This is a lesson I learned the hard way at only 8 years old.
By 8 I’d already become a certified card addict and had gotten pretty cocky with my cribbage skills.
One day at our cottage a friend of my fathers was talking about cribbage. And I proudly said ‘I can beat you.’ To which he replied, ‘don’t be so sure, and don’t bet unless you can afford to lose’. I said fine I’ll bet you $7.00.
I’m not sure where $7.00 came from but in 1974 that was a LOT of money especially for an 8 year old.
I didn’t have that much money so I said if I lost he could have my new bike. I knew I wouldn’t lose. He agreed to put up $7.00.
Ummm, I lost.
And my bike disappeared into the trunk of his car. The next day he drove away with it.
I was shocked and in tears. For three days I never saw my bike.
My father then phoned his friend and negotiated a trade. I’d do jobs around our cottage area to earn $7.00 if he’d sell me my bike back.
See the receipt attached…
Note: It’s hard to see – but I love that he even got creative and made it Invoice # 69
Quite the character. And quite the lesson. To this day. I ONLY risk what I can afford to lose. Sometimes the risk is worth it.
For more information on this topic, check out: The Emotional Roller Coaster of Entrepreneurs.