My Worst Investment Ever Podcast

Andrew Stotz

The mission of My Worst Investment Ever Podcast is to share stories of loss to keep you winning. In our community, we know that to win in investing you must take the risk, but to win big, you’ve got to reduce it. 

To find more stories like this, previous episodes, and resources to help you reduce your risk visit myworstinvestmentever.com. 

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Charoenjit Chantarasiri has been an investment consultant at Kasikorn Securities in Thailand for the past 10 years. He holds a bachelor’s and a master’s degree in finance from Thammasat Business School. As an investment consultant, Charoenjit advises retail investors in various equities, fixed-income, derivatives, and mutual funds products. He also runs Charoenjit’s Podcast, which he started in 2019 to help retail investors in Thailand. He podcasts in Thai and covers everything there is to know about Thai listed companies. His podcast is climbing the charts because of the value he adds.   “Be a confident investor. Don’t let today’s price scare you from buying an asset.” Charoenjit Chantarasiri   Worst investment ever Charoenjit started his career as an investment consultant in 2010, two years after the global financial crisis. He would advise his clients to forget about equity and try to make the most profit. The gold trend At that time, gold was one of the assets whose price was on an uptrend. Many of Charoenjit’s clients were interested in investing in gold, and so he had to monitor the gold market as well. Failing to take his advice Charoenjit saved his money in a savings account and equity. He watched as the gold price continued to go up as his clients kept investing in it. Charoenjit remained hesitant to invest in gold. In no time, the price of gold was at a record high of 26,000 baht from 17,000 baht. For a short period, the price went down to 23,000 baht. Charoenjit still didn’t bulge. Jumping onto the bandwagon, albeit too late When the price of gold moved up to 25,000 baht, Charoenjit now felt afraid of missing the train and decided to buy it at nearly the peak price. Soon after he purchased gold, the price ran a little bit more to around 26,000 baht. But after a while, the price dropped sharply. The price remained between 18,000 baht and 22,000 baht for about four years. Throwing in the towel In early 2018 Charoenjit decided to sell his gold and look for another investment choice. He sold it for only 19,000 baht. In 2019, just a year later, gold prices went back to an upward trend rocketing to a record high of 30,000 baht in 2020. If only Charoenjit had been patient and confident in his decision to invest in gold, he would not have missed the opportunity to make huge returns. Lessons learned Use the asset allocation concept When getting into an investment, look at it as a part of your portfolio and not as a separate entity. Don’t invest in something just for the sake of it or just because it is the new trend. Ask yourself if the new investment will improve or ruin your portfolio. Consider investing in gold Consider having a small portion of gold in your portfolio. This could be between 5% to 30%. Holding gold could help your portfolio be well-diversified and protect its value. Be a confident investor If you are a confident investor, you are more likely not to miss out on good investment opportunities. Andrew’s takeaways There are no rules in finance There are no laws or rules in finance, so you can never be sure. Today, you may confidently say gold is not a good long term investment. But then tomorrow things change. The truth is that it is tough for all of us to detect when that change is happening. Unrealized losses are real A lot of times, we say that unrealized losses are not real. But the fact is that the best way to look at a portfolio is to use zero-based thinking that lets you ask the question, “If I didn’t own anything, what would I allocate to this today?” It’s a tool that will help you let go of the past. Don’t let emotions get in the way It’s easy for us to get emotionally attached to an investment. Always try to let go of the feelings you have about your winners and losers. Actionable advice Diversify your portfolio using the asset allocation concept. No. 1 goal for the next 12 months Charoenjit’s number one goal for the next 12 months is to create more quality content through his podcast and hopefully have over 10,000 followers from every channel. He wants to be more beneficial to investment companies. Parting words   “Be confident.” Charoenjit Chantarasiri   Connect with Charoenjit Chantarasiri LinkedIn Facebook Instagram Website Andrew’s books How to Start Building Your Wealth Investing in the Stock Market My Worst Investment Ever 9 Valuation Mistakes and How to Avoid Them Transform Your Business with Dr.Deming’s 14 Points Andrew’s online programs Valuation Master Class How to Start Building Your Wealth Investing in the Stock Market Finance Made Ridiculously Simple Become a Great Presenter and Increase Your Influence Transform Your Business with Dr. Deming’s 14 Points Connect with Andrew Stotz: astotz.com LinkedIn Facebook Instagram Twitter YouTube My Worst Investment Ever Podcast  

Sep 22

18 min

Justin Christianson is a self-proclaimed number junky and a digital marketing veteran. Father, husband, and #1 Bestselling author of Conversion Fanatic: How to double your customers, sales, and profits with A/B testing. He is also the co-founder and President of Conversion Fanatics, a full-service conversion rate optimization company, helping companies like Burt’s Bees, Dr. Axe, and many others improve their results.   “When it comes to conversion optimization funnels, start small. Test the biggest leverage points, and don’t overcomplicate it.” Justin Christianson   Worst investment ever Helping a client out At the end of last year, Justin got a call from an e-commerce business owner who was freaking out because his business was falling apart. Justin and his partner had a meeting with him, and they soon realized that they could help him out. I want a piece of the pie The business was something that Justin could relate to, and so he got quite excited about it. He wanted a piece of it, and he proposed to the owner to help him grow his business, and in return, Justin would buy a 30% stake in the company. They shook on it. Justin and his partner invested a bit of money into this business. What mess did I get myself into? As Justin was doing a background check on the company, he found out that the books were a mess and even had receivable loans. Though this was a red flag, he dismissed it. He figured his accountant would sort it out. What attracted Justin to this partnership was the fact that there was a huge fanbase, and he knew the business had the potential to make huge profits. It’s a deal The trio signed the deal, created a new LLC, and pulled over the assets making the partnership official. They set up new bank accounts and tried to do everything the right way. Justin went all in and started humming along and focused on sales. He spent a bunch of money on advertising and dialing things in. He increased the average order value by about 40% in a short amount of time. Deal goes sour After some time, the partner went back to his old ways and started spending company money on personal stuff. At first, $2,000 went missing from the business account, then $2,500, and then $4,000. To make matters worse, all of a sudden, two more receivables loans popped up. So now the company was triple-dipping before they even got to make any profits. Every sale they made had to be channeled to repay the loans. Soon enough, Justin realized that this partnership would not be beneficial to him. His partner’s spending and the loans would cripple the business. Justin tried to have a conversation with him about his spending, but he just scoffed at him. Calling it quits One day while at his son’s football game, Justin got a notification on his phone that he had a change in his access to the bank account. He tried logging in but had no access to anything, the bank account, the PayPal account, the website, nothing. He has been locked out of everything. Justin sent a group text to the business partner, and he made up some big story about how he didn’t want to burden him with his debt, and because he started the company, he wanted to take care of it alone. Justin decided not to fight him or even take him to court as it would not be worth it, and he might just end up losing more money than he had already invested. He decided to write the investment off as a bad debt. Lessons learned Do not get emotions involved when entering a partnership When you see something exciting that you can relate to, and you want in, be careful not to let your feelings guide your decisions. Do your due diligence Do your due diligence before entering into a partnership, look out for red flags such as commingling of funds, lack of books, lack of true expenses, and P&L balance sheet. Do not rush Do not be in a rush to enter into a business partnership. The timing will come when the right time comes. Andrew’s takeaways Think the red flags through When you see a red flag, stop and step back. Think things through and see how to deal with the red flags first. Also, you do not have to stop the deal, but you must slow down your emotions. Understand the difference between emotion and intuition Intuition is an instantaneous feeling that will go away quickly, and then your emotions and your mind will override it. In many cases, it will be the right thing. Make sure you’re open and aware to the intuition message that is coming to you, and so you can receive it. Know who can bind your company to any agreement Before buying into a company or getting into a partnership, know who has the power to sign the checks and the power to bind the company. Understand how far that power goes before you commit to any agreement. Avoid confrontations You do not have to have a confrontation over everything that happens in life. Sometimes avoiding confrontations is the best way to deal with conflicts. Actionable advice Just be patient. Take it all in and trust your intuition. No. 1 goal for the next 12 months Justin’s number one goal for the next 12 months is to double his current business. Parting words   “Just go out there and try to be a little bit better than you were yesterday and learn from your mistakes.” Justin Christianson   Connect with Justin Christianson LinkedIn Facebook Twitter YouTube Website Andrew’s books How to Start Building Your Wealth Investing in the Stock Market My Worst Investment Ever 9 Valuation Mistakes and How to Avoid Them Transform Your Business with Dr.Deming’s 14 Points Andrew’s online programs Valuation Master Class How to Start Building Your Wealth Investing in the Stock Market Finance Made Ridiculously Simple Become a Great Presenter and Increase Your Influence Transform Your Business with Dr. Deming’s 14 Points Connect with Andrew Stotz: astotz.com LinkedIn Facebook Instagram Twitter YouTube My Worst Investment Ever Podcast Further reading mentioned Justin Christianson (2015), Conversion Fanatic: How to double your customers, sales, and profits with A/B testing Daniel Kahneman (2013), Thinking, Fast and Slow  

Sep 20

30 min

Andrew Pierce is an independent asset protection consultant and the creator of WyomingLLCAttorney.com. He helps business owners from nearly every industry and with almost any size company to effectively protect their assets through forming LLCs.   “The best neighbors are the ones with good boundaries, where you delineate the responsibilities and the rights from the beginning.” Andrew Pierce   Worst investment ever Andrew had an equipment leasing company in South Florida. He would lease out tractors and trailers to moving and storage companies; he started the company in college to make some extra money. The business, interestingly, turned out pretty well. Getting sucked in by overconfidence Seeing that his first business had gone so well, Andrew felt that he was now an astute businessman. He sold the business and moved to the Caribbean, at a large undeveloped Bay in St. Maarten on the Dutch side–it was about 150 acres. Falling in love and business Andrew loved the island and had a good time there. He reasoned that the island would be a great place to do business. He considered starting a jet ski and water sports rental company. He had a good friend who grew up on the island, and they decided to get into a partnership. The friend would secure the contracts and local licensing because he understood the island. Andrew would provide the capital. So, Andrew bought a few jet skis, but it turns out they couldn’t get the permit to run the jet skis because it’s an unprotected Bay. Trying his luck at something else Andrew didn’t lose hope. He came up with another business idea; landscaping. There were 160 acres at the island that needed to be landscaped. He sold the jet skis for liquidation value and added in more money to ship a bunch of plants. The business failed before it started. He tried to salvage the situation by putting up a community center, park, and restaurant on an oceanfront piece of land his friend had. Death of friend and partnership Andrew’s friend passed away unexpectedly. The business couldn’t take off because Andrew and his friend’s dad couldn’t come to a fair agreement on ownership. Andrew and his friend had never signed a single agreement throughout their partnership. They would shake on it. This made it difficult for Andrew to prove how much he had invested in the restaurant business. After three years of unsuccessfully trying to get a business take off in the Caribbean, Andrew was left with over $100,000 in credit card debt. Lessons learned Stay within your circle of competence If you’re doing moving and storage, don’t try to go start doing plastics, manufacturing, or something different. Stay inside your circle of competence. Perform your due diligence Do your due diligence before you commit to starting a business, especially if it is in a field or a location that you are not familiar with. Have contracts with people Whether it’s your best friend or someone you don’t know, the best neighbors are the ones with good boundaries, where you delineate the responsibilities and the rights from the beginning. So do your due diligence and have contracts with your business partners. This reduces the chances of having misunderstandings. Have exit points If you’re are going into a capital intensive industry, look at the liquidation values of the assets. Play out those worst-case scenarios, so you know where your exit point is. If you are already in business or trading in the markets, remember the reason you got into an investment, then list the reasons that make you’ll get out. That way, when you hit those reasons, you will know it is time to wrap it up. Andrew’s takeaways Don’t be fooled by overconfidence bias Many times when people are in business, and they are doing well in that particular area, they start to think that that could carry over into another space and expect the same success. So instead of getting yourself into a new area, double down on your current business, figure it out, improve it, make it better, and grow it. Have an agreement in place The best time to sign an agreement is before you start your business. But, if you didn’t get one back then, you can get it done today even if you’re one year, five years, or 10 years into it. There is nothing wrong with going back and trying to get it in writing. So if you’ve put it off, try to make it happen immediately. Actionable advice Make sure that if you have partners, you have agreements in place. It saves everybody from a heartache. No. 1 goal for the next 12 months Andrew’s number one goal for the next 12 months is to continue focusing on his company. Andrew and his wife will soon be parents, so he wants to keep his head down and continue working hard. Parting words   “Go listen to more episodes of these podcasts and try to avoid making bad investments. But don’t let fear keep you from trying to make some investments. Always keep trying.” Andrew Pierce   Connect with Andrew Pierce LinkedIn Website Andrew’s books How to Start Building Your Wealth Investing in the Stock Market My Worst Investment Ever 9 Valuation Mistakes and How to Avoid Them Transform Your Business with Dr.Deming’s 14 Points Andrew’s online programs Valuation Master Class How to Start Building Your Wealth Investing in the Stock Market Finance Made Ridiculously Simple Become a Great Presenter and Increase Your Influence Transform Your Business with Dr. Deming’s 14 Points Connect with Andrew Stotz: astotz.com LinkedIn Facebook Instagram Twitter YouTube My Worst Investment Ever Podcast  

Sep 17

21 min

Morgan Housel is a partner at The Collaborative Fund and a former columnist at The Motley Fool and The Wall Street Journal. He is a two-time winner of the Best in Business Award from the Society of American Business Editors and Writers, winner of the New York Times Sidney Award, and a two-time finalist for the Gerald Loeb Award for Distinguished Business and Financial Journalism. His book The Psychology of Money, was just released and is available here.   “Investing is not like physics where the laws of gravity were the same in Newton’s days, and they are in our days. Investing strategies evolve overtime to get to the point where they don’t work anymore.” Morgan Housel   Worst investment ever One of the first investment books that Morgan read was the Intelligent Investor by Benjamin Graham, written over 50 years ago. The book talks about all these practical strategies that value investors can use to pick stocks. One of them that Graham goes into great detail about is buying stocks for less than the book value. Unpacking Graham’s strategy Graham’s strategy was to calculate what a business is worth. That is its assets minus its liabilities. That gives you the book value of the company. So your goal is to buy stocks that are less than the book value. For instance, if a company is worth a million dollars, and you buy its stock at the point where the company is worth, let’s say $800,000, according to Graham, you are making a good investment because you’re buying the stock for less than the company’s worth. Borrowing from the greats So after reading that strategy from Graham, Morgan started doing that. He looked for companies that were trading for less than their book value. This was around 2006-2007. He found a furniture company, a mortgage company, and several banks that were selling for less than their book value. Old is not always gold Morgan invested in these cheap stocks, confident that he would make a killing. Unfortunately, almost all of them went out of business. Morgan wondered what he had done wrong. Did he get unlucky? Did he not follow Benjamin Graham’s advice correctly? What happened here? Morgan soon realized that the reason why this happened is that the investment world had changed since the 1970s. It was true that in the 1970s, in the 1960s, the 1950s, and 1940s, stocks trading for less than their book value were probably good investments. That was true back then. However, things changed over time, and that strategy does not work anymore. Lessons learned There’s a reason why a stock is cheap If a stock is cheap, you need to know why it’s cheap. Almost always, say 99% of the time, the reason a stock is cheap is that the business is not performing well. It is probably burning money or has enormous liabilities. Andrew’s takeaways A cheap stock is the market’s way of warning you As a value investor, when you see a company that’s trading at a price that’s lower than the book value, know that the market is telling you that there is no future value in that stock. Separate your investment strategy and risk strategy Make sure that you have an investment strategy as well as a risk management strategy to keep you covered should your investment strategy fail. Actionable advice Try to become more attuned with your behaviors, your ability to be swayed by new ideas and new opinions. Become more attuned with your risk tolerances, comfort zones, and ability to sleep well at night. Move away from the finance textbooks that are written to apply to everyone and think about your own goals, personality, philosophies about money. You will then start making better decisions because it’s less about your intelligence and the formulas that you know, and more about becoming attuned with yourself and your own goals. No. 1 goal for the next 12 months Morgan’s number one goal for the next 12 months is to keep his expectations low while hoping for the best with his new book. Parting words   “We are going to look back at 2020 as one of the worst years in modern history, but we are also going to look at it as a turning point of innovation, technology, and problems that are being solved faster than we have done in years or maybe decades.” Morgan Housel   Connect with Morgan Housel LinkedIn Twitter Website Blog Andrew’s books How to Start Building Your Wealth Investing in the Stock Market My Worst Investment Ever 9 Valuation Mistakes and How to Avoid Them Transform Your Business with Dr.Deming’s 14 Points Andrew’s online programs Valuation Master Class How to Start Building Your Wealth Investing in the Stock Market Finance Made Ridiculously Simple Become a Great Presenter and Increase Your Influence Transform Your Business with Dr. Deming’s 14 Points Connect with Andrew Stotz: astotz.com LinkedIn Facebook Instagram Twitter YouTube My Worst Investment Ever Podcast Further reading mentioned Benjamin Graham (2006) The Intelligent Investor: The Definitive Book on Value Investing Morgan Housel (2020) The Psychology of Money  

Sep 8

30 min

Paul M. Neuberger (New Berber) is also known as The Cold Call Coach, and he believes in making the impossible possible. A masterful speaker and trainer, he challenges people to dig deep and discover talents they never knew they had. Whether it’s working hands-on with small teams or presenting in front of hundreds of people, Paul is adept at genuinely connecting with his audience and getting to the heart of important issues. He has worked with leading organizations around the world to help improve effectiveness, performance, and cultivate a stronger sense of passion in the workplace. He has taught thousands of students in more than a hundred countries through his Cold Call University program, helping sales professionals in a range of industries close more business in less time than ever before.   “I believe in life; nothing happens to you. Everything happens for you.” Paul M. Neuberger   Worst investment ever Switching careers on a whim Paul was a 30-year-old vice president of a major university in the state of Wisconsin when his father-in-law died suddenly. His mother-in-law’s financial life became complicated after her husband’s death. Paul wished he’d been able to save his mother-in-law from her financial problems. He was so devastated to be helpless that he decided to become a financial advisor. Going in big Paul became successful quite fast, and so he got over his head that starting a business in the finance industry was going to be easy. He’d always been a good salesperson, and his passion was over the roof, so being a financial advisor came easy for him. When Paul saw how quickly he was growing, he decided to take it up a notch. He wanted to look a little bit more prestigious, to look more successful. He believed that this would land him big clients. Paul signed a 30-year lease for a huge office space and hired four people. He invested heavily in technology and marketing and was hemorrhaging cash faster than he was making it. The high costs nightmare Soon enough, the bills started piling up. Paul had to pay rent and make payroll. Within no time, he was missing payroll and having to ask for rent extensions. After a couple of missed payrolls and rent extensions, Paul realized he was in over his head, so he decided this wasn’t the path for him. Lessons learned Be aware of who you are It’s good to have self-confidence. But you also need an awareness of self. Don’t let your self-confidence cloud your self-awareness. Surround yourself with smart people Surround yourself with people whose advice you can rely on, people who can be your sounding board when you need help in making business decisions. Have a strategic plan You can’t just sell your way out of a problem. You need to be strategic. You need to figure out what’s the end game. Think about where you want to be in the next couple of months, what you need to do to get there, and what success looks like. Also, think about the risks of what you’re trying to do. Have healthy outlets As an entrepreneur and business owner, there’s only so much you can do. You need healthy outlets. You need that one person that you can talk to, vent with, and seek both personal and professional advice from. Andrew’s takeaways Costs are the only thing we can truly control When starting a business, or if your business is in trouble, the one thing you can do quickly is cut costs. Don’t burden yourself with unnecessary expenses. Take pride in the fact that you’ve got your costs down to a minimum. A business with low startup costs will be profitable from day one. Don’t be a one-hit-wonder Don’t just think about that next shot, think about the next three to five shots, and therefore you won’t be a one-hit-wonder. Actionable advice Identify what your passions are. A lot of us know what we like, what we’re good at, our strengths and skillsets, but never take time to think about how to make good use of these things. Identify your strong points, then think about how you can build careers from these things, how you can monetize them, or how you can add them to what you’re already doing, or make them a central pillar and focal point of your success. No. 1 goal for the next 12 months Paul’s number one goal for the next 12 months is to be on Amazon’s top 1,000 books list. Paul published his first-ever book The Secrets to Cold Call Success in June. This book is the Bible of all sales teams. He wants this book to be in every organization in the next 12 months. Parting words   “Fear is always going to be there, but you have a choice when it comes to fear. You can use fear as a barrier or fuel to your success. The choice is yours.” Paul M. Neuberger   Connect with Paul M. Neuberger LinkedIn Twitter Facebook YouTube Website Blog Email: info@paulmneuberger.com Andrew’s books How to Start Building Your Wealth Investing in the Stock Market My Worst Investment Ever 9 Valuation Mistakes and How to Avoid Them Transform Your Business with Dr.Deming’s 14 Points Andrew’s online programs Valuation Master Class How to Start Building Your Wealth Investing in the Stock Market Finance Made Ridiculously Simple Become a Great Presenter and Increase Your Influence Transform Your Business with Dr. Deming’s 14 Points Connect with Andrew Stotz: astotz.com LinkedIn Facebook Instagram Twitter YouTube My Worst Investment Ever Podcast  

Sep 3

34 min

In 2020, Success Magazine named Patrice Washington, one of 12 Inspiring Black Voices in Personal Development. As an award-winning author, transformational speaker, hope-restoring coach, and media personality, Patrice is committed to redefining the term “wealth” using its original meaning, “well-being.” Patrice started as your favorite personal finance expert, “America’s Money Maven,” but has since expanded her brand and mission to encourage women to chase purpose, not money. She uses her Certification in Financial Psychology to help the masses get beyond budgets and credit reports and dive into the heart of why we behave the way we do with money. She encourages women to have “wealth” in all aspects of their lives by pursuing their purpose, being fulfilled, and earning more without ever chasing money. Through her teachings, Patrice empowers women to look at life through the lens of abundance and opportunity, instead of lack and scarcity. As host of The Redefining Wealth Podcast, Patrice has built a thriving international community of high-achieving women committed to creating a powerful life vision--in their careers, home, health, and personal finances. Featured on Forbes.com as one of “15 Inspiring Podcasts for Professionals of Every Stripe” and highlighted by Entrepreneur.com. The Redefining Wealth Podcast boasts over 2 million downloads and counting!   “Don’t get caught up in the pretty, in what looks good and what looks like money. Focus on the nitty-gritty of the numbers and what you can sustain even in your worst month.” Patrice Washington   Worst investment ever Early real estate mogul Patrice was 19 years old when she got licensed as a real estate agent in California and quickly fell in love with the industry. During her senior year in college at the University of Southern California, Patrice got her broker’s license and became a real estate and mortgage broker. Her real estate business quickly took off and became a seven-figure business by the time Patrice was 25 years old. Riding on cloud nine Patrice was on top of the world. She and her now-husband and then-boyfriend were driving matching Range Rovers and owned almost 13 pieces of property collectively. They had 16 loan officers and real estate agents on their roster. They had all these things going for them, and they thought they ran the world, and it was a beautiful time. The one mistake that undid it all Around 2006 Patrice’s staff insisted on having an office to work from and fancy technology that would help them land more clients. She listened to them, and so they moved from the coworking space they were using to a larger office, almost 2,000 square feet, which they fully furnished. All these new changes took their overhead from about $2,000 to $14,000 a month. In 2007 the recession started to rear its ugly face. People were talking about the real estate bubble bursting. Other mortgage brokers in Patrice’s building were talking about giving up their office space and work from home. Patrice felt sorry for them, still oblivious of the looming crisis. The bubble bust In 2008 banks started closing down, and things got terrible at Patrice’s real estate business. At the time, Patrice was in hospital admitted because of a complicated pregnancy. She was so helpless and could only watch from her hospital bed as things went from bad to worse. There was no money coming in, and Patrice had to use their life savings to keep the company going. They exhausted their savings within a year. Within about 15 months, Patrice and her husband lost everything. They went from a 6,000 square foot home in Southern California to live in a 600 square foot tiny apartment. Lessons learned Prepare for the worst As an entrepreneur, you have to be prepared for the worst. Don’t plan your personal and professional life based on your top months, but your worst months. Your business and personal budget should be based on your worst performing months. Andrew’s takeaways There’s more to a business than sales Sales is just a function within the business, just like finance, accounting, and marketing. So when you decide to run your business, and you’re great at sales, remember that that’s one function within a company, you’ve got to take care of all the other parts. Make sure you have good people around you that are doing those other functions. Know where you are Most people, when starting a business, don’t necessarily know where they are in the economic cycle. You can’t know how to get to where you want to go if you don’t know where you are at. Spend enough time trying to understand where you are in the economic and profitability cycle so that you’re able to prepare for what will come in the future. Your employees are not always right It’s imperative to stay in touch with your employees and customers, but you have to remember that they may not necessarily be giving you the best advice about what you should be doing. Listening to your customers and employees is one input in your decision-making process. Actionable advice Don’t listen to the chatter; make decisions rooted in the numbers and the data. Always look at the bigger picture and think about life beyond today. You never know what’s coming around the corner. You want to be ready. No. 1 goal for the next 12 months Patrice’s number one goal for the next 12 months is to rest in the spirit of contentment and be present to everything that’s going on and make decisions rooted in faith, not fear. Parting words   “Keep chasing purpose, not money, and redefine wealth for yourself.” Patrice Washington   Connect with Patrice Washington LinkedIn Twitter Facebook Instagram YouTube Website Andrew’s books How to Start Building Your Wealth Investing in the Stock Market My Worst Investment Ever 9 Valuation Mistakes and How to Avoid Them Transform Your Business with Dr.Deming’s 14 Points Andrew’s online programs Valuation Master Class How to Start Building Your Wealth Investing in the Stock Market Finance Made Ridiculously Simple Become a Great Presenter and Increase Your Influence Transform Your Business with Dr. Deming’s 14 Points Connect with Andrew Stotz: astotz.com LinkedIn Facebook Instagram Twitter YouTube My Worst Investment Ever Podcast  

Sep 1

28 min

Avi Liran is on a mission to delight the world; one person, one workplace, one community at a time. He was made in Tel Aviv in 1962 and came to Singapore in 1992 as the trade and tourism commissioner of Israel. He holds an MBA in Marketing and Entrepreneurship. He is a CSP (Certified Speaking Professional) who consults and trains leadership teams of top fortune 500 companies on how to cultivate delightful leadership that empowers a culture that delivers delight to the employees and customers. He was the Chief Marketing Officer of two software companies. As a diplomat and economist, he had initiated two funds between Israel and Singapore that now manage more than a billion dollars. As a VC strategist, he facilitated nine investments in startup companies in Israel for Singapore Telecom, which bought two companies in Israel for half a billion dollars. In the past decade, he has been researching values, welling, and appreciation. He is writing the Delivering Delight book that will be published next year after the book “First Time Leadership.” He is co-writing and researching now with Daniel Lee.   “There’s no half full or half empty. There is a glass issue to be grateful for, and there is an effort to go and fill the glass.” Avi Liran   Worst investment ever Putting his money where his mouth is Avi was working for Singapore telecom investing in Israel when he came across a startup company doing IP PBX over the internet. The company had the best technology at the time and was worth billions of dollars. Avi realized that the company was a goldmine and so he invested in it. Ego too big to say yes The company received an offer to sell for about $30 million; the CEO refused the offer. They got a second offer from Cisco. The proposal was much more than what the first company had offered. The CEO said no to Cisco, insisting that the company was going to be a billion-dollar company. Pride comes before a fall After the two offers, people in the company became arrogant. The CTO went to Boston simply because he decided he wants to go to Boston. Everyone was thinking about their own needs, and just because the company had the potential to make billions, people thought they had made it. The CEO kept refusing to sell while still operating with an air of arrogance. Then the dotcom crisis came, and the company evaporated. Unfortunately, Avi lost everything he had invested in that startup. Lessons learned People are the secret sauce to successful startups When investing in startups, remember that it’s all about the people and their ability to work together, put their ego at bay, and not be arrogant or cocky but be very prudent. Arrogance and lousy working relationships can kill any investment, especially startups. Company values are everything in a startup The most valuable companies have company values in place. If you don’t work on the company’s core values, people will stray from the company’s vision and goals. Focus on your strengths, not your weaknesses A common mistake that people make is to focus on correcting their weaknesses. You waste so much time trying to work on your flaws when you should be optimizing your strengths. Andrew’s takeaways Lead by example When it comes down to company values, it is the values that the company owners and the managers convey to their workforce that ultimately become the company values. So be what you want your workforce to be. Partner with the right people Think about what you need to be successful. Then find the people with what you need and be friends with them. You don’t have to become them, use the energy, and share your strengths with them. Actionable advice Lead with your values even when you have to make difficult decisions. Values are what you do when nobody is watching. A company with values has the greatest potential to be successful. No. 1 goal for the next 12 months Avi’s number one goal for the next 12 months is to finish his book Procrastinating by Definition. He also wants to be a better mate, a better listener, and be more empathetic. Parting words   “Let’s continue empowering women so that they can start earlier and be successful in their careers.” Avi Liran   Connect with Avi Liran LinkedIn Twitter Facebook YouTube Website Blog Andrew’s books How to Start Building Your Wealth Investing in the Stock Market My Worst Investment Ever 9 Valuation Mistakes and How to Avoid Them Transform Your Business with Dr.Deming’s 14 Points Andrew’s online programs Valuation Master Class How to Start Building Your Wealth Investing in the Stock Market Finance Made Ridiculously Simple Become a Great Presenter and Increase Your Influence Transform Your Business with Dr. Deming’s 14 Points Connect with Andrew Stotz: astotz.com LinkedIn Facebook Instagram Twitter YouTube My Worst Investment Ever Podcast Further reading mentioned Don Clifton (2017), Strengthsfinder 2.0 from Gallup and Tom Rath: Discover Your CliftonStrengths  

Aug 30

29 min

Mike Ciorrocco, aka Mike C-Roc, is the CEO of People Building, Inc. He is a performance coach, author, dynamic public speaker, visionary, and thought leader. He has been featured by Yahoo! Finance as one of the Top Business Leaders to Follow in 2020 and is on a mission to build people. At his core, he’s obsessed with success and helping others achieve greatness. C-Roc is a guy who had a fire lit in him at an early age. That fire has led him to inspire others to see the greatness inside of themselves using past life events to fuel their fire.   “Accept and acknowledge the setback as soon as possible, so that you can prepare and launch for your next takeoff." Mike Ciorrocco   Worst investment ever Mike and his partner run a profit and loss company. A few years ago, when the P&L company was still new, it started to have some success and money was coming in. Mike and his partner planned to keep the money in the business to help scale it. So they kept the money in a company account. Not so much their money There was a catch, though. The company where Mike’s money was kept was not his company. The two partners weren’t the owners of the company. The owner of the company was Mike’s buddy’s uncle-in-law. So even though the money was theirs, officially, it belonged to the owner of the company account. All along, Mike assumed that their money was safe. The assumption got Mike in big trouble. Money goes missing Mike and his partner had built the company for 12 years and had about one million dollars in the account. The money was to be used to scale the business. The two partners had big plans. After a while, they found out that their money was missing. At the time, the company had 22 employees. Mike felt responsible for those 22 employees and their families. These employees had bought into Mike’s vision and were working hard every single day to achieve this vision. He had to make sure that they were taken care of and not affected by the mess. Getting out of the entanglement Mike had to create an exit strategy that was not going to get him in trouble, which would protect their investment and take care of the employees that were relying on him. So this happened over a few months. Luckily, they still had contracts and deals that they had to get paid. Mike and his partner founded another company, and the transition happened. During the transition, the two partners lived off minimum wage to sure everybody was getting paid so that the business could keep running. Unfortunately, they lost all the money they had previously made and saved. However, with the new strategy, they were able to recover and get the company back to its feet. Lessons learned Don’t mix business with friends and family Don’t trust family and friends as far as business goes, and just leave it to that. Make sure you have an ironclad contract or any written agreement that shows that the money is yours. Work on your company culture When you have a great company culture, individuals will look out for the greater good first, and then themselves. Build a culture in your business to give it a firm foundation. If you can start a big company with a great culture from the start, you’ll be unstoppable. Employee goals need to align with company goals Your employees’ individual goals need to align with the company goals. If they don’t, you’re going to have conflict, and it’s not going to work, no matter how much they produce. They may be good employees, but as long as their goals don’t align with the company goals, they’ll end up causing problems that are going to cost more than the revenue they’re bringing into the company. Your employees are your greatest investment Very many business owners think of their employees as just workers. In a business sense, you’re investing in these people, and they should give you a return on your investment. So build your employees by treating them well so that they can provide you the most return on investment. Think of having employees like having a real estate investment and taking care of that real estate. You would never let your property go to waste. Likewise, don’t let your employees go to waste, take care of them. Andrew’s takeaways You can recover from any setbacks There will be many setbacks in life. Some will bring you down to zero. To survive, understand that this is normal, accept and acknowledge your setbacks immediately so that you can recover quickly. Take care of your employees Take care of your employees because they are your greatest asset. Actionable advice Wake up in the morning with gratitude. It may sound like a cliche, but one thing that’s going to change your life is counting your blessings every day, no matter how insignificant you think they are. This will create a situation where you have nothing to complain about. It’s a magic trick, and if you try it, and you get consistent with it, it will change your life. No. 1 goal for the next 12 months Mike’s number one goal for the next 12 months is to finish writing his forthcoming book, Rocket Fuel. He is fired up to get the book out towards the end of this year. Connect with Mike Ciorrocco LinkedIn Twitter Facebook Instagram YouTube Website Andrew’s books How to Start Building Your Wealth Investing in the Stock Market My Worst Investment Ever 9 Valuation Mistakes and How to Avoid Them Transform Your Business with Dr.Deming’s 14 Points Andrew’s online programs Valuation Master Class How to Start Building Your Wealth Investing in the Stock Market Finance Made Ridiculously Simple Become a Great Presenter and Increase Your Influence Transform Your Business with Dr. Deming’s 14 Points Connect with Andrew Stotz: astotz.com LinkedIn Facebook Instagram Twitter YouTube My Worst Investment Ever Podcast

Aug 25

34 min

Stephen Kalayjian, Chief Market Strategist and Co-Founder of Ticker Tocker, has over 30 years of experience in the industry trading stocks, futures, and currencies, having begun his career at the American Stock Exchange in 1983. In 2005, Stephen founded his firm to research and develop software to help identify trends, reversals, patterns, and divergences in the marketplace for all asset classes and time frames. Stephen seeks to generate high alpha trading ideas throughout the day. He and his team employ technical analysis through utilizing the proprietary charting software he developed on Ticker Tocker to forecast the market. Stephen has traded nearly 2 billion shares over his career.   “If you’re gonna invest or trade, you got to have discipline.” Stephen Kalayjian   Worst investment ever Thirty-seven years ago, before Stephen started working at the American Stock Exchange, he was making $2.10 per hour cutting grass, cleaning windows, washing cars, cleaning basements, and garages. He just did whatever he needed to do to survive. After about 1,500 hours of work, Stephen had a little over $3,000 saved up, and he wanted to invest it. It was while working at the floor of the American Stock Exchange when Stephen opened an account at his father’s friend’s brokerage and bought 550 calls, i.e., he bet that the stock was going to go higher. The novice trader Stephen only focused on the assumption that the stock could go higher, but he never knew about premium depreciation. He had no idea that if the stock went down, the call option would go down too. Over the next couple of weeks, the stock started to drift lower, and right before Thanksgiving, the stock got worse. Right around Christmas, Stephen was broke beyond broke. His entire investment had gone down to zero. Lessons learned It’s ok to be wrong Nobody wants to admit when they’re wrong. What they don’t realize is that it’s ok to be wrong because we are all human. We learn from the mistakes we make. No one’s bigger than the market Adhere to the preservation of capital and discipline. Andrew’s takeaways Take risk management seriously If you cannot afford to lose money, then you should not gamble. Be more careful and take risk management seriously. Discipline is a critical thing You cannot just roll the dice when you feel like it. Have discipline when trading to avoid losing your money. Actionable advice The key to success when trading is discipline. Just as you employ discipline in other areas of your life, you need to have discipline when trading so that you know when to keep going and when to quit. No. 1 goal for the next 12 months Stephen’s number one goal for the next 12 months is to inspire people to learn the right way with Ticker Tocker. His goal is to help people change their lives. Connect with Stephen Kalayjian LinkedIn Twitter Facebook Instagram Website Andrew’s books How to Start Building Your Wealth Investing in the Stock Market My Worst Investment Ever 9 Valuation Mistakes and How to Avoid Them Transform Your Business with Dr.Deming’s 14 Points Andrew’s online programs Valuation Master Class How to Start Building Your Wealth Investing in the Stock Market Finance Made Ridiculously Simple Become a Great Presenter and Increase Your Influence Transform Your Business with Dr. Deming’s 14 Points Connect with Andrew Stotz: astotz.com LinkedIn Facebook Instagram Twitter YouTube My Worst Investment Ever Podcast  

Aug 23

27 min

Chris Mayer is co-founder and Portfolio Manager of the Woodlock House Family Capital fund. He also blogs about the thing he loves the most, investing. He started his career as a corporate lender, which taught him about managing risk and how business works. Next, he started his newsletter, called Capital & Crisis, which led him into 15 years of writing investment newsletters. Chris has written four books: Invest Like a Dealmaker: Secrets from a Former Banking Insider; The World Right side up: Investing Across Six Continents; 100 Baggers: Stocks That Return 100-to-1 and How To Find Them; How Do You Know? A Guide to Investing, Wall Street, and Life.   “Valuation is important, but it’s secondary to quality. I won’t buy something just because it’s super cheap if it doesn’t have all the other quality aspects that I like.” Chris Mayer   Worst investment ever Taking advantage of the 2008 financial crisis When the financial crisis hit the US in 2008, Chris reasoned that it would be an excellent time to start investing in the stock market. His strategy was to buy the cheapest available businesses and ignore the expensive ones. So he went ahead and found a couple of inexpensive companies. Cheap is just cheap The businesses that Chris bought into were not necessarily good businesses with a promising future; they were just cheap. But he knew he could easily sell them off later. After the crisis, Chris sold off the companies here and there once they started appreciating or reaching his target price. He, however, didn’t make so much money to write home about. He should have gone with the expensive options The companies that Chris ignored because they were expensive at the time went on to recover after the market fall and continue to thrive. Had Chris paid attention to such companies and probably invested in just one or two instead of a handful cheap ones, he’d still be making money from that investment. Lessons learned Buy the best not the cheapest When looking for stocks to invest in, go for the very best companies. They may seem expensive, but in the long-term, these are the companies that are going to bring you the best return. Go for quality over price. Investing is a long-term game When it comes to investing, you have to think long-term. Most of the best performing businesses today were not built in a day. They have about 20-25 years backing their success. Andrew’s takeaways Don’t be lured by a low price Just because it’s cheap doesn’t mean you have to buy it. Actionable advice Find five businesses that you would love to own and put them on a wishlist. Follow and keep an eye on them. Wait until you see a 20%-fall in the stock market and then go ahead and pick one and buy it. No. 1 goal for the next 12 months Chris’s number one goal for the next 12 months is to find one high-value investor. Parting words   “Don’t give up. Be patient. It’s a tough game. Everyone makes mistakes, so you just got to keep soldiering on.” Chris Mayer   Connect with Chris Mayer Twitter Website Andrew’s books How to Start Building Your Wealth Investing in the Stock Market My Worst Investment Ever 9 Valuation Mistakes and How to Avoid Them Transform Your Business with Dr.Deming’s 14 Points Andrew’s online programs Valuation Master Class How to Start Building Your Wealth Investing in the Stock Market Finance Made Ridiculously Simple Become a Great Presenter and Increase Your Influence Transform Your Business with Dr. Deming’s 14 Points Connect with Andrew Stotz: astotz.com LinkedIn Facebook Instagram Twitter YouTube My Worst Investment Ever Podcast  

Aug 20

26 min

Karen Foo is actively involved in speaking at various conferences, seminars, expos, workshops, toastmasters clubs, and publicly held events. Having overcome numerous setbacks in her life, she has gone on to inspire thousands of young people, executives, and leaders to REALIZE THEIR ABSOLUTE WILDEST DREAMS through her INTERACTIVE, INSPIRING, AND ENGAGING TALKS. Karen has been ranked #1 in a Singapore nationwide Forex trading competition, competing with over 200 traders and has shared the stage with top investment gurus and CEOs. You can find her on her YouTube channel and join 94,000 other people who are gaining from her videos about forex, stocks, markets, and much more!   “In any failure in life, there’s a good side to it.” Karen Foo   Worst investment ever Case of the curious intern Karen’s parents are full-time stock investors, and they exposed her to stock investing since she was young. That’s what sparked Karen’s interest in the financial markets. When she was on internship, she took her salary and put it into the Forex market, not knowing what she was doing. She thought she was smart back then, but it turns out that she wasn’t so smart and so she lost the $1,500 she’d invested. Once bitten twice not shy As if the loss was not enough, Karen went on to lose $6,000 of her mom’s savings. Karen believed that she’d make money by investing in unit trusts. Again, she thought she was smart enough to get a win, and so she went in blindly. No research, no guidance, nothing. Needless to say, she lost $8,000, part of which was her mom’s savings. Karen was broke, angry, and embarrassed. She’d assured her mom that she knew what she was doing, but now she’d lost all the money. Asking for guidance After losing money twice, Karen admitted that she needed help making the right moves. Now she works with various mentors, something that has seen her become #1 Singapore Forex trader. Lessons learned Forget get rich quick schemes Forex trading is not a get rich quick scheme, so don’t take shortcuts. Don’t ignore risk management One of the main reasons why a lot of traders lose money is because they don’t care about money management and risk management, which contributes to about 40% of your success as a trader. You don’t have to figure out everything on your own It’s ok to try and learn everything on your own, but you will be more successful if you work with a mentor. Mentors can teach you a lot more than you can learn on your own. Focus on your risk to reward ratio Don’t focus too much on the win rate; instead, focus on risk-to-reward ratio because forex trading is not about returns; it is about risk-adjusted returns. Andrew’s takeaways The best fund managers are risk managers The best fund managers are not the ones that hit the home runs, but the ones that never strikeout. These are the ones who avoid massive losses and know about risk management. Plan your success If you want to see success in forex trading, have a plan and strategy that fits your personality in place. Do this before you commit a lot of money. Listen to the losers There’s always going to be winners and losers in the stock market. However, people talk only about the winners. Listen to losers, and you’ll learn a thing or two from them. Actionable advice Find out how credible a coach is before you work with them. You can ask them a couple of questions or look at their content. Don’t fall prey to the kind of YouTubers who like to flex their lifestyle instead of teaching. You won’t learn anything from them. No. 1 goal for the next 12 months Karen’s goal for the next 12 months is to grow her YouTube channel. She also hopes to get back to speaking on stage and also publish a book she recently wrote. Parting words   “Trading and investing is not a get rich quick scheme you’ve got to work hard, be patient, and you will get there. So for those people who preach to you get rich quick, just use that as entertainment.” Karen Foo   Connect with Karen Foo LinkedIn Facebook Instagram YouTube Website Email: karen@karen-foo.com Andrew’s books How to Start Building Your Wealth Investing in the Stock Market My Worst Investment Ever 9 Valuation Mistakes and How to Avoid Them Transform Your Business with Dr.Deming’s 14 Points Andrew’s online programs Valuation Master Class How to Start Building Your Wealth Investing in the Stock Market Finance Made Ridiculously Simple Become a Great Presenter and Increase Your Influence Transform Your Business with Dr. Deming’s 14 Points Connect with Andrew Stotz: astotz.com LinkedIn Facebook Instagram Twitter YouTube My Worst Investment Ever Podcast  

Aug 18

22 min

Dr. Marcia (Marsha) Reynolds, Master Certified Coach, is fascinated by the brain, especially what triggers feelings of connection and possibility. She draws on her research and life events as she helps coaches and leaders make conversations into transformational experiences. She has provided executive coaching, training programs, and keynote speaking in 41 countries. Interviews and excerpts from Marcia’s books Outsmart Your Brain; The Discomfort Zone: How Leaders Turn Difficult Conversations into Breakthrough; and Wander Woman: How High-Achieving Women Find Contentment and Direction, have appeared in many places including Fast Company, Psychology Today, and The Wall Street Journal. Her latest book, Coach the Person, Not the Problem, became a bestseller the day it was released this past June. Marcia’s doctoral degree is in organizational psychology, and she has two master’s degrees in education and communications. She also feels she gained an invaluable education when she turned 20 in jail. With the support of her cellmates, she chose to rise back up and show the world she could succeed even when she was told she would fail. She went on to accumulate degrees, rise in male-dominated corporations, and now teaches leadership and coaching classes worldwide. She is recognized by the Global Gurus as the #5 coach in the world.   “Easy usually is a bad investment. You have to take your time and research your book well.” Marcia Reynolds   Worst investment ever Marcia always saw herself as a writer, and so when she left her last corporate job and had time, she wrote her first book. A friend insisted that she works with a certain woman to publish her book. She said that she would make life so easy for Marcia. The said publisher would make all the decisions, find all the people Marcia needed, do layout and covers, and anything else necessary to publish her book. Marcia would not have to worry about a thing. Hearing this made her quite excited since she had no experience. How nice it was to have someone do everything for her. A costly affair The publisher seemed a little expensive and kept charging her for stuff, but Marcia thought that meant she’d produce high-quality work and make her book a bestseller. She ended up spending $40,000, which she never made back. The biggest flop ever Marcia’s book was a colossal flop all because of the title the publisher chose. The publisher went with a title that Marcia thought was catchy. However, this title was the reason why Marcia’s book never got reviews and into bookstores. The title was The Rapture. Marcia had no idea that the word rapture had anything to do with any religion. Every bookstore thought the book was a Christian book. Marcia still has books sitting in her garage after losing a cool $40,000 to an inexperienced publicist. Lessons learned Always get references Before you hire people to work with, look at past experiences and what other people have said about them. If possible, talk to references to find the expertise of the person. Run your titles by your target audience Ask your audience what they think about your titles. You could do a survey monkey and have your fans help you choose the best titles. Be careful of the wow factor Be careful of people who make it sound like it’s going to be easy for you. Publishing your first book is not easy, so don’t let anyone tell you that it. If they do, then you shouldn’t work with them. Andrew’s takeaways Go for experience When looking for a publisher for your first book, go for people with proven expertise and experience. Check out their references to ascertain their expertise. You’ve got to put in the work If you want good results as you write your first book, you’ve got to work for it. Once you put in the work and the time you’ll give your book value and make it a bestseller. Work with people’s strengths It’s hard to find one person with all the strengths that are useful for your book. So when looking for people to work with, look for their strengths. This could be choosing a title, artwork, editing, etc. Actionable advice Publishing your first book is not as expensive as you think. There are good people out there for half the price, so don’t let the price fool you. So if you’ve been wondering how to find a publisher for my first book without spending a fortune, you just need to find the right people to work with. No. 1 goal for the next 12 months Marcia’s goal for the next 12 months is to launch a massive program called breakthrough coaching. This is a six months online program where people will learn how to change people’s thinking and help them have breakthroughs. Parting words   “As long as you learn from your mistake and experience, you should never regret it.” Marcia Reynolds   Connect with Marcia Reynolds LinkedIn Twitter Facebook YouTube Website Andrew’s books How to Start Building Your Wealth Investing in the Stock Market My Worst Investment Ever 9 Valuation Mistakes and How to Avoid Them Transform Your Business with Dr.Deming’s 14 Points Andrew’s online programs Valuation Master Class How to Start Building Your Wealth Investing in the Stock Market Finance Made Ridiculously Simple Become a Great Presenter and Increase Your Influence Transform Your Business with Dr. Deming’s 14 Points Connect with Andrew Stotz: astotz.com LinkedIn Facebook Instagram Twitter YouTube My Worst Investment Ever Podcast  

Aug 16

26 min

Mike Meissner is an entrepreneur, a people-oriented leader, and an industry expert in logistics and supply chain management as well as biological and environmental testing. He proudly wears 20 years of professional experience in many countries across Europe, the Middle East, the Americas, and the Asia Pacific, where he built several successful businesses “just for pleasure really.”   “We now invest in better quality and higher prices, and we shorten times. This means fewer headaches and issues. We provide what we promise.” Mike Meissner   Worst investment ever Barbeque, wine, business idea Mike and a friend had a barbecue a few months ago. After the second bottle of wine, they joked about inventing a digital container that would keep the required transportation temperature throughout the journey. The next morning, when sober, Mike and his friend researched their idea intensively. They found out that this kind of box doesn’t exist. So they started developing it from a design and an engineering point. Eventually, they came up with a fantastic container in different sizes for different commodities. The novel box The box is charged like a mobile phone for four and a half hours, you set your desired temperature, you lock it and the box guarantees to maintain this very same temperature for the next 72 hours. It has an integrated SIM card and sends push notifications with details such as the patient file, the box’s current location, who’s handling your product, at what humidity, luminosity, and at what temperature. Such details create transparency. So essentially, no more dry ice, ice packages that you freeze, and put on top of your package for your shipment. It doesn’t matter if your flight is delayed because 72 hours is plenty of time from anywhere in the world to reach its destination. What could go wrong? Nine months later, Mike’s box went into patenting and had a successful pilot with his clients. Everybody was happy. Mike was receiving compliments for a noble and promising idea. This box was going to be a hit. Nothing could go wrong. Or so he thought. However, the beginning has been terrible. Mike made a lot of silly decisions that cost them money and time. Once they had the box designed and assembled and the design documents approved by authorities, they started to source for components. Mike had two component suppliers. The first one was a friend who was selling the parts for $509. The second supplier was very far away, and Mike had no personal relationship with him. However, he sold the components for $240. Choosing the cheaper option So out of Mike’s nature of not being a big fan of finance and administration, he just wanted to get his box done. He wanted to touch it and was eager to put it on the table of the FDA for approval. So Mike chose the second supplier and placed an order for $25,000. Quite a considerable amount for a start-up. The components arrived six weeks later but got stuck in customs because wrong customs clearance codes had been used. They had to pay hefty fines for this. To make matters worse, the components turned out to be of the lowest quality possible. Mike had ordered for eco-friendly components because he didn’t want to be testing the environment with harmful materials or components. So when they sent the parts to an independent testing facility, just to give them the confidence of the materials used, they ended up having the worst PVC materials that you can launch in the market. So nobody would have ever approved this to be eco-friendly. It also cost him another $600 to recycle the components that they couldn’t use. So far, they’ve lost a lot of production time, and Mike ended up paying one and a half times as much as the first supplier. But, he’s glad he was able to learn how to avoid losing money on investments thanks to this experience. Lessons learned Find people who compliment you You will never have all the qualities needed to set up a successful company. So surround yourself with people who complement the qualities that you don’t have. Learn the basics Even though you don’t have the general interest or the general specialty in areas such as finance, administration, purchasing, quality control, you have to force yourself to learn at least the basics so that you at least know what is going on in your business. You cannot just go for your vision and your product without having the essentials. Andrew’s takeaways Manage your risks When starting a company, you’ve got to become a great risk manager to avoid losses. Finance adds no value Value comes from your ideas and the implementation of those ideas. Finance adds no value. It is a support function, a measurement tool, and a feedback mechanism. If you can understand finance, then you will be able to see where you’re at and the results of your prediction so that you can implement your ideas from the point of knowledge. Cheap is expensive Sometimes the cheapest option is, in fact, the most expensive. Actionable advice Think before you act, take a step back. Try to listen to more than two or three opinions of your family and friends, as well as your competitors. Be patient and think things through first. If you lose a day or two, that won’t change anything in your success. No. 1 goal for the next 12 months Mike’s goal for the next 12 months is to continue growing his start-up by improving its products and services. He also wants to start expanding into other geographies. Parting words   “If you’re on the edge of starting something, I encourage you to follow your dreams. Do it right, take the learnings from me and others so that you do not commit the same” mistakes. Mike Meissner   Connect with Mike Meissner LinkedIn Andrew’s books How to Start Building Your Wealth Investing in the Stock Market My Worst Investment Ever 9 Valuation Mistakes and How to Avoid Them Transform Your Business with Dr.Deming’s 14 Points Andrew’s online programs Valuation Master Class How to Start Building Your Wealth Investing in the Stock Market Finance Made Ridiculously Simple Become a Great Presenter and Increase Your Influence Transform Your Business with Dr. Deming’s 14 Points Connect with Andrew Stotz: astotz.com LinkedIn Facebook Instagram Twitter YouTube My Worst Investment Ever Podcast

Aug 13

27 min

Mark Moss has been a full-time investor for 25 years and has invested in businesses, real estate, stocks, gold, and crypto. He is a market analyst on YouTube and newsletter publisher.   “We don’t learn from our successes, we learn from our failures.” Mark Moss   Worst investment ever The young entrepreneur Mark was just 18 when he started buying real estate. He was buying and fixing properties. Then he started building from the ground up, doing mixed-use buildings and commercial buildings. Mark knew how to make a lot of money. But could he keep the money? Turning everything into gold Mark was enjoying success. Every real estate project he touched thrived. He was steadily building his real estate portfolio, built himself a mansion, got married, had a kid, everything was great. What he didn’t understand is what got him in trouble Mark was smart enough to see the 2008 Real Estate crash coming. He had read a book, The Next Great Bubble Boom, by Harry Dent in which Dent kind of forecasted the crash. Mark knew he needed to get out and started selling every real estate that he had. But since he was doing development and these products took years, he got stuck with a couple of properties. Mark had put his entire energy into building his real estate portfolio. His investments started losing value first by 6%, then by 18% and in no time by 60%. All along, Mark thought he would ride the tide, and so he kept pushing. However, when the drop hit 60%, he ended up losing everything. And it was because Mark didn’t understand that you don’t put all your eggs in one basket. Mark went from having a $20 million real estate portfolio to being millions of dollars in debt. Helping others invest the right way Mark prides himself on being good at making money. So after his worst investment ever, he dusted himself off and got up again. Mark was able to make money again. This time, he had to learn how to do it the right way. Today, his mission is to make sure other people don’t repeat his same mistake. Lessons learned Diversify your portfolio Never put all your eggs in one basket. Diversify your portfolio by reinvesting your profits into different investments. Most people tend to put back profits into their initial investments. While this is ok, if your investment tanks, you lose everything. Understand the basics of investing If you’re starting to invest, be sure to understand the basics of investing so that you’re able to make sound decisions, and protect your wealth. You have to create wealth first to invest Investing is what you do with your money after you make it. You have to create wealth first, and then you invest what’s leftover. Then you protect your wealth through risk management. Andrew’s takeaways Creating, growing and protecting wealth are different things One of the biggest mistakes that people make is to confuse, creating, growing, and protecting wealth. We create wealth through business. We grow wealth by investing what we’ve created, and we protect wealth through risk management measures such as a stop-loss, asset allocation, and diversifying your portfolio. Actionable advice Sit down and think about what you’re trying to do and where exactly you want to be. Then make a plan to get there because nobody is going to be able to tell that to you. You have to figure it out on your own. No. 1 goal for the next 12 months Mark’s goal for the next 12 months is to build cash flow and grow his wealth. Connect with Mark Moss LinkedIn Twitter Facebook YouTube Website Andrew’s books How to Start Building Your Wealth Investing in the Stock Market My Worst Investment Ever 9 Valuation Mistakes and How to Avoid Them Transform Your Business with Dr.Deming’s 14 Points Andrew’s online programs Valuation Master Class How to Start Building Your Wealth Investing in the Stock Market Finance Made Ridiculously Simple Become a Great Presenter and Increase Your Influence Transform Your Business with Dr. Deming’s 14 Points Connect with Andrew Stotz: astotz.com LinkedIn Facebook Instagram Twitter YouTube My Worst Investment Ever Podcast Further reading mentioned Joe Dominguez (1999), Your Money or Your Life: Transforming Your Relationship with Money and Achieving Financial Independence Harry Dent (2006), The Next Great Bubble Boom: How to Profit from the Greatest Boom in History: 2006-2010

Aug 9

32 min

Mark Pierce is an attorney, an accountant, and the owner of Cloud Peak Law. With over three decades of experience, Mark has truly “seen it all” - at least from a legal perspective, from bankruptcy and estate planning to oil/gas and securities. He’s not only a lawyer but also a CPA and a serial entrepreneur.   “When you find yourself in a hole, quit digging because it never gets better.” Mark Pierce   Worst investment ever Looking for a new venture In 2004 Mark was living in Florida when he felt that he needed a break from practicing law. So he looked around for his next venture. Considering the aftermath of 911, Mark felt that anything involving military or government services was going to be a booming business. So he bought into this trucking company that provided moving services primarily to the military in Florida. Gold turns into dust Mark grew the company from $4 million to $20 million in a little over six years. And just as he was getting the hang of it, the world was hit by the financial crisis of 2008. Additionally, the US was hit by government shutdowns that were perpetrated by the tea party movement that went on at the time. Mark believed that his business could power through the crises, and so he kept soldiering on. Unfortunately, the company could not beat the two disasters. What had turned out as a smart investment went on to become Mark’s worst investment ever. He went from having a net worth of around $9 million to have a net worth of about one million dollars. Lessons learned Have a stop loss Always have your stop loss. Have a mark by which if your investment goes below that mark, you sell it no matter what and then reassess. Having a stop-loss order in place makes sure that you don’t lose too much should there be a downturn in your investment. Andrew’s takeaways Question your decisions If you’re in trouble or dealing with a struggle right now, whether that’s a personal or a professional fight, ask yourself, knowing what you know now, would you make the same decision? Let’s say this person walked up to you today, knowing what you know about them, would you start a relationship with them? Would you start this business if this opportunity appeared? If the answer is no, then you’ve got to get out. If the answer is yes, double down and make it work. Appreciate times of discomforts We must take some discomfort now and then to prepare ourselves for the worst. This makes recovering from the worst easier. Actionable advice Have people around you to give you advice. People who are disinterested in your business from a monetary investment standpoint, or they don’t have a family relationship. People who can look at you and say, “You know what, here’s what’s going on. This is what’s happening. I think you should consider these things.” If you get that, you’ll be able to make those calls because psychologically, you’ll have the backup, and you’ll know you’ve got that independent corroboration that allows you to think you’re right. So surround yourself with people who can give you harsh advice. Mark calls it the Dutch uncle syndrome. No. 1 goal for the next 12 months Mark’s goal for the next 12 months is to begin rolling out several new products into additional states and possibly raise a bit of money in a private equity function. This will allow him to build a bigger team than what he’s got right now. Rob has proven his business concept in four states, and it’s working very steadily. Now he’d like to bring some more people to take those products out and drive them in other states. Parting words   “Be optimistic, but be cautious and realistic. Surround yourself with good advisors. And when you get a good advisor, shut up and take their advice.” Mark Pierce   Connect with Mark Pierce LinkedIn Facebook Website Andrew’s books How to Start Building Your Wealth Investing in the Stock Market My Worst Investment Ever 9 Valuation Mistakes and How to Avoid Them Transform Your Business with Dr.Deming’s 14 Points Andrew’s online programs Valuation Master Class How to Start Building Your Wealth Investing in the Stock Market Finance Made Ridiculously Simple Become a Great Presenter and Increase Your Influence Transform Your Business with Dr. Deming’s 14 Points Connect with Andrew Stotz: astotz.com LinkedIn Facebook Instagram Twitter YouTube My Worst Investment Ever Podcast

Aug 5

26 min

Rob Angel is a speaker, author, and entrepreneur. He recently published his book, Game Changer: The Story of Pictionary and How I Turned a Simple Idea into the Bestselling Board Game in the World. In 1985, using a few simple tools, a Webster’s paperback dictionary, a No.2 pencil, and a yellow legal pad, he created the phenomenally successful and iconic board game Pictionary®. Putting together the first 1,000 games by hand in his tiny apartment, Rob mastered all the needed business skills, including sales, marketing, and distribution, before selling the game to Mattel in 2001. Today, he makes his home in Seattle where he is involved in philanthropy and mentors young entrepreneurs.   “It’s ok to miss an investment. I’d rather miss 10 great investments than go into one bad.” Rob Angel   Worst investment ever What do I do with all this money? When Pictionary® became a worldwide bestseller, Rob made a lot of money. He was about 28 years old at the time, and he had no idea what to do with the money. He reached out to a couple of friends who also had a lot of money and asked them for advice. Every one of them told him first to figure out what he wants for his life. So Rob took time and thought about it. He decided that what he wanted most was freedom. So every investment he made from then on was focused on giving him financial independence and freedom of time. Going against his investment vision About four years ago, Rob received a call from a friend with an investment idea that would make him 56X his investment in four months. Of course, it sounded too good to be true to Rob, but the guy spun him a story that captured his imagination, and also, he trusted this friend. Rob looked at the paperwork, and it didn’t make sense to him, but he just couldn’t help himself. His gut feeling pointed Rob at all the red flags, but his ego made him go ahead and invest in the idea. It was just a scam Rob gave his friend a check and sat back, waiting for his investment to kick in. When the day that Rob was to get paid came, he got nothing. He waited a couple of days, still nothing. After a few weeks, Rob went looking for his friend, but he was nowhere to be found. It was now quite clear that he had been scammed. Rob wasn’t too concerned with the money that he lost, but he was angry with himself for going against everything that he knows about himself and investing. He was mad that he had let greed lead him to make his worst investment ever. Lessons learned Listen to your intuition Listen to yourself and your gut instinct. Don’t let your brain and your ego override your intuition. Trusting your gut will save you from making your worst investment ever. Stay true to your vision When investing, stay true to your vision. Don’t let the excitement of the moment distract you from what you want to achieve. Plan for your success Don’t plan to fail; instead, prepare for your success. It’s ok to have a plan B, but plan for your success and what that looks like. Doing so will help dictate your business, your growth, and your investment strategy. Andrew’s takeaways Be open, aware and present Usually, we’re caught up in all of the excitement of the day, and we miss out on the opportunities around us because we’re not present and living in the moment. Look for inspiration around you We’re all standing on the shoulders of giants, and we get ideas from other people all the time. So be open to learning and drawing inspiration from people surrounding you. You might just get your next big idea from them. Invest for the long term Warren Buffett’s success in investing stems from his ability to watch grass grow. When investing, go in for the long term. Careful, thoughtful investing is just a simple long-term waiting game. It is not a game of excitement or buying and selling. Start investing early enough and let that grass grow. Learn to move on When you make a mistake, no matter what you’re feeling, happiness, joy, shame, etc., feel it, then move on. Don’t let it eat you up. Don’t let it ruin your next investment. Actionable advice Trust that little voice in your head. If you can get past that little voice, then go ahead and do your research. Then go ahead and see what the investment looks like. Listen to your intuition. We’re all smart, we all know what we need, and we all know what we want. Just pay attention to it and be disciplined about it. No. 1 goal for the next 12 months Rob’s goal for the next 12 months is to sell his book and have fun doing it. Rob is trying to sell Game Changer on Amazon. His goal is to talk more about what he did right and what he did wrong. Hopefully, it will resonate with people, and they can avoid some of the mistakes that Rob made. Parting words   “Just go out and do it. Find your aardvark.” Rob Angel   Connect with Rob Angel LinkedIn Facebook Instagram Website Email: info@robangel.com Andrew’s books How to Start Building Your Wealth Investing in the Stock Market My Worst Investment Ever 9 Valuation Mistakes and How to Avoid Them Transform Your Business with Dr.Deming’s 14 Points Andrew’s online programs Valuation Master Class How to Start Building Your Wealth Investing in the Stock Market Finance Made Ridiculously Simple Become a Great Presenter and Increase Your Influence Transform Your Business with Dr. Deming’s 14 Points Connect with Andrew Stotz: astotz.com LinkedIn Facebook Instagram Twitter YouTube My Worst Investment Ever Podcast Further reading mentioned Rob Angel (2020), Game Changer: The Story of Pictionary and How I Turned a Simple Idea into the Bestselling Board Game in the World

Aug 3

36 min

Don Moore holds the Lorraine Tyson Mitchell Chair in Leadership at the Haas School of Business at the University of California at Berkeley. His research interests include overconfidence, including when people think they are better than they are, when people think they are better than others, and when they are too sure they know the truth. He is only occasionally overconfident. He is the author of Perfectly Confident: How to Calibrate Your Decisions Wisely.   “We let ourselves get carried away when we think that somehow believing in ourselves is enough to ensure success. It’s not.” Don Moore   Worst investment ever Unleash the power within Don found himself at a Tony Robbins course, Unleash the Power Within that he believed would change his life. The life coach had been enormously influential in lots of people’s lives. Don had read his books as a young man and was thoroughly inspired. The four-day course challenges those in attendance to think big about their goals and their lives, to confront the challenges that are holding them back. To help them figure out how to break through those challenges so they can live their highest ideals and the best life that they could imagine for themselves. Walking on fire At the end of the course is the famous final firewalk. Before it started, Tony Robbins whipped the crowd into such a frenzy. The people in attendance were practically exploding out of the convention center, ready to walk across hot coals. They marched outside to find these huge burning pyres and embers laid with glowing coals that they were to walk on. Blinded by overconfidence In his enthusiasm, Don somehow failed to take account of the cautionary safety warnings that Tony Robbins had offered. Don was confident and ready to prove to himself and the world just how brave I was. So he marched bravely across the bed of hot coals. At that moment, overcome by enthusiasm and overconfidence, Don burned the hell out of the soles of his feet. It turns out that those glowing embers stick to the tender flesh. Tony Robbins had instructed them to get their feet hosed down and wipe them off thoroughly. But in his bravado, Don felt that he didn’t need to do all that. And so he suffered for his overconfidence. Lessons learned The time to take a pause is when everything is going right Whenever you find yourself feeling ready to cross the finish line victoriously, and you feel sure that success is guaranteed, that’s the time to take a pause and ask yourself, how might this go wrong? How might I fail, and is there anything I can do to protect myself now against those risks? What are the other competitors thinking about their chances? Learn to imagine failure When you’re confident that you can do it, that you can succeed, stop for a moment, and imagine failure. Imagine your investment has turned out to be a catastrophe, you’ve lost money, you’ve disappointed your investors, you’ve lost credibility in the markets, etc. Imagining failure can help you identify risks, and maybe help you think about ways that you can hedge those risks and avoid the full exposure of to those dangers. Have an accurate sense of what you can achieve Yes, it can feel good to be overconfident, but it can get you into a whole bunch of trouble. How confident should you be? You should be as confident as the truth can justify. Don’t be underconfident either Managing your confidence doesn’t mean you should sell yourself short or lower your aspirations. Many times people are underconfident, they decline to take risks, they fail to initiate relationships, to try new products, or take risky job positions because they’re afraid that they’ll fail. The imposter syndrome is all about underconfidence, the belief that we can’t do it when, in fact, we can. Andrew’s takeaways It won’t always be mind over matter Our mind is mighty, but there are times when the mind doesn’t help our body. Sometimes the mind will give the body a different signal. Confidence is just but a tool Think of confidence as a hammer. It can help you build a house, but you can’t build the whole house with one hammer. Confidence is a tool that has its limits but has its usefulness. Actionable advice Ask yourself why you might be wrong, and in doing so, consider the advice from your critic, your enemy, whose skepticism and grouchiness always grates on your nerves. That person has a gift of inestimable value to offer. Their negativity can help temper and strengthen the confidence you feel by injecting a little bit of reality in it. This approach has been called by psychologists the most general-purpose useful and powerful debiasing strategy there is. It invites you to consider what you’re neglecting. It encourages you to imagine how things could turn out differently. It helps you find other courses of action and think probabilistically about the uncertainties inherent in a complex future. No. 1 goal for the next 12 months Don’s goal for the next 12 months is to see his book, Perfectly Confident: How to Calibrate Your Decisions Wisely, get out in the world, and have an influence. It’s a message that he sees as particularly poignant at this time when overconfident world leaders have gotten their countries in so much trouble—calibrating our confidence about getting out into the world in the presence of a virus and how confident we can be about opening our economies up again. Connect with Don Moore LinkedIn Twitter Facebook Blog Website Andrew’s books How to Start Building Your Wealth Investing in the Stock Market My Worst Investment Ever 9 Valuation Mistakes and How to Avoid Them Transform Your Business with Dr.Deming’s 14 Points Andrew’s online programs Valuation Master Class How to Start Building Your Wealth Investing in the Stock Market Finance Made Ridiculously Simple Become a Great Presenter and Increase Your Influence Transform Your Business with Dr. Deming’s 14 Points Connect with Andrew Stotz: astotz.com LinkedIn Facebook Instagram Twitter YouTube My Worst Investment Ever Podcast  

Jul 28

50 min

Christopher D. Connors is the bestselling author of Emotional Intelligence for the Modern Leader and The Value of You. He is an author, executive coach, and keynote speaker who helps leaders increase their emotional intelligence, prioritize goals, and build thriving organizations. He works with executives and leaders at Fortune 500 companies, sports organizations, schools, and universities. His writing has appeared in CNBC, World Economic Forum, Quartz, CEO World, Virgin Media, Thrive Global, and Medium, and he’s been a guest on FOX and ABC TV programs. Christopher is happily married to his beautiful wife and is the proud father of three amazing, rambunctious baseball-loving boys. He lives in Charleston, South Carolina.   “Adversity is your best friend. In every adversity, there is always an opportunity that is going to come out of that.” Christopher Connors   Worst investment ever The big move Christopher grew up just outside New York City on Long Island while his wife grew up in South Carolina. They had been living in New York when the wife said she wanted to leave. And so they decided to relocate to Atlanta. Christopher wasn’t emotionally or mentally prepared to make a move, but he did it anyway as it was the right move for his family. Physically, Christopher was in Atlanta, but mentally, emotionally, and spiritually, he was still in New York. He was living this life where he was just struggling to put the pieces together. A thriving career While Christopher was struggling to adjust to the new life, career-wise, he was thriving. Christopher landed the most prestigious job opportunity he’s ever had. The job was very high paying, and he got to work with some of the top corporate clients in all of Atlanta, including Coca Cola, Delta, UPS, and the Home Depot. His head was just not in the game Despite having landed the job of his dreams, Christopher was still not settled and was struggling to adapt. He was still trying to figure out a little bit more about himself in terms of what he truly wanted to do. Even though on paper, this opportunity looked like a dream job, the more he went through it, the more he realized it wasn’t. Getting booted Christopher tried out a couple of different assignments that didn’t work. He just wasn’t able to employ emotional intelligence to be able to separate his personal life from his work life. About 10 months into it,  he was fired. Here he was less than a year into a move with a young son and a wife, and all of a sudden, he didn’t have an income coming in. It was a big blow to his ego because he had been successful in all of the other previous jobs that he had been in. Figuring his next move Getting fired was entirely unexpected for Christopher, but with a family to take care of, he had to bounce back soon. Christopher had always had this burning desire to write and coach just lying underneath the surface. He had treated them as hobbies for so long and just doing it a little bit of on the side. Now that Christopher had time on his hands, he started to build up a little bit more, and with time he turned it into a fulltime venture. Christopher admits that his poor performance in this lifetime job opportunity remains his worst investment ever; however, he’s thankful that it happened because he mustered the courage to kick the fear of venturing out entrepreneurially in the butt. Lessons learned Adversity is your best friend Don’t fear pain and failure. With every adversity, there’s the opportunity or the equivalent seed of an advantage. Learn to see opportunities within your adversities, and you will thrive. Developing emotional intelligence Life will always have its shortcomings. By developing emotional intelligence, you will be able to turn every weakness into a win. Without emotional intelligence, you will always let pain, failure, loss, and other adversities hold you back. Be proactive Start taking the initiative to go after the things that you have the skills for, but have previously been too afraid to do. Your success depends on the actions you take today. Plans are nothing; planning is everything Have a plan in life and take action to turn those plans into reality because plans are nothing planning is everything. Know that plans will change, but that doesn’t mean that you shouldn’t plan. Move from thinking to doing Make all of these things that you’ve always believed that you can do actionable. You need to move from just thinking and talking about these things and start doing them. Muster the courage to start putting your ideas out there, and you may just surprise yourself. Andrew’s takeaways It gets hard before it gets easy Sometimes we just have to hit rock bottom to become our best versions. It has to get hard enough and painful enough for you to decide that you’ll do something different. Our adversities make us who we are It is our adversities, our struggles, our mistakes, and our losses that spur us to new opportunities. Actionable advice First, listen to your heart about what you truly want to do. Second, don’t live in the past; be willing to adapt. No. 1 goal for the next 12 months Christopher’s number one goal for the next 12 months is to be a great dad. The couple just welcomed a newborn child into the world. From a professional standpoint, Christopher plans to continue building his coaching business and working with people that he deeply admires in a variety of industries. He also has some ideas for a third book coming up and has started laying the foundation for that. Parting words   “Follow your heart and intuition. Mix this with a plan that’s coupled with the talents, skills, and experiences that you have. Then just go for it.” Christopher Connors   Connect with Christopher Connors LinkedIn Twitter Instagram Facebook YouTube Blog Website Andrew’s books How to Start Building Your Wealth Investing in the Stock Market My Worst Investment Ever 9 Valuation Mistakes and How to Avoid Them Transform Your Business with Dr.Deming’s 14 Points Andrew’s online programs Valuation Master Class How to Start Building Your Wealth Investing in the Stock Market Finance Made Ridiculously Simple Become a Great Presenter and Increase Your Influence Transform Your Business with Dr. Deming’s 14 Points Connect with Andrew Stotz: astotz.com LinkedIn Facebook Instagram Twitter YouTube My Worst Investment Ever Podcast

Jul 26

27 min

Libby Gill is an executive coach, leadership expert, and best-selling author. She guides emerging and established leaders to inspire purpose and drive performance. She is the former head of communications for Sony, Universal, and Turner Broadcasting, and her clients include Bank of America, Capital One, Disney, Ernst & Young, Intel, Microsoft, and many more. She has been featured on the CBS Early Show, CNN, NPR, the Today Show and in the New York Times, Time Magazine, and The Wall Street Journal. She’s the author of six books, including the award-winning You Unstuck. Libby’s latest book is The Hope-Driven Leader: Harness the Power of Positivity.   “Leaders ask questions that propel them into new opportunities. Managers answer questions and get the job done for those who have the vision.” Libby Gill   We’re going to change the format a little bit today because Libby has gained a lot of experience as a leadership expert through coaching, working with teams, and writing books about it. Since we’re at a critical time for every leader out there to figure out how to survive and thrive, we’ll jump straight to the lessons and nuggets of wisdom that Libby has collected along her career path. Libby started her career in communications working for various entertainment studios. In the process, she grew up the rank to become a young leader. After a while, Libby realized what she wanted to do was to continue to grow teams, which she had done a lot as a leader. She read an article in Newsweek about executive coaching and took great interest in it. Libby then started working with people in executive coaching, then she went on to writing books and speaking in big forums. Her career in executive coaching just continued to grow. It’ll be 20 years this fall since Libby started. Lessons learned A business needs both leaders and managers to succeed You need people at different levels in your business. Leaders and managers play different roles in the success of a business. Leaders ask the questions that get the business new opportunities, while managers answer the questions. Leaders provide the business vision, and managers get the job done. Business vision, passion, and drive will get you to success You can win a battle even when you are outnumbered as long as you have a vision, the drive, and the passion for winning. As a business leader, beat your competitors by looking for gaps where you might have slipped off the market and create your competitive edge. If you’re just starting, figure out the most important thing and focus on that. But remember not to spread yourself too thin. The curse of the visionary Most leaders tend to have a hard time focusing on one area, so they find themselves with too many ideas and too little time. Try and focus on one area. Before you think of implementing more than one idea, first ask yourself if you have a financial base under you. Then, how long can you play this out and how long can you get away with trying out your many ideas without your business collapsing or depleting your funds. The hope theory Hope theory is all about having a vision of the future that may be wildly ambitious but is attainable. So to achieve this vision first, have clarity around it. Second, simplify the path to getting there. Consider what you must get out of the way, such as false hope or wrong ideas, bad habits, the wrong people. Third, execute the plan. We can all have our visionary ideas all day long, but it comes down to who’s going to get it done. Effective leadership is, therefore, about having a clear vision, perseverance, correcting the course, and continuing to move towards your vision as long as it stays true to what’s in your heart, your mind, and your gut. Have a fundamental belief that change is possible Not everybody believes that change is possible. There are plenty of people who are always justifying their defense of the status quo, and they’re going to stay exactly where they are forever. But as we move to an age that’s beyond the information age that’s about ideas and imagination, we need to be able to carry out those visions. It all becomes possible by having a fundamental belief that change is possible. Link belief to behavior When you link belief to behavior, that’s where the magic happens. If you link belief to behavior and the vision, then you’re going to act your way to achieving your vision. Actionable advice As a business leader, reach out for support. Some people perceive asking for support as a weakness, but it’s a tough time, and we got to open up ourselves to receiving help and support. No. 1 goal for the next 12 months Libby had been moving much of her business online before the lockdown started. Her number one goal for the next 12 months is, therefore, to build online coaching programs and to move to the virtual world, which allows her to touch people in all kinds of countries and places. Libby just started a writing group for people that need accountability and support while they write. They get together on a video platform to touch base and help each other stay focused. Parting words   “In the immortal words of Robert Louis Stevenson, ‘It is better to travel hopefully than it is to arrive.’” Libby Gill   Connect with Libby Gill LinkedIn Twitter Facebook Instagram YouTube Website Andrew’s books How to Start Building Your Wealth Investing in the Stock Market My Worst Investment Ever 9 Valuation Mistakes and How to Avoid Them Transform Your Business with Dr.Deming’s 14 Points Andrew’s online programs Valuation Master Class How to Start Building Your Wealth Investing in the Stock Market Finance Made Ridiculously Simple Become a Great Presenter and Increase Your Influence Transform Your Business with Dr. Deming’s 14 Points Connect with Andrew Stotz: astotz.com LinkedIn Facebook Instagram Twitter YouTube My Worst Investment Ever Podcast Further reading mentioned Libby Gill (2018) The Hope-Driven Leader: Harness the Power of Positivity

Jul 23

38 min

E.B. Tucker is the former editor of The Casey Report, Strategic Investor, and Strategic Trader. He is a board director and major shareholder of Metalla Royalty & Streaming (NYSE:MTA), a gold royalty company. He is the author of Why Gold? Why Now? The War Against Your Wealth and How to Win It and has more than two decades active in capital markets.   “It’s okay to get a bruise, but don’t get completely broken.” E.B. Tucker   Worst investment ever About 17 years ago, E.B. was trying to get into the world of finance, but he kept hitting walls. Everyone wanted to hire him as a sales rep because of his charismatic nature. However, E.B. wanted to manage money not to be a salesman all his life. So he kept trying. Lady luck came calling Finally, in 2006, one of E.B.’s friends told him about a guy he’d met playing golf, who was trying to restructure his company. The guy was looking for a sales V.P. The position came with an equity position right away. To E.B., this sounded like a winner. What the heck did he get himself into? E.B. got to learn that the company was not trading on the primary exchange and wasn’t compliant with its filings. Therefore, people could buy stock in it, but they’d not be buying the stock in the New York Stock Exchange. They’d just be buying it on an off-market. Getting his friends to invest in the company The company claimed to have natural pest control and was raising money to get the product off the ground. E.B. introduced some of his friends who invested about $150,000. He then went out to meet the CEO at their facility, and this was a disaster. E.B. found the CEO strange and was like some kind of cartoon character. He came back a little bit put off by this, and his gut feeling told him that this CEO was not straight. He’d been scammed A week later, he found out that the company didn’t have the federal EPA licenses that they claimed to have in the presentation to investors. Worse still, E.B. found out that the permit they claimed to have did not even exist, so the whole thing was made up. On top of that, they had already spent the money that E.B. had raised. He couldn’t tell how it had been spent to help the business, though. When he realized that the company had real issues, E.B. went to the guy who got him in and told him about the problems he’d noticed. The guy dismissed him and didn’t want to have that conversation with him. It seemed apparent that the guy knew what was going on. Making things right The company stopped paying E.B. when he brought these issues up. He was there only two weeks before they cut him off. E.B. decided to hire a lawyer to represent him in documenting all these issues. The lawyer wrote a letter documenting all the fraud that E.B. had found and sent it to the board’s certified mail. This cost him about $10,000. Next, E.B. hired another lawyer who was excellent at figuring out how to get his friend’s money back in about six months. This was quite a tough time for E.B. because he had the best of intentions and was just trying to break into the finance field. Lessons learned Go with your gut When people are pitching all sorts of ideas to you, do your research, ask questions, but don’t forget to listen to your instincts. Invest small at first If you’re not sure whether an investment is right for you, but you want to try it anyway, go in small. If things work out, you can always invest more later. Don’t feel pressured to invest all of your money, especially when your gut feeling tells you that there could be a problem. Don’t let people intimidate you Let go of the investment whenever you feel intimidated by someone that’s pressing you to invest. Don’t be afraid to take risks Take risks. You have to be in the game to win. But pull back, especially if your instinct tells you there could be something wrong. Andrew’s takeaways Do your research BEFORE you invest Most people fail to do their research before investing and, oftentimes, do it after investing. Assess and manage risk The best way to manage risk is to reduce your investment size. You may have failed to assess the risk, but if you manage it well, the damage isn’t going to wipe you out. Don’t invest under pressure If somebody is pressuring you to invest, you got to step back, because either they’re desperate for money, and that’s a problem, or they’re manipulating and lying to you. Actionable advice Go, but go carefully. Take risks, but don’t forget to be careful not to risk everything. No. 1 goal for the next 12 months E.B.’s number one goal for the next 12 months is to walk 10,000 steps every single day 365 days of the year. He’s already doing it, and he’s never felt better! Parting words   “We’re all on our journey, but we can learn from each other.” E.B. Tucker   Connect with E.B. Tucker LinkedIn Twitter Website Andrew’s books How to Start Building Your Wealth Investing in the Stock Market My Worst Investment Ever 9 Valuation Mistakes and How to Avoid Them Transform Your Business with Dr.Deming’s 14 Points Andrew’s online programs Valuation Master Class How to Start Building Your Wealth Investing in the Stock Market Finance Made Ridiculously Simple Become a Great Presenter and Increase Your Influence Transform Your Business with Dr. Deming’s 14 Points Connect with Andrew Stotz: astotz.com LinkedIn Facebook Instagram Twitter YouTube My Worst Investment Ever Podcast

Jul 20

47 min

Laura Cho is an International Certified Coach and Founder at Laura Cho Intl. coaching millennial talents to build a successful career by unleashing their full potential with her HR expertise. She is a public speaker sharing HR and career topics on various stages in Hong Kong, Singapore, Cambodia, and Myanmar at universities, radio shows, online platforms, journals, and public seminars. She has been featured in Stories of Asia, The Myanmar Times, Human Resources Magazine (Hong Kong), and 7Day TV.   “The best investment you can make is investing in yourself in the right way.” Laura Cho   Worst investment ever A hunger to be good at what she does Three and a half years ago, Laura started a side hustle as a career coach. To do it successfully, she had to pick up several skills. She was eager to learn anything that would help her. Buying her first online course Laura came across a Facebook ad by a lady living in Hong Kong. The online coach was offering a free business plan. Laura was impressed by the lady’s copywriting in the ad and by what she was promising. Being from Myanmar, Laura believed that the lady from Hong Kong had more knowledge and, therefore, the right person to learn from. So without taking some time to think about it, she invested in the lady’s course. The credit card privilege The course was quite expensive, especially since she had to pay in USD. But because she had a credit card, she spent anyway. All talk no action After Laura started the online course, she soon realized that the coach was just full of air and wasn’t walking the talk. The course offered Laura zero value. She did not learn a single new thing in that class. Whenever she tried to ask questions, the coach would dismiss them as stupid questions. Laura was devasted. And to imagine all the money she had paid! Freeing herself from the guilt Laura couldn’t help but feel angry for allowing herself to make the worst investment ever. She was mad at herself for not taking the time to research the course. Or at the very least see what other people were saying about the course and the trainer. She carried this anger for a while, and it prevented her from trying out any other courses. She realized that she was shortchanging herself and so she forgave herself and moved on from the terrible experience. Lessons learned Get to know the trainer before buying an online course There are very many coaches and trainers today. So, before you invest in someone, take some time to learn about that person. Follow the trainer for some time and interact with any free content they share and read reviews from their past clients. This will let you know if you can trust the trainer or not. Calculate the return on investment Before you invest in an online course, ask yourself what will be the return on investment. How will the course benefit your career or your side hustle? Not all ‘good’ trainers are good for you People have different levels of experience. Just because an advanced student says a trainer is good doesn’t mean the trainer will help you too. Understand your needs first Why do you want to buy an online course? What do you hope to achieve from taking an online course? You have to know your needs first before you invest in your personal development. Andrew’s takeaways Do your research The number one mistake people make when investing, whether in business or themselves, is failing to do their research. Don’t buy online courses blindly, research them first to make sure you invest in the right ones only. Build trust You’ve got to build trust first before buying that online course. You can do so by engaging in the trainer’s free content first and see if they offer you any value. If yes, then go ahead and buy the course. Get the money-back guarantee Only buy courses that have a no questions asked 100% money-back guarantee. Make sure that guarantee is clearly stated. This gives you a chance to get your money back should you not be satisfied with the course. Ensure the online course is the right level for you If you’re a beginner, take a beginner’s course. If you buy an advanced course, it is not going to work, and it will be a bad investment. Be ready to implement what you learn Don’t waste your money if you are not ready to implement what you’re going to learn. Actionable advice Take time before you press that buy button. Think about why you want to buy that course and ask yourself if you have the time to put what you learn into action. No. 1 goal for the next 12 months Laura’s number one goal for the next 12 months is to upgrade and equip herself with more business knowledge. Laura wants to flip her side hustle around into a fulltime business and to do so; she needs to pick up a lot of business skills. Parting words   “Keep investing in yourself, and it will pay off over time. But make the right investment.” Laura Cho   Connect with Laura Cho LinkedIn Instagram Website Andrew’s books How to Start Building Your Wealth Investing in the Stock Market My Worst Investment Ever 9 Valuation Mistakes and How to Avoid Them Transform Your Business with Dr.Deming’s 14 Points Andrew’s online programs Valuation Master Class How to Start Building Your Wealth Investing in the Stock Market Finance Made Ridiculously Simple Become a Great Presenter and Increase Your Influence Transform Your Business with Dr. Deming’s 14 Points Connect with Andrew Stotz: astotz.com LinkedIn Facebook Instagram Twitter YouTube My Worst Investment Ever Podcast  

Jul 15

17 min

Darin Kidd is an entrepreneur who has achieved success in various arenas. He was a leader and multiple-seven-figure earner in the network marketing profession, building massive teams all over the world. He has owned profitable franchises and has built his online digital brand, which is now consumed by hundreds of thousands of followers on social media. He has been featured in various magazines and books, was on an advisory council with John Maxwell, and has been interviewed by Grant Cardone on Grant Cardone TV. Currently, he is a speaker, trainer, and mentor for others. However, he was not always a successful businessman. Over 20 years ago, he was bankrupt and felt like a failure. He managed to emerge from that experience with a unique perspective and an “I Will Until” attitude on life. He genuinely wants to help people “be more, do more, and have more” in their life.   “It’s about progress, not perfection. Just get a little bit better every single day.” Darin Kidd   Worst investment ever From debt-free to bankruptcy Darin got successful in his early 20s. Everything was going superbly well. He was debt-free, had money in the bank, 401k, some investments, and more. One day someone moved into Darin’s town, and after some time, he convinced Darin that if he paid him up front, he could build his dream home for him for a lower price. The deal sounds too good to be true? It was. The dude walked off in the middle of the construction, and everything he had done to the house was off. And just like that, Darin went from debt-free, perfect credit, money in the bank, 401k, and new cars to bankruptcy and a repossessed car. He couldn’t feed his kids or support his wife. Darin’s family was now on government assistance, Medicaid, and applying for food stamps. Darin went from a successful businessman to a depressed man. The turning point Darin’s family had this big Coca-Cola plastic piggy bank, which they were putting change in. Darin had promised his daughter that someday they’d go to Disney World. One night, after losing everything, Darin and his wife were in their bedroom when the daughter walked in. They had dumped out the piggy bank and were going through the change to try to get enough to buy something to eat. The daughter ran out of the room, crying and saying dad had taken her money for Disney World. Darin was so devastated and couldn’t believe how low he’d gone to the point of stealing money from his kids’ piggy bank. It was at this moment that he decided it was about time he took action and start building a better life for his family. This was when he took on the “I Will Until” attitude on life, which helped him rebuild his life and become the now-renowned successful businessman he is. Lessons learned Obstacles lead to elevation It’s not the easy times that make us grow but the difficult times. There’s no elevation without obstacles. So appreciate the challenges and learn and draw strength from them. Learn the compound effect Practice getting a little bit better today than you were yesterday because the simple things you do daily that seem insignificant compound over several years and completely change you. Do what others are not willing to do Do what unsuccessful people are not willing to do. Do today what others want to do tomorrow, and success will follow you. You become who you hang out with Your associations, like an elevator, either let you up or bring you down. So always ask yourself what your associations do or are doing for you. Andrew’s takeaways Never compare your insides to other people’s outsides Always remember that people are suffering inside, no matter how successful they seem. They are in pain and facing one issue or another. People, however, tend to see their own pain more clearly but don’t see other people’s pain because you only see their outsides and not their insides. So don’t let what you think you know about people intimidate you or hold you back. Actionable advice Invest in yourself. We don’t make what we want; we make what we are. If we want to make more, we have to become more. So don’t try to figure it out yourself. Find a mentor or a coach to walk the journey with you. No. 1 goal for the next 12 months Darin’s number one goal for the next 12 months is to impact over 1 million lives through consulting, coaching, training, mentoring, and courses. Parting words   “Be persistent, consistent, have a good attitude, and remember progress, not perfection. The best time to quit on your goals is never.” Darin Kidd   Connect with Darin Kidd LinkedIn Twitter Facebook YouTube Website Andrew’s books How to Start Building Your Wealth Investing in the Stock Market My Worst Investment Ever 9 Valuation Mistakes and How to Avoid Them Transform Your Business with Dr.Deming’s 14 Points Andrew’s online programs Valuation Master Class How to Start Building Your Wealth Investing in the Stock Market Finance Made Ridiculously Simple Become a Great Presenter and Increase Your Influence Transform Your Business with Dr. Deming’s 14 Points Connect with Andrew Stotz: astotz.com LinkedIn Facebook Instagram Twitter YouTube My Worst Investment Ever Podcast

Jul 13

31 min

Chris J Reed loves to share his uncensored, polarizing, and authentic thoughts on a variety of business topics on LinkedIn and for Forbes, where he is an Official Forbes Business Council Member. He is a quadruple international best-selling author on the subjects of LinkedIn, Personal Branding, and Social Selling, and he is infamously known as “The Only CEO With A Mohawk,” recognized globally by his notorious pink mohawk!   “You gotta have some kind of elevator pitch or icebreaker on LinkedIn, just like in real life.” Chris J Reed   Worst investment ever Replicating success Chris created Black Marketing, which became an instant success. With this successful experience, he believed that he could do it again, so he started another marketing company. However, it wasn’t as successful, but luckily he was able to sell it off after a couple of years. Believing in his hype After selling his second company and making money off it, Chris had it over his head that he could start a third company. He created another company, The Dark Art of Marketing, that was linked to LinkedIn marketing focusing on PR. He employed people and invested in office space, branding, marketing websites, the whole nine yards. For the first couple of years, it worked to a degree, but then the revenue dwindled. Chris decided that the solution to the now not so successful company was to create another company aimed at bringing female keynote speakers to the fore. Too much to handle What Chris didn’t realize was how challenging the market he had entered was. No one wanted to pay him for his services, but he managed to negotiate for commissions. He also, soon enough, realized that he had hired the wrong people who could barely deliver on promises. After six months, Chris figured this business was a sinking ship and closed it down after investing a million dollars. He went back to the basics and put his focus on Black Market that was still successful. Lessons learned Double-check your ideas Every single thing you do bounce it off to about 10 entrepreneurs before you start it. Don’t listen only to your instincts; listen to the right people too. Be a more cautious entrepreneur Practice being more conservative and calculating in terms of what you can win and what you can lose. Always weigh up the pros and cons. be much more conservative and calculating Andrew’s takeaways Powerful personal branding gives you a powerful platform Personal branding makes a lot of difference in your business success. You have more power if you have a strong brand. Go back to the fundamentals When looking to expand or start a business, go back to where you add the most value, and refocus on that and build on that. Actionable advice Do a better analysis of the markets. Ask for advice from people in those markets, but not people who are competitors. Then decide how much money you can lose on the venture, be prepared to lose it all and then ask yourself if it is worth it. No. 1 goal for the next 12 months Chris’s number one goal for the next 12 months is to focus on his company Black Marketing. He’s been streamlining the business and is now looking at how he can help entrepreneurs grappling with the COVID-19 pandemic, to see it as an opportunity. Parting words   “Go for your personal branding. Go for your LinkedIn marketing. Don’t underestimate branding yourself; do it for free. 95% of people can do it for free. If you don’t have time to do it, turn to us. Find me on LinkedIn with a Mohawk.” Chris J Reed   Connect with Chris J Reed LinkedIn Facebook YouTube Website Blog Andrew’s books How to Start Building Your Wealth Investing in the Stock Market My Worst Investment Ever 9 Valuation Mistakes and How to Avoid Them Transform Your Business with Dr.Deming’s 14 Points Andrew’s online programs Valuation Master Class How to Start Building Your Wealth Investing in the Stock Market Finance Made Ridiculously Simple Become a Great Presenter and Increase Your Influence Transform Your Business with Dr. Deming’s 14 Points Connect with Andrew Stotz: astotz.com LinkedIn Facebook Instagram Twitter YouTube My Worst Investment Ever Podcast

Jul 9

26 min

Rand Fishkin is CEO & co-founder of SparkToro, author of Lost and Founder: A Painfully Honest Field Guide to the Startup World, and previously co-founded and ran Moz. Since publishing his book in 2018, he has earned 4.7 stars out of 5 from 170 reviews, a remarkable achievement!   “Find something you’re passionate about, where you can add unique value, and where your audience wants to pay attention. Nail those three, and you’ll do great marketing.” Rand Fishkin   Worst investment ever Time to grow business funds Rand’s worst investment ever happened when he was the CEO of Moz. In 2011, the company turned down an acquisition offer from HubSpot, a very well known marketing platform. At the time, Moz had been growing at 100% year-on-year for about six years in a row and producing about $11 million in revenue. In 2012, Moz sought to increase funding and got $18 million, of which $15 million came from a new investor, Foundry group, and $3 million of it came from a previous investor Ignition Partners. Venturing into more forms of marketing Rand’s company used the Venture Capital (VC) funding ostensibly to grow the business from just providing search engine optimization tools and software to providing different aspects of web marketing, email marketing, content marketing, PR, and social media marketing. Essentially, all of the new forms of marketing that Moz had not served previously. Cutting off what was working Over the next few years, the company cut off all growth of its software platform. As a result, existing products stopped improving and staggered. While their competitors kept making investments, Rand was pouring all of his new money into hiring a huge team, trying to figure out the new management structures, growing his offices, and acquiring other companies. Rand thought that by putting on hold what was previously working and putting all his energy into launching his new idea, the new venture would propel Moz into superstardom with this exciting and incredibly broad software suite. The horrific failure The new venture fell flat on Rand’s face. Moz’s growth rate fell from 100% year-on-year to 50% and then from 50% to 25%. Over the years, Moz continued to plateau in terms of growth and was surpassed by two direct competitors – SEMrush and Ahrefs. Over the last few years, Moz has tried to recover and refocused on SEO after a big round of layoffs in 2016. Stepping aside While the company was still profitable, the failure put a massive strain on the company and Rand. He was not able to handle it well and had an emotional breakdown. Rand ended up stepping down from the company, replacing himself with the chief operating officer who’s still the CEO today at Moz. The myth that leads even the best of us to failure Rand’s biggest driver to his failure was believing in the myth that once you have invested, made a decision, and gone down a path, you have to keep pursuing that path until you see it through to determine whether it was the right decision or the wrong decision. In reality, the right thing to do is to release one small thing that puts you in this direction and see if that works. And then another little thing in the same direction and if it also works launch another. Don’t do anything big until you’ve released a small series of things and validate that your market wants this. Lessons learned Have structure and incentives in place Structure and incentives matter more than almost everything else when it comes to business success. Know what you’re signing up for before accepting venture capital VC financing comes with a lot of glitz and glamor, and you get a lot of media attention. Don’t fall into the trap of chasing the glamor at the expense of serving your customers, your employees, and your happiness. Find the in-between financing model Today, there are financing models in between being wholly bootstrapped trying to build a business with your own or your family’s funds and building a business with institutional investor capital. Don’t be afraid to explore such models. Andrew’s takeaways You can’t do everything Don’t be addicted to growth, and try to do everything. Things seem easier on paper than they are. Companies just can’t do everything. The startup world is a trap Small businesses are trapped. So be very careful when you go in. You can have all the dreams that you want, have a billion-dollar company, but for the majority of people, it’s pain and despair. Leave risk management to the board As the CEO, your job is growing the business while that of the board is reducing risk. When a board gets caught up in growth, they betray their obligation to the bigger world. Let the CEO in the management team propose the growth plan while the board handles the risks. All board members should, therefore, understand the role of risk assessment and risk management. Do not let investors push you Listen to different opinions, but do what’s right for you. Do not be dragged into hitting quarterly profit numbers and all that. Don’t be the CEO who spends time building a competitive advantage and chasing your tail because investors are pushing you. Actionable advice When looking for business financing, be sure to recognize what you’re signing up for and commit wholeheartedly to one path. So if venture capital appeals to you, just understand why to make sure it’s the best choice for your business. No. 1 goal for the next 12 months Rand’s number one goal for the next 12 months is profitability. SparkToro just launched, and so Rand’s main focus right now is trying to get it to a profitable, sustainable business. Parting words   “If the world around you is guiding you in a particular direction, if the sources that you read and follow, the people that you listen to and admire, are pushing you to go in one particular direction, it pays to explore the alternatives.” Rand Fishkin   Connect with Rand Fishkin LinkedIn Twitter Facebook Website Blog Email: rand@sparktoro.com Andrew’s books How to Start Building Your Wealth Investing in the Stock Market My Worst Investment Ever 9 Valuation Mistakes and How to Avoid Them Transform Your Business with Dr.Deming’s 14 Points Andrew’s online programs Valuation Master Class How to Start Building Your Wealth Investing in the Stock Market Finance Made Ridiculously Simple Become a Great Presenter and Increase Your Influence Transform Your Business with Dr. Deming’s 14 Points Connect with Andrew Stotz: astotz.com LinkedIn Facebook Instagram Twitter YouTube My Worst Investment Ever Podcast

Jul 7

35 min

John Lee Dumas (JLD) is the host of Entrepreneurs on Fire, an award-winning podcast where he has been interviewing the world’s most inspiring Entrepreneurs. With more than 2,000 episodes, one million-plus listens a month, and seven-figures in annual revenue, JLD has learned a thing or two about podcasting. I learned about podcasting from John and joined his podcaster’s paradise in 2014. It is a community of more than 2,500 people and is the place to go to if you want to become a podcaster. I highly advise those who wish to become podcasters to go to the Apple Podcast called “Free Podcast Course” and listen up.   “I never have since then created something that I didn’t first get proof of concept by actual people investing actual dollars into that offer.” John Lee Dumas   Worst investment ever Clueless college investor When JLD was in college, he found this penny stock after reading some guy’s website. The stock was six cents at the time. JLD invested $1,000 instantly and planned to sell when the stock got to eight cents. He left it at that and went to class. Rich in 45 minutes JLD came back 45 minutes later, and the stock was at 12 cents. In literally 45 minutes, he’d made 1,000 dollars, which for a college student was a big deal. So he thought this is the best way ever to make money. So he cashed out immediately and sold his stock. Then the stock went up to 18 cents as he watched. JLD regretted selling and so out of guilt, he bought the stock at 18 cents and went to bed. He woke up the next morning and logged in around 11 am and the stock was down at 3 cents. JLD experienced first initial luck to double his money and then lost it all, and all this within 24 hours. Fast forward to 2013 In 2013, JLD was one year into Entrepreneurs on Fire when he thought it would be a good idea to come out with a course with an offering. He’d built an audience through his podcast and understood what it means to generate revenue online. So he sat down and came up with this great business idea. JLD’s idea was going to be this podcast platform where customers would simply record their episode, send JLD the mp3, he would edit it, add the intro and the outro, upload it to Libsyn and distribute it out to all the podcast directories. Putting his heart and soul to his offer JLD invested heavily in this idea. He hired about 10 people to work with the clients he had hopes of getting. He invested a ton of money, time, and bandwidth into it. And then he opened the doors. He couldn’t have failed faster Upon launching the offer, JLD got just two clients. One of them asked for a refund within 24 hours. The second one ended up being a nightmare client. He quickly learned that this was an incredibly lousy investment and decided to call it quits. Despite the offer being his worst investment ever because it costs a lot of time and took a lot of money, he was glad to have walked away and not let the sunk cost fallacy take him down. JLD went on to create another offer, after proper planning, and it remains a massive success to date. Lessons learned Listen to your audience Before you create an offer, ask your audience what they want. Find out what’s their most pressing need and the most suitable solution, then offer them that. Listening to your audience will guide you in creating an offer they will want to pay for. Get proof of concept first Before you create something, get proof of concept by getting a few people to invest actual dollars into that offer. Your timing could be everything Just because your offer doesn’t work the first time doesn’t mean that it’s a bad offer. The timing could be the reason. Your offer could be something that works down the road when the time is right. Don’t let the sunk cost fallacy take you down If your offer fails, don’t keep pushing it just because you invested your money, time, and energy in it. You’ll only be digging yourself in deeper. Take a pause and re-evaluate your offer then give it a second go. To succeed as an entrepreneur, learn how to avoid the sunk cost fallacy. Andrew’s takeaways You always have something of value to offer Sometimes you can get confused about what value you bring to the audience. Your voice, your experience, can end up being the thing that people are willing to pay for. Talk to your audience and find out what they find most valuable about you. No. 1 goal for the next 12 months JLD’s number one goal for the next 12 months is to complete his first traditionally published book, called The Common Path to Uncommon Success. So the first hour of every day for JLD, Monday through Monday, Saturdays, and Sundays included is spent writing this book. He plans to publish the book in the spring of 2021. Parting words   “Try not to become a person of success, but rather a person of value. Those words are from Albert Einstein, and they changed my life back in 2012.” John Lee Dumas   Connect with John Lee Dumas LinkedIn Twitter Facebook YouTube Website Andrew’s books How to Start Building Your Wealth Investing in the Stock Market My Worst Investment Ever 9 Valuation Mistakes and How to Avoid Them Transform Your Business with Dr.Deming’s 14 Points Andrew’s online programs Valuation Master Class How to Start Building Your Wealth Investing in the Stock Market Finance Made Ridiculously Simple Become a Great Presenter and Increase Your Influence Transform Your Business with Dr. Deming’s 14 Points Connect with Andrew Stotz: astotz.com LinkedIn Facebook Instagram Twitter YouTube My Worst Investment Ever Podcast  

Jul 5

17 min

Dennis Mortensen is an expert in leveraging data to deliver business insights. A serial entrepreneur, Dennis built and successfully exited several companies before founding x.ai in 2014, a company that is solving a painful problem—scheduling meetings—through a sophisticated AI platform that saves people time and effort. Dennis is a recognized leader, author, and university instructor in the field of digital data and analytics. Originally from Denmark, Dennis lives in New York with his family.   “Any startup is just the class of bad decisions. And the danger is that one of them might just be so bad that it kills the company. You just don’t know which one it is; you’ll know when it’s done.” Dennis Mortensen   Worst investment ever Dennis ventured into his first successful venture in 1996 when he started an internet company. He was the sole investor financing the startup on cashflow. He ran the startup for four years, and in 2000 he sold it for $11 million. At 27 years of age, $11 million was undoubtedly quite a kill. Moving onto the next successful venture Excited to have hit huge success with his first venture, Dennis took all the money he got from selling the company and invested it in another startup, a food delivery service this time around. From his projections, this was going to be an excellent investment. So Dennis jumped in the deep end, money in both hands, and started to build up the team. Soon enough, the company was driving up revenue. Doing things a bit different Dennis decided that he would run his business model a bit different from other similar services. He charged slightly higher for the service; however, if the customer had any complaints about their orders, Dennis’s company would shoulder the blame and not the food vendors. Slowly but surely, this business model started eating up his cashflow and affecting revenue. Pride comes before a fall As fate would have it, Dennis got the opportunity to turn things around for his business. Another delivery service that grew to become the most prominent food delivery service company in the world approached Dennis with a merger proposal. Dennis did his research and learned that indeed this would be a great merger. He got into negotiations with the company. The company offered him an 18% stake, but he negotiated to 23%. The company was adamant about offering him no more than 18%, which was still a staggering amount as Dennis would be the single biggest shareholder in that company. In his delirious optimism, Dennis declined the offer and opted to keep running his business on his own. Three months later, this decision came to haunt him when he had to fold his business as he had no cash flow left. The delivery company he walked away from is now worth 10s of billions of dollars. Lessons learned You win some you lose some Entrepreneurship is just a game you play to win, and sometimes you will lose. But there’s a game tomorrow as well. Don’t attach your life’s worth to the success of your company. Don’t dwell on the losers If you invest in a startup company or start a business and it doesn’t work, don’t dwell on it. Dust yourself up, learn from the loss, and move on to the next winner. Andrew’s takeaways Don’t make the wrong mistake You can make many mistakes, but don’t make that one wrong mistake that’s going to kill your business. Don’t be afraid to think differently When you find an entrepreneurial space that’s yet to be explored, no matter how crazy it seems, if it’s viable, go for it. Actionable advice Think of entrepreneurship as a career, not a moment in time where you must try a venture out, and once done, you’ll go back to your day job. This way, you dedicate your life and not just a moment in starting ventures that work and move on from those that fail. You’re not in some kind of hurry to get it done. No. 1 goal for the next 12 months Dennis’s number one goal for the next 12 months is to send his lastborn daughter to college, and together with his wife, they can finally enjoy a quiet house. Parting words   “Stay happy!” Dennis Mortensen   Connect with Dennis Mortensen LinkedIn Twitter Facebook Instagram Blog Website Andrew’s books How to Start Building Your Wealth Investing in the Stock Market My Worst Investment Ever 9 Valuation Mistakes and How to Avoid Them Transform Your Business with Dr.Deming’s 14 Points Andrew’s online programs Valuation Master Class How to Start Building Your Wealth Investing in the Stock Market Finance Made Ridiculously Simple Become a Great Presenter and Increase Your Influence Transform Your Business with Dr. Deming’s 14 Points Connect with Andrew Stotz: astotz.com LinkedIn Facebook Instagram Twitter YouTube My Worst Investment Ever Podcast  

Jul 2

31 min

Ranveer Brar is a television celebrity, Masterchef India judge, author, restaurateur, food film producer, and benefactor. To put it simply, chef Ranveer is one of the most celebrated chefs in India. His popularity on television is matched by his tremendous fan following on social media as well. Getting the basics right and revering the kitchen as an artist would his/her studio, are mantras he lives by and propagates to others as well. With a bestseller in his kitty, a popular host, and judge on television and an artist both in and out of the kitchen, chef Ranveer calls himself a food-Sufi on a constant culinary quest.   “Failure is a part of your journey. It’s the outcome of the journey that matters. You can’t choose to end the journey when you want to; the journey will end when it wants to. You have to get up and play along.” Ranveer Brar   Worst investment ever Ranveer got success very young. He was an executive chef at 25, an age when a lot of people would be at least four levels below the post of an executive chef. Ranveer had met and been mentored by the right people. Nothing would stop him at this point. Chasing his passion Even though Ranveer was excited to be an executive chef earning a considerable salary, a year or so later, he got bored. Executive chefs in hotels in India don’t get to cook. And at 25, all he wanted was to use his hands to cook. A bunch of friends that Ranveer met on a trip to the US told him about someone who wanted to start a restaurant. They encouraged him to talk to him and partner up, and he figured why not. One day Ranveer was constructing a pizza oven in his hotel and had his head inside the oven when he got a call. The guy said, “Well, here we are, you want to do a restaurant, want to team up?”. Without a second thought, or asking him what the restaurant would be about or what the plans were, Ranveer said yes. So the same day, Ranveer typed his resignation, gave it to his general manager, and a month later, without much forethought, flew to the US to start a restaurant. The ceiling that kept the restaurant doors shut The restaurant was extremely design-driven. So the investment both in terms of time and money on the design was huge. The restaurant had a million-dollar ceiling that caused delays because the designers couldn’t get it right. They kept breaking and rebuilding the ceiling. Being a hotel chef, Ranveer did not bother about such things; he was simply focused on getting stuff for his kitchen. He just wasn’t an entrepreneur in the sense of the word. Shifting gears Gradually, the restaurant was ready to open its doors. The partner decided that they shouldn’t do Indian food but modern Asian cuisine instead. He argued that Indian food was overrated. Ranveer didn’t question the decision. He just went with the flow, something he came to regret later. The wrong business model Ranveer and his partner also decided to make the restaurant a small plate restaurant. Ranveer didn’t know much about business models, so again he just went with the flow. Unfortunately, the model didn’t bring them much revenue given the investment put in and the effort made to run the restaurant. Losing connection with food While Ranveer is a talented chef, he just couldn’t connect with the Asian menu. His cooking techniques were perfect, and he was making great food, but he wasn’t enjoying the job as he had hoped he would. Ranveer couldn’t help but wonder if entering this partnership was the right move. Going on a downward spiral Given his lack of connection with food and the low revenue, things between Ranveer and his partner became bad, leading to deliberate discontent. One day, as Ranveer was having a beer with his friend on his day off, the partner called him to his office. He told him that since he was running an Asian restaurant, he might as well hire an Asian chef. He then handed Ranveer a $5,000 check and thanked him for his services. And just like that, he found himself jobless in a foreign country, all the effort and money invested in the partnership gone. Lessons learned What works for the other person will not necessarily work for you If something is working for somebody else, don’t just do it because it’s a trend. There is no guarantee that it will work for you too. Every problem is unique; every solution is unique. Be prepared To be a good businessman, you have to be prepared before starting a business. Always remember that there is a delicate balance between being prepared and the confidence of winging it. Don’t be over-prepared, but also don’t just depend on winging it. Let creativity fuel your business Let your creativity be an advantage and not a hindrance to running a successful business. Some people forget that they are running a business and become a completely crazy creative artist whose passion completely overshadows and overpowers their business. Don’t be yoked by denial Don’t wish your problems away, deal with them. There’s no right or wrong way to deal with your problems. Just don’t go into denial and close your eyes, and believe that the problems will go away. Don’t look for top-shelf solutions If you want to learn how to be a successful businessman, you have to learn how to prod deeper before making business decisions. Prod yourself deeper, prod people deeper, and ask more questions. Instead of looking for top-shelf solutions, understand what you’re trying to do and achieve so that you can be able to contribute to the solution genuinely. Andrew’s takeaways Passion alone won’t make you a successful entrepreneur Don’t get overpowered by your passion and forget about the business model. You still need to earn revenue to be a successful entrepreneur. Always be you Be more of who you are. You don’t have to be anything but yourself. Make your connection to food, to the earth, to people, or to whatever it is that you connect with best. Your life’s journey will sometimes be a little bit turbulent, sometimes it’s smooth, but don’t fight it. Follow that path, that passion, and be more of who you are. Tough times don’t last, but strong people do You will make it through difficult times. Losing money in business is not illegal or even unusual. When it happens, just let go and restart. Just don’t let go of your friends, family, and relationships. Actionable advice Don’t compare yourself to successful people and bring yourself down. Everybody has a different story and a different journey. It’s the outcome of the journey that matters. No. 1 goal for the next 12 months Ranveer’s number one goal for the next 12 months is to have one product out there that solves a bigger need and a bigger problem. A product that he can focus on and be happy about for the rest of his life. Parting words   “Keep eating. To be happy, you need to have a happy relationship with food.” Ranveer Brar   Connect with Ranveer Brar LinkedIn Twitter Facebook Instagram YouTube Blog Website Andrew’s books How to Start Building Your Wealth Investing in the Stock Market My Worst Investment Ever 9 Valuation Mistakes and How to Avoid Them Transform Your Business with Dr.Deming’s 14 Points Andrew’s online programs Valuation Master Class How to Start Building Your Wealth Investing in the Stock Market Finance Made Ridiculously Simple Become a Great Presenter and Increase Your Influence Transform Your Business with Dr. Deming’s 14 Points Connect with Andrew Stotz: astotz.com LinkedIn Facebook Instagram Twitter YouTube My Worst Investment Ever Podcast  

Jun 29

37 min

Neil Patel is a New York Times Bestselling author. The Wall Street Journal calls him a top influencer on the web, Forbes says he is one of the top 10 marketers, and Entrepreneur Magazine says he created one of the 100 most brilliant companies. He was recognized as a top 100 entrepreneur under the age of 30 by President Obama and a top 100 entrepreneur under the age of 35 by the United Nations.   “Have the mindset of testing. What works today may not work a year from now. If you don’t keep testing, you’re not going to thrive and succeed.” Neil Patel   Worst investment ever Creating a business to solve his own problem About 10 years ago, Neil’s website, at the time, was doing pretty well, so much so that sometimes he’d get a flood of traffic from social media. This upsurge in traffic would cause his servers to go down. This sounds like a good problem to have, right? While Neil appreciated the tremendous traffic, he had to pay for more and more servers. But then, in most cases, he would never use the extra resources. He thought to himself that it would be a good idea to be able to pay for the resources when he needed them, and not pay for them when he didn’t. Taking matters into his own hands Neil figured that there must be other people who were in a similar situation paying for all these resources and not using most of them. “What if we combine all our servers and have one big infrastructure, and we can each scale up and down as we want?” he thought to himself. Right there and then, a business idea hatched. Neil went to work to start Vision Web Hosting. The multibillion idea that sucked While Neil’s idea was a good one and would have seen him make millions of dollars, a few things turned it into his worst investment ever. First, Neil had no experience in hosting. Second, he picked partners that had no experience either and just paid them because they told him they could do it. Third, hosting was just not Neil’s core focus. He was doing many other things that had him distracted, and so he wasn’t focusing on it. Essentially, Neil ended up spending over a million dollars to start a business that wasn’t generating any revenue. He didn’t even get to launch it. His partners couldn’t figure out how to execute his idea. Eventually, Neil folded the business and had to figure out how to repay all the money that he borrowed to start the business. Lessons learned Ideas are worthless if not executed right Ideas are a dime a dozen. They are worthless unless you pick and execute the right ones. Partner with experienced people Pick business partners who have done it before because they come with learnings instead of starting from scratch and having to learn on the job. Start a business with a minimum viable product If you’re going to start a business, start with a minimum viable product and get it out there. You are never going to have a perfect product. It’s never going to be amazing. Just get something out there and improve it over time. Andrew’s takeaways Sometimes you’re just not ready to join the big leagues You may have a great idea that you want to launch in the global market, but before you go competing in the big leagues, ask yourself if you’re ready to do it. Do you have confidence in your operations? Do you have the money to do it? Do you have the right workforce? If not, accept, pull the plug and wait until you’re ready. Four main things to look for when investing in a startup 1. Trust Do you trust the team that you’re investing in? Usually, there’s no hack to trust. Trust comes over time. 2. The idea What’s the startup’s idea, and is it a viable one? 3. Execution Is the team able to execute on this idea? If the answer is no, it doesn’t matter that the idea is excellent, it doesn’t matter that you trust the team, the idea won’t work. 4. Money Ultimately, you never want to be the only one providing money to any startup that you’re involved in. The startup should have other sources of investment funds. Learn the 18 Questions for Pre-Revenue Valuation of a Startup. Actionable advice Experiment, experiment, experiment. Don’t wait. Don’t say, “Oh, I got to learn more. I’m gonna do it next week.” Just go experiment, do it as quickly as possible, and learn from your mistakes. Learning from your mistakes is a vital part because you don’t have to be the smartest person to succeed if you make a lot of mistakes, but you avoid making the same ones over and over again. Eventually, the right ones will be the only ones that are left. No. 1 goal for the next 12 months Neil’s number one goal for the next 12 months is to double up on his traffic. He’s looking to gain another 10 million visitors a month. Parting words   “It’s very, very important to think about every mistake that you’ve made in business and what you’re trying to achieve in life, write it down, and avoid making that same mistake over and over.” Neil Patel     Connect with Neil Patel LinkedIn Twitter Facebook Instagram YouTube Blog Andrew’s books How to Start Building Your Wealth Investing in the Stock Market My Worst Investment Ever 9 Valuation Mistakes and How to Avoid Them Transform Your Business with Dr.Deming’s 14 Points Andrew’s online programs Valuation Master Class How to Start Building Your Wealth Investing in the Stock Market Finance Made Ridiculously Simple Become a Great Presenter and Increase Your Influence Transform Your Business with Dr. Deming’s 14 Points Connect with Andrew Stotz: astotz.com LinkedIn Facebook Instagram Twitter YouTube My Worst Investment Ever Podcast

Jun 24

19 min

Howard Whiteson’s economist father made him familiar with financial principles from a very young age. As a teenager, however, Howard rebelled and suffered deep debt and economic chaos. Having journeyed from that low point to master his finances, Howard has spent some 20 years as an expat, the last six in Shanghai, China. He uses a proven 5-part process to empower executive expats at such corporations as Apple, Coca-Cola, and Gucci to create, transfer, and protect their wealth internationally. To find out more, visit Wealth Without Borders.   “Rather than trying to conquer the entire world of finance, gently take small steps into that world.” Howard Whiteson   Worst investment ever Driving his way into debt It’s a bright summer’s day in Rolling English countryside, and Howard is in his hybrid sports car, with the sunroof down the music going, feeling like a million bucks. He’d just recently bought that car. It was one of the first hybrid cars made by Honda. He was very proud of all the gadgets and gizmos. Howard had spent 28,000 pounds on it, about 40,000 dollars. Riding on a promise Howard had just had two CEOs tell him that they wanted to work with him on a retainer basis. He was proud, confident, and dashing. What better way to celebrate than to spend all his money on the car of his dreams. He was going to be rich soon, anyway. His dreams turn to dust So in his sports car, Howard drove to one of the CEO’s offices in a farmhouse in the middle of Essex countryside, got out of the car, and walked in to see the CEO. The CEO told Howard that the company was letting him go. He’d worked for the company for about 12 years. The news was a huge shocker. As if that was not a blow huge enough, within a few weeks, the second CEO had the same story to tell Howard. He also let him go. So Howard went from being very comfortable and very well off into deep debt and a lot of darkness. He was now tens of thousands of pounds in debt. Letting rebellion rule over him Howard’s father was an economist, and so he grew up learning all about the stock markets, about bull and bear markets. But as an adult, he chose to rebel and ignore all the knowledge he had gained. Howard’s attitude towards money was that it was the root of all evil. It was all a capitalist plot. He believed one should live for today and forget about tomorrow. This kind of attitude led him directly into that dark abyss of financial chaos, debt, and struggling to make ends meet. Hitting a brick wall and making a turnaround Howard was now scrambling for a job. Luckily he had some close friends who managed to connect him to a job soon enough. He enjoyed the new job, but it was tough work and unrewarding. Howard was still struggling to pay off his massive debt. This remains the lowest point in his life where he felt he’d hit a brick wall. What pulled Howard out of this rut was the deeply rooted financial awareness that his father had implanted within him. He finally realized that if he continued along on this trajectory of debt and chaos, he would end up in a very sad place. So Howard dusted himself up, started applying the knowledge he’d learned from his father, and managed to pull himself out of the worst investment ever. Lessons learned Art and finance jell perfectly Art and creativity and maths and finance are not opposites. They overlap and inform one another. There’s a sense of discipline within creativity, and there’s creativity within the world of finance. Acknowledge you’ve made a financial mistake If you ever find yourself in a financial crisis, stop the denial, the rebellion, and just acknowledge that you’re in a dark place, and you’ve got to do something about it. Most importantly, work on gaining financial literacy to avoid future mistakes. Andrew’s takeaways Don’t be afraid of learning about money and investing For a lot of people, money and investing are painful topics mostly because they feel overwhelmed, trying to understand the markets. Don’t let the overwhelm stop you from investing; just keep learning. Build financial security Start investing early and build financial security into your life so that you can enjoy retirement. Actionable advice Take 10% of what you’re earning, if possible, automate it, so it goes, at the very least, into a high-interest savings account or a range of good funds. Divide that money three ways and put it in stocks, bonds, and property. This is a great way to start investing. If you can’t afford properties, there are low-cost funds you could consider. Such investments will build over time. No. 1 goal for the next 12 months Howard’s number one goal for the next 12 months is to be a great dad to his seven months old daughter and a great husband. He also plans to continue learning and developing and simply never stop that process. Parting words   “If you gain value from listening to this, then I will have suffered without it being in vain.” Howard Whiteson   Connect with Howard Whiteson LinkedIn Twitter Website Andrew’s books How to Start Building Your Wealth Investing in the Stock Market My Worst Investment Ever 9 Valuation Mistakes and How to Avoid Them Transform Your Business with Dr.Deming’s 14 Points Andrew’s online programs Valuation Master Class How to Start Building Your Wealth Investing in the Stock Market Finance Made Ridiculously Simple Become a Great Presenter and Increase Your Influence Transform Your Business with Dr. Deming’s 14 Points Connect with Andrew Stotz: astotz.com LinkedIn Facebook Instagram Twitter YouTube My Worst Investment Ever Podcast  

Jun 11

20 min

Nicholas Hinrichsen was born and raised in Germany and played on the German National Golf Team and studied Computer Science and Finance in Germany, Chile, and Australia. At the start of his career, he looked into consulting and investment banking but instead joined a renewable energy startup that invested in projects in China and India. In 2011, he moved to the US to get his MBA at Stanford Business School, and by 2013 he started a company called Carlypso. He brought that startup through YCombinator in 2014, raised $10 million in venture funding by 2015, and sold the company to Carvana.com in 2017. Carvana went public at a market cap of $2.5B and is now the most valuable used car retailer in the US. Nicholas and his co-founder, Chris Coleman, recently left Carvana to start WithClutch.com, a fully digital platform that lets car owners refinance auto loans from the comfort of their own home. The team at WithClutch.com has seen that in the US, only 5% of auto loan applications were refinancing, yet 47% of all funded mortgage applications were refinancing. So, they are going to change that!   “To succeed as a startup, all you need to do at the very beginning is to leave the building and talk to customers.” Nicholas Hinrichsen   Worst investment ever Young investor When Nicholas was 16, the only thing he knew how to do well back then was playing golf. Then all of a sudden, his friends in school, even some golfers, started talking about investing in technology companies. Nicholas had about $2,000, which was a lot of money for him at the time. His friends told him to invest the money because he could easily 10x that money. Afraid to miss out As everyone around him continued to invest in the tech companies, Nicholas decided to look into it because he felt like he was missing out. He signed up for an account online, went to the physical branch to verify his identity, and then eventually got access to the stock market. Now with an account, Nicholas could shop around for a company to invest in. But with so many options, he was baffled. One of his friends advised him to buy some magazines and then just read about the stocks in these magazines because the magazines wouldn’t recommend buying those stocks if they weren’t the best. And that’s precisely what Nicholas did. Making his first investment and mistake Nicholas didn’t know any of the companies in the magazines, but one resonated with him because that happened to be Germany’s biggest telecom. He felt that this would be a good choice. Nicholas took the money he had and used it all to buy the stock at $120 per share. Sadly, that remains the highest price the stock has ever traded. The stock price went downhill a few months after Nicholas bought it. First slowly, then rapidly, to a point where Nicholas was just watching from the sidelines as the price went down to zero. Finally letting go of his worst investment Nicholas somehow held onto his stock for years, even though he wasn’t making any returns on it. A few years later, he moved to the US for work. He wasn’t allowed to hold a foreign account, and so he was forced to transfer his portfolio in Germany to his US bank. However, he decided that the lousy stock was not worth the effort and so he sold it and counted his losses. Lessons learned The stock market is tricky Succeeding in the stock market is harder than winning the gold medal at the Olympics, so brace yourself and go ready to give it your all. Don’t hold onto cash Cash is not as great as people think it is, especially if there’s inflation. You lose money in the long run by keeping cash in the bank. Invest in a diversified portfolio Manage risk by investing in a diversified portfolio and hire a fund manager to manage this portfolio. This removes emotions out of the investment. Invest for the long term You can only make or preserve your wealth if you’re investing for the long term. Humans act either out of fear or out of greed When it comes to investing, neither fear or greed helps you make wealth. Fear makes you sell your stock when the stock market goes down because you’re afraid it could go further down. Then you miss the upswing. When stocks go up, you get greedy and go into the market, but what you don’t realize is that you’re paying expensively. Andrew’s takeaways Avoid FOMO when investing in the US stock market Be very careful when listening to other people talk about their investments and wanting to do it too because they sound so successful. People only talk about their wins and rarely about their losses. So do not believe everything that you hear. No action in life that is risk-free Every single action has a benefit and a cost. If you put money into the bank, and you don’t get the interest payment, it doesn’t grow. Now you have exposed yourself to shortfall risk, the risk that the money that you need at retirement will not be there. Actionable advice Sign up for a diversified portfolio and get a fund manager to manage it for you. No. 1 goal for the next 12 months Nicholas’s number one goal for the next 12 months is to build another company that impacts people and hopefully makes life better in the US. Parting words   “Run risks, but be smart. Know which risks you’re taking, be very deliberate, and choose the ones that you have under control. Then outsource the ones that you don’t to somebody who’ll have them under control.” Nicholas Hinrichsen   Connect with Nicholas Hinrichsen LinkedIn Twitter Website Andrew’s books How to Start Building Your Wealth Investing in the Stock Market My Worst Investment Ever 9 Valuation Mistakes and How to Avoid Them Transform Your Business with Dr.Deming’s 14 Points Andrew’s online programs Valuation Master Class How to Start Building Your Wealth Investing in the Stock Market Finance Made Ridiculously Simple Become a Great Presenter and Increase Your Influence Transform Your Business with Dr. Deming’s 14 Points Connect with Andrew Stotz: astotz.com LinkedIn Facebook Instagram Twitter YouTube My Worst Investment Ever Podcast Further reading mentioned Jason Zweig (2007) Your Money and Your Brain: How the New Science of Neuroeconomics Can Help Make You Rich  

Jun 9

31 min

Wim Steemers has a 30-year career working in over 40 countries around the world, of which the last 20 years were spent in funds management at AllianceBernstein, Macquarie, Colonial First State, and AL Capital. While educated at the University of Chicago’s Booth School of Business, he always had his doubts about the Efficient Market Hypothesis, and he followed the development of Behavioral Finance over the years with keen interest. While he has a traditional fund management role at AL Capital, he spends his free time with his Rosevalley Funds, where he puts into action what he suspected for a long time: there has to be a way to take advantage of the systematic biases that exist in human behavior.   “People do not always behave rationally. They make errors in a particular direction, and if you’re aware of these behavioral biases, you’re gonna make money.” Wim Steemers   Worst investment ever New technology rouses his curiosity In 1999, a new technology of doing laser operations on eyes to correct vision piqued Wim’s interest. Wim had been wearing glasses since he was four years old, so anything to correct his vision was bound to interest him. Though the technology was relatively new, it had been proven to work, but it was still quite rare and expensive. Wim, however, decided to do it. Falling in love with the product The laser procedure took about 15 minutes, and voila Wim had perfect vision. For 30 years, Wim had not been able to see further than a meter ahead without glasses. When he walked out of the room, and he could see perfectly. It was literally as if the sun had risen for the first time in his life. The machine used for the laser procedure was big and cost a million dollars at the time. It was made by a Canadian company that was listed in the stock exchange. When Wim walked out of that operation, he was so impressed and believed that this machine was going to take the world by storm. So he bought shares in the company that made that laser equipment. The company wasn’t as good as the product Within about a year, Wim lost all his money after the company went bankrupt. Wim had done no research and simply thought that the laser machine was so great the company must be doing well. So it turned out that there were competitors that had cheaper products and better laser machines. So the company just couldn’t compete, and that’s how Wim lost all his money. Delving into the Korean investment market In the year 2000, while working as a junior analyst, Wim got a chance to delve into the Korean stock exchange. At the time, Asia was just getting out of the 1997 Asian financial crisis. The crisis caused widespread bankruptcies as banks in Asia continued to fail. Banks now had to find new ways to attract customers. The credit card revolution Banks in Korea discovered credit cards. Credit cards hadn’t existed in Korea before, and the only credit card as we understand it, which means you can rollover the balance and borrow money, was Citibank’s. What existed were charged cards that were automatically debited at the end of each cycle. You couldn’t use them to borrow money, so they weren’t actual credit cards. Credit cards hence became a nice source of income for the banks. The government loved the idea too The Korean government saw this as an opportunity to stimulate the economy. But more importantly, when people pay with credit cards, the government could track those transactions making it easier for taxation purposes. So the government put in measures to promote the credit card idea. The government made it mandatory for businesses to accept credit cards. Also, every credit card receipt was automatically a lottery ticket. So numbers on each credit card receipt were put in a draw, and a car would be won every Friday. Also, for people paying taxes, they could deduct 10% of all their credit card receipts from their taxes. These were significant incentives for people to use credit cards. The banks, of course, loved it too, because it was good business for them. As the credit cards became popular, companies grew bigger and bigger, and some even got listed. Looking into investing in banks As a junior analyst, Wim had prepared a research package, and his recommendation was to buy the shares of Kookmin bank. Kookmin bank was one of these banks that had a rapidly growing credit card business. The bank had a separate entity called Kookmin credit card, which they had listed on the stock exchange. Wim liked the idea of investing in this bank because it was more diversified with a business bank and a deposit business. Following due diligence As a professional analyst, Wim was not quick to make the recommendation. He did his background research first. He had a few doubts, but it happened that every objection he would make in his analysis and every risk factor he would flag, mostly, there was an answer for that. Buying into the stocks anyway The company went ahead and bought Kookmin bank shares. Shortly after, credit card arrears started to rise rapidly, then they became relentless, and soon the share price started to go down. Now all the credit card companies in Korea were releasing monthly arrear stats and aging profiles. Cutting the losses fast As the analyst responsible for the stock, Wim did his research and was able to predict that things would only get worse. Shares prices had now gown down by 50%. When a window of opportunity showed up, Wim went to the chief investment officer and the portfolio manager. He told them it was time to cash out. Wim explained to them that they would make all their money back in the next 18 months; however, when the shares start going up, Kookmin bank would take out the minorities and keep all shareholding inhouse. Thankfully, the bosses listened and sold the company shares before that happened. Unfortunately, the company had lost about 50% of its investment money. Lessons learned Liking a product doesn’t make the company a good investment Buying a stock in a company because you love the company’s product is not a good strategy. Stand up for your convictions As an analyst, always fight for and state your convictions unapologetically. Also, avoid groupthink because it is a potent but dangerous thing. Be wary of something that seems too good to be true If something seems too good to be true, it probably is. And if something feels risky, it probably is. So before you invest in it, take a step back and see what’s happening here. Culture doesn’t trump cash Cultural biases are not a guarantee of the success of an investment. Put culture aside and do your usual due diligence when conducting your research. Andrew’s takeaways Risk management is not always straightforward The job of risk management, ultimately, is to say, we know the risks, and we’ve got them covered. But the reality is, it just doesn’t happen that way. Make your buy-sell decision after your research It’s imperative from an analyst perspective when analyzing a situation that you do not make your buy-sell decision until the end of your research process. Actionable advice Avoid groupthink at all costs. However, to be successful at investing, you need a team approach, but make sure that the team is set up properly. No. 1 goal for the next 12 months The company Wim is working with has a grand vision of turning the small idea they have now into something bigger. Wim’s number one goal for the next 12 months is to see that through. Parting words   “Don’t learn from your mistakes; learn from somebody else’s. So please, listeners learn from these mistakes.” Wim Steemers   Connect with Wim Steemers LinkedIn Website Andrew’s books How to Start Building Your Wealth Investing in the Stock Market My Worst Investment Ever 9 Valuation Mistakes and How to Avoid Them Transform Your Business with Dr.Deming’s 14 Points Andrew’s online programs Valuation Master Class Women Building Wealth The Build Your Wealth Membership Group Become a Great Presenter and Increase Your Influence Transform Your Business with Dr. Deming’s 14 Points Connect with Andrew Stotz: astotz.com LinkedIn Facebook Instagram Twitter YouTube My Worst Investment Ever Podcast  

Jun 7

37 min

Oladipupo “Dipo” Ehindero is an independent analyst and was Head of Research of a mid-size asset manager before pursuing his Master’s degree. He has been in the research and investment banking space for over 10 years. He also has a passion for human resource management, having previously worked in that area.   “Never play with your documentation. Make sure you keep personal records of every single transaction.” Oladipupo Ehindero   Worst investment ever Oladipupo was on an internship with an asset manager in Lagos when the federal government of Nigeria made law through the central bank that all the banks in Nigeria should recapitalize. So he was told to also participate in bringing clients and advise them on what to buy and what to sell. Oladipupo went out and began making cold calls, meeting high net worth individuals, and trying to build his network. Landing his first client Oladipupo finally met a lady who was looking to invest her money in a bid to raise college money for her two daughters. The lady didn’t have a lot of money; nonetheless, it was a substantial amount to invest. Oladipupo advised her to split her investment money into two, and they invested one half in bank stocks and the other half in a medical diagnostic company. Ignoring his senior’s advice Oladipupo was feeling quite excited after landing this client as he was now more confident about his career growth. One of the senior managers got to know about Oladipupo’s client and the investments they had settled on. While he was proud of Oladipupo’s effort, he advised him not to invest in the bank he had chosen because the president of that bank didn’t have a good reputation. The manager suggested another bank whose MD was a better person than the president of the bank he had invested in. Oladipupo, however, felt that all the banks were the same, and thus he trusted that his choice was good enough for his client. Time to cash out A few years later, Oladipupo received a call from his client, who informed him that one of her daughters had been accepted into a medical school in Hungary and wanted to know how her investment was doing. At this point, her portfolio had grown from $10,000 to $57,000. This was enough to kickstart her daughter’s education in a year. Tragedy strikes Three months after Oladipupo talked to his client, the president of Nigeria died, and the vice president became the president. A new bank governor also came in, and the first thing he did was to say that some banks had been using the recapitalization money for illegal purposes, such as investing in the oil and gas sector. So he removed the bank MDs from the opposition and nationalized the banks. The bank that Oladipupo had invested in for his client issued a profit warning saying that it wasn’t going to make as much money again because they had a lot of bad debt to figure out. Stocks that were roughly selling for 60 Naira per share were now selling for approximately 10 Naira per share, an 80% drop! The client wants her money now Oladipupo’s client came to his office in tears; she desperately needed the money for her daughter’s tuition because turning down or defaulting the medical school admission was not an option. But no one was willing to buy stock from the bank that was practically on its knees. His parents come to the rescue Oladipupo talked to his parents about the situation with the client, and they committed to helping him out. His parents decided to take up the investment and had the stocks crossed into their account. They took out a loan and paid the woman off by the sum of $5,000 equivalent to what she had initially invested three years ago. His woes were not yet over Unfortunately, the stocks kept losing value to a point where Oladipupo’s parents had to sell some of their properties to pay off the bank loan they used to pay the client. The stock prices fell from 60 Naira to 3 Naira per share. Oladipupo’s parents consequently lost a lot of money on the investment. Lessons learned Enthusiasm is good, but skills and experience are even better Having passion when you’re new in business is very good because it gives you drive. But, expertise and experience are better because these are the qualities that will help you know which investment is good, who is a good person in the markets, which companies are well managed, and, therefore, make better investment decisions. Andrew’s takeaways Manage risk with diversification If you don’t want to lose everything at once, consider diversification and owning many different assets. Unfortunately, in Nigeria and many other countries, there aren’t a lot of stocks available for investment. Be careful when investing in banks Banks are very high risk, and you should tread carefully when investing in them. Banks are just an arm of the government, and the government can do anything they want with banks. So there are risks that come with investing in banks that you wouldn’t experience with a traditional company. Banks have a meager amount of capital compared to a normal company. A tiny mistake by a bank can cause a massive shakeup in the share price. Actionable advice Trust is key. You have to get your investor to believe you in your dealings with them, no matter how short term it seems. Documentation is also critical. Make sure you keep records of every single transaction. No. 1 goal for the next 12 months Oladipupo’s number one goal for the next 12 months is to return to the asset management world. He wants to get into impact investing. Parting words   “Be brave. It’s a new world we’re living in, and opportunities are all around us.” Oladipupo Ehindero   Connect with Oladipupo Ehindero LinkedIn Twitter Andrew’s books How to Start Building Your Wealth Investing in the Stock Market My Worst Investment Ever 9 Valuation Mistakes and How to Avoid Them Transform Your Business with Dr.Deming’s 14 Points Andrew’s online programs Valuation Master Class Women Building Wealth The Build Your Wealth Membership Group Become a Great Presenter and Increase Your Influence Transform Your Business with Dr. Deming’s 14 Points Connect with Andrew Stotz: astotz.com LinkedIn Facebook Instagram Twitter YouTube My Worst Investment Ever Podcast  

Jun 4

24 min

Tom Libelt was born in Communist Poland and escaped to the US when he was 11 in the early ’90s. At 9, his father sold products at soccer stadiums in Eastern Europe, where he learned the hard way how to sell and how not to be hustled. He is hyper-focused on helping course creators market their online courses.   “Becoming a big fish in a smaller pond often is not only more profitable but will make your life easier.” Tom Libelt   Worst investment ever In his early 30s, Tom was running a reasonably successful SEO business. Back then, it was easy to rank on Google using what people today consider as blackhat methods. Tom would pay bloggers to get backlinks. Tom had a team of 14 writers at the time, spending a lot of time, money, and effort getting into these blogs. Their goal was to get 50 backlinks pointing to a website every month to keep it ranking higher. While he had other tactics, this model worked the best. Google gets smart After riding the wave for a long while, Google smartened up and was out for businesses doing shady stuff. Google destroyed almost all the blackhat networks. They looked at IP addresses and de-indexed them. Thousands of SEO companies were pretty much back to square one. Tom now had a massive team of writers with nowhere to put the blog posts. Trying option B Tom learned about Amazon Kindle (e-books) at around this time and decided to see if he could make a business out of it. He had a ready team of writers anyway. Tom told his team to pick topics of their choice, do keyword research and write up short books of about 30 to 40 pages, then use images to fill in some gaps and just publish them on Kindle. Competition at the time was little and so getting into Kindle was pretty easy. Striking gold About three months later, Tom’s writers broke even. So he thought this could work. Tom would now sit down with the team for two days, go over hundreds of topics and then pick the best to run with. Eventually, the team was pumping out about 250 books per month, and for about four or five years, the money coming in was quite good. Kindle shakes things up Making money on Kindle was pretty straightforward. You’d get 70% of sales made, and $1 for every book rented. Tom’s business was making a killing by pushing rentals. One day, out of the blues, Kindle killed the rental payment model. Now they would focus on pages read. Turning to blackhat tactics again After the new payment model, Tom turned to a blackhat marketing tactic where he told people in the introduction of the books to skip to the end to get the “Golden Nugget” and then come back to the beginning of the book. So everyone would just go straight up to the end of the book, and Tom would get paid. While this still got him money, it just wasn’t as lucrative. Closing the doors for good Tom’s marketing tactic worked for a while then one day, without any notice, his Kindle accounts got shut down. There was no explanation given, and he was not allowed to appeal the decision. Since Tom had no control over Kindle, there was nothing much he could do than accept the loss and move on. Tom had invested so much in the Kindle business just to have it go away overnight simply because his business model relied entirely on someone else’s business. Lessons learned Easy come, easy go Taking the easier way out may bear you fruit, but it won’t last long. You are better off working hard so that you can reap the fruits longer. Have control over your business Have your own business structure. Don’t depend on other people’s infrastructure. Always ask yourself where the control is? Who owns the control in the situation? If you don’t have control, then it’s not a good business idea. Andrew’s takeaways Build your own assets You have to build your assets instead of relying on others. It’s hard to do this, but it makes your business idea more solid. Know when you are riding a wave There are many ways to make money, and sometimes you will be taken advantage of, but always know when you’re riding a wave so that when it comes crashing, you’re not caught off guard. Actionable advice Keep your team small, if possible. Keep your schedule open because if you don’t have time to think and analyze your business, it won’t grow. Lastly, specialize. No. 1 goal for the next 12 months Tom’s number one goal for the next 12 months is to look at opportunities in the online course creation spaces so that he can diversify. For instance, he’s looking at how he can make more info products.   “The best opportunities are something that you either kind of figure out by yourself by looking at what’s working, or just kind of come to you during your thinking process.” Tom Libelt   Connect with Wilbert Tom Libelt LinkedIn Twitter Facebook Website Andrew’s books How to Start Building Your Wealth Investing in the Stock Market My Worst Investment Ever 9 Valuation Mistakes and How to Avoid Them Transform Your Business with Dr.Deming’s 14 Points Andrew’s online programs Valuation Master Class Women Building Wealth The Build Your Wealth Membership Group Become a Great Presenter and Increase Your Influence Transform Your Business with Dr. Deming’s 14 Points Connect with Andrew Stotz: astotz.com LinkedIn Facebook Instagram Twitter YouTube My Worst Investment Ever Podcast Further reading mentioned Michael Covel (2009) Trend Following, 5th Edition: How to Make a Fortune in Bull, Bear and Black Swan Markets  

Jun 1

22 min

Wilbert Wynnberg is an international speaker, award-winning author, and founder of the Think Act Prosper (TAP) Growth Conference. Since 2015, Wilbert has touched the lives of over 100,000 people in more than 20 countries through his seminars, live programs, and award-winning book, THINK. ACT. PROSPER.: How Small Habits Can Lead to Massive Success.   “If you want to stay in the investment game for the long term, sometimes you just have to take a short break so that you can enjoy the game.” Wilbert Wynnberg   Worst investment ever Wilbert’s worst investment ever happened just a few weeks ago. As a prolific investor, Wilbert has been following the business cycles since the COVID-19 pandemic erupted. He’s been tracking a lot of different indicators, data, and the underlying numbers. He felt that in 2018, a lot of things had kind of picked up, but there wasn’t any reason for him to go in and take any action, whether it be long or short. So he kept watching the market. Ignoring Coronavirus At the start of the year, when Coronavirus started hitting the news, Wilbert at first wasn’t paying much attention to it. He thought it was the US probably overplaying the whole situation. Wilbert decided not to do anything about it unless he had further confirmation. Getting ready to beat the market By February, it was almost inevitable that the market was going to be shaken up. Wilbert could foresee a bear market. And so he started raising money so that he could pounce on the market. As he was raising money, Wilbert was also tracking things like insider trading, whether CEOs were buying or selling companies, what hedge funds were doing, and more. At that point, his research showed him that it was not the right time to buy equities and go into the stock market. So Wilbert waited it out. Taking the market head-on Eventually, Wilbert found out that with this virus and a high unemployment rate, governments will have to start printing money. So he began to look at commodities. Oil prices started coming down as well. Now Wilbert was very confident it was time to invest. At this point, he had raised a decent few million dollars. Oil stocks seemed like a good option, or was it? Brent oil was at about $25, and the West Texas Intermediate (WTI) was at about $22. This was a two-decade low. However, everybody believed that oil, unlike Bitcoin, would never go to zero because people need it for everyday stuff. So, Wilbert and his investment team were quite confident and stoked. They thought that this was going to be the trade of the lifetime. So without much further ado, Wilbert entered the position and started buying oil stocks. Falling flat on their faces At some point, Wilbert received an alert saying that Saudi Arabia and Russia were going to cut oil production. So they started buying in. Little did they know that actually, it was just a tweet from President Donald Trump. Oil prices at the time were $22. Prices went up to $32 before coming back down. By April 22nd, prices had plummeted and at some point were at a low of $8 while the oil futures contract went to negative 37 (Yes, people would actually pay you to take delivery on oil). Wilbert decided to count his losses and stopped investing in oil. Lessons learned Everybody is in it for themselves Don’t ever think that there will be a time that you’re genuinely safe, and nothing terrible will happen to your investment. Always make sure you keep checking on how things are going. Everyone else is looking out for their interests. You won’t get the whole picture You’ll never understand everything, no matter how long you’ve been an investor. Be careful about overconfidence bias. The moment you feel that you’ve understood the game in and out, that you know every single ounce of the game, that’s when you have to double-check things. Admit when you’re wrong Most people refuse to admit that they might be wrong after choosing one investment over another. They think that the bad situation is going only to be temporary, so they just let it go unhedged. Andrew’s takeaways Behind every trade is a financial infrastructure Don’t overlook the fact that there is a financial infrastructure behind every trade. When buying a stock or a derivative, keep in mind that there’s a whole infrastructure, and if that infrastructure falls apart, it’s over for everyone. Do better research When doing your research, go beyond the typical analysis. Break your research into two parts. Part one, your research on the opportunity, and then Part two is where you allow yourself to imagine what if your investment goes wrong. This removes the emotion out of the investment. Actionable advice If you are serious about trading and investing, record your journey. That is every single thing that you have done. When you start recording things you get to measure them, you get to see what went right and what went wrong. This allows you to be a better version of yourself in anything, just by doing more of what works and less of what doesn’t. No. 1 goal for the next 12 months For the next 12 months, Wilbert just wants to continue to build his fund so he can raise more money and keep sharing financial knowledge with people. Parting words   “It’s a learning journey, so just don’t give up. Get into the right group, right environment, right people, and have a Never Say Die attitude.” Wilbert Wynnberg   Connect with Wilbert Wynnberg LinkedIn Facebook Twitter Website Andrew’s books How to Start Building Your Wealth Investing in the Stock Market My Worst Investment Ever 9 Valuation Mistakes and How to Avoid Them Transform Your Business with Dr.Deming’s 14 Points Andrew’s online programs Valuation Master Class Women Building Wealth The Build Your Wealth Membership Group Become a Great Presenter and Increase Your Influence Transform Your Business with Dr. Deming’s 14 Points Connect with Andrew Stotz: astotz.com LinkedIn Facebook Instagram Twitter YouTube My Worst Investment Ever Podcast Further reading mentioned Wilbert Wynnberg (2018) THINK. ACT. PROSPER.: How Small Habits Can Lead to Massive Success Jason Zweig (2007) Your Money and Your Brain: How the New Science of Neuroeconomics Can Help Make You Rich  

May 28

32 min

Kavee Chukitkasem is the Deputy Managing Director of Kasikorn Securities and completed his Master of Finance from The University of Toledo, Ohio. Kavee is also a TEDx speaker and is the author of a popular investing book on how to identify great stocks and how to sow the seeds for sustainable long-term results (original title:เพาะหุ้นเป็น เห็นผลยั่งยืน).   “It doesn’t matter if you give your money to a fund manager; you still have to know about investing.” Kavee Chukitkasem   Worst investment ever Kavee’s worst investment to date happened during the first year of his career. He had just received his first bonus, and all he wanted to do with the money was to invest it. While it wasn’t so much money, Kavee was excited to be able to enter the investment world. At the time, Thailand’s stock index was at 1,700 points, almost the highest it has ever been. A bubble near to burst Around the same time, the Tom Yum Goong Crisis (the Thai name for the 1997 Asian Financial Crisis, and also a delicious soup with prawns) was building up in Thailand. Even though the signs were all over, nobody saw the crisis coming. Someone advised Kavee that this was the best time to invest, and he blindly believed him. Even though he was a finance graduate already working as a financial analyst, he put his trust in someone else. He never thought of researching the company he was putting his hard-earned bonus into. All Kavee knew was that he was buying at a high and was convinced the stock would keep going up. He never saw that burst coming Kavee bought stocks at 300 Baht each, but thanks to the Asian Financial Crisis the shares fell to a whopping low of 20 Baht in just three months. Kavee was utterly disappointed in himself because, as an analyst, he should have known better than to invest in a company he knew nothing about. Lessons learned What kind of investor are you? The first thing you need to do before you start investing is to know the kind of investor you want to be. What is your long-term investment goal? Before you start investing learn how it works Whether you’re interested in a long or short investment, you have to know how investing works. You don’t need to understand finance deeply but learn the basics and understand the market. Even if you choose to work with a fund manager, you still have to know about investing. Don’t expect to be an overnight millionaire Investing money for beginners can be exciting. Don’t get too excited and expect a hundred percent return in one year, that hardly ever happens. Give your portfolio time to grow. Don’t follow every investing advice you get There’s always someone out there wanting to force tips on investing for beginners down your throat. You don’t have to follow every piece of advice. Just listen and take into account and think about it by yourself. Andrew’s takeaways People fail to do their research, especially when starting to invest. They just pick the company, invest right away, even though they don’t know much about it. People fail to properly assess and manage risk. Look at your investment before you buy it and evaluate the risk and how to manage it. To reduce risk, you need to have a more diversified portfolio. People are driven by money, emotion, and flawed thinking. Many people lose their money because they trust the wrong people. People fail to monitor their investment. Many people just put their money in something, and then they don’t even look at it ever again. Don’t invest in a startup company, blindly. Actionable advice Get to know the investment first before you invest. It doesn’t matter how much you have to invest, keep your money safe first before you sign to invest anything. Whatever you want to invest in, you have to know it very well. Knowledge is essential before you get in because you can learn a lot, and you’ll invest from the point of knowledge and not ignorance. No. 1 goal for the next 12 months For the next 12 months and beyond, Kavee wants to focus on training Thai people on how to invest in the stock market so that they can enjoy financial freedom. Parting words   “Good luck to everybody going into the investment world. It’s very fun, and if you have a successful investment, that’s a good thing to have.” Kavee Chukitkasem   Connect with Kavee Chukitkasem Facebook Twitter Website Andrew’s books How to Start Building Your Wealth Investing in the Stock Market My Worst Investment Ever 9 Valuation Mistakes and How to Avoid Them Transform Your Business with Dr.Deming’s 14 Points Andrew’s online programs Valuation Master Class Women Building Wealth The Build Your Wealth Membership Group Become a Great Presenter and Increase Your Influence Transform Your Business with Dr. Deming’s 14 Points Connect with Andrew Stotz: astotz.com LinkedIn Facebook Instagram Twitter YouTube My Worst Investment Ever Podcast  

May 26

26 min

Robert “Bob“ Seawright is the Chief Investment & Information Officer for Madison Avenue Securities, LLC, an investment advisory firm and broker-dealer headquartered in San Diego, California. Bob’s blog, Above the Market, has received “best of” recognition from a wide variety of sources, including The Wall Street Journal and the CFA Institute, and is the #7 rated advisor blog in the country based upon readership, linkage, and influence. And don’t’ miss The Better Letter Newsletter that he writes about markets and life and comes out every Friday morning.   “Good advice wrongly applied isn’t any better than bad advice.” Robert Seawright   Worst investment ever Beginner’s luck Bob’s worst investment ever, like for most investors, was when he was starting as an investor. At the time, Bob was working on the fixed income trading floor for a big Wall Street investment house trading bonds all day every day. So what he knew and understood was bonds. Bod had learned from the bigwigs of investing, such as Peter Lynch, to invest in what you know. So Bob allocated his investment money heavily toward bonds. Thanks to beginner’s luck, he did just fine with his bond investments. Missing out on higher returns While Bob never lost any money for investing in bonds, he played too safe and missed out on other investments that he should have made early in his life. Such investments, with compounding they could have had a lot more returns. Luck and randomness have always been his saving grace In the course of his life, Bob has made a few more bad investments that somehow have turned out well for him, thanks to luck. For instance, he bought a house at the wrong time, but as random as this decision was, it turned out great for him. Bob also went against financial planning advice and paid for his kids’ education. Bob had not been able to go to college, where he wanted because his parents didn’t have the money. So it was a very important value for Bob to provide the best education possible for his kids. This is even though he knew that would mean working longer and having less in retirement. Bob knew from an investment standpoint, it was foolish, but he did it anyway. Lessons learned What are you trying to accomplish? Before you start investing, be sure to understand what you’re trying to accomplish. This is important because every investment, even the best investment in the world, has cons as well as pros. So when inevitably, a con period shows up, you’ll be ready and able to handle it. Randomness in investment is more important than you think If you think about your biggest successes, they all happened with a lot of randomness involved. While they almost always happen because you worked hard, and you made good decisions, there’s also randomness playing a big part. It always helps to remember that when things turn out right, there’s always luck involved. A natural love for new shiny things We tend to jump on what we’ve just seen, and we latch hold of what’s available. When someone mentions something new, they’ve primed the pump, and you’re going to respond with what they’ve mentioned way more often than not. So be careful of investing in something just because it’s new and recent to you. Andrew’s takeaways Familiarity bias versus shortfall risk Investors, especially beginners, tend to play it safe by putting their money in something they are familiar with, such as the bank, or maybe bonds. However, there’s a hidden risk associated with playing safe – the shortfall risk. For instance, if you’re going to need $3 million in cash to retire at age 60, and you put your money into bonds, you’re going to feel like you’ve reduced your risk, but in fact, you’ve increased it on the other end through shortfall risk. Everything is a balance When it comes to investing, you can’t have it all. You think you’re safe by doing X, but what you don’t know is that there’s a balance. So while you’re safe, you’re also causing something else to go out of whack. Actionable advice Be careful of overconfidence bias but also don’t be too loss averse. People tend to be, on the one hand, overconfident and, on the other hand, loss averse. The truth is that nobody achieves something great without trying something great. And if we all played the odds, we probably wouldn’t try something great. So be careful but still take calculated risks. No. 1 goal for the next 12 months Bob’s number one goal in the next 12 months is quite simple: to be a better person. Connect with Robert Seawright LinkedIn Twitter Blog Andrew’s books How to Start Building Your Wealth Investing in the Stock Market My Worst Investment Ever 9 Valuation Mistakes and How to Avoid Them Transform Your Business with Dr.Deming’s 14 Points Andrew’s online programs Valuation Master Class Women Building Wealth The Build Your Wealth Membership Group Become a Great Presenter and Increase Your Influence Transform Your Business with Dr. Deming’s 14 Points Connect with Andrew Stotz: astotz.com LinkedIn Facebook Instagram Twitter YouTube My Worst Investment Ever Podcast  

May 21

19 min

Current times might be difficult, and the future may seem bleak, but we will make it through. We will survive and thrive. Our past guests share more advice to help us navigate the COVID-19 crisis. Dan Gramza from Ep43 Don’t Let Overconfidence Ruin Your Trading Strategy Dan Gramza is the President of Gramza Capital Management, Inc. He is a trader, consultant to domestic and international clients, an advisor to hedge funds, a developer of ETF/ETC securities, and co-inventor of two issued security patents. He has published works and has appeared on numerous media outlets around the world. We cannot control the social and economic impact of the virus, but we do have total control over how we react to these changes. Your focus should be on your reaction to thrive. Appreciate the restrictions that have come with this virus because they are causing hidden positive changes. This global pandemic has created a common cause that has brought people together locally and globally. This is an opportunity for us to do the things that we’ve wanted to do, but we always put aside for various reasons. If you’re feeling depressed, and you can’t seem to shake it, it may be time to seek professional help, or your spiritual leader or a good friend to express how you’re feeling. Sometimes just talking about it can put things into perspective. It is also important to relax. Take a break once in a while to relax your mind and body. Take care, and stay well as we go through this unique time in our lives. David Keller from Ep111 It’s OK to be wrong, It’s not OK to Stay Wrong David Keller, CMT, is the President and Chief Strategist of StockCharts.com, where he helps investors minimize behavioral biases through technical analysis. He is the author of the blog, Market Misbehavior, and most recently served as a subject matter expert for Behavioral Finance. Use this period as a learning curve. Keep an accurate record of your decisions and a good trading journal. This will help you to make informed trading decisions in the future. Whatever platform you use, make sure you keep notes of what you did and at what point so that you have a beautiful historical record of your actions once this is all over and we’re through this challenging bear market period. You will learn way more in this bear market phase than in a bull market phase. So keep your eyes open. Dustin Mathews from Ep151 Even if You Are An Expert in Investing in Real Estate, You Must Do Your Homework Dustin Mathews is the co-founder and Chief Education Officer of wealthfit.com, an online learning startup focused on teaching all the stuff you never learned in school about money investing and entrepreneurship. He’s also the host of the Get Wealth Fit podcast where he’s had the chance to get inside the heads of top investors and famous people like Rich Dad Robert Kiyosaki, racing legend Danica Patrick, Kevin Harrington from Shark Tank and many more. This is not the time to try and control the situation. With so much chaos going on, sit back and take it all in. Don’t pressure yourself to control an outcome or have an action plan. Take the time to internalize; give yourself time and space to think. It’s not always easy, but it helps. Talk to people that you respect that you trust and are part of your inner circle, and then put together a loose action plan and be fluid. Be willing to go to wherever this opportunity takes you. Connect with Dan Gramza: www.dangramza.com LinkedIn YouTube Connect with David Keller  LinkedIn Twitter Email Connect with Dustin Mathews LinkedIn Twitter Facebook Instagram Website Andrew’s books How to Start Building Your Wealth Investing in the Stock Market My Worst Investment Ever 9 Valuation Mistakes and How to Avoid Them Transform Your Business with Dr.Deming’s 14 Points Andrew’s online programs Valuation Master Class Women Building Wealth The Build Your Wealth Membership Group Become a Great Presenter and Increase Your Influence Transform Your Business with Dr. Deming’s 14 Points Connect with Andrew Stotz: astotz.com LinkedIn Facebook Instagram Twitter YouTube My Worst Investment Ever Podcast  

May 19

14 min

Our past podcast guests continue to share with us little pieces of advice that we can all try to maintain and do daily to keep ourselves on an even keel. Hopefully, with this wisdom, we’ll ultimately create a brighter future out of this situation. Philipp Kristian Diekhöner from Ep61 The Impact of Foreign Currency on a Managed Fund Philipp Kristian Diekhöner is a keynote TEDx speaker, global innovation strategist, and author of The Trust Economy, published in English (2017), German (2018), and Simplified Chinese (2019). Philipp has spoken at prominent global organizations such as Facebook, P&G, Microsoft, Turner, Munich Re, Zillow, Globe Telecom, CPA Australia, Germany’s Federal Ministry for Economics and Energy, the Economist Intelligence Unit and many others. We need to understand how we can make agility sustainable. We’re currently experiencing an exciting surge in agility in business. Organizations that are not usually very agile are developing quality responses and solutions to the current situation very rapidly and very effectively. We need to move from compliance measures to proactive ways of addressing the current issue and future issues to come. Let’s encourage more of the community spirit because the collective action to fight a common enemy is a powerful way. For that to happen, everyone must care about the situation, and we must feel in control of actually doing our bit. Think about sustainability in urgency. Use the current urgency for change and use it as an opportunity to create sustainable transformation, future of work, and digital transformation in your organizations, businesses, and governments. Understand that by using new tools and ways of working, we’re going to form habits that will sustain us even after the current times have improved and move to greener pastures. There’s a massive opportunity in adversity, and we can make the most of the current situation by coming out stronger and more capable as humanity and as the business world overall. Dante Vitoria from Ep178 When an FBI Agent Tells You to Go to Breakfast, Do It For over 30 years, Dante Vitoria has been running his firm the Vitoria Group, which has broad experience working with companies of various sizes to fulfill its client’s financial needs. The group provides a vast array of financial services specifically tailored to enable clients to meet their goals, the assistance direction, and access to professional banking and other facilities. We all are working from home because of the global pandemic, be diligent about that. Form continuous habits to keep you productive. Remember to follow advice from the government and health officials. If you do get to go out, wear a mask and keep a distance. We are all at home and stressed about this crisis, so be kind, patient, and gentle with everyone; we all cope with stress differently. So try to understand everyone. Vikas Gupta from Ep156 Always Remember that the Unexpected Can Happen Even with Value Investing Vikas Gupta founded OmniScience Capital to provide a scientific approach to global and India-listed equity investments. Together with his team, he formulated the Proprietary Scientific Investing Framework, which stands on the strong foundations of nearly 100 years of investment research and practice. During this COVID-19 pandemic, we ought to think about our personal life, investment life, and business life. When it comes to our personal life, this is the time to ask ourselves if we are on the path that we want. The lockdown is the best time to build a new habit that you could use for the rest of your life. Review your investment critically so that you can be able to see whether there are any flaws in it. Regarding your business, go back to your vision. Have you reached your set target? How is your progress qualitatively and quantitatively? What can be changed? Connect with Philipp Kristian Diekhöner: philippkristian.com LinkedIn Connect with Dante Vitoria LinkedIn Twitter Facebook Blog Website Connect with Vikas Gupta LinkedIn Twitter Facebook Website Andrew’s books How to Start Building Your Wealth Investing in the Stock Market My Worst Investment Ever 9 Valuation Mistakes and How to Avoid Them Transform Your Business with Dr.Deming’s 14 Points Andrew’s online programs Valuation Master Class Women Building Wealth The Build Your Wealth Membership Group Become a Great Presenter and Increase Your Influence Transform Your Business with Dr. Deming’s 14 Points Connect with Andrew Stotz: astotz.com LinkedIn Facebook Instagram Twitter YouTube My Worst Investment Ever Podcast  

May 14

15 min

Here a few tips from some of our past podcast guests that will help you get through this COVID-19 crisis. These uplifting words of wisdom will help give you a positive mindset and come out of this pandemic stronger. Sal Daher from Ep152 To Win Big as an Angel Investor, You Have to Look at All Angles Sal Daher is an angel investor who invests in technologies that set Boston apart. He is a member of Walnut Ventures and MIT Angels. Sal is a syndicate lead and podcast host at Angel Invest Boston Podcast. Be very careful with your cash, renegotiate your rents, and consider the cost of your headcount. This thing is going to be here for a while; we’re not going to have vibrant economic activity anytime soon. So you have to think long term in terms of preserving your resources. Use the limited resources that you have, in a way that’s economical for you. This will help others and also help your long term survival. Think creatively; you might be able to build value in your enterprise. But remember to be very careful with your scarce resources. Joe Saul-Sehy from Ep155 Financial Risk Management Lies in Diversification across Industries Joe Saul-Sehy is the co-host of the award-winning Stacking Benjamins podcast, which focuses on earning, saving, and spending with a plan. He was the “Money Man” at Detroit television WXYZ-TV, appearing twice weekly. During this COVID-19 crisis, realize that there are things you can control and influence, and things you can neither control nor influence. Most people dwell on the things that they can neither control nor influence. Focus on your community and on the things that you can control, like, getting better at the things that you do. Even if your job is gone, your skills are not gone, you’re still the same person that you were before. Spend time not only growing yourself but also growing your community or keeping the people around you safe. Such are some of the things that you can control and influence. Jack Thomas from Ep176 Successful Entrepreneurs Focus on Hiring Right Jack Thomas is the founder and CEO of BASE, which was voted as Asia’s Gym of the Year 2018 at the Fitness Best Awards. With eight years of experience in Asia’s fitness industry. Jack also hosts the Fitness Business Asia Podcast, a weekly show with a mission to raise the standards of Asia’s fitness industry. You now have more time to do the things that you want to do, whether it’s writing a book, or working on something in your business that you’ve had to put on hold recently. Stay connected with your team. This is a great chance to show your team that you are there for them, and you will see how your business will bounce back with an even stronger team before the pandemic. Adversity breeds resilience. It’s during these tough times that we have to rise to the challenge to develop our offerings and grow. As a business owner, make sure every day you are working towards capitalizing on the opportunities available and continue to serve your clients. Connect with Sal Daher LinkedIn Twitter Facebook Website Connect with Joe Saul-Sehy LinkedIn Twitter Facebook Instagram Website Connect with Jack Thomas LinkedIn Twitter Facebook Instagram Podcast Website Andrew’s books How to Start Building Your Wealth Investing in the Stock Market My Worst Investment Ever 9 Valuation Mistakes and How to Avoid Them Transform Your Business with Dr.Deming’s 14 Points Andrew’s online programs Valuation Master Class Women Building Wealth The Build Your Wealth Membership Group Become a Great Presenter and Increase Your Influence Transform Your Business with Dr. Deming’s 14 Points Connect with Andrew Stotz: astotz.com LinkedIn Facebook Instagram Twitter YouTube My Worst Investment Ever Podcast  

May 11

12 min

Scott Beebe is the founder and head coach of MyBusinessOnPurpose.com and author of Let Your Business Burn: Stop Putting Out Fires, Discover Purpose, And Build A Business That Matters. Scott hosts the Business On Purpose podcast sharing real stories of how he and the team are working with business owners and their key leaders. They’re building systems, process, and purpose using the Business On Purpose Roadmap to liberate businesses from the chaos of working in their business and help them get their lives back.    “Where there is no vision, people become detached, people then scatter, and eventually people die.” Scott Beebe   Worst investment ever Success as he knew it comes tumbling down in an instant One snowy Friday morning in February 2015, Scott walked into work and walked back home unemployed. He went home, ready to count his losses and figure out how to bounce back. Married with three kids, Scott needed to find his footing again and fast. Taking his side hustle more seriously At this point, Scott had already started Business on Purpose podcast. He figured he could take it a notch higher now that he had more time. Scott called up two of his friends and asked them if he would coach them on how to create visions, missions, and values for their companies. The two friends accepted, and that’s how My Business on Purpose was born. Instant business results In just a few months, the business grew locally through word of mouth. Scott realized that the business had potential and so he decided to invest in marketing it. He hired someone to run Facebook ads for him. Flushing money down the toilet Excited to do more with his business, Scott forgot the tenets of what he was teaching other business owners, having a vision for your business. Scott left the Facebook manager to run things without a clear direction, and as expected, the marketing failed. The business never got any leads from this marketing effort. Yep, $30,000 later, Scott never got a single lead from the Facebook ads. It was devastating, but he picked himself up and decided to follow his advice. He went back to the drawing board and drew up a master plan for his business, which is what he’s continued to use up to now with a lot of success. Lessons learned Vision is the most important thing in business Vision is the most important thing in business. It’s not your financial health. It’s not making sure that you’ve got the right employees, it’s a vision. Without a vision, people scatter, and businesses die. Have a business marketing master plan Before you start marketing a business, have a master plan. Create everything from front to back. This is what people call a funnel, or a sequence or a campaign. Have a simple visual map so that you can see everything, then start plugging the parts and pieces in so that you can unleash it all together and make sure that you have everything. Tune in and listen to your teammates Your teammates have valuable ideas too. Learn how to drill down and listen to your teammates; they may just save you from making your worst investment ever. Andrew’s takeaways Have a sounding board Make sure that you have some people around you that you can bounce ideas off each other. Put that can help you put your resources together in a way that produces maximum value for your business. Make your message clear Make your message very clear for all your advertising and marketing. Let your target audience know how they will benefit. What’s the next step in the process for them if they’re interested in going to that next step? Make this information clear. Niche down It’s essential to identify your target market, but also, try to move down into a persona. This will help you come up with a clear marketing message. Actionable advice Whether you’re doing things for Facebook ads, or family situations or business in general, write it down and map it out. Because when you write it down, other people can run with it. No. 1 goal for the next 12 months Scott’s number one goal in the next 12 months is to liberate 100 business owners from the chaos around the world. Parting words   “Work on the dock while the tide is out because when the tide’s out, you can see so much more clearly. We’re in a unique time. The tide is out, so take advantage of this time.” Scott Beebe   Connect with Scott Beebe LinkedIn Twitter Website Andrew’s books How to Start Building Your Wealth Investing in the Stock Market My Worst Investment Ever 9 Valuation Mistakes and How to Avoid Them Transform Your Business with Dr.Deming’s 14 Points Andrew’s online programs Valuation Master Class Women Building Wealth The Build Your Wealth Membership Group Become a Great Presenter and Increase Your Influence Transform Your Business with Dr. Deming’s 14 Points Connect with Andrew Stotz: astotz.com LinkedIn Facebook Instagram Twitter YouTube My Worst Investment Ever Podcast  

May 7

31 min

Daniel Gomez is an Award-Winning Business Strategist, Corporate Trainer, and Confidence Architect and is the President/Founder of Daniel Gomez Enterprises. Daniel speaks and coaches at events all over the world! His passion is to elevate businesses and entrepreneurs to achieve their true potential through their training and coaching programs. Daniel has empowered his clients to build epic success in their personal and professional lives. He is the international best-selling author of “You Were Born to Fly,” a book written to inspire and give people the high-performance habits and confidence needed to be the leaders of their destiny.    “The quality of your life is determined by the quality of the questions you ask yourself.” Daniel Gomez   Worst investment ever When anger impedes your success in life Daniel had been living with a lot of anger. This anger saw him sabotage himself and his business. He was full of hate and would barely bring himself to trust anyone, including his clients. This affected his personal and business growth. Daniel was hot-tempered and would quickly go from zero to 100. This strained his relationships and caused him so much anxiety. His biggest problem was that he couldn’t understand where all this anger was stemming from. Getting to the root of the problem One day Daniel had had it. The anger was consuming him, and he wanted things to change. Daniel turned to God and prayed without ceasing. He looked into his heart, thinking hard on the cause of this anger that had plagued him all his life. Daniel finally realized that he still harbored a lot of anger towards his dad. Life growing up wasn’t the best. Daniel’s parents moved a lot, and in the process, they had numerous disagreements and would separate a couple of times. One day, Daniel watched as his dad left and asked if he could go with him. His dad promised that he’d be back the next day, but he never did. From this day, Daniel never trusted his dad again, and he carried this anger to his adulthood. Learning forgiveness Once Daniel found the root cause of his anger, he realized that he had to forgive his dad to have any success in business and life in general. Lessons learned Forgiveness frees you When you don’t forgive somebody, the only person you’re hurting is yourself. The anger eats you up, and you end up adding more damage to your life and to whatever you’re doing. Be ready to go through the motions to find forgiveness Unfortunately, you usually have to go through trauma and pain before you see that the emotion is there. So feel the anger, release it, find the root cause, and then let go. Who do I need to forgive? Forgiveness is the key to success in life, and in life, there will always be someone that you need to forgive. So always ask yourself, “Who do I need to forgive?”. This will help you release any feelings of anger as you go on with your life. Andrew’s takeaways Look into the cause of your anger People rarely look at the cause of their anger. Instead, they focus on the effects of anger. To heal, you need to look at the cause first. Anger is not a feeling Anytime you have anger, look beneath it. Anger is a defense that is defending you against a painful feeling. It could be a feeling of abandonment, a feeling of lack of trust, a feeling of fear, a feeling of uncertainty. For example, right now with COVID-19, most people are angry due to the anxiety and uncertainty the virus is causing. Resentment rots the container it’s in Resentment is replaying the negative emotions that you’re feeling over and over. In doing so, you continue causing yourself harm sometimes even healthwise. To deal with your negative emotions write them down Sit down and write down all the things that you feel bad about. Everything that you feel ashamed about. This will be your private list and it will help you to start to overcome those feelings. Actionable advice Talk to somebody about your anger or resentment. You release the emotion just talking to somebody, and it won’t take deep root in you. So call somebody, talk about it, and express your feelings. In the process, you’ll release that negative energy. No. 1 goal for the next 12 months Daniel’s number one goal in the next 12 months is to speak to an audience of 10,000 people and transform lives and let them know how awesome it is. Parting words   “Stop putting so much pressure on yourself in wanting to run and take big leaps. It’s not how fast you get there. The smallest step every day towards a future you want is going to get you there.” Daniel Gomez   Connect with Daniel Gomez LinkedIn Facebook Twitter Website Andrew’s books How to Start Building Your Wealth Investing in the Stock Market My Worst Investment Ever 9 Valuation Mistakes and How to Avoid Them Transform Your Business with Dr.Deming’s 14 Points Andrew’s online programs Valuation Master Class Women Building Wealth The Build Your Wealth Membership Group Become a Great Presenter and Increase Your Influence Transform Your Business with Dr. Deming’s 14 Points Connect with Andrew Stotz: astotz.com LinkedIn Facebook Instagram Twitter YouTube My Worst Investment Ever Podcast  

May 3

20 min

Three more of our past podcast guests graciously shared some words of advice to help us cope and make the most out of the COVID-19 epidemic. Giacomo Arcaro from Ep113 Don’t Chase the Money Giacomo Arcaro is one of the most important European growth hackers, with more than 140,000 “crypto-followers” and has been featured in the Financial Times,  Forbes, Wired, and the Los Angeles Times. He’s had 2-million-euro exits with two start-ups, CercaClienti.it and SocialAutomation.online, and is the founder of Black Marketing Guru. We need to understand that during the COVID-19 crisis, we are going to face a low touch economy where you have to consider a lot of factors. If you have a business based in a small area with a lot of people, you need to reconsider reinventing your business so that it remains standing if this crisis goes for a year or two. One way of reinventing your business, for example, is running it on social media platforms such as Instagram or Facebook Live. COVID-19 has not changed our lives; instead, it has anticipated the digital revolution. Johnny FD from Ep134 Stay on Track Johnny FD (Fighter-Divemaster) quit his job at corporate giant Honeywell in 2007 to move to Thailand, travel the world, and work as a professional scuba diver. He has since written two books: 12 Weeks in Thailand: The Good Life on the Cheap and Life Changes Quick (both on Amazon), started multiple six-figure online businesses, and since has been interviewed and featured in Forbes, Business Insider, Fast Company, Entrepreneur, and the BBC. If you don't get out of this quarantine with new skills, new knowledge, a side business or side hustle started, then you never lacked the time you lacked discipline. But if you were working hard and didn’t have enough time to rest and you really need to, take a break. Lay around, do nothing, and relax. But if you are only laying on your bed scrolling through your smartphone and just eating and complaining, you need to get out of bed and make some changes and money. You can start by treating your stay at home as the standard working days; the only difference is that you are not getting outside. Now is the time to do things that you usually don’t have time to do, for example, learning a foreign language, reading, learning a new skill, etc. There's going to be a lot of money to be made and a lot of money to be lost. Make your decisions wisely so that you’re on the money-making side. Nicolas Rabener from Ep55 Diversification: An Easy Way to Reduce Your Investing Risk Nicolas Rabener is the founder of FactorResearch, which provides quantitative solutions for factor investing. Previously he created Jackdaw Capital, an award-winning quantitative investment manager focused on equity market neutral strategies. Unlike the Global Financial Crisis in 2008, low volatility smart beta ETFs in the US have declined as much as the stock market and therefore failed to provide the desired downside protection. Tail risk strategies are currently attractive because some of them generated outsized returns in March when the stock markets crash. If you’re considering buying portfolio protection, it’s going to be very expensive because, just like insurance, portfolio protection is best purchased when it is not required. Connect with Giacomo Arcaro LinkedIn (English) LinkedIn (Italian) Twitter Instagram Website Facebook Connect with Johnny FD Website 1 Website 2 LinkedIn Invest Like a Boss summit 2019 The Nomad Summit 2019 The Nomad Summit 2020 Email Connect with Nicolas Rabener: factorresearch.com LinkedIn Twitter Andrew’s books How to Start Building Your Wealth Investing in the Stock Market My Worst Investment Ever 9 Valuation Mistakes and How to Avoid Them Transform Your Business with Dr.Deming’s 14 Points Andrew’s online programs Valuation Master Class Women Building Wealth The Build Your Wealth Membership Group Become a Great Presenter and Increase Your Influence Transform Your Business with Dr. Deming’s 14 Points Connect with Andrew Stotz: astotz.com LinkedIn Facebook Instagram Twitter YouTube My Worst Investment Ever Podcast  

Apr 29

15 min

In times of fear, uncertainty, and anxiety, a word of encouragement goes a long way to help cope with the situation. A few of our past podcast guests graciously sent us a few words of wisdom to help all of us stay hopeful for a brighter future after we beat the COVID-19 pandemic. Dan Passarelli from Ep 42 Struck by an Anomaly in Options It’s going to be okay. It’s going to be okay in your trading account, your IRA, in your career, in your personal life, and most likely with your health. You lived through the financial crisis, through the feeling of despair back in 2008. That was temporary, and then it had been good for a long time since then. You’ll still get through the current pandemic. The markets may be low now, but they won’t stay there forever. If you buy stocks now, at some point, those are going to be a loser, but five years from now they will be winners.   David Stein from Ep127 Trading Currencies and Commodities Is Harder Than You Think We are in times of radical uncertainty, and there is no way to accurately forecast what will happen or determine the optimal asset mix to position your portfolio for what lies ahead. The best thing to do right now for your portfolio is to choose an asset allocation that you’re comfortable with considering that the stock market falls significantly, or it rebounds significantly in due time because a vaccine is discovered. Remember that comfort means we will not be personally harmed and overly regretful if either of those financial scenarios takes place. Right now there is no right answer based on the numbers. It’s based on your level of comfort and your level of regret.   Dustin Heiner from Ep144 His Life Went From Loss to Success When He Mastered Passive Income Tough times will always come, markets will go up, markets will go down. We need to focus on what is important in our lives. If you were to lose everything right now, what would you not do without? Focus on that. Serve as many people as possible and take good care of them. If you help more people, you’ll get something in return, not just monetary, but you also feel so much better. When you’re preparing for your future, start by saving for an emergency. Buy income-producing assets such as rental property or anything that makes you money. Connect with Dan Passarelli: markettaker.com LinkedIn Twitter Connect with David Stein  LinkedIn Twitter Website Podcast Book Connect with Dustin Heiner  LinkedIn Twitter Facebook YouTube Website Andrew’s books How to Start Building Your Wealth Investing in the Stock Market My Worst Investment Ever 9 Valuation Mistakes and How to Avoid Them Transform Your Business with Dr.Deming’s 14 Points Andrew’s online programs Valuation Master Class Women Building Wealth The Build Your Wealth Membership Group Become a Great Presenter and Increase Your Influence Transform Your Business with Dr. Deming’s 14 Points Connect with Andrew Stotz: astotz.com LinkedIn Facebook Instagram Twitter YouTube My Worst Investment Ever Podcast  

Apr 28

20 min

This is an all hands on deck moment. We all need each other in one way or another. Our past podcast guests sent us some inspirational thoughts to give you hope and keep you going through this challenging period. Beth Azor from Ep74 Keep Your Arrogance and Overconfidence in Check If you’re trying to work from home successfully, focus on time management. Identify the three critical things that you have to get done tomorrow. Take 50% of your day and focus on today, and 50% of your day and think about a year from now. Delegate and also ask for help. Use organizations such as Upwork and Fiverr to get some inexpensive help. It’s time to redo our 2020 goals. Allow time for distractions and interruptions in your day; they’re going to happen. Learn to say no. No is a complete sentence. It’s essential to have a morning routine that you do every morning. Time blocking is a good exercise. Also, batch calls and try to do all your calls in a two-hour setting. Get outside to get some fresh air, take a walk, and exercise. Create one place in your house for your workspace and clear out any clutter in your workplace. It’s a crazy time right now, so give yourself a break, but at the same time, don’t look back 30 or 60 days from now, and the only thing that you could be proud to say that you did was watch four seasons of a Netflix series. There are lots of ways you can still move your career forward. Chance Glenn from Ep135 Have the Courage to Stick with It The COVID-19 crisis is exposing our strengths. People are coming together, working together, being creative, and innovative to help their fellow neighbors out there. There’s something that you can do, even if it is just an encouraging word to somebody. Christopher Salem from Ep99 Meditate and Journal to Overcome Pain of Losing Don’t get sucked into problems. Not only the problem of the Coronavirus but also in other issues that were affecting you before this crisis. This is the time to reflect on where you are and where you want to go. We have the opportunity now to get in tune with who we are, what our purpose is, our core values and principles. It is the time to be a better example for other people that are important to us, our families, our colleagues, our business partners, or people in general. Use this time wisely to build your foundation so that when we get out of this pandemic, you’re going to be in a place where you can serve others through your example. This is a golden opportunity to be grateful and to fulfill your purpose to help others at a higher level. Give without expectation; receive without resistance. Connect with Beth Azor Beth Azor LinkedIn Twitter Connect with Chance Glenn LinkedIn Twitter Website Electronic Alchemy Email Connect with Christopher Salem LinkedIn  Twitter Website Email Andrew’s books How to Start Building Your Wealth Investing in the Stock Market My Worst Investment Ever 9 Valuation Mistakes and How to Avoid Them Transform Your Business with Dr.Deming’s 14 Points Andrew’s online programs Valuation Master Class Women Building Wealth The Build Your Wealth Membership Group Become a Great Presenter and Increase Your Influence Transform Your Business with Dr. Deming’s 14 Points Connect with Andrew Stotz: astotz.com LinkedIn Facebook Instagram Twitter YouTube My Worst Investment Ever Podcast  

Apr 27

17 min

Today we bring you more messages of hope from our past podcast guests. We are all feeling the pressure and anxiety from the COVID-19 pandemic. But together, we can beat this crisis and thrive in it. Mohd Sedek Jantan from Ep44 Panic Selling When Stocks Fall is Usually a Terrible Idea If you have invested for more than three years, but are only now experiencing short-term losses, do not obsess about the reduction in value. Losses of 20% to 30% are normal. Understand that equity volatility is the price you pay for capital appreciation over the long term. Now is the time to differentiate between income and wealth. During this COVID-19 pandemic, wealth that investors have accumulated over a lifetime has eroded in value as the market has crashed. But were you making good returns before? If yes, take this opportunity to top up your investment. Set up an automatic investment schedule. This removes the emotion from the process. If the market sinks further, do not fret, most of us are investing for the long term anyway. Azran Osman-Rani from Ep76 From Zero to a Billion Dollar IPO One thing that’s holding us back from dealing with this crisis even with excellent advice is acceptance. We subconsciously hope that after COVID-19, things will return to how they used to be, and so we are not living in the reality of the situation. The tension between the logical part of knowing what we have to do to change and adapt, and the emotional part yearning for the stability of the past is what is causing pressure, anxiety, and even depression. When we accept, we can move on and do what we need to do to move ahead and let go of that yearning for the good old days, and we will be able to cope better with the current situation. Lasse-Peter Pestel from Ep7 Eurozone Bailout Fund: Considering Risk over Return A crisis can be an opportunity for your company to thrive just look at delivery companies such as DHL or UPS. They are reporting figures which are the same as the pre-Christmas times, and these are the busiest times of the year. Don’t break the law even during holidays. Staying at home, it will calm you down and give you peace of mind. The current situation is a bit tense. Nonetheless, let’s do what we can to cope with the situation and hope that it will be over soon. Connect with Mohd Sedek Jantan: LinkedIn Connect with Azran Osman-Rani LinkedIn Twitter Azran Osman-Rani Instagram Connect with Lasse-Peter Pestel: Linkedin Xing Book Andrew’s books How to Start Building Your Wealth Investing in the Stock Market My Worst Investment Ever 9 Valuation Mistakes and How to Avoid Them Transform Your Business with Dr.Deming’s 14 Points Andrew’s online programs Valuation Master Class Women Building Wealth The Build Your Wealth Membership Group Become a Great Presenter and Increase Your Influence Transform Your Business with Dr. Deming’s 14 Points Connect with Andrew Stotz: astotz.com LinkedIn Facebook Instagram

Apr 23

11 min

We are living through the COVID-19 Coronavirus times. Times of fear, despair, and anxiety. We all need words of hope and encouragement to keep us going. Andrew reached out to our past podcast guests who took a few minutes to share nuggets of wisdom on how to survive and thrive through this epidemic. David Barnett from Ep136: Always Have a Clear Path to Plan B You are not your business. You, as a person, are a wholly distinct and separate thing from your business. There are going to be many businesses that will no longer be viable and will end up closing. That’s not a reflection upon the business owners; it’s just a function of the time that we’re in. There is going to be a long and protracted recession; people need to think about themselves as individuals ahead of their businesses. If your business survives this, that’s great. But if you don’t see a way out, then you need to look for the path to extricate yourself from the situation, while retaining as many resources as you can so you create opportunities for yourself once this thing winds up and is over. When a business starts to head downhill for whatever reason, cut your losses, and don’t put your resources into the business to try to help it survive. Your survival has to be paramount in a situation like this. Andrew Sherman from Ep133: Mistakes to Avoid When Selling Your Business Now’s the time to retool, repurpose, reevaluate your business and your value proposition. It’s also a time to look at the future of work and the future of the workplace. Will working from home be the new normal? How will that affect staffing, teamwork, engagement issues, and even innovation and creativity? It’s also an excellent time to be sure that you stay close to your customers. The small businesses and entrepreneurs that really stay close to their customers are being rewarded now with alternative business models. Erik Bergman from Ep112: Keep Empathy in the Start-Up War Room Lower the amount of media exposure, so you don’t get stressed out by watching the news and watching the numbers all the time. Focus on other, less stressful things. Use this as an opportunity to create new habits. You don’t get new results by setting new goals; you get new results by creating new habits. Habits are everything. Many of us are working from home and meeting fewer people, meaning that we have more time on our hands to create new habits. Use this time to learn about different ways to make money online. Google and search on YouTube for various business ideas and guides. Explore these things and see if you can find something that sparks your curiosity and can be turned into a money-making opportunity. Connect with David Barnett LinkedIn Email Website Connect with Andrew Sherman LinkedIn Twitter Complete bio Amazon author’s page Connect with Erik Bergman LinkedIn Twitter Instagram Website Podcast YouTube Blog Andrew’s books How to Start Building Your Wealth Investing in the Stock Market My Worst Investment Ever 9 Valuation Mistakes and How to Avoid Them Transform Your Business with Dr.Deming’s 14 Points Andrew’s online programs Valuation Master Class Women Building Wealth The Build Your Wealth Membership Group Become a Great Presenter and Increase Your Influence Transform Your Business with Dr. Deming’s 14 Points Connect with Andrew Stotz: astotz.com LinkedIn Facebook Instagram Twitter YouTube My Worst Investment Ever Podcast  

Apr 22

12 min

A management consultant and venture capital professional, Henry Briffel advocates for the highest ethical standards, value of a secure and diversified supply chain, and the power of people and technology to bring innovation to the marketplace. Henry helps clients raise capital, operationalize their ideas into businesses, and monetize their products and services for the benefit of all stakeholders.   “Most people are good, but they are frequently influenced by money.” Henry Briffel   Worst investment ever Even veterans make poor investments Henry’s worst investment came just recently after working for years and moving on to entrepreneurship. Henry, over time, had made valuable business contacts and resources. He met a businessman who made him an offer to join his business as a partner. He offered Henry a 50% business deal. With Henry’s connections, together, they could build a successful business. Henry saw this as an excellent business opportunity. Working with blind trust Henry and his partner agreed on a temporary partnership. Henry gave everything he had into the partnership from the start. He brought on valuable venture deals and even put his resources into the business for several months. Soon enough, they had deals on the table from major tech companies. The cracks start to show As they got close to closing one of the significant deals, Henry started noticing behavior change in his partner. He brushed it off as two strangers getting to know each other. But, as more deals came in, his partner kept pulling away. Henry questioned him about it, but he convinced him that he was genuinely vested in the business. True colors are finally revealed Soon enough, Henry found out that his partner had been using all the deals Henry had worked hard to benefit himself. His partner had been going behind his back, lying to all the clients trying to snatch them from Henry. Eventually, on Christmas Eve, Henry’s partner informed him that he was never part of the deals that he had brought. He had managed to sideline Henry in all the deals he worked so hard to bring. Unfortunately, there was nothing Henry could do because they had not signed any contracts or NDA. Lessons learned Question people who refuse to sign an NDA are questionable Always question whether someone wants to sign an NDA or not. Make sure that you insist upon a mutual NDA; don’t make it one-sided. Temporary contracts only benefit one party over another If someone doesn’t want to sign a permanent deal, it’s because they don’t believe in you. Deal with that early into the partnership because it could get in the way of valuation. Everyone should be on the same page Everyone along the value chain should be on the same page and working towards the same goal. They should all be aligned for the business to work. Andrew’s takeaways There’s no shortcut to trust Occasionally, you could get lucky and meet someone that you don’t know well, but that person is trustworthy. But the reality is that you get to know who you can trust over time through difficult times. A non-disclosure agreement takes away excuses Once an NDA is signed, then it makes it a little bit more of a level playing field. It makes it difficult for any of the parties to hide something. Actionable advice Never be a sole proprietor or the only person with information about your deal. Always have people around you that you can trust. That allows you to have an outside view of what’s happening. No. 1 goal for the next 12 months Henry’s number one goal is to take the deals that he and his venture capital partner have done and make them successful. He wants to help other people be successful because that exponential growth of both financial security and productivity breeds other exponentially growing scenarios. Such growth will be essential to get through the current difficult financial times. Parting words   “Just keep going.” Henry Briffel   Connect with Henry Briffel LinkedIn Facebook Twitter Andrew’s books How to Start Building Your Wealth Investing in the Stock Market My Worst Investment Ever 9 Valuation Mistakes and How to Avoid Them Transform Your Business with Dr.Deming’s 14 Points Andrew’s online programs Valuation Master Class Women Building Wealth The Build Your Wealth Membership Group Become a Great Presenter and Increase Your Influence Transform Your Business with Dr. Deming’s 14 Points Connect with Andrew Stotz: astotz.com LinkedIn Facebook Instagram Twitter YouTube My Worst Investment Ever Podcast  

Apr 20

15 min

In this challenging time of COVID-19 outbreak and economic shutdown, people need inspiration and hope that they will make it through. This is the time to rely on your family friends and the network you have built. Andrew reached out to his network of podcast guests and asked each to share their best advice on how to survive and thrive during these difficult times. Shaun Rein from Ep118: You Can’t Win Unless You Know How to Lose In times of panic, investors and business people should look at facts and remain calm to find opportunities to grow. Stay focused on data, not rumors. Stay patient and calm, and don’t let fear overwhelm you. Focus on your workforce because not long into the future, business is going to get good, and you’ll need them. Nick Bradley from Ep169: Buying a Business Based Purely on Emotions Rarely Works We’re in a state of fear and overwhelm, and people want to have some perspective just to get through it, and therefore, we are all allowed to react differently without any judgment. It’s ok to take this time to hibernate and try to work out what’s going on. It’s also ok to use this as an opportunity to build and grow. It’s ok if you want to slow down so you can speed up when this is all over because this is going to end at some point. Try and manage your emotions. Don’t let uncertainty and fear rule you because you won’t be able to see the things that you can be doing to make the most of the situation. Now more than ever is the time to be a leader for yourself, your family, your business, the community at large, and the world. As a leader, show empathy and capability. Demonstrate that you have the confidence needed to push through this. In times of uncertainty, people need that confidence. Be grateful, be brave, have faith, and show up. Josiah Smelser from Ep83: Push Through When Everything Goes Wrong This is a time to be very thankful and cognizant of the blessings that we have. It’s a time to press into our faith. Be aware of what matters in life. Don’t be so focused on the things that you can’t take with you, such as money and wealth. The things that matter are our friendships, our faith, and our family. For the entrepreneurs, focus on a strategy to get you through, because this is a temporary problem that we will survive and pass through. If you’re in the real estate business, focus on the rental property right now. The rental market has a strong demand right now because people don’t want to buy at this moment they want to rent. Connect with Shaun Rein LinkedIn Twitter Website Email Connect with Nick Bradley LinkedIn Twitter Facebook Website Connect with Josiah Smelser LinkedIn Website Email Instagram Andrew’s books How to Start Building Your Wealth Investing in the Stock Market My Worst Investment Ever 9 Valuation Mistakes and How to Avoid Them Transform Your Business with Dr.Deming’s 14 Points Andrew’s online programs Valuation Master Class Women Building Wealth The Build Your Wealth Membership Group Become a Great Presenter and Increase Your Influence Transform Your Business with Dr. Deming’s 14 Points Connect with Andrew Stotz: astotz.com LinkedIn Facebook Instagram Twitter YouTube My Worst Investment Ever Podcast  

Apr 15

14 min

Samuel Kamugisha is a brand and growth strategist hailing from Uganda in East Africa but has been in Malaysia for the past five years, where he completed his Master’s degree. He is skilled in marketing, creative strategy, brand development, and project management that he attained from various fields. Samuel has over 11 years of work experience in Africa and Asia. Currently, he works in the strategy department at the prestigious iProspect Malaysia and Lemonade Agency that are Dentsu Aegis Network Companies. Finally, he is the host of the Wow Factor Podcast.   “Loss is just an investment in knowledge.” Samuel Kamugisha   Worst investment ever Chasing the excitement of being his own boss After working for about six years, Samuel quit his job and decided to open a business and be his own boss. He partnered with his friend, and together they started a business in Uganda focusing on bulk SMS. The idea was to offer SMS services to people who wanted to send bulk SMS messages. Raising capital for his business Samuel approached his sister with his business idea and requested her for a loan to set up the business. He showed her the valuation of the business, and she agreed to loan him the money. Excited to get started right away Happy to finally have the capital he needed, Samuel went to his partner, and they decided to hit the ground running. They were too excited to get started that they never bothered to do any kind of research to validate their business idea. First, they hired a developer to set up a website where they would host the SMS service. Next, they scouted for an SMS provider and found a gentleman whose rates seemed to be very good. They spent half of the seed money on buying the SMS:s. Tragedy strikes Things were going pretty well, and the business was starting to gain some ground. Unfortunately, the gentleman who sold the SMS:s to them suddenly died. His system went offline, and they no longer had access to the SMS:s they had bought. The gentleman operated his business alone, and so Samuel had no one to consult once the gentleman died. Seeking a second option Samuel and his partner decided to look for another SMS service provider. This time they chose to go with a company as opposed to an individual. They found a company in India and used the remaining half of the seed money to buy more SMS:s. Tragedy strikes again After about four months of successfully working with the Indian company, another crisis happened. The telcos in Uganda were blocking any SMS messages from entering into their network because they were not originating from their system. So now they had clients complaining that their SMS:s were not being delivered. Whenever they’d complain to the company in India, the company would say that there was nothing they could do as the SMS messages were being blocked from Uganda and not India. Trying to salvage the situation When Samual realized that there was not much the Indian company would do to help, he decided to find a way to salvage the situation to avoid losing all his investment money. The only way to do it was to sell the bulk SMS:s they had already bought to another entity. He approached a local bank pitched his idea, and they seemed to like it. Before he could sell off the SMS:s there were minor changes that needed to be made on their website. He called the developer and told him about the changes he needed. That was the last Samuel heard of the developer. He never made the changes, and he went missing. Needless to say, Samuel missed his window of opportunity as the bank got tired of waiting for him to deliver the SMS:s. Accepting the inevitable At this point, there was no other way to save the business, and so Samuel accepted his fate. He made peace with the fact that his business idea turned into a failed venture, becoming one of his worst investments. Lessons learned Do your groundwork Don’t just jump into a business because it feels good and you’re feeling excited about it. First, do some intensive research in the industry you’re going into then decide if it’s a viable business idea. Work with people with a similar vision Align yourself with people with the same mindset as yours. People who have the same vision as you. Otherwise, everything is going to go haywire. Analyze your partners strictly Don’t go easy when picking partners. Have ongoing discussions with potential partners. Make sure that you understand their mindset about money and business. If possible, talk to the people they’ve worked with and get to know their experience working with these people. Andrew’s takeaways Let your partners know if things are bad Communicate with everyone concerned whenever things are going bad. It’s easy to communicate when things are going well, but it’s most important to keep talking when things are going bad. The world doesn’t care Your success is determined sometimes by the timing, and sometimes it’s about luck, good or bad. There’s no shortcut to building trust Trust can only be built over time. There is no hack for building trust. Actionable advice Do your groundwork. The knowledge you get from this research will help you choose the right partnerships, understand the environment, the type of business you intend to start, and how the market is. Do people need your product? Are you building a product that you think they need? Some of the solutions that we are creating are not necessarily solutions. No. 1 goal for the next 12 months Samuel’s goal for the next 12 months is to add a revenue model for his podcast. Right now, it’s his most focused entity, and he’s putting most of his energy on the podcast so he can build a revenue model around it. Parting words   “I encourage you to look forward to your plans. Yes, you’ve had losses and you’ve had failures. It’s good you’ve learned from them. That’s the cost that you’ve paid for them.” Samuel Kamugisha   Connect with Samuel Kamugisha LinkedIn Twitter Website Andrew’s books How to Start Building Your Wealth Investing in the Stock Market My Worst Investment Ever 9 Valuation Mistakes and How to Avoid Them Transform Your Business with Dr.Deming’s 14 Points Andrew’s online programs Valuation Master Class Women Building Wealth The Build Your Wealth Membership Group Become a Great Presenter and Increase Your Influence Transform Your Business with Dr. Deming’s 14 Points Connect with Andrew Stotz: astotz.com LinkedIn Facebook Instagram Twitter YouTube My Worst Investment Ever Podcast  

Apr 13

20 min

Mei Phing is the founder of Got A Phing and a passionate advocate of youth leadership. She has been recognized as a high performer and was fast-tracked to senior positions in multiple global multi-national companies whilst only in her 20’s. Nowadays, Mei coaches high-performing young executives and entrepreneurs to level-up future-ready skills to navigate complexity and thrive in tomorrow’s world. She regularly speaks about the skills of the future, youth engagement, and multigenerational workforce inclusion–as a TEDx Speaker and featured speaker for international events, conferences, and podcasts. Mei Phing is a culture enthusiast and has traveled to 37 countries and counting.   “Leadership is self-management. Before you lead and manage other people, you need to learn and be yourself.” Mei Phing   Worst investment ever For the love of helping people For Mei, her worst investment ever was investing time and energy, trying to convince people to take actions that they weren’t ready to take. Mei has done very well in her corporate career over the years and always been one of the fastest rising stars in whichever company she was in. It’s, therefore, not surprising that she regularly get questions from people looking to also advance their careers. For the love of helping people, she’d spend hours giving them advice. Just in need of a sounding board After doing this for so long, she noticed a pattern. No matter how good her advice was or how much time she spent talking to these people, they wouldn’t take any actions to change the situations they were in. They would just continue to whine and complain. She realized that all they wanted was a listening ear and a sounding board for their frustrations. Learning from her bad investment Giving her time to people who never quite needed it got Mei quite frustrated because, as an introvert, she’s very protective of her energy and time. She regrets having wasted all that time on people who didn’t see the importance of taking action. Mei wishes that she could take back all that time and do something more magnificent. Fortunately, this came with lessons on how to handle people, and it has helped her run a successful leadership company. Lessons learned You can’t force someone to take action A person is only ready to take action when they want to. No external advice or motivation will make them make changes in life if they don’t want to. They’ve got to want change badly For someone to take action, they’ve got to want to achieve their goals and be passionate about it. If they’re not, all the motivation and advice given will be a waste as it will wither off at some point. Understand yourself first before you help others You need to understand yourself first so that you can better understand someone else and help them understand themselves. Andrew’s takeaways You only have four productive hours in a day We only have a certain amount of concentrated energy in a day. You’re most productive for only two to four hours a day, and it’s impossible to expand that amount of creative time. So make sure you maximize it. Confirm that people need your advice before you give it Before you give any advice, always ask your recipient what they want. Get people to confirm that they’re asking for advice. This permits you to give it hard and fast. Quit complaining and take action One of the best ways to take action is to quit complaining about your situation and do something about it. Actionable advice You need to develop self-awareness, and the first step is to take a personality test. Then have a look at the result and ask yourself, is this you and to what extent? What are some of the strengths that you see, and how can you work on them one by one? No. 1 goal for the next 12 months Mei’s number one goal is to spread more awareness and impact on future-ready skills because we’re in the era of digitizing, and the world of tomorrow is pretty much happening right now. She’s focusing on human skills such as how to communicate, how to work better with people, and how to create win-win relationships. She believes these skills are pretty much lacking with many. Parting words   “Keep learning and growing. More importantly, take action because learning is just learning, and knowledge is just knowledge. If you don’t take action, then nothing happens.” Mei Phing   Connect with Mei Phing LinkedIn Facebook Instagram Website Andrew’s books How to Start Building Your Wealth Investing in the Stock Market My Worst Investment Ever 9 Valuation Mistakes and How to Avoid Them Transform Your Business with Dr.Deming’s 14 Points Andrew’s online programs Valuation Master Class Women Building Wealth The Build Your Wealth Membership Group Become a Great Presenter and Increase Your Influence Transform Your Business with Dr. Deming’s 14 Points Connect with Andrew Stotz: astotz.com LinkedIn Facebook Instagram Twitter YouTube My Worst Investment Ever Podcast Further reading mentioned Vicki Robin, Joe Dominguez, Mr. Money Mustache (2018) Your Money or Your Life: 9 Steps to Transforming Your Relationship with Money and Achieving Financial Independence Weldon Long (2013) The Power of Consistency: Prosperity Mindset Training for Sales and Business Professionals  

Apr 7

17 min

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