655 - The 15 Rules on How NOT To Go Broke

The James Altucher Show

James Altucher

Society & Culture, Talk Radio, Writer, Philosophy, Comedy, Chess, How To, Entrepreneurship, Jay, James, The James Altucher Show, Altucher, Author, Jay Yow, Education, Jay The Engineer, Business, James Altucher

4.6 • 2.7K Ratings

🗓️ 8 November 2020

⏱️ 58 minutes

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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

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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