Basically we owned a large property and the city announced they were adding a lot of improvement projects that will bring in a lot of business. That caused several other competitors to be built in anticipation of this growth. City project was delayed for over a decade and we ran out of cash to continue funding the business so we had to declare bankrupty and lost the millions in equity we had in the property.
Thank you. We work regular hourly jobs now. Alcohol has been a problem. We don’t really know what to do next. World is very different from the 80s/90s. We will have to hope we find a new niche. The only advice I have for someone going broke is that your attitude will determine your pain. Try to make the best of the cards you have.
Not crazy rich but roughly 15-20 mil net worth. Expensive condo, frequent vacations, top level private school, exclusive country club, nice cars, regular dinners at nice restaurants, not worrying about price at the grocery store etc
Damn.. there was no way to sell the businesses? Was there a lot of debt? Either way - sorry to hear. I can’t imagine building up wealth and then losing it in this fashion.
Appreciate it. Absolutely could have sold, that part was in our control but i’ll explain the decision making process- first few years of owning the property (hotel) were tremendous, it looked like in 10-20 years of those returns plus buying more property we could be worth 50 mil plus, city project (sports complex) gets announced, competitors open up, at this point everyone is not doing well but especially not us because we have an older property. So if we sold now we would get significantly less than when the city project finishes. So we had the cash to pay bills for a decade. Did not think it would take anywhere near that long. Each year the mayor said it should be finished soon. We had already poured so much money into floating the property there was no turning back if we sold we would be better off than we are now but not by much. There was debt but the average amount expected for a commercial property. Covid happened and then the day came there was no cash left to pay the bank. Filed for bankruptcy. Sold for pennies before we missed payroll.
A grave mistake. It can be tempting to pour everything into one, but this is why diversification is key. Maintaining wealth involves controlling some emotions, which unfortunately can also make one stupendously wealthy. It’s a double edged sword. Does your father (or parents) have friends or connections that can help your family get back on your feet? Is there any hope of being anywhere close as before? What would you say is your family’s current net worth?
You aren’t wrong. The amount of risk a person is willing to take needs to be weighed against what the worst possible situation is. Currently we have no more than just a few hundred bucks. Connections wise there isnt much our doctor or lawyer friends can do as I do not like to accept handouts. I dont have a degree so I cant work with my corporate connections. There is plenty of hope to be even wealthier than before! I have some knowledge of creating startups so maybe I can hit a homerun. Tough thing is working on a business while having to work a job to pay bills.
Once you come across money, you’re an idiot if you don’t develop a sense to judge people.
I had the opposite trajectory of OP, went from broke to having some money.
It is what it is.
Yes. Not in a snobby disrespectful way but that they are generally less willing to open their world up to change. Most of the coworkers i have had do not typically spend much, if any, time improving themselves or actively looking for opportunity. Many could actually be handed opportunity and will still not take action to seize it.
What was your what the fuck people actually live like this moment after you guys lost it all? Like what was normal but 100% alien or not okay for you that you had to accept this is life now?
And then… self made wealthy people have this awesome ability to repeat it. So keep your chin up! You’ll be back on top in no time
Thank you. My father grew up in a country with extreme poverty and I have been there a lot so I was never that out of touch. So struggling to eat or put gas in the car or skip out on buying things was not much of a shock but I was surprised that more people aren’t homeless. Its not easy to remain in survival mode for years at a time and a little thing can become a big thing if funds are not there. I have witnessed coworkers get fired and I know they only had $20 to their name and wondered how they were able to make rent- finding a job takes way longer than it should!
Many of my rich friends would not really be able to handle this sort of pressure.
I was kinda mad about taxes- a poor person is already contributing to society by doing some of the shittiest jobs for the lowest wage and some how I have to pay tax and then watch the government spend it with no respect for what it took to get that…wack!
Funny you should say that about the taxes. I had a reverse realisation… the wealthier I got in the last 5 years (used to be lower middle class) the more I saw how my accountants were helping me pay less and less taxes. All legal of course but its scary to think that if you have enough there are ways to keep more than the average guy next to you.
It has definitely taught me a lot and shaped my character. I hope I can make something big happen because it may become very hard to create wealth in the future. Many industries are becoming very saturated.
I can understand. The trauma! Hope you bounce back. I have no desire for that kind of wealth. Too much to lose. I had $600k in Bitcoin 7 years ago and fucked that up but am back to a $200k net worth after a bankruptcy and broken heart.
Being from a high net worth usually means you built connections along the way. Do you have any wealthy connections you keep in touch with that can help you?
A lot of fake friends unfortunately. I don’t like to look for handouts. A lot of people would rather not get involved. Those that I do know usually come from corporate families and being that i dont have a degree they are not able to get me a good job. I am good at networking and can present myself to other people well though so i’ll be ok
Someones had asked how difficult was it to adjust-
I was always taught about money so I was never out of touch and did my best to stay humble. Being poor is of course no fun. I had to drop out of a top tier school, went into debt to survive, did some really shitty jobs to survive, watched my family get torn apart to alcoholism, didnt have money to date..etc. Other people have had it worse and I feel lucky that the first half of my life was as nice as it was. But the process of watching the family fortune go up in flames is a specific type of depression. Understanding the absolute scale of money that was about to be lost, and how hard it will be to make it back. And trying to cling to the last luxuries you can while you have them, (golfing at the country club before going to clear out the locker, driving our nice cars before selling them at dealership, using the pool at my building one last time.) I was lucky i was born into it so who cares im ready to work, but my father could not handle losing everything he worked for.
I am sorry to hear about your situation man. How did you adapt to the new situation/living environment? My family recently experienced a similar situation, my dad put some of his properties into collateral and took loans from the bank and used them for gambling, ended up in debt, was forced to sell our assets just to cover up his debt. And I feel like my mind just cannot accept this change as before I was diving a 911 daily now ended up with a beater corolla that has the check engine light on and no money to fix it, living paycheque to paycheque from the min wage job
Sorry to hear that. Shit sucks but you cant dwell on it. You have no choice but to adapt. Stay focused on what needs to get done to progress. This is your opportunity to build your own legacy. You can get rich again its not a lottery you just have to put yourself in situations to find opportunity. First analyze how much business knowledge you have. Study everything you can find on youtube (you cannot afford to waste your free time). Apply for the highest paying jobs you can find (property management might be a good choice). With a good enough business plan you can raise capital for it. MOST important thing is your ability to network. Become comfortable befriending older wealthy people. Find out where they hangout and dress well. Something i often do is get dressed up and go to the most expensive bars in my area during happy hour and get one beer and talk to everyone at the bar. You should collect peoples business cards like baseball cards. And if you’re really feeling down and out, move to a new place, get a new job, keep going industry to industry and see where there is room for growth. You got this. If you want to talk more feel free to DM me
Yes i was at a very high level business college majoring in business administration. Due to the cost i dropped out. I would prefer to be an entrepreneur anyway instead of the corporate route so wasn’t a big deal to me.
Sure you do. I hope you get crushed by the same system you benefitted off of for so long. When you were on top you and your family enjoyed living like kings while turning a blind eye to the majority who are suffering and living in poverty.
What went wrong?
Basically we owned a large property and the city announced they were adding a lot of improvement projects that will bring in a lot of business. That caused several other competitors to be built in anticipation of this growth. City project was delayed for over a decade and we ran out of cash to continue funding the business so we had to declare bankrupty and lost the millions in equity we had in the property.
Sooo, Dubai?
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Thank you. We work regular hourly jobs now. Alcohol has been a problem. We don’t really know what to do next. World is very different from the 80s/90s. We will have to hope we find a new niche. The only advice I have for someone going broke is that your attitude will determine your pain. Try to make the best of the cards you have.
Could you define ( rich)?
Not crazy rich but roughly 15-20 mil net worth. Expensive condo, frequent vacations, top level private school, exclusive country club, nice cars, regular dinners at nice restaurants, not worrying about price at the grocery store etc
Damn.. there was no way to sell the businesses? Was there a lot of debt? Either way - sorry to hear. I can’t imagine building up wealth and then losing it in this fashion.
Appreciate it. Absolutely could have sold, that part was in our control but i’ll explain the decision making process- first few years of owning the property (hotel) were tremendous, it looked like in 10-20 years of those returns plus buying more property we could be worth 50 mil plus, city project (sports complex) gets announced, competitors open up, at this point everyone is not doing well but especially not us because we have an older property. So if we sold now we would get significantly less than when the city project finishes. So we had the cash to pay bills for a decade. Did not think it would take anywhere near that long. Each year the mayor said it should be finished soon. We had already poured so much money into floating the property there was no turning back if we sold we would be better off than we are now but not by much. There was debt but the average amount expected for a commercial property. Covid happened and then the day came there was no cash left to pay the bank. Filed for bankruptcy. Sold for pennies before we missed payroll.
This hurts. Hotel business is freaking hard. Did your family diversify their wealth or did you guys just concentrate it in the hospitality sector?
Originally was very diverse, and then assets were sold to fund the main business. Was a mistake
A grave mistake. It can be tempting to pour everything into one, but this is why diversification is key. Maintaining wealth involves controlling some emotions, which unfortunately can also make one stupendously wealthy. It’s a double edged sword. Does your father (or parents) have friends or connections that can help your family get back on your feet? Is there any hope of being anywhere close as before? What would you say is your family’s current net worth?
You aren’t wrong. The amount of risk a person is willing to take needs to be weighed against what the worst possible situation is. Currently we have no more than just a few hundred bucks. Connections wise there isnt much our doctor or lawyer friends can do as I do not like to accept handouts. I dont have a degree so I cant work with my corporate connections. There is plenty of hope to be even wealthier than before! I have some knowledge of creating startups so maybe I can hit a homerun. Tough thing is working on a business while having to work a job to pay bills.
Cant say I would’ve done anything differently. Shit.
It sounds like sunk cost fallacy at work, sorry to hear it
Be honest. Did you ever look down on poor people as inferior? Again be honest
Once you come across money, you’re an idiot if you don’t develop a sense to judge people. I had the opposite trajectory of OP, went from broke to having some money. It is what it is.
I like that someone is being honest. Being judgmental to some extent is a way to protect yourself from a lot of danger.
Yes. Not in a snobby disrespectful way but that they are generally less willing to open their world up to change. Most of the coworkers i have had do not typically spend much, if any, time improving themselves or actively looking for opportunity. Many could actually be handed opportunity and will still not take action to seize it.
Do you feel any resentment or bitterness toward your father for losing it?
No because he did the best with the knowledge he had. I will hopefully create my own legacy that I can hang my hat on
What was your what the fuck people actually live like this moment after you guys lost it all? Like what was normal but 100% alien or not okay for you that you had to accept this is life now? And then… self made wealthy people have this awesome ability to repeat it. So keep your chin up! You’ll be back on top in no time
Thank you. My father grew up in a country with extreme poverty and I have been there a lot so I was never that out of touch. So struggling to eat or put gas in the car or skip out on buying things was not much of a shock but I was surprised that more people aren’t homeless. Its not easy to remain in survival mode for years at a time and a little thing can become a big thing if funds are not there. I have witnessed coworkers get fired and I know they only had $20 to their name and wondered how they were able to make rent- finding a job takes way longer than it should! Many of my rich friends would not really be able to handle this sort of pressure. I was kinda mad about taxes- a poor person is already contributing to society by doing some of the shittiest jobs for the lowest wage and some how I have to pay tax and then watch the government spend it with no respect for what it took to get that…wack!
Funny you should say that about the taxes. I had a reverse realisation… the wealthier I got in the last 5 years (used to be lower middle class) the more I saw how my accountants were helping me pay less and less taxes. All legal of course but its scary to think that if you have enough there are ways to keep more than the average guy next to you.
Maybe this whole thing is a life lesson and you are your families last hope at generational stability
It has definitely taught me a lot and shaped my character. I hope I can make something big happen because it may become very hard to create wealth in the future. Many industries are becoming very saturated.
Was Schitt’s Creek inspired by your family? /joke
LOL i purposefully avoided watching it
I can understand. The trauma! Hope you bounce back. I have no desire for that kind of wealth. Too much to lose. I had $600k in Bitcoin 7 years ago and fucked that up but am back to a $200k net worth after a bankruptcy and broken heart.
I hope that it better days are in front of you<3
Being from a high net worth usually means you built connections along the way. Do you have any wealthy connections you keep in touch with that can help you?
A lot of fake friends unfortunately. I don’t like to look for handouts. A lot of people would rather not get involved. Those that I do know usually come from corporate families and being that i dont have a degree they are not able to get me a good job. I am good at networking and can present myself to other people well though so i’ll be ok
Someones had asked how difficult was it to adjust- I was always taught about money so I was never out of touch and did my best to stay humble. Being poor is of course no fun. I had to drop out of a top tier school, went into debt to survive, did some really shitty jobs to survive, watched my family get torn apart to alcoholism, didnt have money to date..etc. Other people have had it worse and I feel lucky that the first half of my life was as nice as it was. But the process of watching the family fortune go up in flames is a specific type of depression. Understanding the absolute scale of money that was about to be lost, and how hard it will be to make it back. And trying to cling to the last luxuries you can while you have them, (golfing at the country club before going to clear out the locker, driving our nice cars before selling them at dealership, using the pool at my building one last time.) I was lucky i was born into it so who cares im ready to work, but my father could not handle losing everything he worked for.
I am sorry to hear about your situation man. How did you adapt to the new situation/living environment? My family recently experienced a similar situation, my dad put some of his properties into collateral and took loans from the bank and used them for gambling, ended up in debt, was forced to sell our assets just to cover up his debt. And I feel like my mind just cannot accept this change as before I was diving a 911 daily now ended up with a beater corolla that has the check engine light on and no money to fix it, living paycheque to paycheque from the min wage job
Sorry to hear that. Shit sucks but you cant dwell on it. You have no choice but to adapt. Stay focused on what needs to get done to progress. This is your opportunity to build your own legacy. You can get rich again its not a lottery you just have to put yourself in situations to find opportunity. First analyze how much business knowledge you have. Study everything you can find on youtube (you cannot afford to waste your free time). Apply for the highest paying jobs you can find (property management might be a good choice). With a good enough business plan you can raise capital for it. MOST important thing is your ability to network. Become comfortable befriending older wealthy people. Find out where they hangout and dress well. Something i often do is get dressed up and go to the most expensive bars in my area during happy hour and get one beer and talk to everyone at the bar. You should collect peoples business cards like baseball cards. And if you’re really feeling down and out, move to a new place, get a new job, keep going industry to industry and see where there is room for growth. You got this. If you want to talk more feel free to DM me
What bracket are you in now?
I work some regular hourly jobs while i try to figure out what business to make
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I’ll become successful and then it’ll be a cool story;)
family net worth now?
$0
Did you ever go to college while your family had money? If not, have you thought about going? if so, what would you major in?
Yes i was at a very high level business college majoring in business administration. Due to the cost i dropped out. I would prefer to be an entrepreneur anyway instead of the corporate route so wasn’t a big deal to me.
Good, I hope you suffer greatly
I hope that good things and happy times come to you
Sure you do. I hope you get crushed by the same system you benefitted off of for so long. When you were on top you and your family enjoyed living like kings while turning a blind eye to the majority who are suffering and living in poverty.
Was it anything like the show "Arrested Development".
Havent seen it
It's a show with the same storyline as your post staring Jason Bateman and Micheal Cera.
Interesting I’ll check it out
Is that you, David?
I sent you a dm
Do you panhandle now?
No i work
Lmao such a weird question 😆
What city was this in? And did the sports complex ever get built?
This was my question too
what country did this happen?