My Worst Investment Ever Podcast

BIO: Shil Shanghavi is a public speaking specialist, storyteller, and highly regarded speaker coach. He is redefining the meaning of public speaking by demonstrating its value across all forms of communication.STORY: Shil’s worst investment was paying for ecstasy for over 15 years. However, this also turned out to be his best investment because he discovered house music while high on drugs. He learned to speak to music to control his stuttering and talk fluently.LEARNING: Find a way to flip your challenges into your success story. Reach out to people around you when you need help. Write your thoughts down but don’t feel compelled to action them immediately. “Find your elite, and don’t let it scare you.”Shil Shanghavi Guest profileShil Shanghavi is a public speaking specialist, storyteller, and highly regarded speaker coach. He is redefining the meaning of public speaking by demonstrating its value across all forms of communication.Shil is the Head of Speaker Coaching for TEDxPerth, a Board member of Guerrilla Establishment, and a presentation mentor with Impact100 WA. He is a pioneer in his field, having introduced the concept of public speaking in virtual reality and artificial intelligence—two groundbreaking approaches which are disrupting the speaking game.In 2021, an award-winning short film documentary of Shil’s life story was released globally. The documentary is an intimate, behind-the-scenes look at Shil’s story, documenting his public speaking journey.Worst investment everShil was born with a stutter which got worse as his life progressed. All through school and around other kids, Shil got teased, ridiculed, bullied, ignored, and dismissed because he couldn’t talk properly. That continued when Shil moved to Australia. The horrible treatment made his stuttering even worse. It continued through to university.In university, Shil was around people older than him studying subjects he’d never come across. And because of that, Shil thought they were more intelligent, educated, and better than him. His stuttering made people distrust him and think of him as incompetent. So Shil was always excluded from assignments, team meetings, and discussions. He never felt like he belonged or had a place in the world.One day, Shil was invited to a party. During the party, he was standing around a group of people, and one of the guys in this group offered Shil a little blue pill. He didn’t know what it was at first. The whole group turned to look at Shil, and they all urged him to take this pill, and that’s when it struck him that this was some drug. He’d never taken drugs before but wanted to fit in, be liked, and belong. So Shil took the pill. The following eight hours were phenomenal. It was one of the most incredible things he’d ever felt. Everybody was his friend. Nobody laughed at him when he stuttered; they instead laughed with him, which felt really good. From that moment, Shil got hooked on drugs and ecstasy because of that feeling of acceptance.The drug addiction continued for more than 15 years. This addiction made Shil fall in love with progressive dance and house music. He would sit on his couch, a buddy’s couch, or at a party for hours and hours, immersed in the high while listening to house music. He did it repeatedly, for hours. As Shil was listening to house music, he started speaking to himself. The more he listened to the music, the more he started correlating what he was saying to the rhythm of the house music playing in his head. Shil learned that house music operates at a four-on-the-floor beat. He memorized how house music plays by understanding time signatures. Then he started speaking to the time signatures. This taught him to speak to music to control his stuttering and talk fluently. That’s how a $35 investment in ecstasy ended up being one of the worst and best investments of Shil’s life.Lessons learnedIf you have a challenge, find out how you can flip that challenge and make it your success story.Write your thoughts down but don’t feel compelled to action them immediately. Let them sit, embrace the silence, percolate them, and come back when it feels right.Take care of your mind and your body. The more you take care of your body, the more it will take care of you.Find the style of music you enjoy, and create a peaceful influence out of it.Andrew’s takeawaysReach out to people around you when you need help.Actionable adviceFind your elite, and don’t let it scare you.No.1 goal for the next 12 monthsShil’s number one goal for the next 12 months is for his mom and dad to watch him present live.Parting words “Please don’t take what I said as a literal thing. However, if you can take one thing away from this, please do and make sure you action it.”Shil Shanghavi [spp-transcript] Connect with Shil ShanghaviLinkedInFacebookInstagramWebsiteAndrew’s booksHow to Start Building Your Wealth Investing in the Stock MarketMy Worst Investment Ever9 Valuation Mistakes and How to Avoid ThemTransform Your Business with Dr.Deming’s 14 PointsAndrew’s online programsValuation Master ClassThe Become a Better Investor CommunityHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleBest Business Book ClubBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramTwitterYouTubeMy Worst Investment Ever Podcast

BIO: Mike Michalowicz leads two new multi-million-dollar ventures as he tests his latest business research for his books.STORY: Mike made huge profits from selling his second business, and his ego as an entrepreneur exploded. He took the gains and decided to fund multiple companies in different industries where he had no experience. They all failed and left him with zero assets.LEARNING: Stay in your lane. Take time after selling a business to think before you rush into another investment. “If you don’t know a space inside and out, don’t get into that business.”Mike Michalowicz Guest profileMike Michalowicz leads two new multi-million-dollar ventures as he tests his latest business research for his books. He is a popular main-stage keynote speaker on innovative entrepreneurial topics. He is the author of eight books, including Profit First, and Clockwork, which have transformed over seven hundred thousand businesses.Worst investment everMike started his first company out of college. He sold it in a private equity transaction and started another business. The second business was data forensics and computer crime investigation, doing defense analysis. The company had big clients who put it on the map right away. That business grew bootstrapped very rapidly and was acquired by a Fortune 500 company one and a half years after its inception. With this sale, Mike became a self-made millionaire in his early 30s.Mike’s newfound success made him believe that he knew everything about entrepreneurship. His ego exploded. He decided to amplify his new lifestyle to mega status by becoming an angel investor. Mike decided to start and fund multiple businesses simultaneously. He had no experience in any of the businesses and didn’t even know what the term angel investor meant. The companies Mike funded were all start-ups in different industries that didn’t complement each other. He was just all over the place. Mike thought this would be the best thing he’s ever done. But it wasn’t. None of the businesses got any traction.One day Mike’s accountant called him and told him he had two options; to declare bankruptcy or liquidate his remaining assets. He chose to liquidate his assets to cover his tax bill. After that, Mike had to fold up all the businesses. He lost his house, his cars, and stuff like that.Lessons learnedStay in your lane.Be humble, but not artificially modest.When investing in different sectors, ask yourself how each complements the other.Andrew’s takeawaysWhen you get your gains after selling a business, save that money in a reliable fund and take a year to think before rushing into another investment.Actionable adviceBefore starting a business, ask yourself if you’re at a mastery level in that space. If you’re not, it’s premature to take action. Only get into that business if you know the space inside and out.Mike’s recommended resourcesMike recommends checking out his ten best-performing articles available as PDFs on his website.No.1 goal for the next 12 monthsMike’s number one goal for the next 12 months is to be of extraordinary service to small businesses in the process of eradicating entrepreneur poverty.Parting words “I hope no one else needs to make the worst investment ever, but if you do, make it your best lesson ever.”Mike Michalowicz [spp-transcript] Connect with Mike MichalowiczLinkedInTwitterFacebookInstagramYouTubeWebsitePodcastBooksCoursesAndrew’s booksHow to Start Building Your Wealth Investing in the Stock MarketMy Worst Investment Ever9 Valuation Mistakes and How to Avoid ThemTransform Your Business with Dr.Deming’s 14 PointsAndrew’s online programsValuation Master ClassThe Become a Better Investor CommunityHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleBest Business Book ClubBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramTwitterYouTubeMy Worst Investment Ever Podcast

BIO: John Talty is the senior sports editor and SEC Insider at Alabama Media Group. He is the Wall Street Journal best-selling author of The Leadership Secrets of Nick Saban: How Alabama’s Coach Became the Greatest Ever.STORY: John left New York to take a new job in Jackson, Mississippi. He didn’t do any research before he went and was miserable the moment he arrived.LEARNING: It’s OK to move on to the next thing if your decisions go wrong. Sometimes you have to move around a little to find the right spot. “Anytime you make a mistake, or you have a bad investment, learn from it. That’s the most important thing.”John Talty Guest profileJohn Talty is the senior sports editor and SEC Insider at Alabama Media Group. He is the Wall Street Journal best-selling author of The Leadership Secrets of Nick Saban: How Alabama’s Coach Became the Greatest Ever. His work has been featured on ESPN, Sports Illustrated, and CBS Sports, among other national outlets.Worst investment everWhen John was in his 20s, he worked in New York at a business publication and was doing well. An opportunity to take a job elsewhere came up, and he decided to take it without much thought. John broke up with the girl he was dating then, packed up his meager possessions in his little Honda Civic, and drove from New York City to Jackson, Mississippi.In Jackson, Mississippi, John didn’t know a single soul and hated every bit of living there. Two months into it, his boss called him into his office to find out how he was settling in. John was so miserable and ready to quit his job. He told his boss that if the next month would be as bad as the previous months, he’d leave Jackson.John’s biggest regret was moving into a new city without researching and thinking about the end game.Lessons learnedWhen you make a significant investment that doesn’t work out, it’s OK to cut ties and move on rather than trying to be a martyr and prove to everybody that you can make it work.Sometimes, you must move around a little to find the right spot.Tough times don’t last. Tough people do.Keep powering through the tough times.Andrew’s takeawaysIt’s OK to move on to the next thing if your decisions go wrong.Actionable adviceWhen making a decision, always think about the endgame. Do your research so you have an understanding of what you’re walking into. This will make it a little easier to navigate that challenge.John’s recommended resourcesPerennial Seller: The Art of Making and Marketing Work That LastsThe Obstacle Is the Way: The Timeless Art of Turning Trials into TriumphNo.1 goal for the next 12 monthsJohn’s number one goal for the next 12 months is to write another book. He also wants to give himself at least one moment every day to appreciate something about his life or what he’s doing.Parting words “I appreciate you having me on so. I enjoyed our conversation and hope people got something out of this.”John Talty [spp-transcript] Connect with John TaltyLinkedInTwitterWebsiteBookAndrew’s booksHow to Start Building Your Wealth Investing in the Stock MarketMy Worst Investment Ever9 Valuation Mistakes and How to Avoid ThemTransform Your Business with Dr.Deming’s 14 PointsAndrew’s online programsValuation Master ClassThe Become a Better Investor CommunityHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleBest Business Book ClubBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramTwitterYouTubeMy Worst Investment Ever Podcast

BIO: Aaron Velky is an entrepreneur, author, high-performance coach, and speaker from Phoenix, Arizona.STORY: Aaron felt stuck as an entrepreneur and decided to find a quick-fix investment. He landed on forex trading, which seemed like exactly what he wanted. Aaron never took the time to learn about the trade and lost $56,465 in this venture.LEARNING: Think through an investment before you commit. Detach yourself from your emotions when investing. Don’t get involved with forex. “Speed doesn’t come from transaction rate. Speed comes from capital magnitude.”Aaron Velky Guest profileAaron Velky is an entrepreneur, author, high-performance coach, and speaker from Phoenix, Arizona.He’s the CEO of Money Club, a movement-in-a-business believing that while money matters, financial intelligence matters more. Money Club offers employers a meaningful way to retain their talent, deliver amazing company culture, and empower their people, taking their team through a series of workshops on personal finance and wealth building. One part motivating and high engagement workshops and one part financial tools, courses, app recommendations and action steps to better their financial future. Money Club also has an online community, courses and content to help those ready to invest and grow wealth.He’s a principle and a personal performance coach with The Quitter’s Club, an organization that helps men and women quit the life they thought would make them happy to build the one that will. They host online mastermind programs and retreats focused on personal development, providing a structure and formula for quitting what no longer serves you so you can build a life by design.He’s coached several hundred athletes and released his first book called Let Her Play that guides parents and coaches through a framework that creates better communication, more psychological safety, and increased physical performance on the field and in the classroom.Worst investment everAaron was researching various investment platforms looking for something new to do. He felt like he’d hit a plateau and was struggling with this identity under the success of the Money Club. He felt stuck, so he found himself in this inquisition mode, looking around for ways to go quickly.Aaron wanted something that would give him immediate success. He found forex trading, liked it, and started with a play account. He found a broker overseas, conversed with them, and immediately started working with them.Aaron sent a couple of dollars to his forex account. He’d have these moments where this couple of dollars turned into a couple more quickly. There would be days when Aaron would put $100, and then it would suddenly be $300. So he put in more money. At some point, he started playing with serious swings and making a couple of thousand dollars daily. Aaron was having a field day. At one point, he’d be up five grand. The next day, Aaron would be down four grand, then up six, down three, and so on. This up-and-down rollercoaster saw his emotional turbulence hit the roof, and he was very unstable during this period. The more money he made, the more he kept investing in the forex account.Then one day, Aaron’s winning was like 100 grand. He decided to stop here and pull out his winnings. Now he had a sizable account and was feeling good. The excitement made Aaron try one more trade. He did, and it tanked. Aaron was left with negative $12,000. Now he owed the trading company $12,000. On top of that, he’d already lost $56,465 in forex trading.Aaron decided to research the trading company and finally realized that the company had put him on a fake trading account because the entire company was a hoax. Luckily, he didn’t have to pay the $12,000.Lessons learnedDon’t be so hard on yourself when you lose. Learn from the experience.Research people better.Calculate your risks before you invest.Go slow and think through an investment before you commit.Andrew’s takeawaysDon’t get involved with forex.If you are obsessed with forex, get a job as a forex trader in a bank and gain experience, then trade on your own.Detach yourself from your emotions when investing.If you feel you’re on an emotional roller coaster of highs and lows, that’s gambling. It’s not investing, so get out of it.Actionable adviceGain financial literacy. Get educated, then invest. You’ll do way better if you follow that sequence.Aaron’s recommended resourcesIf you’re eager to grow and have the ambition to accelerate, Aaron recommends reading The War of Art: Break Through the Blocks and Win Your Inner Creative Battles.The Money Club has many high-class resources for people who want to get educated.No.1 goal for the next 12 monthsAaron’s number one goal for the next 12 months is to get incredibly good at pushing people past their comfort zones. He wants to help at least 150,000 people (over his lifetime) get to a point where they feel safe and stable.Parting words “Do as I say, not as I do.”Aaron Velky [spp-transcript] Connect with Aaron VelkyLinkedInInstagramFacebookWebsiteBookAndrew’s booksHow to Start Building Your Wealth Investing in the Stock MarketMy Worst Investment Ever9 Valuation Mistakes and How to Avoid ThemTransform Your Business with Dr.Deming’s 14 PointsAndrew’s online programsValuation Master ClassThe Become a Better Investor CommunityHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleBest Business Book ClubBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramTwitterYouTubeMy Worst Investment Ever Podcast

BIO: Sean Harper is the co-founder and CEO of Kin, an insurance company built from scratch on modern tech to make it easier and more affordable to insure a home.STORY: When Sean started his first business, things got so hard that when a company offered to buy it, he sold it without a second thought. Ten years later, he still regrets this decision.LEARNING: Believe in yourself. Be systematic when setting up your business. Iterate until you come up with something that the market appreciates. “You make things happen by convincing people of your vision, and that’s what selling is.”Sean Harper Guest profileSean Harper is the co-founder and CEO of Kin, an insurance company built from scratch on modern tech to make it easier and more affordable to insure a home.A self-proclaimed tech geek, Sean has spent his career developing apps to revolutionize antiquated industries. When he realized that the homeowners insurance industry was still being managed unlike any other consumer financial products today (relying on paperwork, legacy IT systems, and distribution through local brokers), he saw an opportunity.Sean co-founded Kin as a tech-based insurance agency in 2016 and has grown it to a fully-licensed home insurance carrier supported by a team of over 400 employees. With a focus on ease, affordability, and exceptional service, Sean and his team are changing the way insurance is done.Worst investment everSean started his previous company, a payment processing business, in 2009. It was tough for Sean to start this company. He raised a bit of angel money and tried one version of the product, but it didn’t sell well, so he pivoted and rebuilt the product from scratch.Growing the business was getting harder by the day, and Sean’s investors were losing patience. A prominent public company came along and wanted to buy Sean’s company for its technology. Sean sold the company.Three years later, companies in the same industry, like Stripe, were now big multibillion-dollar businesses dominating the industry. These companies wiped out Sean’s business. Just three years after selling the business, there was no trace of it. This was a very disappointing outcome, and it made Sean regret selling the business. He should have stuck with it, even though it was hard. Ten years later, he still regrets that decision.Lessons learnedBelieve in yourself.Be systematic when setting up your business.Have the right investors, supporters, and mentors.Andrew’s takeawaysIf you’re struggling to raise capital, chances are you need a better market fit with your product.Iterate until you come up with something that the market appreciates.When you sell your business, don’t go work for the buyer.When you start a business, go as fast as possible to get between $3 million and $5 million in revenue.Actionable adviceSurround yourself with people who have conviction and who believe in your idea.Sean’s recommended resourcesAgainst the Gods: The Remarkable Story of Risk by Peter L. Bernstein. The book is about statistics, probability, and early capitalism before we even had an economy.No.1 goal for the next 12 monthsSean’s number one goal for the next 12 months is to get to profitability and not have to raise money every year from investors.Parting words “Thank you for having me. I appreciate it.”Sean Harper [spp-transcript] Connect with Sean HarperLinkedInInstagramTwitterFacebookYouTubeWebsiteAndrew’s booksHow to Start Building Your Wealth Investing in the Stock MarketMy Worst Investment Ever9 Valuation Mistakes and How to Avoid ThemTransform Your Business with Dr.Deming’s 14 PointsAndrew’s online programsValuation Master ClassThe Become a Better Investor CommunityHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleBest Business Book ClubBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramTwitterYouTubeMy Worst Investment Ever PodcastFurther reading mentionedGary Sutton (November 2001), The Six-Month Fix: Adventures in Rescuing Failing Companies.

BIO: Cam F Awesome is a multi-time National Champion Heavyweight Olympic boxer and former USA National Boxing Team Captain.STORY: Cam invested so much time and effort chasing his dream of going to the Olympics. An avalanche of events stole this dream from him, and now he doesn’t stand a chance of ever going to the Olympics.LEARNING: There are ups and downs in investing. Persevere and be willing to pivot. “Just because the goal looks a little different in reality doesn’t mean you should stop chasing it.”Cam F Awesome Guest profileCam F Awesome is a multi-time National Champion Heavyweight Olympic boxer and former Captain of the USA National Boxing Team. After retiring as the Winningest Boxer in US history, Cam hung up the gloves and picked up a microphone as a Motivational Speaker, Diversity Consultant, Event MC, and Standup Comic.Worst investment everCam’s goal had always been to go to the Olympics. Unfortunately, in 2016 he lost in the finals on a split decision and didn’t get to go to Rio for the Olympics.After that, Cam bought a van because he now had to build a career for himself. He started traveling around the country, speaking at schools, and training for the next Olympics. After he’d built a nice business for himself, the US Olympic Committee told him they wouldn’t allow him to box now that he had a speaking business. So he had to give up boxing or his speaking business.So Cam flew to Trinidad and Tobago (his dad’s home country), got dual citizenship, did one of their Olympic trials, and qualified. But he got suspended.Then in 2020, Cam again won the Olympic trials, and then COVID happened. Then April of this year, he woke up with a detached retina and was told he could never box again. And just like that, his dream of going to the Olympics was dimmed.Lessons learnedThere are ups and downs in investing. And if you can just, if you’re willing to ride out the down long enough, you can least come back up to at least break even.When life gives you lemons, make lemonade.Andrew’s takeawaysYou’ve got to persevere.Be willing to pivot.Set your dreams and your goals.Sometimes, what you set as your goal or dream is not what you’re going to get. But what you’re going to get along the way is really what life’s all about.Actionable adviceIf you have no dependents, take bigger risks. Put all those eggs in the basket. Even if the basket drops, the experience you’d learn will give you more success.Cam’s recommended resourcesCam recommends going to the public library for free access to thousands of books.No.1 goal for the next 12 monthsCam’s number one goal for the next 12 months is to make motivational humor a more well-known thing.Parting words “If you can fail without being discouraged, success is inevitable.”Cam F Awesome Connect with Cam F AwesomeLinkedInInstagramTwitterFacebookWebsiteAndrew’s booksHow to Start Building Your Wealth Investing in the Stock MarketMy Worst Investment Ever9 Valuation Mistakes and How to Avoid ThemTransform Your Business with Dr.Deming’s 14 PointsAndrew’s online programsValuation Master ClassThe Become a Better Investor CommunityHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleBest Business Book ClubBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramTwitterYouTubeMy Worst Investment Ever Podcast

BIO: Dudu Cearense is an ex-soccer player, financial adviser, and private banker.STORY: Dudu’s worst investment ever was not learning about managing his money when he was a successful soccer player.LEARNING: Invest in learning about money management. “Learn how to take care of your money.”Dudu Cearense Guest profileDudu Cearense is an ex-soccer player, financial adviser, and private banker.Worst investment everDudu was a young athlete making good money, just like many professional athletes, but he didn’t know anything about managing this money. He didn’t know about saving on taxes, he didn’t clearly understand the terms of his contract, and most importantly, he didn’t know how to invest his money.Therefore, Dudu relied on other people for investment advice. A friend came along and told him that real estate was the best way to invest his money. Since he didn’t know much about investing, Dudu believed his friend, so he only built a real estate portfolio.Lessons learnedYou need to know everything about your investments before you invest.Read and understand contracts before you sign them.Invest in learning about money management.Andrew’s takeawaysYou cannot expect other people to take care of your finances. You’ve got to learn how to do it yourself.Be responsible for your financial life.Only go into investing if you know what you’re doing.Actionable adviceYou need to know what to do with your money from the moment you start making it.No.1 goal for the next 12 monthsDudu’s number one goal for the next 12 months is to start a podcast and get to 1,000 clients.Parting words “Have an attitude of gratitude. I wish every listener success.”Dudu Cearense Connect with Dudu CearenseLinkedInInstagramTwitterFacebookWebsiteAndrew’s booksHow to Start Building Your Wealth Investing in the Stock MarketMy Worst Investment Ever9 Valuation Mistakes and How to Avoid ThemTransform Your Business with Dr.Deming’s 14 PointsAndrew’s online programsValuation Master ClassThe Become a Better Investor CommunityHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleBest Business Book ClubBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramTwitterYouTubeMy Worst Investment Ever Podcast

BIO: Kim Barrett is a world-renowned million-dollar marketing strategist with a focus on Facebook. Kim is an international speaker and trainer, having taught marketing worldwide and helping businesses grow to six, seven, and even eight figures.STORY: Kim had a successful start to his business. He was bringing in lots of sales, and he felt he needed more staff to handle these sales. The problem was that he spent too much on those people without looking at their achievements and his team’s capacity limits.LEARNING: Have a clear understanding of your business numbers. Dive deep into the capacity that you have before hiring. Avoid a business model that makes it easy to grow costs and hard to increase revenues. “My worst investment was in human capital people. Not because they were bad people, but because I didn’t need it.”Kim Barrett Guest profileKim Barrett is a world-renowned million-dollar marketing strategist with a focus on Facebook.Kim is an international speaker and trainer, having taught marketing around the world and helping businesses grow to 6, 7, and even 8 figures.Kim is the Founder and CEO of Your Social Voice, an Australian-based Digital Marketing Agency established in 2015. YSV helps businesses get heard on Social Media and, most importantly, build engagement and generate more leads and more sales.Worst investment everKim started his business when he was 25 years old and had a good start. In the beginning, Kim was good at marketing, and then he got very good at sales. He made many sales, and his team would deliver on his sales.As he continued bringing in more sales, he felt he needed to hire more staff to handle all the sales. Being young, inexperienced, and running a successful business, Kim brought on people without paying attention to capacity or doing any quality assurance. At one point, he had many different people and had to expand and get a new office.As Kim continued to hire more people, one of his first-ever marketing mentors sat him down and asked him if he was looking at his team’s capacity. He made him think about the price he was charging, his wage bill, and the profit margin left at the end of the day.From this talk, Kim realized that he was paying so many people who, while at first useful, many of them weren’t doing much once the quiet months hit and there wasn’t a high volume of work. He realized he had to let go of a couple of people immediately.Lessons learnedHave a clear understanding of your business numbers.Dive deep into the capacity that you have before hiring.Be careful about the average employee. They can drain your business slowly.Andrew’s takeawaysAvoid a business model that makes it easy to grow costs and hard to increase revenues.Be careful when hiring people because some may not add value to your business, yet they’re generating costs that need to be covered by your revenue.Actionable adviceGo to the people who have done what you want to do, ask them for advice, and listen to them.Kim’s recommended resourcesIf you’re new to the world of marketing and advertising and you do want to grow, Kim recommends reading Breakthrough Advertising. In the book, Eugene Schwartz shares excellent principles.Join Kim’s Facebook Group to hear more about Kim’s approach and get free resources, training, and education.Parting words “Stay safe out there. Learn a lot and avoid mistakes.”Kim Barrett [spp-transcript] Connect with Kim BarrettLinkedInInstagramWebsiteAndrew’s booksHow to Start Building Your Wealth Investing in the Stock MarketMy Worst Investment Ever9 Valuation Mistakes and How to Avoid ThemTransform Your Business with Dr.Deming’s 14 PointsAndrew’s online programsValuation Master ClassThe Become a Better Investor CommunityHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleBest Business Book ClubBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramTwitterYouTubeMy Worst Investment Ever Podcast

BIO: Rick is the Founder & CEO of ReachOut Technology, which just had its initial public offering. He appears on global media and speaks on stages across the United States as an inspirational speaker, cybersecurity expert, and mindset motivator.STORY: Rick wanted to bail out a struggling friend, so he offered to buy his business. Unfortunately, he didn’t have a legal structure during the acquisition to include a non-compete clause. Six months later, his friend started another company and took back the clients Rick had acquired from the sale.LEARNING: Get the proper legal structure when buying a business. Refrain from letting emotion drive your decisions when investing. There’s no such thing as a bad asset, just a bad price. “I think business partners can become friends, but I don’t think friends can become business partners.”Rick Jordan Guest profileRick Jordan is a magnetic personality who constantly appears on global media and speaks on stages across the United States as an inspirational speaker, cybersecurity expert, and mindset motivator.Rick is the Founder & CEO of ReachOut Technology, which just had its initial public offering.In his free time, Rick is the host of the popular podcast ALL IN with Rick Jordan.Worst investment everRick’s longtime friend struggled in business, making about $150,000 in revenue annually before expenses. He requested Rick to take out a loan for him, but Rick felt this wasn’t the best way to approach the problem because his friend wasn’t in a position to afford to pay the loan. Instead, he advised him to sell his business and get into employment. Rick even offered to buy the company. His friend agreed to the proposal.Rick’s first mistake when getting into this deal was overvaluing his friend’s business. The second mistake was letting emotions drive his decision when he valued the company. Being his friend, there was an emotional attachment to Rick’s decision.Rick believed he would take on his friend’s client base and triple the revenue in no time. The excitement to get the ball rolling saw Rick make his third mistake. Rick didn’t get solid business acquisition documentation in place. He just had a very simple contract to purchase the business assets. No absolute non-compete clause was listed within this document. As a result, six months later, his friend returned to business under a different name and took back all the customers Rick had acquired during the purchase.Lessons learnedBe careful when valuing a business.Get the proper legal structure when buying a business.Refrain from letting emotion drive your decisions when investing.Friends typically don’t make good business partners or business associates.Andrew’s takeawaysTo produce tangible evidence that you have a sustainable business, you need to get between $3 to $5 million in revenue.You need consistent growth in profits.To be successful in business, your number one goal should be to pay a dividend.There’s no such thing as a bad asset, just a bad price.If you’re a business manager, and you have an opportunity to help a friend, stop. Your obligation is to help your customers, employees, and shareholders.Actionable adviceRead The Wisdom of Walt: Leadership Lessons from the Happiest Place on Earth. The wisdom in this book will get you through many things.No.1 goal for the next 12 monthsRick’s number one goal for the next 12 months is to get to $50 million in revenue. He also wants to continue pushing up as many acquisitions as possible to build value for his shareholders.Parting words “Just go all in. Anything that you decide to do, don’t half-ass it. Go all in.”Rick Jordan [spp-transcript] Connect with Rick JordanLinkedInInstagramWebsitePodcastAndrew’s booksHow to Start Building Your Wealth Investing in the Stock MarketMy Worst Investment Ever9 Valuation Mistakes and How to Avoid ThemTransform Your Business with Dr.Deming’s 14 PointsAndrew’s online programsValuation Master ClassThe Become a Better Investor CommunityHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleBest Business Book ClubBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramTwitterYouTubeMy Worst Investment Ever Podcast

BIO: Conor Riley is a global executive who has worked in investment banking, private equity, and consumer products.STORY: Conor heard about the Washington Mutual stock from his workout buddy. He invested without doing any research. The stock price dropped significantly when the global financial crisis hit in 2008. Conor thought it was best to buy more. The price never went up. The company finally went under. Conor lost 70% of his net worth.LEARNING: Don’t have more than 8% of your portfolio in a single thing. Do your own research. If an investment is going wrong, get out as quickly as you can. “My rule of thumb right now is don’t have more than 8% of your portfolio in any one thing.”Conor Riley Guest profileConor Riley is a global executive who has worked in investment banking, private equity, and consumer products.He served as CEO, Principal, and other key roles while leading Global Capital Markets and Luxie, Inc, and funds over a 20-year career.Worst investment everConor would spend a lot of time at the gym working out. One of his gym buddies started talking about some good stocks paying good dividends and how one could maximize their income risk-aversely. Conor was listening to this talk between reps thinking this was great.He did zero research beyond what the gym guy told him. He’d never invested in the stock market, so he didn’t know anything.Conor went ahead and invested in the Washington Mutual stock in 2007. This was the only stock he wanted in his portfolio, so he bought many stocks. The stock earned him good dividends.In 2008, the global financial crisis hit, and now the markets were buckling. During this time, all the financial institutions were under the gun, and no government was looking at them. The big institutions were waiting in line to get bailed out. The stock for Washington Mutual started going down. Conor thought this was an excellent opportunity to buy more shares now that it was half what he’d bought it for. He believed that the government would bail out the company just like they did some of the other institutions.The stock continued to drop, and Conor continued buying it. Finally, he got word that Washington Mutual was shutting down. Everything awful that Conor thought could never happen was now happening. His entire investment was now worth nothing. The stocks were 70% of his net worth, and now they were worth nothing.Lessons learnedDon’t characterize a plan by the character of the person that’s sharing it. You have to look deep at what is going on.Do your research and be honest with yourself and with your reliability.Don’t have more than 8% of your portfolio in a single thing.When things start moving in the wrong direction, get out as quickly as possible. There’s no benefit in holding on.Talk to people that have benefited from liquidity events, and ask them how they manage their money.Andrew’s takeawaysNever buy something that someone recommended. Do your own research.If you’re a new investor, put a stop loss on your stocks when you buy them until you become a more educated or experienced investor.Diversify your portfolio.If you’ve had a recent liquidity event, go slow when getting into an investment.Actionable adviceIf the investment is not going well, immediately leave that position and stop.Conor’s recommended resourcesRead Running Money: Hedge Fund Honchos, Monster Markets, and My Hunt for the Big Score to learn about managing money.No.1 goal for the next 12 monthsConor’s number one goal for the next 12 months is to complete aggregating four different companies in the beauty space.Parting words “Thank you so much. This was so much fun.”Conor Riley [spp-transcript] Connect with Dave ClareLinkedInInstagramWebsiteAndrew’s booksHow to Start Building Your Wealth Investing in the Stock MarketMy Worst Investment Ever9 Valuation Mistakes and How to Avoid ThemTransform Your Business with Dr.Deming’s 14 PointsAndrew’s online programsValuation Master ClassThe Become a Better Investor CommunityHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleBest Business Book ClubBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramTwitterYouTubeMy Worst Investment Ever Podcast