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The James Altucher Show

655 - The 15 Rules on How NOT To Go Broke

The James Altucher Show

James Altucher

Education, Business

4.6 • 2.7K Ratings

🗓️ 8 November 2020

⏱️ 58 minutes

🧾️ Download transcript

Summary

I have gone broke so many times and made so many mistakes that I've wished that I never made. But, I strongly believe those are the times that made me who I am, and I learnt my lessons. So, I made a checklist to prevent me from going broke. I called it, the 15 Rules on How NOT to Go Broke. I hope you learnt something from the checklist that I made. If you have any question or feedback, tweet at me @jaltucher or email me @ altucher @ gmail.com I write about all my podcasts! Check out the full post and learn what I learned at jamesaltucher.com/podcast. Thanks so much for listening! If you like this episode, please subscribe to "The James Altucher Show" and rate and review wherever you get your podcasts: Apple Podcasts Stitcher iHeart Radio Spotify Follow me on Social Media: YouTube Twitter Facebook Linkedin ------------What do YOU think of the show? Head to JamesAltucherShow.com/listeners and fill out a short survey that will help us better tailor the podcast to our audience!Are you interested in getting direct answers from James about your question on a podcast? Go to JamesAltucherShow.com/AskAltucher and send in your questions to be answered on the air!------------Visit Notepd.com to read our idea lists & sign up to create your own!My new book, Skip the Line, is out! Make sure you get a copy wherever books are sold!Join the You Should Run for President 2.0 Facebook Group, where we discuss why you should run for President.I write about all my podcasts! Check out the full post and learn what I learned at jamesaltuchershow.com------------Thank you so much for listening! If you like this episode, please rate, review, and subscribe to "The James Altucher Show" wherever you get your podcasts: Apple PodcastsiHeart RadioSpotifyFollow me on social media:YouTubeTwitterFacebookLinkedIn See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Transcript

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0:00.0

This isn't your average business podcast and he's not your average host.

0:06.8

This is the James Altiger show.

0:13.2

A friend of mine recently told me a story about a friend of his who had inherited $3 million

0:20.2

and then this friend took some financial advice from another friend of his.

0:26.5

You got to invest in this one deal.

0:28.9

It's a 10x for sure.

0:30.9

So my friend's friend invested, lost all his money and now the person who made this

0:36.6

opportunity said, oh no, no, no, now if we just add another million to this deal, it'll

0:42.0

definitely be 10x.

0:43.0

They just need another million.

0:44.4

They miscalculated.

0:45.8

So this person is like mortgaging or selling his house or something and it's going to put

0:50.1

that million into this deal.

0:52.2

And I'm like, oh my God, this brought back a lot of memories for me and B, I told my

0:59.4

friend to tell his friend, you're going to lose all your money.

1:02.6

You can't focus on making back your money.

1:06.4

You're going to lose it.

1:08.0

And my friend said, well, I wish you could talk to him and I said, you know what?

1:11.7

I could and I'd be happy to but I don't know if I'll be able to stop him from going broke.

1:17.7

But it did make me think and there's a lot of reasons for that.

1:21.0

But it did make me think that I should put together my own personal checklist now.

1:26.7

I've gone broke so many times and I've made so many mistakes over and over again that

...

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