YouTube Instagram TikTok How it works FAQ

The fastest way to turn talking videos into clean, searchable text. Free, private and no account required.

About

Built by Rishav Raj with one goal: free transcripts for everyone.

rishav@yttotranscript.com

Transcribe

YouTube to text
YouTube with timestamps
Instagram Reels
TikTok videos

Learn

How it works
FAQ
YouTube transcripts guide

More

Chrome extension
Contact
Privacy policy
Terms of service

© 2026 YTtoTranscript. Made for creators & researchers.

Not affiliated with YouTube, Instagram or TikTok. Respect creators’ copyright.

I Lost $10M - This is What I Learned — Transcript · YTtoTranscript

Home/Transcripts/YouTube

YouTube Transcript

I Lost $10M - This is What I Learned

Myles Dunphy · 2,822 words · 14 min read · EN-ORIG

Watch on YouTube

Share X LinkedIn WhatsApp

Below is the complete, readable transcript of I Lost $10M - This is What I Learned by Myles Dunphy on YouTube. Read the full text, copy any part you need, or generate a transcript for any video with our free tool.

this is my 10 million mistake the most expensive and difficult lesson I've ever had to learn in 2021 I sold my Amazon FBA business for life-changing money and suddenly I became wealthier than I ever thought possible I finally made it and now I could retire my mid-30s travel the world and basically do whatever I wanted

without any worries but little did I know I was about to make a big mistake this is the dark side the other side of my Amazon success story this is how just one year after making life-changing money I [ __ ] it up I took a lot of money and I lost it all

it's something that I've been keeping quiet until now and I haven't really been able to tell anyone but I think now it's time to open up and I hope that by sharing this you can learn from my mistake by the way if you're new here welcome my name is Miles and I share the

stories that they won't tell you about making money and living a wealthy and fulfilled life so let's go back a step before I could sell my Amazon business for life-changing money I have to explain how I got to be in that position in the first place and that starts with me chasing my number or lifetime

retirement number I think most of us have one and if you don't you probably should it's a dollar amount that you need invested in low risk income generating assets such that you can have a passive income that you can comfortably live off for the rest of your life so knowing what your number is

helps you to stay on track with your long-term financial goals and do the things that you need to do to get there so when I was in my 20s working a job I couldn't wait to get out of my number was one million dollars I figured you act that in an index fund you net

Transcribe another video

Paste any YouTube, Instagram or TikTok link to get a free transcript.

Free · No sign-up · Unlimited

Add to Chrome — transcribe in one click

something like four percent year on year that's gonna be 40K per year you can go backpacking indefinitely in a lot of places for that money or you could settle down in Southeast Asia or in Latin America and basically live a pretty good life for 40K a year but while I was working that job that I

hated I always kept that number in the back of my mind that is until I started my Amazon business and it started to do well and then really well and that's when I began to reevaluate my number why stop at 40K a year what if instead of living in Southeast Asia I wanted to

live in Australia then that number becomes something more like 100K per year it's pretty reasonable so doing the same maths my number then became three million dollars and it stayed there at 3 million as my Amazon business crew year on year became a seven figure business in revenues and then as I actually

became a millionaire mostly through Amazon and partially through my income from this channel my number still stayed at 3 million and that is until 2020 came around and things started to get out of control as we know 2020 brought a pandemic into the world and pretty much changed everything now most of those

changes really sucked but for me maybe you and pretty much anyone who is involved in e-commerce at the time the pandemic was one of the best things that could have happened but at first it didn't seem like that in that first month of panic when everything was locking down our sales dropped practically by 50 overnight and that's

happening I'm locked in quarantine in managing Colombia I'm in an Airbnb surrounded by that unsettling Silence of streets with no cars in them and I'm on my laptop I'm trying to plan cash flow forecasts and working out how long I can hold on to the business and how long I can go without having to let my team go

that's really not an experience that I want to have to repeat but then very quickly something weird happens sales go right back up to where they were and then they keep climbing just as fast as they've been cut in half our sales doubled and then doubled again and from there it was basically a rocket ship

until 2021 when we sold the business honestly there was a lot of luck involved in general there's a lot more luck in these success stories than people want you to believe this is known as survivorship bias you're only going to hear the stories of the people who made it to the end and around to tell

the Tale in our case we sold a brand of wine glasses on Amazon and that was just a really great Niche to be a leader in when suddenly everyone's locked down they can't go out to bars and restaurants to drink but whatever whether it was a little bit or a lot of luck it made me richer than I ever

thought that I'd become now it's late 2021 I've just sold that Amazon business and I feel [ __ ] rich I don't know it yet but that's not gonna last for very long remember it's 2021 and we're in an everything bubble although I don't realize it at the time stocks are pumping crypto is pumping and I'm riding

that crypto gravy train really hard and I've been investing in crypto for years so I thought that I knew what I was doing and for a while what I was doing was working really well quite quickly that life-changing Amazon exit goes from being by far the biggest Financial milestone in my life up until that point

to being let's say the second biggest remember I had my retirement number that number that I'd spent years and years working towards and focusing on as the end goal that was three million dollars and that was the number which I believed I could stop working take less risk chill out a little bit and basically

just live my own life the way I wanted to Forever well by this point I've completely thrown that number out the window it's gone completely forgotten in early 2021 before I sold my Amazon business my crypto portfolio alone was up by about five million dollars I literally could have cashed out just my

crypto at that point and been permanently retired but I didn't I didn't cash out because I was greedy and I wanted more so now we're nearing the end of 2021 that crypto portfolio is now up 10 million or more in profit I've sold my Amazon business so you add that exit money on top of that and I feel

like I've ascended to the next level like a character in a [ __ ] video game or something and maybe that's true even if it's only temporary now I'm upgrading my lifestyle I buy a brand new apartment I buy a car I'm playing business class around the world I'm donating to charity which is good I guess I think about

generational wealth so now I'm on Reddit I'm looking at the subreddit for Deca Millionaires and I'm trying to work out when will I actually become ultra wealthy instead of just wealthy but nothing really changes when I'm doing all of this I don't get any happier life doesn't get any easier all of this is

just some [ __ ] that I'm doing to try and play a role the role of what I thought a rich person should do but deep down I'm still the same Frugal guy that I always was I don't start collecting Rolexes I start collecting house plants and I don't mean the expensive ones I mean the

ones that cost 10 bucks 20 bucks ideally the ones that I can pick up for free when I'm walking around in the forest anyway to good thing that being Frugal runs deep in the blood in my veins because everything is about to come crashing down 2022 rolls around and things start to change the everything

bubble begins to burst stocks are falling and crypto begins to implode and as it does I'm still very much stuck on that train you know that train being driven by Terror Celsius FDX for those few chaotic months in mid-2022 the rest of my life just kind of Fades into the background I'm wired into Twitter and my

news feeds just watching the crypto world go up in Flames companies that I trusted and used are going bankrupt close friends are losing money based on recommendations that I gave them to My Own Credit I did try and get the warning out as soon as I realized what a fragile House of Cards crypto was but for a lot

of people it was too late or I didn't get the message through to them and as all of this is going down I'm starting to feel a lot of regret shame inadequacy feeling pretty stupid emotionally this was a tough time for me I'm also freaking out trying to protect myself financially I switched from a mindset of

abundance to one of scarcity and I hate that because I know that good people become worse when they act out of scarcity but that's what I did There's Something About That fear when you're losing money and you don't know when it's going to stop and your head is not in the right place it doesn't matter how

much you have or how big or small the number you feel just as bad as when I was in my 20s and poor or maybe even worse because this time I have this voice inside my head telling me how much more I have to lose that was my ego talking to me and it was [ __ ] angry

it turns out I become super reliant on wearing this identity of being this successful business guy and now that was being ripped away from me I'd already been struggling with health problems and now those problems get worse but physical emotional and mental a lot of weird [ __ ] starts to happen at once and

to this day I don't know how much of it was just coincidence and bad luck or how much of it was actually related to that forced demolition of my ego looking back this whole ordeal and with 2020 hindsight I will say this fomo got me really bad I've been through previous crypto Cycles so I thought I understood

it I thought I had control but I was wrong I don't know if it was something about the numbers being bigger and in the millions instead of the thousands or maybe just because I didn't have a business that was actually distracting me and taking my attention but whatever the reason greed got to me and when all

the dust settled the 10 million dollars was gone so that loss has taken a while to process it's taken a lot of quiet time a lot of introspection and also just time to let everything settle down after the craziness of 2022. in the background I mean switching Investments around so that I can sleep better at

night basically less risk and just more cash on hand but mostly I feel better because I've reset my expectations reset my ego now I feel like I can finally come out of this cocoon that I've been in I know it's just money but it feels like I've been through the five stages of grief from depression and now I'm

finally in Acceptance in the end the key to resetting expectations was to go back to my original retirement number to remember that lifestyle that I desired so much to have before I got rich because now instead of needing that number to just keep climbing forever so that I can compare myself against the

guy who sold his business for 20 million 50 million and then 100 million which is what my ego wants but not what I want now I can actually have that lifestyle I can have it and I can enjoy it and anything on top of that is just a bonus to be appreciated I used to be so

focused on getting out of the rat race when I was an employee working in a corporate machine feeling like a faceless drone but now I see there are many different rat races and you can just as easily be in a rat race even if you are this Rich successful business owner or investor ultimately it's just

about living a good life and living that life as you want it to be not based on the expectations of others so while it felt great making multiple eight figures on the way up losing half foot on the way down exposed all the false assumptions that I was living under about how just having money would

somehow make me live a better life money is important but money is only as important as it is helpful in living that good life and now I feel like I've seen both sides of being rich and having money I've seen the good and the bad and I think in some way I had to go through

all this crap to actually appreciate what it means to have a good life by the way the mistake I made was the most basic one of all I had a portfolio that was up by a life-changing amount and I just never sold yeah I know was done number one diversify your Investments number two take profits but hey I'm not

Warren Buffett and you don't need me to tell you that so while making this video I was looking through journal entries that I wrote during this whole financial Saga that I've been on in the last few years I found one entry that stood out to me because I think it sums up really

well the message that I'm trying to convey it's from August 2021 the day that I finally sold my Amazon business and I wanted to share it with you now today was a good day I'm sitting outside the Terrace of our rented Penthouse in Las canteras the Beach Boulevard in Las Palmas Canary Islands below me I can

hear the rhythmic pulsing of waves hitting the reef the temperature feels perfect a few interesting things happened today number one I received a wire transfer for seven million dollars there's some more to come but as of today my bank account has more money in it than I ever thought I would see in my

life I'm feeling really good about everything right now I'm happy and as I sit here I'm smiling to myself but I'm not smiling because of my bank account I'm smiling because that doesn't even matter it didn't even make it as the highlight of the day the reason why I'm happy and I'm sitting here by myself in

this Penthouse Terrace late at night smiling and writing about it is because I'm staying here with a friend and earlier today we got in our little rental car and we drove up the mountains and we hiked in the Pine Forest on the side of a volcano the sky was Blue the air was clean and it was a lovely day so

as I'm sitting here now feeling the cool night air on my skin and I'm weighing up the significance on one hand of the mind-boggling amount of money that is currently sitting in my bank account and on the other hand the memory of a day well spent with a good friend by my side

I know which of these things really makes me Rich and that's a good enough reason to smile so that's it I hope you can appreciate this lesson that I had to learn the hard way work hard go for what you want build wealth make money but also appreciate what you have right in

front of you right now and don't sacrifice all of those good things in the Quest for making more money because one day you might wake up and the money might not be there anymore I hope that my story helps you to not have to go through all of that [ __ ] to learn that

lesson if you enjoyed this video and you'd like to see more like it make sure to subscribe so you don't miss the next one and I'll see you soon peace