My Worst Investment Ever Podcast
Collin Plume – Why You Should Make Your Own Mistakes
BIO: Collin Plume, a precious metals expert and serial entrepreneur, helps investors maximize returns with minimal risk.
STORY: Collin inherited some money from his grandmother at 18. When two of his college friends came to him with the idea of creating a TV show, but on the internet, he cut them a check that was way too much than what he should have. The business didn’t work.
LEARNING: If you’re going to make a mistake in something, make it yourself and learn from it.
“If I’m going to make a mistake, I will make it myself. I will put my blood, sweat, and tears into it.”
Collin Plume
Guest profile
Collin Plume, a precious metals expert and serial entrepreneur, helps investors maximize returns with minimal risk. Founder of Noble Gold Investments and My Digital Money, he champions alternative assets like metals, real estate, and crypto. He is a dedicated family man who prioritizes integrity and client success in navigating complex financial markets.
Worst investment ever
Collin inherited some money from his grandmother at 18. He did some traveling and a few other things with the money. Two of Collin’s college friends came to him with the idea of creating a TV show but on the internet. In theory, it made a lot of sense. They raised money, and Collin cut them a check that was way too much than what he should have.
Unfortunately, Collin didn’t fully engage with the idea beyond writing the check. He didn’t foresee the potential pitfalls. The business, however, didn’t pan out. Collin’s deepest regret in this investment was not actively participating in the business and learning from it. He lost money and the opportunity to grow as an entrepreneur.
Lessons learned
- If you’re going to make a mistake in something, make it yourself. Don’t give money to someone else to make a mistake on your behalf—they will learn from it, you won’t.
- Teach your kids how to make money from an early age.
Andrew’s takeaways
- Families should take it upon themselves to protect the next generation.
Actionable advice
If you get that opportunity, take it and learn from it, but know that if you invest, you’ll probably never see $1 come back to you. Also, you could jump on the bandwagon of a totally new and exciting idea, but there are some successful businesses out there that you can invest in.
Collin’s recommendations
Collin advises seeking out new mentors in different areas every year. Continuous learning and growth through mentorship is a powerful tool for personal development, and Collin himself has found it invaluable in his journey as an entrepreneur.
No.1 goal for the next 12 months
Collin’s number one goal for the next 12 months is to train some people to take over more of the day-to-day operations in two of his businesses. On a personal level, he wants to go on one of the big hiking trips he’s never been able to do.
Parting words
“I love this show—everything about it. You’re a great guy to talk to. I appreciate you having me on; it’s been a pleasure to be with you.”
Collin Plume
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Connect with Collin Plume
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
- FVMR Investing: Quantamental Investing Across the World
- Become a Great Presenter and Increase Your Influence
- Transform Your Business with Dr. Deming’s 14 Points
- Achieve Your Goals
Connect with Andrew Stotz:
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