3 ms·
On the other hand you can get bankrupt due to: 1. Share market crash. 2. Change in government regulations. 3. Getting sued. 4. Or simply bad luck. 90% of all b
by z92 13y ago
On the other hand you can get bankrupt due to:
1. Share market crash.
2. Change in government regulations.
3. Getting sued.
4. Or simply bad luck. 90% of all business fail anyway.
- ryanjshaw 13y agoAbsolutely a valid, if tangential, point - businesses are not without risks. But if you want the reward, you have to take the risk - and I want the reward. Aside from that, you get to look back over your life and, whatever your mistakes, say "at least I tried". Better than "damn I was lazy, you kids better support me."
- hackula1 13y agoNone of those would bankrupt me, without everybody getting bankrupt. An emergency fund and a modest lifestyle + a decent tech income = lots of security. I also avoid "straight tech" jobs, where there is no strong vertical experience. I work on data analysis and predictive analytics applications, which means I could easily make a jump into several other fields in no time. Call me paranoid, but I refuse to be the "HTML Designer" of the next crash.
- PeterisP 13y agoNone of these should cause a wealthy man to go bankrupt. It can cause a business to go bankrupt, and a wealthy man to become much less wealthy, but otherwise either you are stupid or you are diversified; and it's easier to 'stay there' than to 'get there'. If a stock market crash or, say, Madoff hurts you then it's bad luck; but if it destroys you then it's stupidity. For example, Bill Gates should still be wealthy even if Microsoft went completely bankrupt at any point since mid-1980ies. Sure, he probably wouldn't be on his malaria campaign in that case, but it wouldn't hurt his life that much.