Ever lost millions?
October 27, 2007 4:02 PM Subscribe
Looking for your personal stories & anecdotes relating to loss of a great fortune. Have you ever lost a lot of money? How did it happen & how did it impact you then and later? How did you manage to get out of the shock & survive right after? How did you succeed in rebuilding your wealth
, and what did it take? I am certain that many here can offer tales of dot.com-bubbule.burst. I am even more interested to hear about cases when you cashed the stock, not just owned it - THEN lost it all. Did it happen to you more than once? What did you learn? What did you not learn?
, and what did it take? I am certain that many here can offer tales of dot.com-bubbule.burst. I am even more interested to hear about cases when you cashed the stock, not just owned it - THEN lost it all. Did it happen to you more than once? What did you learn? What did you not learn?
Response by poster: I realize that, for various reasons, you may not wish to answer this question as stated.
How about if I re-phrase my inquiry -
Do you personally know somebody who went thru that process, and can you describe what happened to them?
I'm not looking for famous stories, but for personal ones. Gracias.
posted by growabrain at 5:46 PM on October 27, 2007
How about if I re-phrase my inquiry -
Do you personally know somebody who went thru that process, and can you describe what happened to them?
I'm not looking for famous stories, but for personal ones. Gracias.
posted by growabrain at 5:46 PM on October 27, 2007
When I was a kid, I accidentally bought a 1909 S VDB Lincoln Cent at a coin shop for something like 50 cents.
I was a kid, so of course I lost it after a week or so. It isn't millions, but that cent goes for $3-4k today.
*sigh*
posted by SlyBevel at 5:48 PM on October 27, 2007
I was a kid, so of course I lost it after a week or so. It isn't millions, but that cent goes for $3-4k today.
*sigh*
posted by SlyBevel at 5:48 PM on October 27, 2007
Upon re-reading the question, I realize that my anecdote is pretty far removed from what you're asking. Sorry about that.
But I do think it's cool that this question brought airplain out of lurking! Welcome to participation!
posted by SlyBevel at 6:16 PM on October 27, 2007
But I do think it's cool that this question brought airplain out of lurking! Welcome to participation!
posted by SlyBevel at 6:16 PM on October 27, 2007
it happens to me every month. i think it's called "paying rent."
cos man, i feel like some kind of hot shit when i see that $750 bank balance at payday: to see it reduced to $80 in the span of one day never ceases to be shocking.
i persevere by means of heavy drinking, if you're curious.
you should ask my uncle how he did in the wake of his attempt at papaya farming in hawaii (after being disbarred from a district attorney gig, for forging checks). as i recall, his response was to try sue his way into an early inheritance from his mother.
posted by wreckingball at 6:32 PM on October 27, 2007
cos man, i feel like some kind of hot shit when i see that $750 bank balance at payday: to see it reduced to $80 in the span of one day never ceases to be shocking.
i persevere by means of heavy drinking, if you're curious.
you should ask my uncle how he did in the wake of his attempt at papaya farming in hawaii (after being disbarred from a district attorney gig, for forging checks). as i recall, his response was to try sue his way into an early inheritance from his mother.
posted by wreckingball at 6:32 PM on October 27, 2007
I inherited only a few thousands from my parents. This summer the government took every red cent of it from me for unpaid taxes. Zeroed me out. I felt some shock, but reminded myself I was still alive, healthy, functioning, it wasn't a part of me, etc. etc.
I don't know if that helps.
posted by zadcat at 6:39 PM on October 27, 2007
I don't know if that helps.
posted by zadcat at 6:39 PM on October 27, 2007
I had a boyfriend steal around $10,000 in savings from me, and then found out that he had the right to do so because we lived together so the law treated us like we were married. But maybe that isn't the sort of story you're looking for.
How it impacted me is that I didn't go to college for another six years and I'll be in my 30's before I start my career. Still, I'm better off than many who never get the chance to go to college at all, so I try not to obsess about it.
What I learned is that there are horrible people in the world who are willing to ruin people's lives so they can party and buy sounds systems for their cars and the like. Although, I also learned the warning signs to look out for them and managed to avoid them ever since.
posted by giggleknickers at 6:46 PM on October 27, 2007 [1 favorite]
How it impacted me is that I didn't go to college for another six years and I'll be in my 30's before I start my career. Still, I'm better off than many who never get the chance to go to college at all, so I try not to obsess about it.
What I learned is that there are horrible people in the world who are willing to ruin people's lives so they can party and buy sounds systems for their cars and the like. Although, I also learned the warning signs to look out for them and managed to avoid them ever since.
posted by giggleknickers at 6:46 PM on October 27, 2007 [1 favorite]
Knew someone who plowed through their multi-million dollar lottery winnings by multiple means including, no lie, Thomas Kinkaid paintings as investments. Yeah, I know.
posted by jadepearl at 7:02 PM on October 27, 2007 [1 favorite]
posted by jadepearl at 7:02 PM on October 27, 2007 [1 favorite]
Someone I used to work for had a business partner embezzle everything and leave him with a pile of debt and a bad reputation. He did a lot of soul searching to get over the anger and hatred for what a friend had done to him, and he went about rebuilding his business. Today he is worth millions and has a solid business. I think it is easier for people with bona fide skills or business acumen to rebuild after a setback than someone who instantly won money and frittered it all away. For some of those hard luck lottery stories, here is a link: http://articles.moneycentral.msn.com/SavingandDebt/SaveMoney/8lotteryWinnersWhoLostTheirMillions.aspx
posted by 45moore45 at 7:11 PM on October 27, 2007
posted by 45moore45 at 7:11 PM on October 27, 2007
Don't know if this is what you're looking for, but ...
My father died, quickly and unexpectedly, a few years ago. I am the single product of his second marriage, and he has three sons from his first. He hadn't altered his will since I was a minor, and was in the process of doing so when he died. My brothers were aware of exactly what his intentions were regarding distribution of his estate, and to his face told him that they were fine with it and that it was his estate, could do with it whatever he chose, etc. Then he died, and they took the opportunity to deliver the kick in the gut they'd always wanted to, said there was no way to know what he actually would have done, and essentially yanked my inheritance (worth some $250k) out from under me.
It isn't really money I HAD, so the answer might not be totally helpful, but I dealt with it by coming to terms with the fact that my dad had completely fucked up the dynamic between the two families after his divorce, had created an environment where my brothers were allowed to foster their resentment for me (as a living symbol of what ruined their parents' marriage) unabated. I reminded myself that it was just money, and though it would have been terribly useful, that it wasn't the end of the world. It was a hard life lesson, to see how much the actions of others can negatively effect your situation, and how to take a malicious, deliberately hurtful act like that with no opportunity for retribution, but if nothing else I've walked away from it with some experience.
Doing volunteering now, so I can't really speak on the "rebuilding your wealth" part of the question; though this experience also showed that money isn't everything. I'm now looking for ways to spend as much of my life travelling and seeing the world as possible. Richer in a different way, perhaps.
posted by the luke parker fiasco at 10:34 PM on October 27, 2007
My father died, quickly and unexpectedly, a few years ago. I am the single product of his second marriage, and he has three sons from his first. He hadn't altered his will since I was a minor, and was in the process of doing so when he died. My brothers were aware of exactly what his intentions were regarding distribution of his estate, and to his face told him that they were fine with it and that it was his estate, could do with it whatever he chose, etc. Then he died, and they took the opportunity to deliver the kick in the gut they'd always wanted to, said there was no way to know what he actually would have done, and essentially yanked my inheritance (worth some $250k) out from under me.
It isn't really money I HAD, so the answer might not be totally helpful, but I dealt with it by coming to terms with the fact that my dad had completely fucked up the dynamic between the two families after his divorce, had created an environment where my brothers were allowed to foster their resentment for me (as a living symbol of what ruined their parents' marriage) unabated. I reminded myself that it was just money, and though it would have been terribly useful, that it wasn't the end of the world. It was a hard life lesson, to see how much the actions of others can negatively effect your situation, and how to take a malicious, deliberately hurtful act like that with no opportunity for retribution, but if nothing else I've walked away from it with some experience.
Doing volunteering now, so I can't really speak on the "rebuilding your wealth" part of the question; though this experience also showed that money isn't everything. I'm now looking for ways to spend as much of my life travelling and seeing the world as possible. Richer in a different way, perhaps.
posted by the luke parker fiasco at 10:34 PM on October 27, 2007
Happened to remember this MetaFilter post which seems to be along the lines of what you're looking for.
posted by dixie flatline at 12:07 AM on October 28, 2007
posted by dixie flatline at 12:07 AM on October 28, 2007
Lost a lotta benjamins picking stocks in the eighties, made it back in real estate.
Took some of these earnings and reinvested them in dot-com stocks in the late nineties. You know where this story is going . . .
Now, I never pick stocks, but only buy index funds, and only for long-term accounts (such as IRAS).
The moral of the story? Stick with money building strategies that work best for you, and you'll pop back from a loss. Some people are good at stocks, others at real estate. Still others are good at wealth-building through entrepreneurship.
Find your niche and stick to it.
posted by Gordion Knott at 5:12 AM on October 28, 2007 [1 favorite]
Took some of these earnings and reinvested them in dot-com stocks in the late nineties. You know where this story is going . . .
Now, I never pick stocks, but only buy index funds, and only for long-term accounts (such as IRAS).
The moral of the story? Stick with money building strategies that work best for you, and you'll pop back from a loss. Some people are good at stocks, others at real estate. Still others are good at wealth-building through entrepreneurship.
Find your niche and stick to it.
posted by Gordion Knott at 5:12 AM on October 28, 2007 [1 favorite]
Best answer: A friend built a medical newsletter, sold it for 2M, went on drug binge, spent it all, mandatory rehab after arrest, became celebrity sobriety coach, found investors that way to start a new medical publishing venture, succeeded at that.
posted by StickyCarpet at 8:53 AM on October 28, 2007
posted by StickyCarpet at 8:53 AM on October 28, 2007
Best answer: I have a friend whose parents were somewhat wealthy in Vietnam, and who had to flee the country with nothing but a suitcase. They worked hard when they got to the US and managed to accumulate at least half a million dollars within a decade, but then lost it all in the stock market. After that, they stopped pursuing wealth and started using excess money to help family back home. They were very angry for a long time, and I think the whole experience contributed to their divorce. But now both have become more engaged in their separate Buddhist communities, and they seem to be doing OK. My friend's mom is very materialistic and has remarried someone who has a lot of money and finally returned to the lifestyle she grew up with. My friend's dad is living a simple, almost monastic life, and he dedicates all of his time to family and friends.
posted by croutonsupafreak at 1:19 PM on October 28, 2007
posted by croutonsupafreak at 1:19 PM on October 28, 2007
Best answer: I'm a recovering oil heiress; does that count?
I am the only child of an only (surviving) child of a Texas oil family, led by a matriarch who also had the good fortune to invest well and invest long term.
I was raised with the (quite reasonable) expectation that I would inherit the bulk of the estate after the death of my grandparents. This was sort of nice, in that in my early days I focused on doing worthwhile, badly paid non-profit work; I wasn't worried about pensions or investments or the need for long term financial planning. It sort of freed me to do what I enjoyed.
The down side was that I wasn't very ambitious. I don't particularly think ambition is a trait you can pick up later in life, either, but maybe that's just me.
Anyway, there was a family rift and when the Wicked Witch of the South finally kicked the bucket at 98 years old, she left her multiple millions to the Texas Home for Orphaned Cattle or whatever. Which, obviously, was her right but was still a hell of a shock. Not only in the moment, but in having to re-picture the rest of my life... and then having to go out and build it from more or less financial scratch.
To actually answer your question, or part of it, I dealt with it by planning. Budgeting and planning for retirement became high priorities and helped me feel like I had a predictable future again, even in the face of a very unpredictable turn of events.
I am also conscious of the fact that losing great wealth is not the same as being straddled with huge debts. I may be broke (okay, really broke) but I am not in debt - which would be a lot worse.
posted by DarlingBri at 3:44 PM on October 28, 2007 [2 favorites]
I am the only child of an only (surviving) child of a Texas oil family, led by a matriarch who also had the good fortune to invest well and invest long term.
I was raised with the (quite reasonable) expectation that I would inherit the bulk of the estate after the death of my grandparents. This was sort of nice, in that in my early days I focused on doing worthwhile, badly paid non-profit work; I wasn't worried about pensions or investments or the need for long term financial planning. It sort of freed me to do what I enjoyed.
The down side was that I wasn't very ambitious. I don't particularly think ambition is a trait you can pick up later in life, either, but maybe that's just me.
Anyway, there was a family rift and when the Wicked Witch of the South finally kicked the bucket at 98 years old, she left her multiple millions to the Texas Home for Orphaned Cattle or whatever. Which, obviously, was her right but was still a hell of a shock. Not only in the moment, but in having to re-picture the rest of my life... and then having to go out and build it from more or less financial scratch.
To actually answer your question, or part of it, I dealt with it by planning. Budgeting and planning for retirement became high priorities and helped me feel like I had a predictable future again, even in the face of a very unpredictable turn of events.
I am also conscious of the fact that losing great wealth is not the same as being straddled with huge debts. I may be broke (okay, really broke) but I am not in debt - which would be a lot worse.
posted by DarlingBri at 3:44 PM on October 28, 2007 [2 favorites]
This thread is closed to new comments.
Embarrassingly, did it twice. Once in '70s and again the dotcom bust. Shame on me not to have learned wisdom (or at least caution) the first time round!
I often wonder if I'd feel better if I'd gone and actually spent the money or enjoyed it somehow. The first time in a way it was a relief to have to rely on myself instead of inheritance, but this second time I regret the lost opportunity of helping my kids.
posted by airplain at 5:03 PM on October 27, 2007