Deduct about 80 grand for racing motorbikes all about the place.
Deduct about 800k for a business partnership which dissolved.
Deduct about 150k for looking after a sick wife.
Deduct about 80 for living expenses.
Deduct about 480k for bad debts I didn’t chase.
Deduct about 750k for losses in a house fire.
Add 250k for the insurance payout.
So in short, bad luck, bad ego, bad management, bad decisions, bad cashflow, and bad burns.
When you have money, your friends know who you are. When you have no money, you know who your friends are.
My mother wanted to go back to the Western world and rebuild our lives. My father wanted to rebuild his legacy where he lost it. Just like, ; my father took $1000 to the South and rebuilt his businesses.
A few years later he became a business consultant. He was the master mind behind some of the big IPO in my home country. At the high of that career, he was making like 50-100k a day on paper ( according to his VP, I have never verified nor saw the money. My father doesn’t believe in spoiling his children. We have to earn our own money). Life was good until the market crashed. Everything became paper. I wish he listened to me, cashed out and sent all the money oversea. At that time, it sounded like his little child just want the fortune ( which was not true, I wanted security for him. The market was unstable)
Now my father is a M&A broker who is working on many huge real estate deals.
Building businesses in Vietnam is like building a castle. We just don’t know when the wave is coming.