What does it feel like to lose all your money?

[Kenn254]

What does it feel like to lose money? The answer is not very pleasant. Some people say losing money is not just about the loss of wealth, but it also impacts how you think about yourself and your future. However, Jim Rohn says losing money is not a big deal as long as you still have the skills you used to accumulate that money. See what Jim has to say about his experience when he made a million-dollar and then lost it all.

 

[snowyowl]

I lost some money (but not everything) in the stock market after the dot com boom ended in the early 2000s. I was new to investing and inexperienced, but one of my feelings was denial, I was sure the slide was ending, took hope in every little upturn in the market, so I held on like a gambler. When I noticed this with contemplation and journalling it felt bad, I'd been an idiot. But during the process I realised I had a lot to learn and read voraciously, joined a good financial forum and it wasn't too long before I was back in the black making money. For example the stock markets only recently reached their 1999 peaks again but if you reinvest the dividends, seek low fees, invest regularly, you can recover more quickly. 

Edited September 25, 2021 by snowyowl

[Nahm]

Mind always wins. Money matters not.