My Worst Investment Ever Podcast Jerome Myers – What Value Do You Bring to the Table?
BIO: Jerome Myers left corporate America because he realized that although he had many accomplishments, he had not gained significance because he was not leading a centered life.
STORY: Jerome quit corporate America and went into real estate without any skills or experience in the industry. He missed a million-dollar investment because he had nothing to bring to the table.
LEARNING: If you’re trying to figure out how to get something done, pay a person who’s already done it, who has a comprehensive system, to accelerate your learning process. Articulate the value you bring to a deal or an organization.
“Pay somebody who’s done what you’ve already done to help you do what you want to do.”
Jerome Myers
Guest profile
Jerome Myers left corporate America because he realized that although he had many accomplishments, he had not gained significance because he was not leading a centered life. Now, as a leadership coach, he uses his personal journey and unique training method to guide other apex performers in leadership positions to face their toughest personal and professional challenges head-on.
Worst investment ever
Jerome exited corporate America and went into real estate full time. At the time, he didn’t know what he was doing. Jerome simply jumped on the loop net and found a deal, a 23-unit apartment building. He put his business plan together, took it to the bank, and asked for a million dollars to buy the building. The bank requested Jerome to show them a similar business plan he’d executed before. He didn’t have that. They went back and forth for a bit, and the bank told Jerome he needed a partner to qualify for the loan.
Jerome didn’t have a partner, so he went to another bank. He was turned down, then another, and another. When I got to the 10th bank, he realized he didn’t know what he was doing. So Jerome went online and started listening to stuff and soon realized the project wouldn’t happen for him. So he pivoted and found a fix and flip house. He found a few more and worked on them.
One day Jerome was sitting on the stoop of one of his properties when a guy pulled up. He was interested in checking out the house. The man went through the house, and as he walked out, he asked Jerome if he knew anything about a 23-unit apartment building. It was the same building Jerome was trying to buy. The man told him that he would make an offer on it. Jerome asked him not to leave him out of the deal. The man asked him what he was going to bring to the table. Jerome didn’t have anything. And that’s how he missed this opportunity for a second time.
A week later, Jerome got a phone call from a guy he used to lend money to. The guy was a rehabber, had an opportunity as a general contractor on a project, and wanted to bring Jerome on board. Once Jerome started working on the project, he realized gaps in his knowledge. He didn’t know a lot because he decided to learn quickly on his own. He wasn’t implementing a cohesive system into the business he was beginning to build, which literally cost him hundreds of thousands of dollars and potentially over a million dollars.
Lessons learned
- If you’re trying to figure out how to get something done, pay a person who’s already done it, who has a comprehensive system, to accelerate your learning process.
- Articulate the value you bring to a deal or an organization. If you can’t do that, you’re asking them to do charity.
Andrew’s takeaways
- As a manager, you must implement a system to prevent your company from getting chaotic.
- If you don’t have money to pay a pro to teach you what you want to learn, work for someone or volunteer with someone in the area you want to learn and get that experience.
- Build a skill to generate value and have something to bring to the table.
Actionable advice
Be clear about what you want. If you know what you want but don’t know how to get it, find the person who knows how to help you.
Jerome’s recommended resources
- Jerome’s book Your Dreams Should Be Real provides education, inspiration, and direction to help you realize your wildest dreams.
No.1 goal for the next 12 months
Jerome’s number one goal for the next 12 months is to add coaches to his organization who will work with folks who aren’t quite ready to invest at the level it takes to spend time with him weekly. This will help more people start making the progress they want towards their worthy pursuits.
Parting words
“Your dream should be real.”
Jerome Myers
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Connect with Jerome Myers
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
- The Become a Better Investor Community
- How to Start Building Your Wealth Investing in the Stock Market
- Finance Made Ridiculously Simple
- Best Business Book Club
- Become a Great Presenter and Increase Your Influence
- Transform Your Business with Dr. Deming’s 14 Points