My Worst Investment Ever Podcast

BIO: Flavilla Fongang is a Top 5 most influential tech woman. She is the author of 99 Strategies to get customers, International Keynote Speaker, BBC Brand Strategist, Brand Growth Coach, Branding & Marketing Agency MD, TLA Black Women in Tech Founder, and Tech Brains Talk Podcast.STORY: When Flavilla started a personal branding consultancy, she made the mistake of charging by the hour. This made her lose money, and people perceived her low rates as a reflection of her services.LEARNING: Don’t align yourself with followers who pay less. Align yourself with leaders who will pay premium rates. “Align yourself with the leaders, not the followers.”Flavilla Fongang Guest profileFlavilla Fongang is a Top 5 most influential tech woman. She is the author of 99 Strategies to get customers, International Keynote Speaker, BBC Brand Strategist, Brand Growth Coach, Branding & Marketing Agency MD, TLA Black Women in Tech Founder, and Tech Brains Talk Podcast.Worst investment everFlavilla worked in oil and gas and then later decided to become a fashion stylist who self-taught herself. She read a lot of books and learned about becoming a fashion stylist.Flavilla then quickly realized that people were very interested in personal branding, so she became a brand consultant.Not following her own adviceFlavilla would often advise her clients to pick a niche, but she couldn’t bring herself to pick one out of fear of losing opportunities. She was working with clients in all sorts of niches. So she became a jack of all trade.Another huge mistake Flavilla made with her business model was charging by the hour. People would comment about how cheap she was, and cheap is not good as it’s often viewed as a reflection of your value. Now the problem with the hourly rate is that if you are very efficient and good at what you do, you lose a lot of money. This is what happened to Flavilla. She realized that she was doing it wrong and started using value-based pricing.Lessons learnedDon’t align yourself with followers; align yourself with leadersIf you align yourself with followers, you’ll be going for the lowest bracket instead of the higher bracket. When you charge people more, they tend to trust you more and see you as the best in what you do. So leave the time-wasters who are always looking for a bargain; go for the top-notch clients who will value what you do.Andrew’s takeawaysSell an outcomePeople are always willing to pay a lot for transformation, but they pay a small amount for knowledge. So sell an outcome.Actionable adviceDouble your price to lockout time-wasters, and you will only have people that really enjoy working with you and value what you have to offer.No. 1 goal for the next 12 monthsFlavilla’s number one goal for the next 12 months is to get herself out of the equation. She believes she’s become her own burden as much as her own strength. People love who she is and want to work with her. But she needs to get herself less involved in the management of her business. [spp-transcript] Connect with Flavilla FongangLinkedInFacebookTwitterPodcastWebsiteAndrew’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: Chris Trikomitis has an array of experience from the investment banking sector in London and the US and working in financial services for over 17 years. Chris is currently a coach, investor, and entrepreneur.STORY: Chris met a group that was in the restaurant business. They dined him in different restaurants seducing him into the good life. Chris wanted a piece of this lifestyle, and so he invested in a restaurant. Unfortunately, he did not have the skills and experience necessary to run a restaurant, so the business failed.LEARNING: Keep your lifestyle simple, stick to what you are good at, and test theories first before investing in them. “You can earn the lifestyle you want by being cautious, investing a bit more carefully, and doing your research.”Chris Trikomitis Guest profileChris Trikomitis is in particularly high demand and is often requested to give informative and motivating keynote speeches at local and international events worldwide. Chris has an array of experience from the investment banking sector in London and the US, as well as working in financial services for over 17 years. Now a coach, investor, and entrepreneur, Chris’s background ranges from developing competitive business strategy, sales, marketing, and he has been instrumental in growing various businesses.Worst investment everChris mainly focuses on financial investments, but he once decided to go into physical investments.Getting dined and wined into investingChris invested in a restaurant and a co-working space after getting wined and dined from morning to night in different locations owned by the same group. The group totally sold him on the lifestyle, and after that, he invested in the program.Chris bought a restaurant and added a co-working space. The idea was to get the co-working space to pay for the rent and the restaurant to make the profit. Then he would use both businesses to give people the opportunity to have a quiet place to work. They’d also get the chance to take advantage of some of his food by providing free credits, which would then encourage them to buy more.Getting the work doneThe idea of owning a restaurant was very seducing to Chris. When he got down to it, he looked at things more from a consumer perspective than an actual investor. When it came down to doing the real work, Chris quickly realized he didn’t have the experience or skills needed to run a restaurant.Time to foldChris found himself injecting his own money into the restaurant because it was not making enough to cover the costs. He tried different marketing ideas, but nothing seemed to work. Chris knew that he did not want to keep investing in the restaurant in the long term. So eventually, it just hit that maybe he should just call it a day and focus his time on something that could generate more income.Lessons learnedStick to what you are good atStick to what you are good at, and don’t get carried away so easily. This does not mean you can’t gain that lifestyle you desire, just invest more wisely and don’t shift too far away from what you’re good at.Andrew’s takeawaysTest your theoriesThe key to success in business is figuring out how to test your theories without requiring a lot of money.Keep your lifestyle simple to avoid falling for bad investmentsKeep your lifestyle simple, and be careful not to be seduced into bad investments in a bid to live an expensive lifestyle.Actionable adviceAppreciate what you have.No. 1 goal for the next 12 monthsChris’s number one goal for the next 12 months is to build a solid foundation for his company.Parting words “Always take a step back before you make a decision. Think about it from an all-round perspective, not just with your heart.”Chris Trikomitis [spp-transcript] Connect with Chris TrikomitisLinkedInFacebookTwitterWebsiteAndrew’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: Andrew Bryant, CSP is a Global expert on Self Leadership, a C-Suite Advisor, an Award-Winning Coach, and a Best-Selling Author.STORY: Andrew invested heavily in a gym with the plan to offer service-based health and wellness. Low-cost gyms came up and swallowed his business.LEARNING: Understand how to get in and out of a business, test your market first and know what your customers want, not what they need. “Sunk cost does not account for the learning.”Andrew Bryant Guest profileAndrew Bryant, CSP is a Global expert on Self Leadership, a C-Suite Advisor, an Award-Winning Coach, and a Best-Selling Author. English by birth, Australian by passport, Singapore by PR, and Brazilian by wife, Andrew is adept at moving across cultures.Andrew is on a mission to ‘wake people up’ to their best possible selves, which he does through his Conference Keynotes, Leadership Team Facilitation, and Coaching.He is Leadership Faculty for Singapore Management University, where he also contributes to the Women in Leadership Program and is most proud of the work he has done building self-esteem and confidence for at-risk teenagers.Worst investment everAndrew’s first degree is in physiotherapy. He worked in hospitals for a couple of years and later with sports teams.Bringing his strengths together to build a businessAndrew decided to bring together his medical and sports experience to create a wellness center. So he bought a gym. Andrew had always been critical of gyms because they were poorly managed, and there were many myths about fitness. He planned to bring science to fitness as a physiotherapist.Investing too heavilyAndrew overly invested in the gym without realizing that he was paying for things he didn’t need to pay for. Then he hired the best human resource graduates from the local university to be personal trainers and paid them a lot. He believed that would make the difference. Andrew invested in equipment, real estate, and staff.Too much competitionAndrew focused on offering service-based health and wellness, and it worked for just a little while. Then the fitness craze hit Australia, and low-cost gyms sprouted everywhere. These gyms weren’t selling service; they were selling hope. While Andrew was charging $49 a month for a subscription, the new gyms would charge $49 a year. The low charge obviously attracted people, and this drove his customers away.A flawed business modelThe biggest mistake Andrew made was not realizing that his business model was flawed. Instead, he continued investing more and more money until he ran out.Lessons learnedTest your market firstTest your market first with a minimum viable product to see if things are going to work out before putting all your money into the product.Have somebody to argue against your propositionLook for someone that you trust and spend time arguing against your idea and pick holes. This will help you see if your idea is viable.Understand how to get in and out of a businessWhen creating your business plan, remember to include an exit plan should the business fail. If you don’t have an exit plan, you don’t have a business; you’ve just bought yourself a job.Andrew’s takeawaysLook at the dynamics of an industry and exit when necessaryBefore you enter a market, look at the dynamics in that industry. Consider how the competition is. Sometimes you can’t swim against the tide, especially when there is a significant change in that industry. It may make sense to exit when this happens.What the customer wants versus what they needGet to understand what the customer wants and deliver that to them. It is not your business to determine what the customer needs; give them what they want.Actionable adviceIf you are in the stuck phase, know that this too shall pass. Just don’t allow the sunk cost fallacy to keep you in a bad investment. It is ok to walk away. You may not have money in the bank, but as long as you have been able to articulate your failed venture as a lesson, and you can share that lesson, then you haven’t lost the value.No. 1 goal for the next 12 monthsAndrew’s number one goal for the next 12 months is to settle in Portugal. He is in the process of moving from Singapore to Portugal and is busy packing right now.Parting words “Never seek validation, but it’s always nice to get validation.”Andrew Bryant [spp-transcript] Connect with Andrew BryantLinkedInTwitterFacebookWebsiteAndrew’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: Andrew Woodward is the founder of The Investor’s Way. He is on a mission to change the financial lives of 1,000,000 people and believes everyone deserves to know how to manage their money for better money outcomes.STORY: Andrew invested in a strategy that seemed to work pretty well. Then he decided to add leverage without first understanding how it would work or affect his investment strategy. Andrew lost the money he invested.LEARNING: Understand what you’re investing in before introducing leverage. Learn how to manage your wealth because you can’t rely on other people to invest your money. “Nobody is going to care more about your money than you. Learn how to do it and secure your financial future.”Andrew Woodward Guest profileAndrew Woodward is the founder of The Investor’s Way, a former Chartered Accountant, Chartered Secretary, and Company Director, who now teaches people to take control of their money and learn how to invest it, without the need for expensive advisors, so they can build a secure financial future.He is on a mission to change the financial lives of 1,000,000 people and believes everyone deserves to know how to manage their money for better money outcomes.Worst investment everAndrew happened to go to one of those overhyped investment workshops and spent three days in a room with people getting amped up about investing. By the time he was leaving the workshop, he believed these people were the best investors in the world, and he was now one of them.Getting introduced to The Magic Moo Cow investment strategyAt the workshop, Andrew learned this strategy called The Magic Moo Cow. He believed it was going to be the absolute best investment strategy anyone could ever run into.The strategy basically involved buying a stock then wait a little bit for it to go up. Then you introduce options into the equation and then buy a put above the price that you bought the stock. Then every month, you sell calls and collect the premium. No matter what happened, you are always going to make money. If the stock goes up, you make a profit, and if it goes down, you’re covered by the put.It all looked fantastic, and so Andrew did it. He did it for a while on his own, and the strategy was doing ok.Adding leverage to his investmentOne day Andrew got an email from the promoter of strategy saying that, for a few select people, he wanted to offer them a product that would do all the hard work for him. Andrew thought this sounded like something that would introduce some leverage into his investment and earn more profit.Andrew entered into an arrangement that enabled him to leverage his investment in the Magic Moo Cow strategy into about $100,000. He had to put down $5,000 only to leverage to $100,000.Ignoring the fine printAndrew never read the fine print because this was a guy he had built some trust with. He simply relied on the advice he got when he made that investment.For the first few months, everything was fine. The investment was doing what it was supposed to do. There was only one problem; a major bank that was providing this product. When the market experienced a major meltdown, the product was designed to move back into cash. So because the stock had dropped so much, the bank sold most of the stock and put it back into cash.Difficult to get back inThe mechanism that the bank designed to get back in when the market was ready was so restrictive that the ability to make your money back, irrespective of what the market did, became almost impossible.Very quickly, Andrew started seeing that what he put in and the value he’d leveraged to it had dropped dramatically. Also, there was no stock to write calls against or to buy puts for. So he was pretty much just sitting in cash while the stock market was growing.Customers started complaining, and the product promoter approached the bank and negotiated a way for the product rules to be changed to enable people to at least be able to get something back on their investment. After a few years of negotiating and watching this investment pretty much slowly die, Andrew’s $5,000 investment became something like $500, making it his worst investment ever.Lessons learnedUnderstand what you’re investing inMake sure that you fully understand your investment. Should a strategy be introduced into it, ensure that you fully know the rules and how the system is going to work.Don’t introduce leverage to an investment you don’t understandIt is very risky to introduce leverage to an investment that you don’t understand. Leverage is a great thing when it’s working for you. However, it only works when you fully understand how your investment works.Invest in yourself by learning how to manage your wealthYou just cannot rely on other people when it comes to investing your money. Be knowledgeable about managing your wealth so that you can do simple things without getting caught up in complex structures and complex products. It does not have to be overly expensive to get to a position where you can manage your money yourself for the long term.Andrew’s takeawaysNot all investment strategies can be implementedMany of the investment strategies out there can’t consistently be implemented. Therefore, evaluate your investment strategy of choice very carefully.Read the fine print before investing in bank productsBanks love issuing products because they are moneymakers. Sometimes these products have very complex structures. Understand the fine print well before you invest in these products to protect yourself.You have to be the primary caregiver of your moneyNobody is going to care more about your money than you do. Hence, learn how to take care of your money instead of paying someone else to do it for you because they can’t do it forever.Actionable adviceThe next best time to start investing is right now. So do a little bit of learning, and then just start and continue learning by doing.No. 1 goal for the next 12 months.Andrew’s number one goal for the next 12 months is to get version three of the Investing Boot Camp launched and into the hands of as many people as possible. He believes it’s an opportune time for people to think about where their money needs to be and start taking some action. The Boot Camp is a great way to get access to him and everything that he has produced.Parting words “I hope that the listeners have learned something from my mistakes so that they don’t make the same ones.”Andrew Woodward [spp-transcript] Connect with Andrew WoodwardFacebookYouTubeWebsiteAndrew’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: From being 6,000ft underground in a mine to starting an education business (that grew to have more than 4,000 students) to spending years working in venture capital, Rael Bricker has seen it all.STORY: In 2001, Rael bought $85,000 worth of CD covers from Germany. He was attracted by the product but never did any research into how he would sell them and just went in blindly. Rael hardly made any money from the covers and ended up giving them to friends for free.LEARNING: Don’t spend a dime before researching the product and the market you want to venture into. In business, dive all in and adjust the course as you go. “Business is not complicated. Just dive in and adjust the course while you’re moving.”Rael Bricker Guest profileFrom being 6,000ft underground in a mine to starting an education business (that grew to have more than 4,000 students) to spending years working in venture capital, Rael Bricker has seen it all.He has listed companies on multiple international stock exchanges, and his financial services group has settled more than $3bn in loans over 19 years. He has a diverse work history combined with unique global research interviews with companies in more than 25 countries. Taking this knowledge and experience makes him perfect to advise people on growing and achieving excellence, as he has experienced the rollercoaster himself, and knows how to navigate the twists, turns, and loops.Rael holds two Masters degrees; an MBA and MSc (Engineering) and is currently a Fellow of the MFAA (Mortgage and Finance Association of Australia), a Certified Speaking Professional (CSP) (Professional Speakers Australia), and a Member of AICD (Australian Institute of Company Directors). He is also the author of Dive in-lessons learnt since business school.Worst investment everIn April 2001, Rael flew to Germany after his friend in South Africa introduced him to a German company called Flipping Group. This was at a time when people were storing data on DVDs or CDs. There was no other backup medium.The company had a fantastic set of CD covers. You’d put 20 CDs into a binder and press a little button on the side of the CD holder, and the CD popped out. The covers came in different shaded pastel colors and were really cool.Putting his money into the productWhen Rael flew to Germany, he bought $5,000 worth of inventory and brought it back to Australia. He found guys in Australia to help him with the packaging and distribution. Even before he sold a single piece, Rael ordered $80,000 worth of more stock. He got a friend to store it in his warehouse and had all that logistics stuff sorted out.Going into sales fulltimeBefore buying the product, Rael was working with a venture fund. After a few months, he left the venture fund and decided to go out and sell this stuff full-time.Learning that selling is tough the hard wayRael’s entire life up to that point was all about selling services. He quickly realized that selling a single product line was very difficult. Rael learned that to succeed in retail, one needs to have multiple product lines, distribution in all the major cities, and lots of other logistics. It, therefore, became quite a struggle for him to sell the covers.Losing interestEventually, Rael’s interest in selling the product dwindled because he was just banging his head against a brick wall trying to sell it. A few small, independent retailers purchased a few covers but nothing notable. The rest sat in the warehouse, gathering dust for months.One of Rael’s friends, an excellent salesperson, was having a hard time finding a job. Rael gave him the covers and told him to sell them and keep whatever he made. He managed to make $5,000.Lessons learnedUnderstand what you can and what you cannot doThis entire experience taught Rael that he could not sell products. He realized that he is more of a service-oriented person. He now chooses to just be a consumer and not a product seller. From this realization, he knows what type of businesses to focus on and which ones to avoid.Dive all in and adjust the course as you goMake that first step, go out, sell the first couple of products, and see if it works. This is what you need to do to succeed. If you spend your life trying to be sure about the future, you’ll never do anything. You will just be stuck in the inertia phase.Andrew’s takeawaysSales is a tough job, be sure you’re capableSales can be challenging, particularly when selling physical products because it relies on touch and a well-established infrastructure. Don’t underestimate the infrastructure needed to be great at selling a product.Do your research before spending a dimeDon’t spend any money before you research the product and the market fit. The idea is first to sell the problem before you start selling the product.Actionable adviceJump off the cliff, but jump with a parachute. If you’re thrilled by a product and want to sell it, first do some level of research. To succeed in sales, you also have to understand and embrace the idea that you can sell.No. 1 goal for the next 12 months.Rael’s number one goal for the next 12 months is to work with business leaders, both established and emerging, to create business excellence and rich and robust cultures in their businesses.Parting words “Dive in and enjoy the journey.”Rael Bricker [spp-transcript] Connect with Rael BrickerLinkedInTwitterFacebookYouTubePodcastWebsiteAndrew’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: Mike Morawski is a 30+ year real estate investment veteran. He has controlled over $285,000,000 in real estate transactions.STORY: In 2008, when the economic crisis hit the US, Mike decided to find ways to protect his investors. He moved money from companies that were performing well into those that were underperforming. It seemed to work, but he had not informed his investors about it, so he was jailed for 10 years for fraud.LEARNING: Communicate with your investors regularly and always follow your business mandate. Listen to outsiders and pay attention to red flags. “Just because you act unethically doesn’t mean you break the law, but enough unethical actions ultimately will cause you to break the law.”Michael Morawski Guest profileMichael “better known as Mike” Morawski is a 30+ year real estate investment veteran. He has controlled over $285,000,000 in real estate transactions. Mike is an entrepreneur, author, real estate trainer, public speaker, and personal coach with strong personal resilience and a deep desire to help others live an extraordinary life. He has coached hundreds of real estate investors to fulfill their dreams.Worst investment everBefore 2008 Mike’s real estate business was flourishing. Then 2008 came around, and the US was hit by the worst economic crisis the world’s ever seen. Mike believed that he could weather the storm. But, his properties started bleeding. People moved out. In 2010 everything imploded.Trying to protect his investorsThings were getting really bad, and Mike tried to find ways to protect his investors. One idea was to take money from good, profitable companies, move it into nonprofitable companies, and hopefully keep the whole ship afloat. So he started moving money back and forth. Mike’s attorney and accountant both said it was acceptable to do that as long as they left notes so that the money is traceable.Not communicating with the investorsMike’s idea was great and was working. The only mistake he made was not telling his investors about it. He was charged with wire fraud and mail fraud charges for this mistake and ultimately sentenced to 10 years in federal prison.Mike lost everything, including the real estate business. As if that was not enough,17 days after being in prison, his wife decided to leave him.Surviving prisonMike was having a pretty hard time in prison. Six weeks into his jail term, he walked into the gym one day, and this guy came up to him and said, “Hey, don’t let these people beat you up. All they want to do is take everything from you. They can take your apartments, your cars, your houses, they can ruin your family, but they can’t take what you’re made of. They can’t take your brains, they can’t take your desire, and they can’t take your energy.”This was the best advice Mike has ever gotten. As a result of that advice, he decided to do the time in jail and not let the time do him.Building his life againWhile in prison, Mike went to college and got a four-year degree in theology. He also wrote two books. He came back home from jail in better shape physically, mentally, emotionally, and spiritually than he’d ever been in his life.Lessons learnedGrowing too fast is not necessarily a good thingMike’s business grew too fast. He hired too many people and had a bloated payroll. He paid too much for properties instead of negotiating, thinking that the market would keep going up. This is what caused his business to suffer when the economic crisis hit.Listen to outsidersSometimes people outside your business are in a better position to see things objectively. Seek their opinions and consider their advice.Pay attention to red flagsMike had his head buried in the sand. He didn’t look at the KPIs deep enough, and all of a sudden, his business was burning down to the ground.Andrew’s takeawaysAways follow your business mandateBefore you do anything, have your investors and advisors agree on what you are going to do with the invested money. This is your mandate; understand it clearly and then follow it. As long as you follow it, your investors are always going to be ok.It is ok to fail and choose to walk awayIt is ok to fail. Every entrepreneur has failed at some point in their life. As long as you have not defrauded or done anything wrong, there’s nothing wrong with walking away from a failing venture.Communicating with your investors is crucialIt is imperative that you constantly communicate with your investors on the company’s progress and especially on the decisions you make regarding their money.The 10 concepts you need to build an ethical characterThese 10 concepts will help you build an ethical character that’s going to protect you in the future. It will make you very rare, and in the world of finance, rare is valuable.LoyaltyTrustworthinessFairnessConfidentialityReveal conflicts of interestDiligentIndependentObjectiveThoroughContinuous improvementActionable adviceWhen you’re under pressure, and you’re being pulled in a bunch of different directions, you ultimately can’t decide the right choice on your own. You have to go to someone else with a clear head. Don’t go to your business partner; go to somebody else outside of your business. Listen to the people around you.No. 1 goal for the next 12 months.Michael’s number one goal for the next 12 months is to continue pushing his message to people because he wants them to know that there’s hope. Michael wants to continue being an inspiration.Parting words “Don’t go it alone. Reach out, talk to somebody, get outside of your space and do something different.”Michael Morawski [spp-transcript] Connect with Michael MorawskiLinkedInTwitterFacebookPodcastWebsiteAndrew’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 an executive coach, speaker, and international author, Gordon Jenkins helps people make a real impact and difference both in their professional and personal journey.STORY: Gordon grew up knowing that the only way to build a career was to go to school, go to college or university, then get a graduate job and work your way up. That’s precisely what he did only to realize, 10 years later, that he did not want to prescribe to this convection anymore.LEARNING: Shape your life after your own terms, not on convections. People are more interested in who you are not what you are. “You’re either in or out. There’s no gray matter in life. You’re either full on, or you’re full out.”Gordon Jenkins Guest profileAs an executive coach, speaker, and international author, Gordon Jenkins helps people make a real impact and difference both in their professional and personal journey. With his trusty sidekick, Banfi The Duck, Gordon has an innate knack for recognizing and celebrating people’s individuality.There is a common connection between Gordon and his clients. Success stems from the strong belief that it’s ok not to conform to societal pressures, it’s refreshing to be different, and that celebrating what sets you apart is the key to a rich and fulfilling life.Gordon’s clients include industry leaders who are regularly recognized by their peers as well as those quite happy to grow, away from glare of the media.Worst investment everGordon grew up knowing that the only way to build a career was to go to school, go to college or university, then get a graduate job. Then you sit in that job and work your way up.Following the system unwillinglyGordon followed the same system even though he always knew that he didn’t fit because he wanted to be a cook. However, he couldn’t take cooking classes because boys had to do woodwork and metalwork. After school, he ended up working in London as a phone exchange trader for a well-known Japanese bank. The job was fun, extremely high-paying, but very toxic.Charting his own pathGordon woke up one morning and decided that he didn’t want to do this anymore. It was not going to be his life. He realized that everything he’d been told for the last 10 years and the investment he’d made in himself was never for him. So that morning, Gordon resigned, and one week later, he arrived in Melbourne and hit a wall.Going against conventionIt took Gordon 10 years to realize that he is not someone who follows convention or tradition. He resolved to do what he wanted and not what other people told him was the norm.Lessons learnedPeople are more interested in who you are not what you arePeople don’t care about what you are; they want to know who you are as a person; they want to know you as an individual first. You could be the best executive coach in the world, but unless you connect with your clients, you are never going to close any deals.Andrew’s takeawaysYou can walk out of any situationYou do not have to live a toxic life; walk out of that situation. You have the power to walk awayShape your life on your own termsYour job is to shape your life on your own terms. Forget what everyone else is saying. Live the life you want.Actionable adviceActions speak louder than words. There’s nothing wrong with reaching out to people who can help you turn your words into actions.No. 1 goal for the next 12 months.Gordon’s number one goal for the next 12 months is to start building the world’s number one Center of Excellence for post-transplant care for organ transplant patients in Australia.Parting words “Leave no regrets.”Gordon Jenkins [spp-transcript] Connect with Gordon JenkinsLinkedInTwitterFacebookWebsiteAndrew’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: Christopher Slee is the Founder, Principal, and Chief Product Officer at AWH, a Dublin, Ohio software engineering firm currently celebrating its 26th year of creating innovative digital products for business clients.STORY: Chris has had a fair share of experience helping startups develop and get their products to the market. While he has no one worst investment story, his experience comes with a series of learnings and painful lessons.LEARNING: Believe in the startup and the products you are investing but also do your due diligence. Know your market and build a financial runway before you work on your product. “There’s no magic in marketing. There is sweat, due diligence, and effort.”Chris Slee Guest profileChristopher Slee is the Founder, Principal, and Chief Product Officer at AWH, a Dublin, Ohio software engineering firm currently celebrating its 26th year of creating innovative digital products for business clients.At AWH, Chris leads internal and external development teams across all applications, from web, mobile, and desktop platforms, to virtual reality and machine learning. Even though Chris has been programming for more than 30 years, he continues to push the technology envelope. From drones to artificial intelligence, Chris continues to exemplify the spirit of continual learning in the tech space.Worst investment everFor the past 26 years, Chris has spent his life working with startups and upscaling younger companies to get their products out into the market and capitalize on that. His company AWH helps many startups at the same time.Changing timesIn the early days, handling multiple projects was easier because people mainly just needed websites to market their products. But right now, the e-commerce field has changed, and the process is a lot more elaborate. Products have evolved, and consumers desire more complex products. They expect their apps to be smarter and do things for them.So to keep up with the trends, Chris’s company took on a venture arm that helps organizations in the startup phase go through a round of funding called Friends and Family or finance it themselves. And then find them an angel investor or an early-stage investor to, finally, help them find a seed investor.With experience comes a great deal of lessonsChris has had a fair share of experience helping startups develop and get their products into the market. While he has no one worst investment story, his experience comes with a series of learnings and painful lessons.Lessons learnedYou must believe in the products you’re buildingYou must believe in the products that you are building and the entrepreneur as well. If you don’t have 100% confidence in the entrepreneur, their product, and the market space, don’t invest in it.Do your due diligenceThere are many times where the emotional drive and belief in the product and trust in the entrepreneur may lead you astray. You can 100% believe that you’re right and be 100% wrong. When investing in a startup, go beyond believing in the product and the entrepreneur. Do your due diligence and believe in your gut.Know your marketYou should know someone who wants to buy your product before you start to build it; otherwise, you will be creating for yourself. There is a possibility that there is no market for your product, so make sure you know this before you waste your money and time.Andrew’s takeawaysYour financial runway is essentialYou need some financing because you have to work on the product-market fit. While sometimes you have to wait before you launch your product, when the time comes, and you can’t finance and support your product launch, it all ends just before the miracle happens.Listen to your intuitionSometimes you have to listen to your intuition but know the difference between feeling and intuition. Intuition is that momentary tinge or cringe, and that brief instant, where you feel something, and then your body and our mind overcome that feeling, and it’s gone. You overcome it with your confidence and logic.Actionable adviceBe comfortable with the fact that you don’t have all the answers. Surround yourself with people who also don’t have all the answers right but can bring you new ideas.No. 1 goal for the next 12 months.Chris’s number one goal for the next 12 months is to get several clients to their next investment rounds. From an organizational perspective, Chris’s goal is to ensure the team is thriving and employees feel like a team even while working from home. His personal goal in the next 12 months is to go on a vacation outside of his house.Parting words “Embrace your ideas and go after them but, keep learning. That’s the key.”Chris Slee [spp-transcript] Connect with Chris SleeLinkedInTwitterWebsiteAndrew’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: Travis Watts is a full-time passive investor. He has been investing in real estate since 2009 in multi-family, single-family, and vacation rentals. Travis is also the Director of Investor Relations at Ashcroft Capital.STORY: Travis was lured into an investment that had a 20% cash flow return. The investment, however, turned out to be fraudulent, and he lost his money.LEARNING: Always do your due diligence, keep things simple and invest in what you know and what makes sense. “In investing, find a philosophy, you subscribe to that resonates well. Find an asset class or type of investing that is simple to you.”Travis Watts Guest profileTravis Watts is a full-time passive investor. He has been investing in real estate since 2009 in multi-family, single-family, and vacation rentals. Travis is also the Director of Investor Relations at Ashcroft Capital. He dedicates his time to educating others who are looking to be more “hand’s off” in real estate.Worst investment everFrom 2009 to 2015, Travis would rent out spare rooms in his house for extra cash flow and passive income. Then he got into flipping properties. He would buy properties low and sell high. Travis did this for a little while to build some equity.Getting obsessed with the concept of passive incomeAt this point, Travis was a little obsessed with this concept of passive income. He loved the ability to participate in all these different things passively and have income rolling in.In 2016, Travis started to segue into some experimental investments that were not real estate-related. He joined general investing groups, startup capital groups, and all other kinds of groups.One heck of a dealIn one of his groups, a deal was presented as having over a 20% per year cash flow component. Travis thought that the 20% cash flow component would average his entire portfolio into a two-digit cash flow return portfolio. So he dove into the deal.Skipping the due diligence stepTravis knew a couple of people who had made investments with this group, and so he didn’t do a lot of due diligence on the group. He simply met the people face to face and looked through their operating agreements.Travis believed in this deal, and he put about three to four times as much into this deal as he would have any other real estate deal.A great startTravis invested in February. The investment was a quarterly distribution frequency investment, so in June, he got his first distribution, and it was as promised.Here comes the shockerIn September, Travis got an email from the group. The email said that the owners had found out that 35% of their portfolio had been deemed a Ponzi scheme. To pave the way for investigations, the distributions were stopped moving forward.The situation got worse. The fund moved into receivership. Then everything in the group was liquidated, and investors would never see any return on investment. And just like that, this became Travis’s worst investment ever and caused him to lose almost all the money he had invested in the fund.Lessons learnedAlways do your due diligenceAlways do thorough due diligence. Do not be skimpy, be very thorough in making sure that you invest in something legitimate that will bring you returns.Invest in what you know and what makes senseWhen it comes to investing, find a philosophy you subscribe to, and that resonates with you. You are safer investing in an asset class or type of investing that you understand.Andrew’s takeawaysKeep things simpleSome things are worth trying to understand, but it’s better to stick with something you know. If you want to try something complex, then you must commit yourself to learn it.Actionable adviceHave mentors, self-educate yourself, and have a wide array of perspectives.No. 1 goal for the next 12 months.Travis’s number one goal for the next 12 months is to continue being a mentor for folks that just want to bounce an idea off or get a second opinion or perspective on investing passively.Parting words “Find a risk-adjusted return that helps you meet your needs and your goals. While taking on some risk is important, don’t take an unnecessary risk.”Travis Watts [spp-transcript] Connect with Travis WattsLinkedInFacebookPodcastBlogWebsiteAndrew’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: Jose Salazar is a B2B influencer marketing consultant specializing in optimizing industry and thought leadership marketing through influencer and employee advocacy strategy.STORY: Jose’s twin brother looped him into a brilliant business idea, but due to their lack of startup experience, the business never took off. They were left paying off a loan that brought no return on their investment.LEARNING: Do your research before investing in an idea, even from family or friends. Be mentally ready before investing in a startup and make sure you are not the only or major shareholder. “Don’t spend money unless you’ve got people supporting your business.”Jose Salazar Guest profileJose Salazar is a B2B influencer marketing consultant specializing in optimizing industry and thought leadership marketing through influencer and employee advocacy strategy. He is currently responsible for growing the US business at Onalytica with a mission to help businesses drive awareness, credibility, and trust across the globe.Worst investment everJose’s worst investment ever started four years ago. He was having a chat with some friends about investing. He gathered a lot of information from different friends, and this piqued his interest in investing. So when his brother talked to him about this business idea he had, he was all ears.The brilliant innovative ideaJose’s brother’s idea was to start an online recruitment platform for the hospitality industry. He had looped in 25 people who were also interested in the concept. They had rounds of meetings for a year but were yet to get started.Putting money where their mouths areAfter a year, they decided that it was time to put money where their mouths were. At this point, everyone left apart from Jose, his brother, and one other friend.The three decided to form a partnership, contributed about $2,000 each, and got the ball rolling. They paid a designer to create a website and put money into social media advertising.Getting a loan to fund the startupAfter a while, they realized that they needed more money, and so the partners went to a startup-loan company for a loan. So unlike a typical business loan where all shareholders bear the loan burden, a startup-loan business means owners pay from their personal finances.No clue how to run a businessThe three partners continued to build upon their business idea. None of the three had any experience running a startup, and even though they had managed to get several clients to sign up, they were putting in more of their money than they were making. Eventually, Jose spoke to his business partners, and none of them was very keen on running the business, so they folded it.Lessons learnedDo your research before investing in an idea, even from family or friendsWhen someone comes to you with an investment idea, whether a friend or family member, do your research before putting in your money. Find out the returns and business forecast. Do everything you need to do to make sure the business is efficient.Be mentally ready before investing in a startupMake sure that you are mentally ready to run a startup. Also, you need to make sure that you have the time, put up with the stress, disagreements with partners, and other challenges of running a startup.Andrew’s takeawaysDo not be the only shareholder in a startupWhen investing in a startup, you want to make sure there are other sizable shareholders. Don’t be the only or major shareholder; otherwise, it all comes back to you, which can be very tough on you.Sell, sell, sellYou need to sell to validate your business. Selling is proof that your business idea is working.Actionable adviceYou need to put time and passion into your business. This means you can’t get distracted; you need to focus on your business.No. 1 goal for the next 12 months.Jose’s number one goal for the next 12 months is to get back on track with his fitness. On a professional level, his goal is to continue growing his career within the marketing industry.Parting words “Just keep following your passions.”Jose Salazar [spp-transcript] Connect with Jose SalazarLinkedInInstagramFacebookAndrew’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