Frank Moffatt is an International Best Selling Author, Motivational Speaker, Lifestyle Coach, Music Producer, Movie Producer, TV Producer, and founder of Your Second Fifty.
Today Frank is focused on his position as CEO of Your Second Fifty (YSF)- home of inspirational education to improve and enhance one’s life throughout their second fifty. In addition, Frank looks forward to serving those seeking to find their purpose through one of his latest ventures, Play at Creation (PaC). He is also Co-founder and CEO of AP Teacher Training Institute and International TEFL Canada.
In this episode, Frank shares his worst investment experience, putting $50,000 in a thinly managed mining penny stock.
“Part of the excitement of being an entrepreneur is we make bad investments and we learn from it.”
- Frank Moffatt
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Resources:
Topics Covered:
01:04 – Frank Moffatt’s professional background, being a pink colored glasses guy that sees the positive in all situation
03:20 – Sharing the circumstance leading to his worst investment ever
03:50 – His $50,000 worth of investment in a thinly managed mining penny stock
04:52 – the painful slide from $50,000 down to $3,000: his thoughts about his investment when the market crashed, his exit strategy
06:26 – Lessons Frank learned from the stock market investing experience
10:06 Andrew’s takeaway from Frank’s story
13:36 Frank’s Actionable Advice: Take a little more time to do a little bit more research. Just slow it down so that it's not an impulse action that is going to come back and burn your fingers to the bone.
Main Takeaways
- Lesson 1: “When you invest in the stock market, don't invest for the short term, invest for the long term.” - Frank Moffatt
- Lesson 2: “Don't get in if you don't have the money to back yourself up.” - Frank Moffatt
- Lesson 3: “If anybody contacts you by phone, verbally or anything about an investment, that's your cue not to invest in that.” - Andrew Stotz
- Lesson 4. “When people come into the stock market for the first time, sometimes they just think, hey, this is how it's done. You know, this is how people make it because they get a good tip from somebody and they got the guts to go in and do it. But the reality is that at that time you knew nothing about all of this. So you, you went in like ready to give away your money.” - Andrew Stotz
You can also check out Andrew’s books
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My Worst Investment Ever Podcast