I Lost $2 Million
Capitalism.com with Ryan Daniel Moran
Capitalism.com
4.8 • 802 Ratings
🗓️ 29 March 2021
⏱️ 18 minutes
🧾️ Download transcript
Summary
If you've ever lost money in business, this episode is especially for you.
Until today, I've talked a lot about my eight-figure exit, how I've helped hundreds of people become millionaires, and the simple 12 months to $1 million plan I teach.
I haven't been quite so public with my losses in business. They're big, as you can tell from the title of this episode. They may actually be even bigger than $2 million, depending on how you count.
But as much as losing money hurts, there's something even more destructive that can happen in the mind of a business owner in this situation. That's why this may be the most important episode you ever listen to.
Here's the truth: you will have setbacks. Sometimes they'll be big setbacks. Maybe really big ones. But if you can learn from my journey of coming to grips with my losses, you can pick yourself up, dust yourself off, and get back in the game a lot faster.
I'd love to hear your thoughts on this episode - no matter where you are in your journey or how you've done so far.
Transcript
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| 0:00.0 | We're going to take the stigma out of failure because I have failed really big. |
| 0:05.0 | I have failed spectacularly well. |
| 0:08.6 | I have failed on a grand stage. |
| 0:11.4 | And so if I can fail and lose millions of dollars in my failures and be okay with it, |
| 0:18.9 | I hope that it sets you free to swing for the fences and miss and own it |
| 0:24.4 | and be cool with it and do it faster than I did because it took me a few years to be cool with it. |
| 0:31.7 | So I have one project in particular that has lost a lot of money. And I bought this business back three or four |
| 0:42.1 | years ago. And at the time, it seemed like the right thing to do. I bought this business for $2.7 million |
| 0:48.9 | with the intent of growing it and also launching other brands and businesses within the |
| 0:56.5 | umbrella of this business. |
| 0:58.0 | And my business partner and I had a really great thesis for where we were going. |
| 1:03.4 | It just didn't go the way that we thought it would. |
| 1:06.3 | And as of this video, I've lost about $1.5 million from that project specifically. |
| 1:14.6 | And if nothing were to change, and I think it will, but if nothing were to change, |
| 1:19.6 | I'll end up losing $2 million from that project in total. |
| 1:23.6 | However, that's not the end of it. |
| 1:25.6 | Also, well, back in 2017, I had the best business year |
| 1:31.3 | of my life. I sold a business. And after, you know, I had a 50-50 partner and after I paid |
| 1:37.2 | taxes and after everything shook out, I walked away with about $5 million. And that $5 million, if I had just put into index funds, if I had just put it into |
| 1:50.1 | any like boring investment, it'd be like $10 or $15 million. But I didn't. I invested it into |
| 1:55.7 | other things, one of them being this business and also some other businesses that I shouldn't have invested in. |
| 2:02.2 | In fact, I lost another million dollars from one of the investments that I made from the money |
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