How I lost $500,000 at 22 yrs old
a very-real-tale of how my wealth eluded me.
Yep you read it right, I lost $500,000 last year as a 22-year-old.
This is the very real tale of how my wealth eluded me… enjoy the story 🙂
If you want to watch me tell this story on video, you can watch that here
Before this tale begins, if you haven’t yet: grab your free to-do list template, I use this every day to get work done & it’s the first to-do list for work I’ve found that actually works.
Ex-Mcdonalds rising star
POV: It's Early 2021 &
I've been making youtube videos for 1.5 years after quitting my job at McDonalds
Cryptocurrencies are at all-time-high prices
I'm bored with the videos I'm making & I want to make more money
So.. what do I start doing?
Making videos on crypto.
This is a new zone for me, I put out some videos on crypto & it feels weird at first.
After years of making youtube videos prior & having my top video at 12,000 views...
My new channel’s 3rd video hits 60,000 views.
My 4th video? 120,000 views!
Wow... I'm making money!
Youtube ads make me over $3000 in the first month of my new channel.
I was excited, but I just started my new job at Walmart to make some extra dough in the summer (less time to make videos)
So I quit after my 3rd day at Walmart, f**k this, I want to control my time!!
The main reason I dropped out of college 3 years prior came to my brain
& after I left Walmart I began the master plan
- 1 video per day
+ make something I can sell to my audience.
No one is making videos on the topic I am, but thousands are looking to watch.
+ With all the time I have now, things are about to get quite flavourful.
It's now coming to the end of Summer 2021
My subscribers have grown, im loving what im talking about & the thing I project I decided to start was an NFT-based project around stick figures.
Yes: stick figures
I doodled up all the assets, hired a dev on 40% commission & went go
On top of this, I added a mining operation that made me $700-1000 per 5 days using my niched crypto audience
Then, the NFTs sold out in a week, combining my net revenue was around $500,000
I was euphoric. Nothing could stop me.
or so I thought...
Key note: all of this income was in Crypto, so my income tax is based on the price I received it at, not whatever price it is when taxes roll around
If only I understood this sooner...
The first thing I did was pay my dev, about $200,000 at the time.
My next step was to continue my crypto videos & work further on my project that I just sold 6969 NFTs of.
Things took a turn fast
My dev has other ideas, I tried paying other people to help, they didn’t move much needles, and I was losing money fast
then, my accountant dropped me
She was too scared of crypto filings
I found a new accountant who specialized in crypto
they filed my corp name with "CRYPTO" & I couldn’t land a business bank account at all
I switched accountants
paid the fee to change the name, then finally got a business bank account.
Tough times create strong people
It's now mid-2022, months after I made most of the money
After consulting with my accountants I felt safe holding all the crypto & not selling a penny (idiot me)
I make more vids, I hold all my crypto, and months go by...
My accountants send me the tax bill + their invoice
The income I earned earlier that year... what was it worth now?
around $70,000 total.
I sold 70% of my crypto to pay the accountant & tax bill
Left with about $30,000 profit all in all at the time. - all of this from my crypto mining operation, the NFT sale earnings evaporated to taxes
This entire situation sat in my stomach for a month
I didn't want to get out of bed
I felt like a waste, an idiot
I had the easiest go at wealth & managed to fluff it up
"Why even try anymore" I thought
After many months of daily videos on this same topic, I started to lose my spark
I still had most of my investments in crypto, but I didn’t want it to be my lifes work, talking about crypto all day long every single day
So I decided to start a blog & newsletter: "Frik It Filosophy"
This is where I've come to share all things I've learned & continue to learn in life
to build a philosophy for living a better life, & to help the people reading to think more critically on this as well.
I switched the youtube channel over to this new topic too
Lost 1000+ subs & forfeit almost all of my business earning potential for the next 6 months as I built from the ground up again.
& here we are now.
Today I am writing to you, & writing on my newsletter many hours each day
I've come out with clarity on what actually matters.
WHAT YOU'RE DOING
not how much money you're making (or have lost)
but what are you doing, does it make you happy? fulfilled?
Easy money will elude you as it did me.
So don't go for easy, go for doing something you actually want to do for your life.
I used to think it was about hustling and making money
now I know it's about finding your "good work" & making that work
that's it for this unfinished story...
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