My Worst Investment Ever Podcast Jacob Roig – You Can’t Neglect Your Way Out of Problems
BIO: Jacob Roig specializes in helping coaches and the entrepreneur create the steps and strategies to growing or scaling their business, so they can quickly double their incomes, increase profits and figure out how to grow into their ideal lifestyle with a great team, more time off and a workable plan to get there.
STORY: Jacob sold his business and invested in single-family homes. This turned out well for him, but he got convinced to invest in apartment buildings at some point. Jacob didn’t have the time to manage the apartments, and so when the 2008 real estate crash happened, he lost everything, including his over $2 million net worth, and had to file for bankruptcy.
LEARNING: Own up to your challenges and seek the help that you need. You don’t need to have a solution; you just need to be willing to try to get back on your feet.
“It seems easier not to take a step, but it is so much more painful to stay where you’re at.”
Jacob Roig
Guest profile
Jacob Roig specializes in helping coaches and the entrepreneur create the steps and strategies to growing or scaling their business, so they can quickly double their incomes, increase profits and figure out how to grow into their ideal lifestyle with a great team, more time off and a workable plan to get there.
Jacob is a certified business coach, certified firewalk instructor and besides coaching leaders, runs live events that routinely do the impossible, like getting you to walk over broken glass and burning coals. He’s mastered overcoming fears and limitations all of his life.
Jacob knows how to face life and business challenges and now teaches and coaches others along the way.
Worst investment ever
Jacob decided to become an entrepreneur after working a corporate job for 12 years. In his first 10 months in business, he did $1.2 million in sales. Along the way, he had to learn how to manage projects as well as people. That led him to fulfill his five-year goal in the first year.
Being a creative and a driven person, after three years in that business, Jacob was ready to do something different. He sold the business and invested in real estate. He bought single-family homes, and they were working well.
One day he went to a seminar and was convinced to buy apartment buildings. One thing he overlooked was how much work he had to put in to manage the apartments. Jacob didn’t have the time to do what was required, so he got into a situation which he ignored and just hoped that the problem would go away without him doing anything.
In 2008, the real estate crash happened, and Jacob’s problems with the apartments just got worse. In 2009, he had to file for bankruptcy and lost everything, including his $2 million net worth.
Lessons learned
- You may lose your wealth, but you can never lose your knowledge and your ability to get back on your feet as long as you’re willing to try.
- You don’t have to know what exactly to do; you just need to be willing to try and then take one step.
- Do what it takes to get the help you need. Holding back will not do you any good.
Andrew’s takeaways
- You can’t neglect your way out of the problem; it doesn’t go away if you don’t deal with it.
- When you’re going through problems and challenges, you have two choices; to face it now or put it off and face it later. If you put it off for later, it will eventually come, so face it now.
Actionable advice
It seems easier not to take a step, but it is so much more painful to stay where you’re at. Any action or step that you take and just the fact that you’re taking this step is a good start.
No. 1 goal for the next 12 months
Jacob’s number one goal for the next 12 months is to scale his third seven-figure business.
Parting words
“Don’t let go of your dream; pursue it and seek the help that you require.”
Jacob Roig
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Connect with Jacob Roig
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