Isn’t it devastating to find out that the venture you thought was promising enough to invest in wasn’t productive after all? No doubt about it; sometimes you may conduct thorough research about an investment, but no matter the efforts, things still go haywire. You realize that the investment was a bad idea. But do you have to hold on to that bad deal? The answer is no.
You’re probably wondering how you can bounce back and get back in the game. Remember that even though you thought you were playing your cards well, but still failed in your investment, it’s not the end of the world. As a matter of fact, holding on to that bad deal is not healthy and can lead to depression.
What’s the solution then? Reassess yourself, keep your head on straight, and move on stronger than before. Are you wondering how you can get back on your feet after that lousy investment?
Keep reading, and you’ll find out.
1. Don’t Cling To That Dire Investment
Some people fail to fulfill their entrepreneurial dreams because the moment they realize that their ventures aren’t as promising as they thought; they don’t try to move on. But think about this for a moment. What can happen if you sell your car at a lower price than you’d expected and invest in another promising venture? Isn’t it better than clinging onto that vehicle waiting to sell it at a higher price eventually? Frankly, that’s an excellent exit strategy.
2. Believe In Yourself
You’ve heard the advice a million times that you should always be positive even in critical situations. It’s normal to feel down about failing in your investment, but don’t forget that there is power in being optimistic. You have a reason to feel betrayed, and you may want to blame others for your misfortunes, but losing faith in yourself and thinking that you will never make it in life should be a big NO.
Keep your head held high and think of the best exit strategy. Remember that the moment you feel that you’ll never succeed in a business venture, you incapacitate your path to fulfilling your entrepreneurial dreams as well as getting back on your feet.
3. Don’t Hate Yourself
Some time back, I purchased property only to find out after some months that it was a bad investment. To be honest, the asset was costing me more than I expected. I was angry and blamed myself for everything.
Little did I know that the more I beat myself up about that mistake, the more I sabotaged my ability to repair the situation.
Therefore, instead of hating yourself after a failed investment, learn from your mistakes and be optimistic about your future investments. It’s worth noting that positive emotions can help you get back on your feet quicker than you think.
4. Recover Your Financial Status
When you invest in real estate which isn’t earning you any profit, you might end up with little or no money to pay your essential bills. To make matters worse, you might receive tons of letters from the Internal Revenue Service requesting you to pay the accumulating tax bills. In this situation, you don’t have to cower in fear thinking you won’t recover.
Instead, approach the IRS with enough proof about your situation. No matter the number of years you failed to pay your taxes because of circumstances, your tax bills should be alleviated. If you’re wondering how, according to the article IRS fresh start program: The Tax Penalty Relief You Need, in 2012, a change in the IRS program made it easier for those suffering from financial hardship to reduce their taxes. This program can help you recover faster by solving your financial problems.
5. Scrutinize What Caused The Failure
Moving on to another investment without examining carefully what went wrong in your previous venture can ultimately lead to another failure. Therefore, before thinking about your next big project, assess everything carefully and ask the following questions;
- Did you go overboard with that project?
- Did you conduct thorough research about the venture?
- Were you obsessed with the property to the point of buying it at a higher cost than its value?
- Did you assess the property thoroughly to ensure it wasn’t damaged?
With all these questions answered, you’ll definitely know the best approach before investing in a property to avoid the occurrence of a similar situation.
6. Start Focusing On Your Next Idea
To get back to business after a bad investment, you need to focus on a lucrative venture that can help you fulfill your dreams. You’ve already examined everything that can lead to failure in your business. Venturing toward another idea by first taking all the factors into consideration won’t be a bad idea after all.
7. Be Appreciative That You Learnt From Your Mistakes
One thing for sure is that it’s hard to appreciate the situation, especially because you lost a lot of cash. But it’s good to be grateful as you now know better and you won’t fail again in the future.
To conclude, never lose hope after a failed investment. Instead, be optimistic and look for a better strategy to get back on your feet. Clinging to those failed projects can cause more harm than good. Therefore, move on.
