{"id":10569,"date":"2016-03-21T06:00:37","date_gmt":"2016-03-21T12:00:37","guid":{"rendered":"http:\/\/www.coolchecks.net\/blog\/?p=10569"},"modified":"2016-04-09T16:42:21","modified_gmt":"2016-04-09T22:42:21","slug":"recovery-losing-millions-dollars","status":"publish","type":"post","link":"https:\/\/www.coolchecks.net\/blog\/managing-money\/recovery-losing-millions-dollars.html","title":{"rendered":"Recovery From Losing Millions Of Dollars"},"content":{"rendered":"
\"Altucher<\/a>
Altucher is a successful entrepreneur, chess master, best-seller writer and host of three high ranking podcasts. He\u2019s started and sold many businesses, and has been involved in advising over 40 companies, several of which sold for large exits. He is the author of 17 books, including \u201cThe Power of No\u201d and \u201cChoose Yourself\u201d.<\/figcaption><\/figure>\n

Losing a lot of money in a short time is painful. James Altucher<\/a>, author and investor, learned some serious lessons when it happened to him.<\/p>\n

His company built websites for entertainment companies such as Bad Boy Records, Miramax, Time Warner, HBO, Sony, Disney, Loud Records, Interscope, ConEdison and others.<\/p>\n

First Company Worth $15 Million<\/h2>\n

The way Altucher tells it, \u201cI did everything smart until I did everything stupid.\u201d He sold his first company for $15 million, sold his shares so he had cash. He spent several million for an apartment, bought art and \u201cplayed a lot of poker.\u201d Then he began to invest in other companies, a million here and a million there. He put $2 million into an IPO and watched the $20 shares drop to nothing.<\/p>\n

Then he started another company of his own in which there was significant outside investment. He started a VC fund and invested in more companies.<\/p>\n

Then the Internet stocks began to drop. He couldn\u2019t believe it. he had thought Internet was here to stay. He admits to knowing nothing about stocks or valuations or \u201canything resembling rational thought.\u201d He doubled down, then quadrupled down, than octupled down.<\/p>\n

Losing $1 Million A Month<\/h2>\n

From June 2000 to September 2001, he lost a million a month. The thing became addictive. \u201cI was the worst idiot,\u201d he admits. His ego was so tied up in financial success that he began to think that his life was over. Even going to the ATM was a disaster as the balance plummeted.<\/p>\n

He lost his house, suffering a million dollar loss and was reduced to asking for help from his parents, who said no. They had footed college and felt that was enough. Things went from bad to worse as his health suffered and his mental stress multiplied. He felt he had failed his family.<\/p>\n

\u201cI went from feeling immortal to feeling dead all over, every day.\u201d<\/p><\/blockquote>\n

The Financial Turn Around<\/h2>\n

The reversal was slow, but determined.<\/p>\n