Losing Everything Was The Best Investment I've Ever Made

The Playbook With David Meltzer

David Meltzer, Entrepreneur.com

Entrepreneurship, Business, Careers

4.6 • 1.9K Ratings

🗓️ 24 April 2022

⏱️ 5 minutes

🔗️ Recording | iTunes | RSS

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Summary

The reality is that even if you are financially bankrupt, if you focus on the other three values – personal, experience, and giving – you will become fulfilled and the financial element will fall into place if you are ready to receive. Your financial value is a renewable resource. You can always make back the money, but not the other three values. Without the first three values, those wealthy individuals, regardless of how they obtained that wealth, do not know how to make it back. This is why I truly believe that if you took all of the wealth in the world and put it in one spot, it would redistribute itself to the same people who understand the interrelationship of these values. These same people create their own abundance. It is akin to those people who will themselves to stay healthy. For the most part, they do stay healthy. It’s the old mind over matter principle. Tweet me your takeaway from today’s episode @davidmeltzer Email Me! [email protected] Sign up for my Free Weekly Training https://free.dmeltzer.com/friday-training-1 Text Me! (949) 298-2905 Learn more about your ad choices. Visit podcastchoices.com/adchoices

Transcript

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0:00.0	I lost over a hundred million dollars and this is how. I owned a golf course in a ski mountain in many properties.
0:06.5	I had tons of equity. I got into a lawsuit that I ended up losing but then winning the the
0:13.6	malpractice suit against my lawyers. But I spent millions of dollars in cash to win because I had
0:18.4	the need to be right. Period. I had a law degree, right? I passed the bar but I had a need to be right.
0:23.2	So to my wife by the way, we're going to settle. I was not willing to walk away. I had to prove
0:27.8	myself right. Well, meanwhile, I made one mistake because I had no mentors. I thought that because
0:32.9	I had millions of dollars of equity, that I could just go to the bank and borrow against. My golf
0:37.6	course average is a hell of a thing. Well, what happened was in 2006 and 2007 all of a sudden,
0:42.2	I was so leveraged that when I went to the bank and said, hey, you know, I need five million,
0:47.5	you know, which I had, they said, nah, what I'm like, what do you mean? I got 60 million in
0:52.8	an equity in the golf course. They said, yeah, but we're not comfortable lending it to you.
0:57.3	I didn't realize all the education I had, all the experience that the bank would not
1:03.2	like that situation, the banks were going under. They weren't going to take the risk on me because
1:06.4	I had so much. Can they just decide not to give you the money? Yeah, because it's just someone
1:12.4	it's collateral. Like someone just decides. Yeah. And then what happens is you start, you start
1:16.8	applying more places to try to get it and your credit, right? Because they're reporting all the times
1:22.4	inquiries. Now it's even harder to get money. And meanwhile, my bills aren't stopping because I'm
1:26.6	trying to figure out, right, I have a lot of bills. Some things are profitable. The golf course was
1:31.7	not profitable, but I had a huge equity in it. I had bills. So what I decided to do was to bankrupt
1:37.8	it. And literally I didn't owe anybody anything because the equity was there, but I couldn't give
1:43.0	it a chapter seven or 11 chapter seven. Okay. So yeah, and I, but like literally I had to give
1:49.5	what's the difference? Seven and ones are restructuring and ones of straight bankruptcy. It
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