Emergency Podcast - I Just Lost $500k This Morning: Here's a Framework for Dealing With a Crisis

My First Million

Hubspot

Entrepreneurship, Investing, Business

4.8 • 2.7K Ratings

🗓️ 19 May 2021

⏱️ 9 minutes

🔗️ Recording | iTunes | RSS

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Summary

Shaan (@shaanvp) talks about dealing with a crisis. He lost half a million in one day -- here's his mindset and how he dealt with it. --------- * Want to be featured in a future episode? Drop your question/comment/criticism/love here: https://www.mfmpod.com/p/hotline/ * Support the pod by spreading the word, become a referrer here: https://refer.fm/million * Have you joined our private Facebook group yet? Go to https://www.facebook.com/groups/ourfirstmillion and join thousands of other entrepreneurs and founders scheming up ideas. ---------

Transcript

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0:00.0	Good morning, Sean here.
0:03.4	I woke up this morning and I checked my portfolio
0:08.3	as I do in the mornings.
0:09.6	First thing, one I open, swipe, see how the stock market's doing,
0:14.0	see how crypto's doing, see how sales are going,
0:17.8	and I woke up today and I was down over half a million dollars.
0:22.8	And you know, that's the, you know the phrase everybody wants,
0:26.6	you want to make money while you sleep?
0:28.0	Well, this was, you lose money while you sleep.
0:31.0	Stock market is bleeding, crypto is crashing,
0:35.0	and I had a moment in the morning where I had to decide,
0:40.4	how's today going to go?
0:41.3	How am I going to interpret this?
0:43.1	How am I going to put a meaning on this?
0:44.3	So I want to share with you something I've learned
0:48.5	that really helps me and it's about crises.
0:52.7	So it is very easy to get information panic
0:57.8	and make a move.
0:58.7	So in the stock market, you might panic sell, panic trade.
1:02.4	And even if you're not going to take an action
1:06.1	like panic selling, you, it is very easy for me,
1:10.1	I'll speak for me, it's very easy for me to get some news
	...

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