Reading through a few threads on the forum has really made me think about my life and when I have made stupid investments and how I bounced back from it. I think it would be good if people can post up some stories of what has happened to them in the past, how they dealt with it and where they are now. I can start I guess:
When I was about 19 I invested all my cash into a well known franchise (who still operates today) as I wasnt sure what I wanted to do and this seems like a good way to go straight into a business and get taught and helped along the way. I put about $30k of my life savings into this franchise, this was basically every cent I had earned since I started working at the age of 15. This included the franchise costs, equipment costs - everything.
Anyway after being in the business for about 6 months one of the other franchises decided to hand it all in and just quit - this left myself and the head franchise for the whole state. A few weeks later the head franchise quit as well for no apparent reason leaving me with the only franchise in the state. Once the head franchise has left all my support for the business left as well, they stopped advertising for me, stopped giving me new leads etc. Basically my business was falling apart around me and it wasnt my fault, as I was still paying ridiculous franchise fees on a weekly basis (the fees would average about 3 days work per week for me)
So long story short was I went to a lawyer and threatened to sue etc Things dragged on and eventually there was a settlement, as I couldnt afford to go to court the agreement was I kept all my customers and was allowed to start my own business, so I went out on my own.
Either way I had basically thrown $20k down the drain, and having to deal with all this when I was only around 20 years old was just a real difficult situation - it was life changing to say the least. It was depressing and demoralizing and I felt like an absolute idiot at the time, in fact 15 years later it still upsets me on what happened.
I did learn a few lessons though, and maybe if I didn't have that failure in life I might not be where I am today.
Where am I 15 years later? At 35 sitting with over $1 million in investments in property/shares/savings, married with a wife and 2 great kids - life is pretty good. Its been hard work but we are getting there.
I want to hear some positive stories about people having success after failure, and what lessons you learnt from your failure?