My Worst Investment Ever Podcast

BIO: Baret Lepejian started his business career at 14 years old, working in his mom and dad’s family business that they started in 1971. Together with his brother, they went on to expand the business to 9 locations and 150 employees.STORY: When Baret and his brother agreed to sell their photo lab business, Baret took his share of the money and invested it all in a second restaurant. Baret thought that he had what it took to run a chain of restaurants on his own, but it became too overwhelming and he had to close shop after a long struggle.LEARNING: Never go into the restaurant business alone; make sure you have the right people beside you. Have good contracts in place and do proper calculations before opening a restaurant. “Don’t let one thing consume you.”Baret Lepejian Guest profileBaret Lepejian started his business career at 14 years old, working in his mom and dad’s family business that they started in 1971, called Isgo (Is go) Lepejian Photo Lab. Baret was a black and white darkroom printer for photographers from many fields, including rock & roll, celebrity, bodybuilding, architecture, fashion, fine art, and much more. He and his brother Vic expanded the business to 9 locations and 150 employees at its peak. Then, in 2004 a western saloon that Baret frequented with family, clients, and employees became available just across the street from the Burbank headquarters of Isgo, and that’s how he got into the restaurant industry. From there, he ended up owning four restaurants from 2004 until now. Today he will share his story about opening one of those four restaurants, Tinhorn Flats–Hollywood, from scratch in 2013.Worst investment everIn 2012 Baret and his brother sold the photo lab business, and sales had started decreasing as people moved to digital cameras and smartphones.Investing everything in a second restaurantAt the time, Baret had a restaurant that was doing pretty well. So he decided to take the money from the sale and invest in another restaurant.Baret came across this one listing in Hollywood that was wonderful. It was right across the street from the Grom Gelateria and Chinese Theater and all these tourist attractions. It was the perfect space for a restaurant.The listing was a building shell, and Baret had to put a ton of money into it to turn it into a restaurant. The construction process was an absolute nightmare for him, but he hoped it would be a good business.Opening the doorsA year later, Baret opened the doors of his second restaurant with his own menu, super quality, and reasonable prices. The initial reception was excellent. People really loved it.At this point, Baret had four restaurants. He decided to hire an executive chef because it was overwhelming for him to deal with all the different cooks. So this guy was going to overlook all four kitchens, make a menu adjustment, and whatever else needed to happen, and report back to Baret.Dupped by his chefAbout three or four months in, all of a sudden, all of Baret’s credit cards started declining. He had 25 American Express credit cards for all the businesses, including the photo lab and employee cards. In one day, everything stopped.The executive chef had a catering business, and he put like $120,000 on the cards in one month. This put a massive blow on his business because he had to pay that debt.The scorned competitorThe second blow came from a competitor across the street in Hollywood. Baret’s restaurant started taking away some of their big parties, and they were not happy. The competitor began a smear campaign against Baret’s restaurant, and this caused his sales to dip.Things started getting bad as the restaurant wasn’t making enough sales to run itself. The debt started piling up.Letting go of his beloved second restaurantAfter five years of struggling to keep the restaurant running, Baret’s girlfriend at the time made him see there was no more sense in trying to keep the restaurant open. He had been putting in a lot of his money into the business, and he was bleeding financially. Eventually, he got over himself and agreed to quit the business and sold the restaurant.Lessons learnedDon’t go into the restaurant business aloneYou may have the drive and charisma to run a restaurant, but you can’t do it all by yourself. There are other key people that you need for your restaurant to succeed. One is an accountant, the second is a lawyer, and the third is a chef. The chef need not be a high-end one but someone who understands a commercial kitchen. So find a way to partner with these three essential people.Have contracts in placeWhen you partner with the key people, make sure that you have contracts in place describing each person’s position.Andrew’s takeawaysDo your calculations well before opening a restaurantThe restaurant business may seem lucrative, but it is just a trap. You may be able to make a restaurant successful, but the revenue possibility is limited.Actionable adviceIf you want to get into the restaurant business, don’t put everything you have into it. Treat it like any other investment. Usually, when someone buys a stock or any investment, they don’t take everything they have and put it in that one stock. So diversify here too. Secondly, make sure you have key people in place before you open your restaurant.No. 1 goal for the next 12 monthsBaret’s number one goal for the next 12 months is just to wait it out right now and not do anything crazy until the pandemic subsides. [spp-transcript] Connect with Baret LepejianLinkedInAndrew’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 ClassHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleBecome 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: Wendy Harris is an outbound telephone sales trainer who gives businesses the confidence to talk to strangers and never cold call again.STORY: Wendy invested in a franchise that was doing quite well until the head office forced her to use scare tactics to get other people to join the franchise. She refused to go against her business ethics, which tired down her chances of making money with the franchise.LEARNING: Do thorough due diligence and ask lots of questions, especially when you badly want something to work out. Always remember that you have an ethical obligation to your customers above making a profit. “Always get a second opinion from a professional that you trust. Someone that will give you unbiased and God’s honest feedback.”Wendy Harris Guest profileWendy Harris is making conversations count! She is an outbound telephone sales trainer who gives businesses the confidence to talk to strangers and never cold call again. She is the author of the Bestselling book Making Conversations Count: How To Sell Over The Phone and podcast host of the Making Conversations Count podcast.Worst investment everIn 2004 Wendy led a team of ladies calling out, booking appointments, and doing quotes in the telecommunications industry. She’d been headhunted to this company, and when she got there, she found that the staff was talking to precisely the same people as she was in her old position. Deals were being closed, but commissions were not being paid to the people making the appointments. Her trust went entirely out of the window.Breaking out to her own thingThe broken trust made Wendy want to consider quitting employment and do something else. So she persuaded her husband to give her a good few thousand pounds to invest in a franchise. So she set off on this path to run her own business with head office support and the other people’s experience doing the same thing in their area.Wendy got invited by the head office to go into the office and do some paid work to support her income. The work involved talking to other people about how good it is to be a franchisee.Being forced to go against her business ethicsEverything was working out well until Wendy was told the only way she would be paid is if she got people to sign up for these franchises and get them to pay for it on their credit card. These sales tactics did not amuse wendy because they were based on selling on fear. She then got slapped with a brand new franchise agreement that went from a four or five-page document to a 50-page document. The new deal gave all the control to head office, so the franchise was no longer Wendy’s business.Lessons learnedThere are two things that Wendy failed to do which led her to make her worst investment ever:Not asking questions and instead took everything at face valueNot doing her homework by researching other franchises or talking to other people that had bought franchisesAndrew’s takeawaysFear sells, but it’s an unethical tacticYes, fear sells, but you have an ethical obligation to your customers when selling your products and services not to use it as a tactic.Due diligence is most important when you want something to workWhen we really want something to work, we tend to be less vigilant and want to push it through to the end. We forget to do our due diligence and give people the benefit of the doubt. However, this is the time that we need to be the most vigilant because that’s when we’re most vulnerable.Actionable adviceGet a second opinion from somebody that you trust. Not a family member or a friend in the industry because they may be your biggest fans, but they’re not necessarily always going to give you unbiased and honest feedback. Seek help from professionals such as getting an accountant to look over the figures, a solicitor to look over the contract, etc.No. 1 goal for the next 12 monthsWendy’s number one goal for the next 12 months is to do a TEDx talk.Parting words “Just keep making conversations count.”Wendy Harris [spp-transcript] Connect with Wendy HarrisLinkedInTwitterFacebookWebsitePodcastAndrew’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 ClassHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleBecome 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: Tom Dutta is an award-winning CEO, # 1 International best-selling author, TEDx speaker, and radio/film producer.STORY: Tom was drawn to his neighbors who had a huge house and two Corvettes. Out of curiosity about their wealth, Tom indulged them, and that’s how he and his wife got lured into investing in a Ponzi scheme.LEARNING: Due diligence is not enough; you must dig deeper. Trust your gut, and don’t fall for the shiny object syndrome. “Get back into your analytical side and follow your gut.”Tom Dutta Guest profileTom Dutta is an award-winning CEO, #1 International best-selling author, TEDx speaker, and radio/film producer. Transforming leaders and companies worldwide, Tom believes real change starts at the top. He is dedicated to changing our view of mental health in the workplace by breaking the silence, telling his story of struggle, and being a leader by example.Worst investment everTom became a CEO at the age of 31 when he was newly wedded and with a baby. The responsibility came with a lot of travel, but he was well paid and could afford to give his young family a good life.Things start to shake upIn 2006 at the peak of Tom’s career, three significant events happened. His wife’s mom had a major medical setback, and his wife was now juggling work and taking care of her mom's recovery. Given that Tom’s career was flourishing, he suggested that his wife considers taking early retirement. And so she did.The curiously wealthy neighborsAt that time, Tom and his wife had moved into a nicer home, and their neighbors were seniors, 65 years old plus. They had this big backyard with a double-decker house and two Corvettes parked in the parking lot. One of the owners, a grey-haired man, was always gardening. Tom was very curious about what their secret to living such a good life was.One day Tom walked over and asked the man what he did for a living. He said they help people structure their finances. They got to know each other and even invited Tom and his wife over for dinner.Lured into an investment optionOver time, Tom and his wife started learning more about their neighbors. They got invited to an investment presentation the neighbors were making. Tom and his wife innocently went, sat in the room, and listened.The presentation was about an investment where they could earn a high rate of return. There was a perfect storm right about that time because Tom’s wife had retired and had received a relatively large retirement pension. They had also saved up a lot. So they had the money to invest should they wish to do so.Doing their due diligenceTom and his wife took a year to check the investment out. They did their due diligence, and in the process, were flown over to one of the other provinces in Canada to meet the CEO of the group. They even had a gathering of 1,000 people in one session that the couple attended. Companies that were part of the structure that the investors were investing in through their retirement savings plans were brought in to talk to the potential investors. Everything checked out.Taking the leapAfter about a year, the couple reached a point where they figured it was time to decide. Tom had a gut feeling warning him against the investment, but he brushed it off as emotions because so much was happening simultaneously. They decided to invest.The first year was amazing, the returns were great, and the cash started coming in. The plan was for the investment return to give the couple a runway while Tom’s wife was off work until she eventually returned. They’d use the money from the investment to maintain their lifestyle and take some pressure off Tom.Losing his jobIn 2007, Tom’s company went through an M&A, and his job was eliminated. Now he had no income. One month later, he went to the bank to withdraw some of the investment return they were getting and was declined. Now they had nothing.The couple had no idea that they had invested in the world’s biggest Ponzi scheme. Now they were left with a massive amount of debt, and a lifestyle they could no longer sustain.Lessons learnedCreate a platform that allows you to make passive incomeIf you are trying to rebuild your life, don’t get back on the same playing field. Instead, create a platform that allows you to make passive income. When creating your platform, make sure that it is a saleable asset.Due Diligence isn’t enoughTalk to other people who are experts. Go to your friends who are lawyers, accountants, financial advisors, etc., and let them help you dig deeper to make the right decisions.Listen to your gutWhen faced with an important decision, let go of your emotions, get back to your analytical side and listen to your gut.Andrew’s takeawaysDon’t let manipulators fool you with their shiny objectsManipulators are clever, and they will use all sorts of shiny magnets to attract people, and they know exactly what they’re doing. Be wary of them.Do your due diligence and dig deeperNot everyone who seems credible is. Do your due diligence and dig even deeper to ascertain that people are who they say they are.Actionable adviceGo back and create a vision of what your future should look like. Then build your dreams and investments around that. Often, you’ll find that the dream about your future is not all about money.No. 1 goal for the next 12 monthsTom’s number one goal for the next 12 months is to double the income stream from his company, execute on a few projects that he has and write another book. Tom and his wife also have a personal goal to go to Bali when the world opens up to celebrate their 25th anniversary.Parting words “Tell your story.”Tom Dutta [spp-transcript] Connect with Tom DuttaLinkedInFacebookWebsitePodcastAndrew’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 ClassHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleBecome 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: Melinda Van Fleet is a Confidence & Peak Performance coach, bestselling author of Confidence Mastery for Couples and speaker, who works with business women to believe in themselves, take action and get results.STORY: Melinda got trapped in the allure of online courses. She would buy classes on a whim without taking time to discern if they were really necessary. She ended up spending so much money on courses that never helped her or her business.LEARNING: Take your time to discern if you really need a course and if you buy it and it’s not what you want now, don’t rub it off completely; keep it aside you may need it in the future. “At the end of every storm, there’s a rainbow. You just have to keep the faith, keep going, and know innately that it will work out.”Melinda Van Fleet Guest profileMelinda Van Fleet is a Confidence & Peak Performance coach, bestselling author of Confidence Mastery for Couples and speaker, who works with business women to believe in themselves, take action and get results. Melinda is the host of two podcasts, The Good Karma Success Coach and Confident Conversations.Worst investment everMelinda’s journey with the coaching and course industry started in early 2018 when she learned about podcasting, and it opened her eyes to this whole lane of online business. The first course she did was fantastic. It got her and her husband into podcasting.The fear of missing outAfter her experience with her first course, Melinda became a coaching magnet. She went wild buying every course she came across due to fear of missing out. Some classes were good, others were not so helpful, and one was downright her worst investment ever.Melinda’s worst investment everMelinda once attended an event by one of the most popular coaches. She ended up saying yes to all these things the guy was offering. Some of the things weren’t even in her background, interest, or skill set.Melinda kept buying courses from this guy with the promise that the more she bought, the more she would learn. The promise was always that the answer is in the next course. She fell for it and ended up spending so much money and never got anything out of the courses.Lessons learnedBe wary of a coach who does not listen to youListening is essential when dealing with a coach. You want a coach who listens and asks questions, not just spewing off a lot of jargon or repeating things that someone could easily find in an online magazine.Trust your gutDon’t buy something if you don’t have a good feeling. Don’t let the shiny object effect or the fear of missing out lead to purchase something that you know deep down in your gut is unnecessary. Take time to discern what feels good to you, what feels right, and what you really need.When the student is ready, the teacher appearsSometimes you may buy a course, and it is not what you need at the time. Don’t beat yourself up about it. Just because you don’t need the course now does not mean you won’t need it at some other point in your life, career, or business. Most courses have lifetime access, and you can go back and continue when you want.Take ownership of the course you buyIf you’re working with a coach, don’t be afraid to speak up and ask for what you need. Take a little bit of ownership and recognize that you can change some things and move through them. You can even put the course aside if it doesn’t resonate with you right now. You can choose to get back to it later.Andrew’s takeawaysIf you want to help someone ask questionsWhen you want to help someone in a business as a coach or an advisor, ask more questions and really listen. This is what will help people go forward.Actionable adviceTake your time, don’t rush your decisions. Think about it and see how you feel. Don’t be afraid first to do some research and ask around. And if you make a wrong choice, don’t feel like you made some massive mistake. We can all learn from these situations.No. 1 goal for the next 12 monthsMarie’s number one goal for the next 12 months is to continue working with her clients and her business and help as many people as possible. She also plans to launch her third book by December.Parting words “Always remember that all learnings help build your confidence, and there are no mistakes. It will all work out.”Melinda Van Fleet [spp-transcript] Connect with Melinda Van FleetLinkedInFacebookWebsitePodcast 1Podcast 2Andrew’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 ClassHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleBecome 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: Marie Gervais, PhD., CEO of Shift Management, offers targeted supervisory and middle management training, team coaching, and organizational capacity development to businesses and organizations.STORY: Marie had the fantastic idea of developing a management decision-making gaming app. She pitched the idea to a few decision-makers within her industry, and they assured her it was a great idea. Marie had no experience in tech and did zero research on app development before she started working on the app. This saw her lose over $140,000 in an idea that never materialized due to her inexperience.LEARNING: Do thorough market research, take calculated risks, and never go to market before validating your idea with a few paying customers. If a situation is not working out, walk away and carry the lessons with you. “I discovered all the gifts that I learned from this mistake, and I started to dig my way out of the shame.”Marie Gervais Guest profileMarie Gervais, PhD., CEO of Shift Management, offers targeted supervisory and middle management training, team coaching, and organizational capacity development to businesses and organizations. She has developed an award-winning program using online courses and live web coaching to help managers develop the confidence and skills they need to lead.For a competitive advantage, a clear focus on communication and conflict resolution skills will get you there. You can build a healthy, inclusive ‘best in industry’ work culture. Dr. Gervais is your guide to success. Her upcoming book “The Spirit of Work” is scheduled for publication in November 2021.She is the host of the Culture and Leadership Connections Podcast.Worst investment everA couple of years ago, Marie realized that everything was going towards gamification. She got interested in games for learning. She then had an idea to create a gaming app for managers, something like a management decision-making app.At the time, Marie was a member of one of the manufacturing industry networks for C suite manufacturing decision-makers. She pitched her idea to some of the members, and they all said it was a great idea; it was something they could really use.Hitting the ground runningMarie started planning how to bring her idea to life. She had never created a game before, so she started thinking about what she would do and how to practice doing that. She figured she’d start with the management decision-making app and then move into the game. Then she’d pitch her app to decision-makers who would send her to their training and development people and finally start piloting it and see how that goes.So again, Marie pitched to the group, and they told her that’s a great idea and gave her a few tips which she thought were helpful. They asked her to come back to them when she finished the app.Burying herself in the app creationMarie was heavily invested in the phone app and spent over $140,000. She faced a lot of hurdles while creating it. She went to a technology company that didn’t know what they were doing with that particular type of game. She went to another company, and they didn’t have the skills either. So she switched to a third one and lost more money. The whole thing was just a big money-sucking hole.Pulling the plugMarie realized that she didn’t have the necessary experience to find the right people; she didn’t understand the tech process or the phases of development. Her biggest mistake was going with the idea first rather than research.Marie lost business due to that single focus, and it was when she decided to pull the plug.Lessons learnedTake calculated risksAlways take calculated risks and do proper market research. Once you start working on a product, be very careful about each step of the way and test every point with potential clients willing to pay for your product.Andrew’s takeawaysRead, read, readBecome an avid reader in the area you want to invest in. The more you read, the more you will learn and become better.Customers are the best way to validate an ideaThe best way to validate your idea is to get people to pay you cash. People may tell you an idea is great, but are they ready to put money where their mouths are?It is ok to walk away from a failed projectIf you’re stuck in a situation where you have sunk in a lot of money and a lot of energy, but you realize it may not work, it is ok to walk away from it. It may be painful to walk away, but you will always come out with a huge amount of learning, which is priceless.Actionable adviceDevelop a relationship with somebody who has the knowledge you need over time and learn from them.No. 1 goal for the next 12 monthsMarie’s number one goal for the next 12 months is to get her book published and out in the world. She also plans to have some speaking engagements around the book so that people can learn from it.Parting words “Have a little fun with what you’re doing.”Marie Gervais [spp-transcript] Connect with Marie GervaisLinkedInTwitterPodcastWebsiteAndrew’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 ClassHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleBecome 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 mentionedDavid R. Hawkins (2020) The Map of Consciousness Explained: A Proven Energy Scale to Actualize Your Ultimate Potential

BIO: Gary Mishuris is the Managing Partner and Chief Investment Officer of Silver Ring Value Partners, an investment firm with a concentrated long-term intrinsic value strategy.STORY: Gary was developing a financial model that he used to recommend stocks for his company. He got so engrossed in the model that he forgot about other important aspects of investing, like the effects of a merger that had just happened in the company. He made mistakes, and the stock he recommended fell by 80%, losing money for his company.LEARNING: Think about the qualitative aspects. Don’t depend on management for decision-making and make things as simple as possible, but not simpler. “Have a checklist of behavioral biases and steps that you will need to take to try to minimize them.”Gary Mishuris Guest profileGary Mishuris is the Managing Partner and Chief Investment Officer of Silver Ring Value Partners, an investment firm with a concentrated long-term intrinsic value strategy. Prior to founding the firm in 2016, Mr. Mishuris was a Managing Director at Manulife Asset Management since 2011, where he was the Lead Portfolio Manager of the US Focused Value strategy.Gary received an S.B. in Computer Science and an S.B. in Economics from the Massachusetts Institute of Technology (MIT) and teaches the value investment seminar at a local university.Worst investment everIn 2005, Gary was a senior analyst at a company before starting his firm. He was building the world’s biggest model ever. It had dozens and dozens of lines and a complex discounted cash flow analysis.The charismatic CEOGary met with the CEO and listened to his story in the management pitch, and it sounded terrific. The pitch was about having a merger to cut costs. The CEO promised that the merger would come with good tidings for everyone.While the CEO’s pitch sounded great, Gary had a few doubts about how two different businesses would work with two different cultures. He, however, figured they’d take the best from both companies.Putting his model to the testGary started modeling and jumped right into quantifying things. One day, Gary was updating his model when he realized he’d made a mistake. He had linked to the wrong cell, and that boosted the value appropriately by 20%. He sent an email to everyone letting them know that he had made a mistake.Digging deeper into his modelGary continued to rely on his model. He, however, made a series of analytical mistakes, just getting lost in the model and forgetting the basics of investment. The merger caused so many issues that Gary overlooked, which could have potentially affected his model. The stock he had recommended went down 80%, and the company lost a decent amount of money.Lessons learnedThink about the qualitative aspectsThink about the qualitative aspects long and hard before you put the numbers down. And if the quality doesn’t pass your filters, the numbers won’t matter; you should pass.Don’t depend on management for decision-makingTalk to management, but make sure it’s a small input into your decision-making process. It’s very easy to get persuaded by a charismatic management team. Make sure that, at the very least, you counterbalance their point of view with an opposing point of view and kind of debiasing yourself.Make things as simple as possible, but not simplerRelatively simple models of summarizing economic reality focus on understanding things deeply. Then make sure you control your behavioral biases, and try to offset them when not impossible.Andrew’s takeawaysThe qualitative aspect is essential in value investingA lot of people think that value investing is all about numbers. But what is critical is the qualitative aspect. Numbers are just a tool that helps us to understand something.Complexity does not add valueThe deeper you go into a financial model, the less benefit you get once you get past a certain point.Actionable adviceTry to be systematic and rigorous. Have a checklist of behavioral biases and steps that you will need to take to try to minimize them.No. 1 goal for the next 12 monthsGary’s number one goal for the next 12 months is to keep adding to his knowledge and moving his process slowly and steadily in a positive direction. Hopefully, those small changes build and snowball into meaningful improvement in the decades to come.Parting words “Keep learning, stay calm and just focus on the process.”Gary Mishuris [spp-transcript] Connect with Gary MishurisLinkedInYouTubeWebsiteAndrew’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 ClassHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleBecome 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: Eric Rosenberg is a financial writer, speaker, and consultant based in Ventura, California.STORY: Eric always played it safe by investing in conservative low-list investments. This made him miss out on huge investments.LEARNING: Understand and manage your investment risk. Stop making excuses and start saving and investing by making regular monthly contributions. “Let your money be something that helps you live the life you want. Not the reason you can’t do the things you want.”Eric Rosenberg Guest profileEric Rosenberg is a financial writer, speaker, and consultant based in Ventura, California. He holds an undergraduate finance degree from the University of Colorado and an MBA in finance from the University of Denver. After working as a bank manager and then nearly a decade in corporate finance and accounting, Eric left the corporate world for full-time online self-employment. He recently passed the five-year mark of self-employment.His work has been featured in online publications, including Business Insider, Nerdwallet, Investopedia, The Balance, HuffPo, Investor Junkie, and other fine financial blogs and publications. When away from the computer, he enjoys spending time with his wife and three children, traveling the world, and tinkering with technology. Connect with him and learn more at EricRosenberg.com.Worst investment everEric graduated from college in 2007 with a finance degree. He came out of grad school into the beginning of one of the worst economies.The conservative investorEric started investing with a lot of very conservative investment ideas because he was nervous about losing. He had taken Warren Buffett’s advice of not losing money to heart. He concentrated on making long-term value investments that are low-risk.This way of investing saw Eric not make many investments that would have made him a lot of money.The WWE stockOne of the most notable investments that Eric missed out on was the WWE stock. While in school, Eric did a presentation on the WWE stock. He argued that this was not just about muscle men fighting, but it was actually a very profitable business. However, the class voted not to buy it.But Eric was convinced enough, so he bought WWE stock worth about $300. Initially, it went way up, and it was doing great. Then all of a sudden, it was not doing so great. He ended up selling it for a modest loss. It wasn’t a big one.But later on, Eric learned that his research was pretty much spot on because the stock eventually returned multiple times over. If he hadn’t sold it and had just held on and rode it out for another couple of years, it would have turned profitable.The Teva pharmaceuticals stockAnother stock that Eric sold for a loss was Teva pharmaceuticals. He didn’t do an in-depth financial analysis on this stock as he usually did. This is because he is very passionate about Israel, so he went with his emotions. He invested about $800, but the stock never did well.Lessons learnedUnderstand and manage your investment riskEveryone has a different risk tolerance. Understand what your tolerance is. If you always get sick to your stomach every time you think of losing money, you probably don’t want a very risky portfolio. If you get excited at the idea of taking on risky ventures, then maybe you can invest a little bit riskier. But understand and be in control of that risk.Start investing by making regular monthly contributionsStart investing by making regular investments over time. The best way for most people to get started is by taking advantage of 401k if you have a job that has one. If you don’t have 401k, find another investment and start saving regularly, even if it’s just $5. Just start with something you can always build from there, but you can’t build on zero. So you got to start with that first dollar.Andrew’s takeawaysQuit with the excuses and start saving and investingMost people come up with all kinds of reasons not to start saving and investing. The truth is that it’s never going to be convenient. You just got to start.You won’t always get it right with the stock marketThe stock market goes in waves. Sometimes it’s really high; sometimes, it’s really low. Therefore, not every stock you invest in will be a winner, and that’s ok.Actionable adviceSet up your automatic monthly recurring contributions and start saving either into your work or personal IRA, or your HSA, or a taxable stock account. You won’t make money if you don’t start. So get something automated, and you can always grow from there.No. 1 goal for the next 12 monthsEric’s number one goal for the next 12 months is to survive. He hopes the world will look a lot more like it did five years ago in the next 12 months.Parting words “Until next time, stay profitable.”Eric Rosenberg [spp-transcript] Connect with Eric RosenbergLinkedInTwitterFacebookYouTubePodcastWebsiteBooksAndrew’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 ClassHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleBecome 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: Kizzy Parks helps service-based small business owners learn how to win profitable federal government contracts using her powerful CTC technique.STORY: Kizzy learned of a $40 million opportunity to provide training and curriculum development across the federal government. She put everything else on hold and focused on preparing her business to win the project. She spent $600,000 on various business resources because she was sure she would win the project. The government didn’t put the project up for bidding to her disappointment, so she never got it and was left in debt.LEARNING: First, sell your product, then build it. Understand your advisor’s motivation and always think through and question advice given before you apply it. “You have to think about the intent behind the people who are cheering you along. What are they getting out of it?”Kizzy Parks Guest profileAs a kid, Kizzy Parks would clean golf balls in an alley behind her friend’s house and resell them through a fence to the nearby golfers and use the money to buy snacks.She always knew she’d become an entrepreneur and earn an advanced degree in psychology. Her entrepreneurial spirit meshed well with her inquisitive nature as an adopted child who always wanted to meet her birth family, which she eventually did. She started K. Parks Consulting over a decade ago and during that time earned a Ph.D. in psychology.Today, she owns and operates multiple businesses, and she has won more than $50 million in government contract awards. Through her business, GovCon Winners, she helps service-based small business owners learn HOW to win profitable federal government contracts using her powerful CTC technique.Worst investment everKizzy came across a $40 million opportunity to provide training and curriculum development across the federal government. At that time, Kizzy’s company provided work to the incumbent. But the word on the street was that they wanted to work with somebody else, but her mentors and advisors told her to go for it.Making sure she was ready for the winKizzy spent money on all types of resources on business development so that she could win this work. She even hired a business developer who kept pushing her on to go for the bid. Kizzy put everything else on hold and concentrated on winning this project.Kizzy started looking for facilitators and curriculum developers, and it was just piles upon piles of cash being spent toward this $40 million opportunity because she thought, well, why not? What is $600,000 compared to 40 million?Kizzy believed that she could do this because she was already doing the work. She was ready to take over the job from the incumbent.The disappointing outcomeAfter all the work she’d done and all the money she had spent building her business readiness for this government project, Kizzy found out that the federal government decided to go a different route. They weren’t going to put up the opportunity for competition.Kizzy ended up with team members that she didn’t need and $600,000 in debt.Lessons learnedDo not build before you sellIt may seem like the right thing to do is to build the perfect product first before you start selling. However, if you want to succeed, sell before you build. This allows you to test the market before you create the complete product.Understand your advisor’s motivationWhen someone is advising you, know what their motivation is. This will help you adjust what you’re hearing from that person. Think about the intent behind the people cheering you along or encouraging you to take that leap or get involved in that opportunity. What are they getting out of it? Some may just be advising you because they will get compensated for convincing you to take action. Others may simply be wanting to help you succeed.Andrew’s takeawaysThink for yourself even when receiving adviceJust because you have mentors, advisors, or coaches, you still have to stop, think, and question decisions. Don’t just take every piece of advice that you get and act on it. Think about it first, then decide. A good mentor, advisor, or coach will encourage you to think and not just push you along a line.Actionable adviceDo not put all your eggs in one basket. Make sure you have multiple revenue streams.No. 1 goal for the next 12 monthsKizzy’s number one goal for the next 12 months is to win another Guinness World Record. She recently set a record for the most skips of a rope while wearing flip flops in 60 seconds. She jumped 182 times. Her next goal is to throw a football 60 yards, and she just hired a throwing coach who was a quarterback for Notre Dame to help her set this record.Parting words “Everything is possible regardless of where you are in life.”Kizzy Parks [spp-transcript] Connect with Kizzy ParksLinkedInTwitterFacebookYouTubePodcastWebsiteAndrew’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 ClassHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleBecome 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: As a father of five, Dean Brown empowers professional dads to work fewer hours per week while generating more revenue and having more fun while doing it.STORY: Dean had just lost a high-income job when his friend approached him with an investment idea. The friend wanted him to finance his business idea and get a return on it. Because he trusted his friend and was looking for investment opportunities, Dean gave him $150,000. He’s never received a penny from the business.LEARNING: Do not hand your money to anyone without a legal contract. First, understand the investment and the risk involved. Don’t be the sole financier of an investment. “Get lawyers involved, don’t just hand money over to anyone, even for a friendship.” Dean Brown Guest profileAs a father of five, Dean Brown empowers professional dads to work fewer hours per week while generating more revenue and having more fun while doing it.Working with Dean, they will learn to face their suppressed emotions, limiting beliefs, self-denial, and self-sabotage to better embrace life without guilt, anger, fear, or hate while manifesting their highest vision of peace, love, and profit with their family and in their business.Worst investment everDean had always been an employee, even though he often toyed with the idea of becoming a businessman. He was an outstanding employee who quickly rose to the top in every job he ever had.Getting thrown into the deep endIt was not until he lost his most prolific job, where he earned over $100,000 a year in 2008, that he had to start learning how to build a business. He now had to think of the best ways to invest under these circumstances.An investment idea from his trusted friendDean had this good friend who had a great vision and worked on it for a very long time. His enthusiasm was deep and engaging. Dean had a lot of faith and trust in what his friend was doing.One day Dean’s friend asked him to help him take this idea to the next level. He had developed a one-of-a-kind invention and now needed to manufacture it. However, he needed cash to do it.Giving his friend money, no questions askedDean had some money to invest, and because he trusted his friend, he gave him $150,000 there and then. He transferred the money into his friend’s account, and they agreed that Dean would get a return on the investment, and then they shook on it. That was eight years ago. Dean is yet to see a penny.Lessons learnedAlways have a contract, even where it involves friendsGet a lawyer to write a contract for you before you hand anyone money—including your friends.Understand the investment and the risks involvedBefore you spend any money, be aware of what you’re investing in. Make sure there is an agreement stipulating what you will gain from the investment.Andrew’s takeawaysA good investment starts with trustTrust is vital when it comes to investing. Before you give your money to anyone, make sure that you can trust them. Once you build trust, take the next step and evaluate if the idea is good. If the idea is good and you have trust, then now you can execute the idea.Don’t be the sole financier of an investmentAvoid investments where you’re the only one providing the capital. Be sure that the business has sustainable finances before you get in.Actionable adviceDon’t take people’s advice at face value, even if they are your friends. Cross your T’s, dot your I’s, and do your research before deciding to invest.No. 1 goal for the next 12 monthsDean’s number one goal for the next 12 months is to help people get to that place where they do not make mistakes, as he did. And also, they’re able to make a positive impact in their business and family lives.Parting words “Don’t spank yourself or grief over the losses. Instead, celebrate the wins and move forward.”Dean Brown [spp-transcript] Connect with Dean BrownLinkedInInstagramFacebookYouTubeAndrew’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 ClassHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleBecome 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: Marcus Udokang is an IT consultant, writer, and presenter. He specializes in project management and business analysis.STORY: Marcus was working for a company that was open to investors. Because he trusted his company and had met many other happy investors, he decided to invest. Unforeseen circumstances brought the value of the investment down, and he never made much out of it.LEARNING: Do thorough research, diversify your portfolio, and start small. Have a devil’s advocate or a sounding board for your investment ideas. “Research the market to be aware of unpredictable financial forces and be vigilant and disciplined when it comes to making, spending, and saving money.” Marcus Udokang Guest profileMarcus Udokang is an IT consultant, writer, and presenter. He specializes in project management and business analysis; specifically, business applications, requirements analysis, and business process management. He has worked in various industries, including Financial Services, Oil and Gas, and IT Training/Education.He’s also the host of The Inquisitive Analyst Podcast and YouTube channel that focuses on the triumphs and challenges within the areas of project management and business analysis.Worst investment everMarcus was working for a certain company that was open to investors. Due to his trust in the company, he figured it was a good investment opportunity.Encouragement all around himAt the time, many people had invested in this company, and they had reaped good returns. There were so many happy investments all around. Marcus even met one at a car dealership where he had gone to buy a car. As they were getting to know each other, Marcus mentioned that he worked at the company. The guy told him excitedly how he had put in money in the company, waited for 10 years, and got his money.A good friend of Marcus’s also told him of how he had put money in the company, cashed out a few years later, and made good money. Now Marcus was totally convinced that this was a good investment opportunity.It just was not the right time for himMarcus invested in the company and waited to start receiving dividends. Unfortunately, due to uncertain market forces beyond his control, troubling economic times, a bit of happenstance, and negligence on the company’s part, the investment was sold and resold several times to different investors. This caused the investment to devalue, and eventually, it became worth almost nothing.Lessons learnedTake your time and do your market researchThink twice before you invest in anything. Do thorough research to understand the investment and to ascertain the level of risk involved.Diversify your investmentsDo not put all your money into one investment. Invest in several options to manage your risk better.Start smallOnce you have done your research and found a couple of different ways of building a diversified portfolio, start small, then grow over time.Andrew’s takeawaysHave a devil’s advocate or a sounding board for your investment ideasHave someone that you can trust who will help you look at all the reasons you shouldn’t invest in the ideas that you come up with. Such a person will be your voice of reason and help you help better decisions and avoid making investment mistakes.Understand the difference between managing and assessing risksWhen it comes to assessing and managing risks, those are two very different things. Risk assessment comes before you get into something, while risk management is about how you handle it once you’re in it.Timing is everythingTiming is everything when it comes to business and investing. You may have an excellent idea and even execute it well, but it fails just because the market is not ready. Also, just because an investment has made money for another person doesn’t mean it’s going to make money for you. The market conditions, industry conditions, change, and management, and other conditions may have changed.Actionable adviceSave for contingencies. Save, save, save for a rainy day.No. 1 goal for the next 12 monthsMarcus’s number one goal for the next 12 months is to continue doing what he enjoys and do it well.Parting words “Canadians, be open to financial literacy for you and your family. Start talking about money.”Marcus Udokang [spp-transcript] Connect with Marcus UdokangLinkedInYouTubeWebsitePodcastAndrew’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 ClassHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramTwitterYouTubeMy Worst Investment Ever Podcast