV Board
- Book Board
- Music Board
- Political Talk
- Money Talk
- Fark Board
- Gaming Board
- Travel Board
- Food/Drink Board
- Ticket Exchange
- TD Help Board
Customize My Forums- View All Forums
- Show Left Links
- Topic Sort Options
- Trending Topics
- Recent Topics
- Active Topics
Started By
Message
Any GOT WEALTHY but did NOT STAY WEALTHY stories or lessons to share?
Posted on 2/21/22 at 8:00 pm
Posted on 2/21/22 at 8:00 pm
Underwhelming Dow psychology-inspired question, perhaps!
Are there any interesting or important financial life lessons that you are willing to share (of yourself or others that you know)?
Behaviors, brains, luck, uncontrollables...
Master class in the difference between getting and staying wealthy is now in session
Are there any interesting or important financial life lessons that you are willing to share (of yourself or others that you know)?
Behaviors, brains, luck, uncontrollables...
Master class in the difference between getting and staying wealthy is now in session
18
Posted on 2/21/22 at 8:07 pm to Turf Taint
4 years ago I invested in crypto
It shot up
I didn’t sell
It went way down
4 years later
It shot back up
I didn’t sell
It’s slowly bleeding again
It shot up
I didn’t sell
It went way down
4 years later
It shot back up
I didn’t sell
It’s slowly bleeding again
Posted on 2/21/22 at 8:11 pm to Ron Cheramie
that's why you always keep the McDonalds hat handy man, you never know when you might need it again
Posted on 2/21/22 at 8:11 pm to Turf Taint
Saw a story on the fatFIRE subreddit of a guy who had $50M in alt coins, didn’t sell and now it’s down to $15M. Still rich though, but man how could you not take profits on a freakin alt coin.
Posted on 2/21/22 at 8:12 pm to GeneralLee
quote:
Saw a story on the fatFIRE subreddit of a guy who had $50M in alt coins, didn’t sell and now it’s down to $15M. Still rich though, but man how could you not take profits on a freakin alt coin.
You don't hit 10 baggers selling for 50% profit....
Posted on 2/21/22 at 8:26 pm to GeneralLee
quote:
but man how could you not take profits on a freakin alt coin.
1 sol does not equal 1 sol anymore lol
Posted on 2/21/22 at 8:49 pm to Turf Taint
If you make it one of the top things you should do to secure yourself is insulated your businesses and investments from one another.
Don't ever sign a personal guarantee unless you can cover it without significant risk to yourself.
Do not let technology sneak up on you putting you behind the 8ball against competitors.
Always have a penalty in place if you decide to sell and they back out.
If you get to a point where you no longer have the drive to stay involved, get out or at very least do not do anything risky. DONT EVER ALLOW A NON BLOODED FAMILY MEMBER TO RUN THE OPERATION WITHOUT OVERSIGHT.
Don't ever sign a personal guarantee unless you can cover it without significant risk to yourself.
Do not let technology sneak up on you putting you behind the 8ball against competitors.
Always have a penalty in place if you decide to sell and they back out.
If you get to a point where you no longer have the drive to stay involved, get out or at very least do not do anything risky. DONT EVER ALLOW A NON BLOODED FAMILY MEMBER TO RUN THE OPERATION WITHOUT OVERSIGHT.
Posted on 2/21/22 at 10:16 pm to Turf Taint
(no message)
This post was edited on 6/30/24 at 12:49 am
Posted on 2/22/22 at 1:01 am to GREENHEAD22
quote:
DONT EVER ALLOW A NON BLOODED FAMILY MEMBER TO RUN THE OPERATION WITHOUT OVERSIGHT.
Don’t every let a family member including your spouse run the operation without oversight. Family will rob you just as often as a outsider, maybe more so.
Posted on 2/22/22 at 1:08 am to Turf Taint
Don’t get addicted to casinos. Seen millionaires end up in bumper pulls from Blackjack and slots.
Posted on 2/22/22 at 3:49 am to Turf Taint
I’d imagine the main issues on normal wealth stories are: bad investments, crippling substance addictions, serious health issues
Posted on 2/22/22 at 8:00 am to Turf Taint
I did good with at picks but didn’t sell quick enough
Posted on 2/22/22 at 8:33 am to GREENHEAD22
quote:
DONT EVER ALLOW A NON BLOODED FAMILY MEMBER TO RUN THE OPERATION WITHOUT OVERSIGHT.
so true. watched company my wife worked at crumble after decades of bring successful because owners SIL was GM. he ruined company. old man fricked up royally. by the time he fired him it was too late.
Posted on 2/22/22 at 9:38 am to Fat Bastard
One big thing in general is don't get complacent, like II said before, if you lose the drive, sell.
Complacency and kicking back has cost more people to lose the business they built more than anything else except their 3rd generation running it into the ground.
Complacency and kicking back has cost more people to lose the business they built more than anything else except their 3rd generation running it into the ground.
Posted on 2/22/22 at 9:47 am to Upperdecker
(no message)
This post was edited on 8/22/22 at 2:28 pm
Posted on 2/22/22 at 10:18 am to TigerIron
quote:
Don’t forget divorce
Divorce can be devastating
I also saw some businesses die because the owner got too protective and refused to bring in new talent to grow. They just thought that they were going to coast on their past record or success but they didn’t factor in that technology changed, their clients changed and relationships changed. No one cared that the old man used to be a big deal.
The world changed around them and they found themselves in a precarious situation.
The meaning of “service” changed as the newer generation went digital and customers wanted things quicker and in different formats…
Posted on 2/22/22 at 12:41 pm to Turf Taint
Study the lives of professional athletes and rock'n roll stars.
Posted on 2/22/22 at 12:53 pm to Turf Taint
This is entrepreneurship related, but when you grow, it needs to be quickly and don’t be afraid to take on investors.
I opened a business in New Orleans that was very, very successful. Then I opened another in Denver, that was also successful - although not to the same degree as the first one. I was working all the time and flew back and forth very often. I did not take on partners or investors, thinking that this was the way to be most profitable. Inevitably, I burned out very quickly before opening a third location, and sold both businesses. (Sold at a nice profit, but now I make less a year than I did when I owned the first business)
In hindsight, if I would have hired an area director, or brought on a partner, for a short term loss, I could have easily opened more locations and be sitting back doing less with more. Lesson I learned was that if you scale, scale quickly and don’t be afraid to take on VC, etc.
I opened a business in New Orleans that was very, very successful. Then I opened another in Denver, that was also successful - although not to the same degree as the first one. I was working all the time and flew back and forth very often. I did not take on partners or investors, thinking that this was the way to be most profitable. Inevitably, I burned out very quickly before opening a third location, and sold both businesses. (Sold at a nice profit, but now I make less a year than I did when I owned the first business)
In hindsight, if I would have hired an area director, or brought on a partner, for a short term loss, I could have easily opened more locations and be sitting back doing less with more. Lesson I learned was that if you scale, scale quickly and don’t be afraid to take on VC, etc.
Posted on 2/22/22 at 2:32 pm to Turf Taint
Knight Oil Tools Lafayette
Anyone remember this story of brotherly love? Crazy to think what greed can make people do.
Anyone remember this story of brotherly love? Crazy to think what greed can make people do.
quote:
Authorities say Mark Knight, then a top executive at Knight Oil Tools, plotted to plant illegal drugs on the vehicle of his brother, Bryan Knight. At the time, Bryan Knight was a company vice-president.
quote:
Mark Knight allegedly paid company employee Russell Manuel, then-State Trooper Corey Jackson and then-Lafayette Parish sheriff’s deputy Jason Kinch to participate in the scheme.
The plot came amid an ownership dispute with the company.
In 2016, Manuel pleaded guilty to multiple charges, including conspiracy to distribute cocaine, methadone and hydrocodone; intimidating a witness and conspiracy to commit corrupt influence
Page 1 of 2
Popular
Back to top
Follow TigerDroppings for LSU Football News