I had 6k left on my credit cards. I did another balance transfer and tried to move it to my brokerage account. Unfortunately, there's a 5 day hold on deposits in a savings account and another 3 day hold to trade options.
I spent the last 2 months checking out the Bed Bath Beyond stores. Based on what I saw on Black Friday, I knew they would miss on earnings.
Had I been able to put that money into my brokerage account fast enough, I would have made 15k today with the 57dec puts.
I bought 30 of the 55dec puts because I had no money left, but they are not at profit even though the stock dropped 5 dollars.
It seems like there's nothing I can do to avoid bankruptcy and being homeless. It seems like I must pay for my past sins in order to find redemption in Christ.
But I had two preschoolers in tow at the time. Then I did what you are contemplating. Basically start over from scratch. I even took a job at minimum wage as a mechanic. In less than two years they wanted me to manage the business but I was already enrolled at university and had made a decision.
Before the kids came, I was just laid off as an analytical chemist. Built a camper on the back of my '69 ford 3/4 ton bought a chainsaw and became a freelance logger. Now I can make 30-60/hr when ever I pick up the saw, getting kind of strenuous for my old busted up body these days. For your San Fran scheme of living minimally, do you have a decent lineup of camping gear?
You might think you are a screwup, but I see a young man who has plenty of faith in himself.
There could be a book to written here.
It sounds more like you are gambling than investing...
Look, I've been there, and the truth is you can't be taking advances on credit cards to invest.
First make it good for yourself in the field - (i.e. "work" - make sure you can work, get to work, keep working and all that entails). After this, make your home good.
Try looking into Dave Ramsey's "debt snowball". Have a written budget. Register for his free website and get in touch with people who have been there (as I have).
It wasn't until I eliminated all of my debt (despite the howls of family members who didn't understand why 'some debt' was still bad in my eyes) that I found my first real business opportunity. After six years of crawling on my knees with my debts I was at zero debt - to anyone. I started saving to replace the clunker of a car I knew would explode at any moment, then my plan was to save to get 20% down on a house.
Instead I found the investment of a lifetime with some good people I met and was working for at the time. Six years after that the return was on the order of 4000%...
That's 12 years. Investing is a crockpot... it is not a microwave.
My wife and I are approaching a 7-figure net worth and are still young. We did not do it by taking big chances - we did it by doing with less, buying less, saving more, and being better stewards of what we had. My advice is that you do the same - google Dave Ramsey's Debt Snowball and get started. It's not as hopeless as you think - and please stay away from credit counselling scammers. This stuff is free.
Such is life. I once had a successful business. Being frugal, I had more money than I knew what to do with. I had a 800 credit score and could have any kind of loan I wanted. Aside from student loans, I had no debt, I paid off all my debt I used to start my business.
Then I lost everything. I hope you never get cancer, all your planning goes to #$%$. And I hope you have group health insurance, I had individual insurance, and they screwed me good.
Such is life. You can't take you seven figures when you die. Praise Jesus, my soul to keep.
I did it your way, but many on this board play options which is gambling - not investing - by any definition. True, proper options technique increases your chances of winning, and going long is not going to work much of the time either, but a lot of people want immediate gratification and believe they will find it in options.
Couple of sad stories on this board right now. Everyone loves those as they make people feel good by comparison. Success stories are discouraged as it makes people feel bad by comparison. Personally, I love hearing stories like yours.
How ironic. My winning steak is back after it's too late to make a difference.
I bought 12.5dec RIMM puts. RIMM is down 12% after earnings.
Lord please give me the strength for what is coming and let me be purified of my sins through suffering and hardship.