It’s impossible to be in business for yourself since the age of 17 and not take some loses. Setbacks come with the choice of profession. But even after fighting through the storms of several businesses over my career I was totally mentally unprepared for the Tsunami that was 2008.
Going into 2008 I was in a pretty good position. Revenues at my brokerage were around $60,000 per month, I owned three investment properties with plenty of equity, credit was great, I had the best woman in the world, and I was the majority stake holder on three multimillion dollar commercial developments in Atlanta that promised to make me a liquid cash millionaire well before the age of 40. On top of all that my friends and family were all seemingly doing well in their lives as well.
Little did I know that a perfect storm was coming to destroy what it had taken a decade to build.
Within a few short months of the crash of 2008 the mortgage business would be on life support, property values would be trashed, the commercial lending market would freeze making it impossible to complete the sale, and my 7000 square foot home would go from $1.2 million to being worth $0 because the water supply around it was contaminated with toxic gas. Add to that two of my business partners now had wives suffering with breast cancer that would soon take their lives.
Pretty soon there were cash calls, lawsuits, hurt feeling, break ups, unbelievable stress and pain. Not just for me, but for most of America that was being rocked by the same storm. Everybody was looking for someone to blame and I was a big target.
So many days I didn’t want to get out of bed because I just didn’t want to deal with that days hurdles. I was a part of so many relationships both personal and business that were not built for this type of trauma.
By this point your ego is in a fight for it’s life. You’re either going to become bold and put together a plan to rebuild or fold and become depressed. Although I did the former many days when things were not going well I felt like doing the later.
It would have been so much easier to become totally depressed and angry and blame others for the wipeout that I didn’t fully see coming. No matter how crazy my creditors got I never lost it with anyone who owed me money. In fact, I called to say I hoped they would make it through. If I could help them get back on their feet it profited me too, so why trip.
I actively have worked to help my biggest debtors to complete projects they are working on. One, because they were friends before they were debtors and two, because eventually somebody’s got to win and I refused to see a person as a loser just because the economy tanked.
People either believe in Scarcity or abundance but you won’t really know which until trouble comes. Those that believe is scarcity will freak out like the sky is falling and nothing good will ever happen again. Those that believe in abundance with look for opportunity.
If I have any advice to anyone who has taken a major life changing loss that affects you and the people you care about, it’s don’t let your ego and negative self talk throw you into depression. A big lose doesn’t make you a loser. You are still the same person you were only wiser and more informed.
Count your blessings daily and think about everything and everyone who is still in your corner. People really are not concerned with your loss because they are dealing with their own shortcomings.
The sooner you step back out into the world and make a positive contribution the sooner you will be back on top. The people regarded as winners have suffered more loses than most people who never try will ever face.
People have faced financial ruin, death of loved ones, loss of relationships and public and private humiliation. And still they come back.
There is no loss that last for life unless you and your ego buy into it. 90% of this life is mental. At the end of my post I always wish people wealth, wellness and wisdom and I believe setting ego aside and focusing on all the good in your life will bring you all three.
Wishing you Wealth, Wellness, and Wisdom
Manager of Wealth – Mark Fuller