• Posted by James Altucher
• 13 January 2011
TweetAfter the loss of over a million a week in cash during the summer of 2000, I had to sell my apartment. So one day in 2002, all boxes were packed, was the house empty. We had two moving vans waiting for us to move to an hour north of the city. It was like an exile.My self esteem is gone, my house was gone, I had not slept a full night in almost three years, and other things I can not even speak.My ex-wife, daughters of two small children and Lynne, a close family friend who helped us move, threw a last look around. "Oh. My. God," said Lynne. "It really is."
It was a decade and has moved on, good and bad (mostly good).Someone asked yesterday on the quorum question: "What if you're feeling rich?" I thought I was going to answer based on my experience prior to 2000. I'll put another 2000-2010 for both.
(Bill $ 100,000)
Many people began to question the quorum "I was able to this or that, or you can buy" these objectives and to answer that. "" Money was never a question for me, then and now. It was never something I wanted to buy something (other than the next iPad!) I have minimal material possessions. If you know me, you would see clothes that I suck, and the edges of all my pants are frayed. I do not own a suit. I do not have a driver's license, etc. are luxury cars out. I like comic books more than color. I do not like to fly or sail. And I do not drink wine or on-site a lot. What does this mean for me, at the time:
- DNA. I finally felt well enough to pass on my genes than myself and have children. I never wanted to have children before. There is obviously a result of developments that we feel a strong urge to pass on our genes. I've never had before in this way, but somehow felt a large sum of money has has given me permission to try to have children.
(DNA)
- Security. For a brief moment I felt "safe" - as if nothing could hurt me and I could not live forever. In 1999 I visited the president of a company I was a shareholder. I was in Los Angeles and he picked me up at the hotel in its latest Porsche. We were huge in his house and it gave me a ride. As we sat down, he said: ".. I did not even do that I have so much money that now nothing can touch me" I know it sounds corny and unbelievable, but a year later, he came of developing cancer . After fighting cancer for years, he was given the new worse and worse over the outlook to the end he turned and found the corpse of his children. I've heard news exclaimed, as his wife, all in his address book. It is not really a lesson. L money has its advantages, but immortality is not one of them (although, if need be - How To Live Forever) ..
Another example. A friend of mine was run a gaming site and I wanted to sell it, or maybe something with (this was 1999, so why not?) I introduced him to a guy out, that I, on Wall Street. I could not even find an office guy. I had never been to the south that, while Wall Street. My friend and I sat there, while Shlomo (not his real name, but you get the drift) said: "Look at me ten years ago I was a shlub Now I do not have $ 100 million just in America, true,..? "About two years later, Shlomo was the center of a massive FBI sting with a currency brokerage company, he began, it was easy to put investors' money since the 70s. He was in prison. Even my Orthodox friends turn away and refuse to talk to him every time I asked if they knew.
- The scarcity. My feelings of security and immortality, quickly gave way to scarcity. After all, I thought if I could $ 10 million it has to be easy. In fact, I honestly thought everyone had probably already made $ 11 million. I felt again the poor. I need some $ 100 million to be happy. I rode in a car with a friend of mine and his wife. I said: "Everyone now has 10 million." She said quickly, "not everyone".
(A picture I did. But it was cheap, and the images are from a comic)
- Friends. I lost a few friends. Then I made some new friends. When I went down in the elevator of my apartment one last time, 100% of these new friends were destined to never speak to me (at least until January 12, 2011). My new friends said things like, or "fuck him. Remove all his actions" or "Good luck. A good life" or "the right course!" "Mark Cuban is a plot"
- The value of money. I realized (too late, but I learned) that I never knew the value of money. I had been aware of never before money.My previous goals were games, making websites fun, or write novels. Well, that was my only goal money, money, money and more money. I told my therapist at the time, in 2001, "is like losing a loved one," and she said, "my dear, as you've never really lost a loved one sounds right."
Money is a great thing. This is the reward of hard work, good luck (which often won the chance) and you can do amazing things.Create to create new businesses, jobs, buy your independence and freedom from corporate America. But first you have to climb many obstacles to make money is just the first. Very little is better than a lot of money.
But money is a house that in places where it is appreciated. I do not like money. So he left me.
When we were in the car, drive back to our new home in 2002, he was in the middle of a snowstorm. I could have cried, I was so bad about what had happened. But it was too much to think about. So for a brief moment I saw the snow and remembered what it's like a child. Taste The first snow of the year on the tip of my tongue.
In the Internet bubble, I lost $ 15 million cash. Yes, I'm an idiot. You know what happens when you lose that kind of cash? If you go to zero? You lose your libido. You do not want to have sex again. And even Viagra will not help. I have my house. I lost my family. I lost all my friends are fake. I was sick all the time. People laugh when I passed on the street, I was absolutely sure it made me laugh. $ 15 million cash. One million per week in the summer of 2000. I was able to save lives with this every night I would have money.Instead on the floor and try to force my body to die mentally. [See: "What it means to Be Rich feels"]
So now I'm going to save lives. They are shareholders Facebook going to make much money. A friend of mine has used one of the most commonly used features on Facebook that we use every day.It is to be $ 15,000,000. My message is for him, but the rest of you can hear the conversation.
A.) The one-year rule. Do not change your lifestyle at all for at least a year.
No new house or apartment. Do not buy a luxury car. Do not buy expensive work. Do not take a mistress. This does not mean these things are bad. It's just that you will leave the new wealth of your soul marinate a bit.
(I bought this 5000 sqm apartment a month later, I sold my first company. Stupid!)
Be comfortable with it before you try new clothes that could not adapt. When buying toys or expensive houses massively change your perspective and everything you could do a lot crazier than you were when you first climb up the ladder of success were.
Remember: One year.
Two.) No-friends rule. Do not borrow money to old friends. Do not be so quick to make new friends. If you make money, you will approach each new investment, you can make. Or people they want to borrow money.
Do not do it either.
It is very difficult, of course, a friend who deny that says:. "Listen, I just need to borrow $ 100,000 for 90 days" Or: ". I have a great new start-up, such as Twitter, but I'm just looks better to raise $ 500,000 and $ 300,000, I left for you come around." I probably lost hundreds of thousands of loans, they are usually paid back the next day.
Here is what you might say... "I would love to do like it sounds good now everything goes according to my financial adviser in connection and you can talk with him I am by what he says, legally, because of all the things I do not understand gotta go. "
And do not lie. Take your wife or husband or mother or whatever your financial adviser and tell them to say no to everything. But it is necessary if you want to keep your friends. Especially during the first year (see previous rule).
Three. Not invest). What's the rush? You just your money. Put it in a savings account for a year at least. Or under the mattress. None of the shares. No paintings. No private investment. Do not try to start a business again so quickly.
A friend of mine recently $ 3 million in a poker tournament after being broken for many years (his life). He immediately wanted to buy a hotel.
Do not do it.
It was just before the housing crisis and resulting recession all.Thank God, he followed my advice, if you absolutely forced to do an investment to you, then follow the next rule.
4) Rule 2%. If you really feel that Google is going to $ 5,000 per share, and you have to buy shares at $ 500, not more than 2% of your money in it. Then, if everything goes to hell, you have lost only 2% of your money (or more likely, 1%, since Google will probably never get more than 50%).
It is difficult for contractors to come into sudden wealth, because it so that their money by making the most of their assets in an investment (business) bound are used to.
But that's probably the most important rule in the list. After the six rules of course.
Five.) Generally healthy. Believe it or not, your health is seriously threatened today, when you come into sudden wealth. More risk than ever before.
A friend of mine had a very stressful activity in the online gaming space. He spoke about the FBI were to outlaw and stop it going concern. It was broken, and the case was still in a state of lack of money.
Up, up, and stress.
I thought he had a stroke or heart attack, but he was always very healthy. Then he sold his company and made $ 50 million. Three months later he was on a ski slope in Aspen, enjoy the fruits of his labor, when suddenly a massive heart attack and survived only because of immediate medical attention. It was essentially dead for 5 minutes on the operating table.
Your body, in a very adrenaline, move sentence, until the situation is more. But do not think that if stress is that your body will not be forgotten. It does not work.
You need to focus on health after getting sudden wealth.
Here is the bottom line thing. If you are attacked, the body goes into fight or flight mode. Adrenaline pulls up. The same happens when you start a business. The only difference is that they are being attacked every day and you sit motionless on your computer. So, when the adrenaline soothe your body do things very strange. If you stay healthy.
(She had a lot of stress)
6) Try not to burn out. You have worked hard to get here. They have worked 120 hours a week. You just "Mad Men." Your girlfriend cheated on you. Your parents have your birthday 50 years. I see.Congratulations.
But do not burn for now. You need to show responsibility and be around people that make all the right choice in trusting you, hire you, you pay, you inspire, you feed them. You have to prove hardly a chance in life that you do that stuff and it is one of them.
And what to do when you lose everything? Do not worry. Make the following number:
7) The daily practice
If you implode and lose it all happened, here's the technique I used to get on the floor and get motivated again, and new businesses to and from failure to success (and I had to repeat a few times).Basically, I consider the body as four interconnected bodies: physically, emotionally, mentally and spiritually. They are all connected. It's like a way to get your heart is blocked then the blood and oxygen can not flow properly through your body and you get sick.
It's the same here, if everything goes right then you will not get sick, you lose all your money, and die. But if you are the boxes of what I have to check is the daily practice, your life will be very different in six months, regardless of how you fell apart before. Believe me, my life changed completely ever again six months.
Note: There is no such thing as luck. This can apply both to businesses and people say, you were lucky, but the truth is that you will be ..: In the world plays chess, and there is a saying "Only the good players get lucky." able to do it again and again, no matter how you fall.
Trust in him and follow these rules and the sudden wealth will become the permanent wealth.
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