19 Former Millionaires Reveal Shocking Mistakes That Cost Them Everything
Hypothetical millionaire.
I bought $100 worth of bitcoin when they were about $1 each. I sold them when they were about $2.50 each and was so happy I made money from “internet coins”.
As of the moment I am typing this those coins would be worth $1,855,000.
The Somali Civil war. My grandfather had a manufacturing company, but the war ruined it. My family used our last half-million to get our relatives out of the country.
I have never been rich but my family was well above average when i was a kid. My father was a mechanic and in 1981 he bought a car repair shop that made us money pretty well.
Then in 1992 the Bosnian war started and our hometown of Sarajevo was put under a siege that lasted until 1996.
In 1994 we were able to escape the city and move into a refugee camp. When the war ended we returned to Sarajevo and my fathers car repair shop as well as our home were in total ruins after all the artillery and mortar fire.
We were able to get a new home fairly quickly with the help of some of our relatives but we never got the car repair shop fixed. It was in so bad condition we just demolished it after we had sold all found scrap metal and usable tools.
My wifes Aunt used to be rich. Was married to a brain surgeon who was also on the board of directors for all the local hospitals so pulling down two checks. She was a platinum member of a local casino and would send us and other family members coupons for all inclusive weekend visits to the casino. You literally did not need to bring any money for anything. All food, drink, gratuity, ect was all taken care of. Anyway her husband had his medical license revoked for writing too many scripts for pain killers to her and other people and they both now live in Mexico somewhere.
Covid. Built a business that was given a valuation of a few million back in January, but the industry is now down 80% and I’m doing all I can to avoid bankruptcy.
Not a millionaire, but at 19 I had accumulated about $170,000 USD through hard work and determination, as well as a big ol’ stroke of luck regarding the kindest employer I’ve ever worked for.
After seeing all that money, I made a series of frivolous financial decisions, and one good one which has been my saving grace through covid. I bought a car, in cash, paid for 6 months of a townhouse rental in cash, and proceeded to smoke weed and get caught doing it, multiple times, in a state where it isn’t legal to do so.
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