My Worst Investment Ever Podcast

Mike Ciorrocco, aka Mike C-Roc, is the CEO of People Building, Inc. He is a performance coach, author, dynamic public speaker, visionary, and thought leader. He has been featured by Yahoo! Finance as one of the Top Business Leaders to Follow in 2020 and is on a mission to build people. At his core, he’s obsessed with success and helping others achieve greatness. C-Roc is a guy who had a fire lit in him at an early age. That fire has led him to inspire others to see the greatness inside of themselves using past life events to fuel their fire.   “Accept and acknowledge the setback as soon as possible, so that you can prepare and launch for your next takeoff." Mike Ciorrocco   Worst investment ever Mike and his partner run a profit and loss company. A few years ago, when the P&L company was still new, it started to have some success and money was coming in. Mike and his partner planned to keep the money in the business to help scale it. So they kept the money in a company account. Not so much their money There was a catch, though. The company where Mike’s money was kept was not his company. The two partners weren’t the owners of the company. The owner of the company was Mike’s buddy’s uncle-in-law. So even though the money was theirs, officially, it belonged to the owner of the company account. All along, Mike assumed that their money was safe. The assumption got Mike in big trouble. Money goes missing Mike and his partner had built the company for 12 years and had about one million dollars in the account. The money was to be used to scale the business. The two partners had big plans. After a while, they found out that their money was missing. At the time, the company had 22 employees. Mike felt responsible for those 22 employees and their families. These employees had bought into Mike’s vision and were working hard every single day to achieve this vision. He had to make sure that they were taken care of and not affected by the mess. Getting out of the entanglement Mike had to create an exit strategy that was not going to get him in trouble, which would protect their investment and take care of the employees that were relying on him. So this happened over a few months. Luckily, they still had contracts and deals that they had to get paid. Mike and his partner founded another company, and the transition happened. During the transition, the two partners lived off minimum wage to sure everybody was getting paid so that the business could keep running. Unfortunately, they lost all the money they had previously made and saved. However, with the new strategy, they were able to recover and get the company back to its feet. Lessons learned Don’t mix business with friends and family Don’t trust family and friends as far as business goes, and just leave it to that. Make sure you have an ironclad contract or any written agreement that shows that the money is yours. Work on your company culture When you have a great company culture, individuals will look out for the greater good first, and then themselves. Build a culture in your business to give it a firm foundation. If you can start a big company with a great culture from the start, you’ll be unstoppable. Employee goals need to align with company goals Your employees’ individual goals need to align with the company goals. If they don’t, you’re going to have conflict, and it’s not going to work, no matter how much they produce. They may be good employees, but as long as their goals don’t align with the company goals, they’ll end up causing problems that are going to cost more than the revenue they’re bringing into the company. Your employees are your greatest investment Very many business owners think of their employees as just workers. In a business sense, you’re investing in these people, and they should give you a return on your investment. So build your employees by treating them well so that they can provide you the most return on investment. Think of having employees like having a real estate investment and taking care of that real estate. You would never let your property go to waste. Likewise, don’t let your employees go to waste, take care of them. Andrew’s takeaways You can recover from any setbacks There will be many setbacks in life. Some will bring you down to zero. To survive, understand that this is normal, accept and acknowledge your setbacks immediately so that you can recover quickly. Take care of your employees Take care of your employees because they are your greatest asset. Actionable advice Wake up in the morning with gratitude. It may sound like a cliche, but one thing that’s going to change your life is counting your blessings every day, no matter how insignificant you think they are. This will create a situation where you have nothing to complain about. It’s a magic trick, and if you try it, and you get consistent with it, it will change your life. No. 1 goal for the next 12 months Mike’s number one goal for the next 12 months is to finish writing his forthcoming book, Rocket Fuel. He is fired up to get the book out towards the end of this year. Connect with Mike Ciorrocco LinkedIn Twitter Facebook Instagram YouTube Website Andrew’s books How to Start Building Your Wealth Investing in the Stock Market My Worst Investment Ever 9 Valuation Mistakes and How to Avoid Them Transform Your Business with Dr.Deming’s 14 Points Andrew’s online programs Valuation Master Class How to Start Building Your Wealth Investing in the Stock Market Finance Made Ridiculously Simple Become a Great Presenter and Increase Your Influence Transform Your Business with Dr. Deming’s 14 Points Connect with Andrew Stotz: astotz.com LinkedIn Facebook Instagram Twitter YouTube My Worst Investment Ever Podcast

BIO: Stephen Kalayjian is a Chief Market Strategist and Co-Founder of Ticker Tocker, a firm that researches and develops software to help identify trends, reversals, patterns, and divergences in the marketplace for all asset classes and time frames.STORY: Stephen once risked his entire $3,000 savings on a call option trade at his father’s friend’s brokerage. Unfortunately, that trade went bad. He summed up his experience of loss into five core values—consistency, discipline, confidence, patience, and passion—with discipline at the heart of his approach.LEARNING: Never average down on a losing trade and always preserve capital. No trade is bigger than the market, and cutting losses early is crucial. “If you’re gonna invest or trade, you have to have discipline.”Stephen KalayjianGuest profileStephen Kalayjian, Chief Market Strategist and Co-Founder of Ticker Tocker, has over 30 years of experience in the industry trading stocks, futures, and currencies, having begun his career at the American Stock Exchange in 1983.In 2005, Stephen founded his firm to research and develop software to help identify trends, reversals, patterns, and divergences in the marketplace for all asset classes and time frames. Stephen seeks to generate high alpha trading ideas throughout the day. He and his team employ technical analysis through utilizing the proprietary charting software he developed on Ticker Tocker to forecast the market.Stephen has traded nearly 2 billion shares over his career.Worst investment everStephen’s worst trade was one that he made early in his career. When he was 19, a just-graduated high school student, he had saved about $3,000 by doing odd jobs for years. He was eager to leave some mark on the trading floor and opened a brokerage account, staking everything on one notion.In August 1983, he purchased 50 call options on a blue-chip stock for about $2.75 each, confident that the stock would rise. But Stephen was a call-option novice. He didn’t realize their worth deteriorates over time, and he certainly didn’t have a stop-loss plan.He buys more as panic sets inAs the stock began to fall quickly, Stephen panicked. He continued to buy more calls as the stock fell (averaging down), digging himself in further. By Thanksgiving, the position was worthless, and his account was “broke beyond broke.” He remembers entering a trading post with his head in his hands, piling up losses, wondering how many times he had gotten it wrong.A December market rally gave him just enough to salvage a thin margin on his trade: he sold some call contracts in January that ultimately closed out the position and kept the profit. As he describes it himself:“I had no risk, no discipline… I just rolled the dice,” Stephen admits, describing how his savings vanished.The inevitable turning pointIn retrospect, that catastrophic first trade was a turning point. Stephen summarizes the lesson he lives by in the five words: consistency, discipline, confidence, patience, and passion – and discipline is “everything” in trading. What had seemed like a ruinous loss proved to be his best teacher.Lessons LearnedStephen took away some hard-earned trading lessons from that episode – lessons he now teaches to others:Save capital at all costs: Always treat risk management in trading as non-negotiable. Only trade with money you can afford to lose. Trade only with what you can afford to lose. Set a hard stop-loss prior to every trade so you never blow your account.Never average down: Throwing good money after bad only adds to your loss. When you are against a trade, take the loss and exit immediately. Do not average down.Take losses graciously: It’s okay to lose. All traders are going to lose sometimes, but what makes the difference is getting to grips with it and moving on to the next one. Accepting a losing trade and moving on to the next one was what Stephen learned was far more important than covering a losing position.Practice discipline and patience: Persistence will conquer the pursuit of get-rich-quick dreams. Stephen applies the discipline he practiced as a top athlete (he even got a teetotaler award in high school for exercising self-control) directly to trading. He has a solid plan, stays patient for high-probability situations, and avoids making impulsive judgments.Stay humble: No one is bigger than the market. Even the most popular stocks can blow up. Stephen watched giants like Enron disintegrate and witnessed those who would not sell suffer the most. He reminds us: the market has rules of its own – follow them, and do not let pride be your ruin.Andrew’s TakeawaysAndrew draws several takeaways from Stephen’s experience that apply to every trader:Discipline is survival: Always think of yourself as too poor to afford to gamble. Risk-manage every trade. When you can’t afford to lose large amounts, you tend to trade more conservatively.Always wear your seatbelt (use stop-losses): He concurs that stop-losses are like seatbelts. Everybody uses one in a car because without it, a crash can be deadly. When trading, not placing a stop is like jumping out of a plane without a parachute. Use protective exits on all positions.Preserve cash and capital: Risk only “house money,” not your livelihood. If you lose a trade, the market owes you nothing back, so always use only excess funds you can afford to lose.Emotional discipline: The majority of traders won’t sell winners until they drop. Andrew emphasizes taking profits when your goals are achieved, rather than hoping. Better safe than sorry.Learn and adapt: Every trader is going to lose from time to time; the difference is learning from those losses. Having a plan and sticking to it—even when it is uncomfortable—keeps you in the game.Actionable AdviceTo put Stephen’s lessons into practice, all traders can implement these steps:Always plan your trades: Define your entry, exit, and stop-loss before you trade. Then stick with the plan. Never allow fear or greed to overrule your rules.Implement strict risk controls: Never risk more than a small percentage of your account on one position. Put a stop-loss on each position and commit to it 100%. Consider stops as seatbelts – if you don’t wear one, you’re taking a chance.Never average down: Don’t wager more money on a losing trade. Take the loss (even a small one) and move on. Remember: you can’t win by doubling down on a loser.Manage position size: Always decide how many contracts or shares to purchase so that when the stop is triggered, you lose only an acceptable amount. This reserves your capital for the future.Learn continuously: Seek quality education and guidance. Leverage sources like Ticker Tocker analyses or other reliable trading forums to learn the right techniques at speed.Review every trade: Keep a trading journal. Analyze your losers and winners. Did you stick to the rules? What else would you have done? Turn every loss into a lesson so the same mistake is not repeated.Be patient and disciplined: Wait for high-conviction setups that work with your system. Avoid trading out of boredom or fear of missing out. Each day, there are good trades; remain patient and allow opportunities to come to you.No. 1 goal for the next 12 monthsStephen’s number one goal for the next 12 months is to inspire and teach traders the right way through Ticker Tocker. His goal is to help people change their lives by making trading knowledge accessible and practical.Connect with Stephen KalayjianLinkedInTwitterFacebookInstagramWebsiteAndrew’s booksHow to Start Building Your Wealth Investing in the Stock MarketMy Worst Investment Ever9 Valuation Mistakes and How to Avoid ThemTransform Your Business with Dr.Deming’s 14 PointsAndrew’s online programsValuation Master ClassThe Become a Better Investor CommunityHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleFVMR Investing: Quantamental Investing Across the WorldBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsAchieve Your GoalsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramThreadsTwitterYouTubeMy Worst Investment Ever Podcast

Chris Mayer is co-founder and Portfolio Manager of the Woodlock House Family Capital fund. He also blogs about the thing he loves the most, investing. He started his career as a corporate lender, which taught him about managing risk and how business works. Next, he started his newsletter, called Capital & Crisis, which led him into 15 years of writing investment newsletters. Chris has written four books: Invest Like a Dealmaker: Secrets from a Former Banking Insider; The World Right side up: Investing Across Six Continents; 100 Baggers: Stocks That Return 100-to-1 and How To Find Them; How Do You Know? A Guide to Investing, Wall Street, and Life.   “Valuation is important, but it’s secondary to quality. I won’t buy something just because it’s super cheap if it doesn’t have all the other quality aspects that I like.” Chris Mayer   Worst investment ever Taking advantage of the 2008 financial crisis When the financial crisis hit the US in 2008, Chris reasoned that it would be an excellent time to start investing in the stock market. His strategy was to buy the cheapest available businesses and ignore the expensive ones. So he went ahead and found a couple of inexpensive companies. Cheap is just cheap The businesses that Chris bought into were not necessarily good businesses with a promising future; they were just cheap. But he knew he could easily sell them off later. After the crisis, Chris sold off the companies here and there once they started appreciating or reaching his target price. He, however, didn’t make so much money to write home about. He should have gone with the expensive options The companies that Chris ignored because they were expensive at the time went on to recover after the market fall and continue to thrive. Had Chris paid attention to such companies and probably invested in just one or two instead of a handful cheap ones, he’d still be making money from that investment. Lessons learned Buy the best not the cheapest When looking for stocks to invest in, go for the very best companies. They may seem expensive, but in the long-term, these are the companies that are going to bring you the best return. Go for quality over price. Investing is a long-term game When it comes to investing, you have to think long-term. Most of the best performing businesses today were not built in a day. They have about 20-25 years backing their success. Andrew’s takeaways Don’t be lured by a low price Just because it’s cheap doesn’t mean you have to buy it. Actionable advice Find five businesses that you would love to own and put them on a wishlist. Follow and keep an eye on them. Wait until you see a 20%-fall in the stock market and then go ahead and pick one and buy it. No. 1 goal for the next 12 months Chris’s number one goal for the next 12 months is to find one high-value investor. Parting words   “Don’t give up. Be patient. It’s a tough game. Everyone makes mistakes, so you just got to keep soldiering on.” Chris Mayer   Connect with Chris Mayer Twitter Website Andrew’s books How to Start Building Your Wealth Investing in the Stock Market My Worst Investment Ever 9 Valuation Mistakes and How to Avoid Them Transform Your Business with Dr.Deming’s 14 Points Andrew’s online programs Valuation Master Class How to Start Building Your Wealth Investing in the Stock Market Finance Made Ridiculously Simple Become a Great Presenter and Increase Your Influence Transform Your Business with Dr. Deming’s 14 Points Connect with Andrew Stotz: astotz.com LinkedIn Facebook Instagram Twitter YouTube My Worst Investment Ever Podcast  

Karen Foo is actively involved in speaking at various conferences, seminars, expos, workshops, toastmasters clubs, and publicly held events. Having overcome numerous setbacks in her life, she has gone on to inspire thousands of young people, executives, and leaders to REALIZE THEIR ABSOLUTE WILDEST DREAMS through her INTERACTIVE, INSPIRING, AND ENGAGING TALKS. Karen has been ranked #1 in a Singapore nationwide Forex trading competition, competing with over 200 traders and has shared the stage with top investment gurus and CEOs. You can find her on her YouTube channel and join 94,000 other people who are gaining from her videos about forex, stocks, markets, and much more!   “In any failure in life, there’s a good side to it.” Karen Foo   Worst investment ever Case of the curious intern Karen’s parents are full-time stock investors, and they exposed her to stock investing since she was young. That’s what sparked Karen’s interest in the financial markets. When she was on internship, she took her salary and put it into the Forex market, not knowing what she was doing. She thought she was smart back then, but it turns out that she wasn’t so smart and so she lost the $1,500 she’d invested. Once bitten twice not shy As if the loss was not enough, Karen went on to lose $6,000 of her mom’s savings. Karen believed that she’d make money by investing in unit trusts. Again, she thought she was smart enough to get a win, and so she went in blindly. No research, no guidance, nothing. Needless to say, she lost $8,000, part of which was her mom’s savings. Karen was broke, angry, and embarrassed. She’d assured her mom that she knew what she was doing, but now she’d lost all the money. Asking for guidance After losing money twice, Karen admitted that she needed help making the right moves. Now she works with various mentors, something that has seen her become #1 Singapore Forex trader. Lessons learned Forget get rich quick schemes Forex trading is not a get rich quick scheme, so don’t take shortcuts. Don’t ignore risk management One of the main reasons why a lot of traders lose money is because they don’t care about money management and risk management, which contributes to about 40% of your success as a trader. You don’t have to figure out everything on your own It’s ok to try and learn everything on your own, but you will be more successful if you work with a mentor. Mentors can teach you a lot more than you can learn on your own. Focus on your risk to reward ratio Don’t focus too much on the win rate; instead, focus on risk-to-reward ratio because forex trading is not about returns; it is about risk-adjusted returns. Andrew’s takeaways The best fund managers are risk managers The best fund managers are not the ones that hit the home runs, but the ones that never strikeout. These are the ones who avoid massive losses and know about risk management. Plan your success If you want to see success in forex trading, have a plan and strategy that fits your personality in place. Do this before you commit a lot of money. Listen to the losers There’s always going to be winners and losers in the stock market. However, people talk only about the winners. Listen to losers, and you’ll learn a thing or two from them. Actionable advice Find out how credible a coach is before you work with them. You can ask them a couple of questions or look at their content. Don’t fall prey to the kind of YouTubers who like to flex their lifestyle instead of teaching. You won’t learn anything from them. No. 1 goal for the next 12 months Karen’s goal for the next 12 months is to grow her YouTube channel. She also hopes to get back to speaking on stage and also publish a book she recently wrote. Parting words   “Trading and investing is not a get rich quick scheme you’ve got to work hard, be patient, and you will get there. So for those people who preach to you get rich quick, just use that as entertainment.” Karen Foo   Connect with Karen Foo LinkedIn Facebook Instagram YouTube Website Email: karen@karen-foo.com Andrew’s books How to Start Building Your Wealth Investing in the Stock Market My Worst Investment Ever 9 Valuation Mistakes and How to Avoid Them Transform Your Business with Dr.Deming’s 14 Points Andrew’s online programs Valuation Master Class How to Start Building Your Wealth Investing in the Stock Market Finance Made Ridiculously Simple Become a Great Presenter and Increase Your Influence Transform Your Business with Dr. Deming’s 14 Points Connect with Andrew Stotz: astotz.com LinkedIn Facebook Instagram Twitter YouTube My Worst Investment Ever Podcast  

Dr. Marcia (Marsha) Reynolds, Master Certified Coach, is fascinated by the brain, especially what triggers feelings of connection and possibility. She draws on her research and life events as she helps coaches and leaders make conversations into transformational experiences. She has provided executive coaching, training programs, and keynote speaking in 41 countries. Interviews and excerpts from Marcia’s books Outsmart Your Brain; The Discomfort Zone: How Leaders Turn Difficult Conversations into Breakthrough; and Wander Woman: How High-Achieving Women Find Contentment and Direction, have appeared in many places including Fast Company, Psychology Today, and The Wall Street Journal. Her latest book, Coach the Person, Not the Problem, became a bestseller the day it was released this past June. Marcia’s doctoral degree is in organizational psychology, and she has two master’s degrees in education and communications. She also feels she gained an invaluable education when she turned 20 in jail. With the support of her cellmates, she chose to rise back up and show the world she could succeed even when she was told she would fail. She went on to accumulate degrees, rise in male-dominated corporations, and now teaches leadership and coaching classes worldwide. She is recognized by the Global Gurus as the #5 coach in the world.   “Easy usually is a bad investment. You have to take your time and research your book well.” Marcia Reynolds   Worst investment ever Marcia always saw herself as a writer, and so when she left her last corporate job and had time, she wrote her first book. A friend insisted that she works with a certain woman to publish her book. She said that she would make life so easy for Marcia. The said publisher would make all the decisions, find all the people Marcia needed, do layout and covers, and anything else necessary to publish her book. Marcia would not have to worry about a thing. Hearing this made her quite excited since she had no experience. How nice it was to have someone do everything for her. A costly affair The publisher seemed a little expensive and kept charging her for stuff, but Marcia thought that meant she’d produce high-quality work and make her book a bestseller. She ended up spending $40,000, which she never made back. The biggest flop ever Marcia’s book was a colossal flop all because of the title the publisher chose. The publisher went with a title that Marcia thought was catchy. However, this title was the reason why Marcia’s book never got reviews and into bookstores. The title was The Rapture. Marcia had no idea that the word rapture had anything to do with any religion. Every bookstore thought the book was a Christian book. Marcia still has books sitting in her garage after losing a cool $40,000 to an inexperienced publicist. Lessons learned Always get references Before you hire people to work with, look at past experiences and what other people have said about them. If possible, talk to references to find the expertise of the person. Run your titles by your target audience Ask your audience what they think about your titles. You could do a survey monkey and have your fans help you choose the best titles. Be careful of the wow factor Be careful of people who make it sound like it’s going to be easy for you. Publishing your first book is not easy, so don’t let anyone tell you that it. If they do, then you shouldn’t work with them. Andrew’s takeaways Go for experience When looking for a publisher for your first book, go for people with proven expertise and experience. Check out their references to ascertain their expertise. You’ve got to put in the work If you want good results as you write your first book, you’ve got to work for it. Once you put in the work and the time you’ll give your book value and make it a bestseller. Work with people’s strengths It’s hard to find one person with all the strengths that are useful for your book. So when looking for people to work with, look for their strengths. This could be choosing a title, artwork, editing, etc. Actionable advice Publishing your first book is not as expensive as you think. There are good people out there for half the price, so don’t let the price fool you. So if you’ve been wondering how to find a publisher for my first book without spending a fortune, you just need to find the right people to work with. No. 1 goal for the next 12 months Marcia’s goal for the next 12 months is to launch a massive program called breakthrough coaching. This is a six months online program where people will learn how to change people’s thinking and help them have breakthroughs. Parting words   “As long as you learn from your mistake and experience, you should never regret it.” Marcia Reynolds   Connect with Marcia Reynolds LinkedIn Twitter Facebook YouTube Website Andrew’s books How to Start Building Your Wealth Investing in the Stock Market My Worst Investment Ever 9 Valuation Mistakes and How to Avoid Them Transform Your Business with Dr.Deming’s 14 Points Andrew’s online programs Valuation Master Class How to Start Building Your Wealth Investing in the Stock Market Finance Made Ridiculously Simple Become a Great Presenter and Increase Your Influence Transform Your Business with Dr. Deming’s 14 Points Connect with Andrew Stotz: astotz.com LinkedIn Facebook Instagram Twitter YouTube My Worst Investment Ever Podcast  

Mike Meissner is an entrepreneur, a people-oriented leader, and an industry expert in logistics and supply chain management as well as biological and environmental testing. He proudly wears 20 years of professional experience in many countries across Europe, the Middle East, the Americas, and the Asia Pacific, where he built several successful businesses “just for pleasure really.”   “We now invest in better quality and higher prices, and we shorten times. This means fewer headaches and issues. We provide what we promise.” Mike Meissner   Worst investment ever Barbeque, wine, business idea Mike and a friend had a barbecue a few months ago. After the second bottle of wine, they joked about inventing a digital container that would keep the required transportation temperature throughout the journey. The next morning, when sober, Mike and his friend researched their idea intensively. They found out that this kind of box doesn’t exist. So they started developing it from a design and an engineering point. Eventually, they came up with a fantastic container in different sizes for different commodities. The novel box The box is charged like a mobile phone for four and a half hours, you set your desired temperature, you lock it and the box guarantees to maintain this very same temperature for the next 72 hours. It has an integrated SIM card and sends push notifications with details such as the patient file, the box’s current location, who’s handling your product, at what humidity, luminosity, and at what temperature. Such details create transparency. So essentially, no more dry ice, ice packages that you freeze, and put on top of your package for your shipment. It doesn’t matter if your flight is delayed because 72 hours is plenty of time from anywhere in the world to reach its destination. What could go wrong? Nine months later, Mike’s box went into patenting and had a successful pilot with his clients. Everybody was happy. Mike was receiving compliments for a noble and promising idea. This box was going to be a hit. Nothing could go wrong. Or so he thought. However, the beginning has been terrible. Mike made a lot of silly decisions that cost them money and time. Once they had the box designed and assembled and the design documents approved by authorities, they started to source for components. Mike had two component suppliers. The first one was a friend who was selling the parts for $509. The second supplier was very far away, and Mike had no personal relationship with him. However, he sold the components for $240. Choosing the cheaper option So out of Mike’s nature of not being a big fan of finance and administration, he just wanted to get his box done. He wanted to touch it and was eager to put it on the table of the FDA for approval. So Mike chose the second supplier and placed an order for $25,000. Quite a considerable amount for a start-up. The components arrived six weeks later but got stuck in customs because wrong customs clearance codes had been used. They had to pay hefty fines for this. To make matters worse, the components turned out to be of the lowest quality possible. Mike had ordered for eco-friendly components because he didn’t want to be testing the environment with harmful materials or components. So when they sent the parts to an independent testing facility, just to give them the confidence of the materials used, they ended up having the worst PVC materials that you can launch in the market. So nobody would have ever approved this to be eco-friendly. It also cost him another $600 to recycle the components that they couldn’t use. So far, they’ve lost a lot of production time, and Mike ended up paying one and a half times as much as the first supplier. But, he’s glad he was able to learn how to avoid losing money on investments thanks to this experience. Lessons learned Find people who compliment you You will never have all the qualities needed to set up a successful company. So surround yourself with people who complement the qualities that you don’t have. Learn the basics Even though you don’t have the general interest or the general specialty in areas such as finance, administration, purchasing, quality control, you have to force yourself to learn at least the basics so that you at least know what is going on in your business. You cannot just go for your vision and your product without having the essentials. Andrew’s takeaways Manage your risks When starting a company, you’ve got to become a great risk manager to avoid losses. Finance adds no value Value comes from your ideas and the implementation of those ideas. Finance adds no value. It is a support function, a measurement tool, and a feedback mechanism. If you can understand finance, then you will be able to see where you’re at and the results of your prediction so that you can implement your ideas from the point of knowledge. Cheap is expensive Sometimes the cheapest option is, in fact, the most expensive. Actionable advice Think before you act, take a step back. Try to listen to more than two or three opinions of your family and friends, as well as your competitors. Be patient and think things through first. If you lose a day or two, that won’t change anything in your success. No. 1 goal for the next 12 months Mike’s goal for the next 12 months is to continue growing his start-up by improving its products and services. He also wants to start expanding into other geographies. Parting words   “If you’re on the edge of starting something, I encourage you to follow your dreams. Do it right, take the learnings from me and others so that you do not commit the same” mistakes. Mike Meissner   Connect with Mike Meissner LinkedIn Andrew’s books How to Start Building Your Wealth Investing in the Stock Market My Worst Investment Ever 9 Valuation Mistakes and How to Avoid Them Transform Your Business with Dr.Deming’s 14 Points Andrew’s online programs Valuation Master Class How to Start Building Your Wealth Investing in the Stock Market Finance Made Ridiculously Simple Become a Great Presenter and Increase Your Influence Transform Your Business with Dr. Deming’s 14 Points Connect with Andrew Stotz: astotz.com LinkedIn Facebook Instagram Twitter YouTube My Worst Investment Ever Podcast

Mark Moss has been a full-time investor for 25 years and has invested in businesses, real estate, stocks, gold, and crypto. He is a market analyst on YouTube and newsletter publisher.   “We don’t learn from our successes, we learn from our failures.” Mark Moss   Worst investment ever The young entrepreneur Mark was just 18 when he started buying real estate. He was buying and fixing properties. Then he started building from the ground up, doing mixed-use buildings and commercial buildings. Mark knew how to make a lot of money. But could he keep the money? Turning everything into gold Mark was enjoying success. Every real estate project he touched thrived. He was steadily building his real estate portfolio, built himself a mansion, got married, had a kid, everything was great. What he didn’t understand is what got him in trouble Mark was smart enough to see the 2008 Real Estate crash coming. He had read a book, The Next Great Bubble Boom, by Harry Dent in which Dent kind of forecasted the crash. Mark knew he needed to get out and started selling every real estate that he had. But since he was doing development and these products took years, he got stuck with a couple of properties. Mark had put his entire energy into building his real estate portfolio. His investments started losing value first by 6%, then by 18% and in no time by 60%. All along, Mark thought he would ride the tide, and so he kept pushing. However, when the drop hit 60%, he ended up losing everything. And it was because Mark didn’t understand that you don’t put all your eggs in one basket. Mark went from having a $20 million real estate portfolio to being millions of dollars in debt. Helping others invest the right way Mark prides himself on being good at making money. So after his worst investment ever, he dusted himself off and got up again. Mark was able to make money again. This time, he had to learn how to do it the right way. Today, his mission is to make sure other people don’t repeat his same mistake. Lessons learned Diversify your portfolio Never put all your eggs in one basket. Diversify your portfolio by reinvesting your profits into different investments. Most people tend to put back profits into their initial investments. While this is ok, if your investment tanks, you lose everything. Understand the basics of investing If you’re starting to invest, be sure to understand the basics of investing so that you’re able to make sound decisions, and protect your wealth. You have to create wealth first to invest Investing is what you do with your money after you make it. You have to create wealth first, and then you invest what’s leftover. Then you protect your wealth through risk management. Andrew’s takeaways Creating, growing and protecting wealth are different things One of the biggest mistakes that people make is to confuse, creating, growing, and protecting wealth. We create wealth through business. We grow wealth by investing what we’ve created, and we protect wealth through risk management measures such as a stop-loss, asset allocation, and diversifying your portfolio. Actionable advice Sit down and think about what you’re trying to do and where exactly you want to be. Then make a plan to get there because nobody is going to be able to tell that to you. You have to figure it out on your own. No. 1 goal for the next 12 months Mark’s goal for the next 12 months is to build cash flow and grow his wealth. Connect with Mark Moss LinkedIn Twitter Facebook YouTube Website Andrew’s books How to Start Building Your Wealth Investing in the Stock Market My Worst Investment Ever 9 Valuation Mistakes and How to Avoid Them Transform Your Business with Dr.Deming’s 14 Points Andrew’s online programs Valuation Master Class How to Start Building Your Wealth Investing in the Stock Market Finance Made Ridiculously Simple Become a Great Presenter and Increase Your Influence Transform Your Business with Dr. Deming’s 14 Points Connect with Andrew Stotz: astotz.com LinkedIn Facebook Instagram Twitter YouTube My Worst Investment Ever Podcast Further reading mentioned Joe Dominguez (1999), Your Money or Your Life: Transforming Your Relationship with Money and Achieving Financial Independence Harry Dent (2006), The Next Great Bubble Boom: How to Profit from the Greatest Boom in History: 2006-2010

Mark Pierce is an attorney, an accountant, and the owner of Cloud Peak Law. With over three decades of experience, Mark has truly “seen it all” - at least from a legal perspective, from bankruptcy and estate planning to oil/gas and securities. He’s not only a lawyer but also a CPA and a serial entrepreneur.   “When you find yourself in a hole, quit digging because it never gets better.” Mark Pierce   Worst investment ever Looking for a new venture In 2004 Mark was living in Florida when he felt that he needed a break from practicing law. So he looked around for his next venture. Considering the aftermath of 911, Mark felt that anything involving military or government services was going to be a booming business. So he bought into this trucking company that provided moving services primarily to the military in Florida. Gold turns into dust Mark grew the company from $4 million to $20 million in a little over six years. And just as he was getting the hang of it, the world was hit by the financial crisis of 2008. Additionally, the US was hit by government shutdowns that were perpetrated by the tea party movement that went on at the time. Mark believed that his business could power through the crises, and so he kept soldiering on. Unfortunately, the company could not beat the two disasters. What had turned out as a smart investment went on to become Mark’s worst investment ever. He went from having a net worth of around $9 million to have a net worth of about one million dollars. Lessons learned Have a stop loss Always have your stop loss. Have a mark by which if your investment goes below that mark, you sell it no matter what and then reassess. Having a stop-loss order in place makes sure that you don’t lose too much should there be a downturn in your investment. Andrew’s takeaways Question your decisions If you’re in trouble or dealing with a struggle right now, whether that’s a personal or a professional fight, ask yourself, knowing what you know now, would you make the same decision? Let’s say this person walked up to you today, knowing what you know about them, would you start a relationship with them? Would you start this business if this opportunity appeared? If the answer is no, then you’ve got to get out. If the answer is yes, double down and make it work. Appreciate times of discomforts We must take some discomfort now and then to prepare ourselves for the worst. This makes recovering from the worst easier. Actionable advice Have people around you to give you advice. People who are disinterested in your business from a monetary investment standpoint, or they don’t have a family relationship. People who can look at you and say, “You know what, here’s what’s going on. This is what’s happening. I think you should consider these things.” If you get that, you’ll be able to make those calls because psychologically, you’ll have the backup, and you’ll know you’ve got that independent corroboration that allows you to think you’re right. So surround yourself with people who can give you harsh advice. Mark calls it the Dutch uncle syndrome. No. 1 goal for the next 12 months Mark’s goal for the next 12 months is to begin rolling out several new products into additional states and possibly raise a bit of money in a private equity function. This will allow him to build a bigger team than what he’s got right now. Rob has proven his business concept in four states, and it’s working very steadily. Now he’d like to bring some more people to take those products out and drive them in other states. Parting words   “Be optimistic, but be cautious and realistic. Surround yourself with good advisors. And when you get a good advisor, shut up and take their advice.” Mark Pierce   Connect with Mark Pierce LinkedIn Facebook Website Andrew’s books How to Start Building Your Wealth Investing in the Stock Market My Worst Investment Ever 9 Valuation Mistakes and How to Avoid Them Transform Your Business with Dr.Deming’s 14 Points Andrew’s online programs Valuation Master Class How to Start Building Your Wealth Investing in the Stock Market Finance Made Ridiculously Simple Become a Great Presenter and Increase Your Influence Transform Your Business with Dr. Deming’s 14 Points Connect with Andrew Stotz: astotz.com LinkedIn Facebook Instagram Twitter YouTube My Worst Investment Ever Podcast

Rob Angel is a speaker, author, and entrepreneur. He recently published his book, Game Changer: The Story of Pictionary and How I Turned a Simple Idea into the Bestselling Board Game in the World. In 1985, using a few simple tools, a Webster’s paperback dictionary, a No.2 pencil, and a yellow legal pad, he created the phenomenally successful and iconic board game Pictionary®. Putting together the first 1,000 games by hand in his tiny apartment, Rob mastered all the needed business skills, including sales, marketing, and distribution, before selling the game to Mattel in 2001. Today, he makes his home in Seattle where he is involved in philanthropy and mentors young entrepreneurs.   “It’s ok to miss an investment. I’d rather miss 10 great investments than go into one bad.” Rob Angel   Worst investment ever What do I do with all this money? When Pictionary® became a worldwide bestseller, Rob made a lot of money. He was about 28 years old at the time, and he had no idea what to do with the money. He reached out to a couple of friends who also had a lot of money and asked them for advice. Every one of them told him first to figure out what he wants for his life. So Rob took time and thought about it. He decided that what he wanted most was freedom. So every investment he made from then on was focused on giving him financial independence and freedom of time. Going against his investment vision About four years ago, Rob received a call from a friend with an investment idea that would make him 56X his investment in four months. Of course, it sounded too good to be true to Rob, but the guy spun him a story that captured his imagination, and also, he trusted this friend. Rob looked at the paperwork, and it didn’t make sense to him, but he just couldn’t help himself. His gut feeling pointed Rob at all the red flags, but his ego made him go ahead and invest in the idea. It was just a scam Rob gave his friend a check and sat back, waiting for his investment to kick in. When the day that Rob was to get paid came, he got nothing. He waited a couple of days, still nothing. After a few weeks, Rob went looking for his friend, but he was nowhere to be found. It was now quite clear that he had been scammed. Rob wasn’t too concerned with the money that he lost, but he was angry with himself for going against everything that he knows about himself and investing. He was mad that he had let greed lead him to make his worst investment ever. Lessons learned Listen to your intuition Listen to yourself and your gut instinct. Don’t let your brain and your ego override your intuition. Trusting your gut will save you from making your worst investment ever. Stay true to your vision When investing, stay true to your vision. Don’t let the excitement of the moment distract you from what you want to achieve. Plan for your success Don’t plan to fail; instead, prepare for your success. It’s ok to have a plan B, but plan for your success and what that looks like. Doing so will help dictate your business, your growth, and your investment strategy. Andrew’s takeaways Be open, aware and present Usually, we’re caught up in all of the excitement of the day, and we miss out on the opportunities around us because we’re not present and living in the moment. Look for inspiration around you We’re all standing on the shoulders of giants, and we get ideas from other people all the time. So be open to learning and drawing inspiration from people surrounding you. You might just get your next big idea from them. Invest for the long term Warren Buffett’s success in investing stems from his ability to watch grass grow. When investing, go in for the long term. Careful, thoughtful investing is just a simple long-term waiting game. It is not a game of excitement or buying and selling. Start investing early enough and let that grass grow. Learn to move on When you make a mistake, no matter what you’re feeling, happiness, joy, shame, etc., feel it, then move on. Don’t let it eat you up. Don’t let it ruin your next investment. Actionable advice Trust that little voice in your head. If you can get past that little voice, then go ahead and do your research. Then go ahead and see what the investment looks like. Listen to your intuition. We’re all smart, we all know what we need, and we all know what we want. Just pay attention to it and be disciplined about it. No. 1 goal for the next 12 months Rob’s goal for the next 12 months is to sell his book and have fun doing it. Rob is trying to sell Game Changer on Amazon. His goal is to talk more about what he did right and what he did wrong. Hopefully, it will resonate with people, and they can avoid some of the mistakes that Rob made. Parting words   “Just go out and do it. Find your aardvark.” Rob Angel   Connect with Rob Angel LinkedIn Facebook Instagram Website Email: info@robangel.com Andrew’s books How to Start Building Your Wealth Investing in the Stock Market My Worst Investment Ever 9 Valuation Mistakes and How to Avoid Them Transform Your Business with Dr.Deming’s 14 Points Andrew’s online programs Valuation Master Class How to Start Building Your Wealth Investing in the Stock Market Finance Made Ridiculously Simple Become a Great Presenter and Increase Your Influence Transform Your Business with Dr. Deming’s 14 Points Connect with Andrew Stotz: astotz.com LinkedIn Facebook Instagram Twitter YouTube My Worst Investment Ever Podcast Further reading mentioned Rob Angel (2020), Game Changer: The Story of Pictionary and How I Turned a Simple Idea into the Bestselling Board Game in the World

Don Moore holds the Lorraine Tyson Mitchell Chair in Leadership at the Haas School of Business at the University of California at Berkeley. His research interests include overconfidence, including when people think they are better than they are, when people think they are better than others, and when they are too sure they know the truth. He is only occasionally overconfident. He is the author of Perfectly Confident: How to Calibrate Your Decisions Wisely.   “We let ourselves get carried away when we think that somehow believing in ourselves is enough to ensure success. It’s not.” Don Moore   Worst investment ever Unleash the power within Don found himself at a Tony Robbins course, Unleash the Power Within that he believed would change his life. The life coach had been enormously influential in lots of people’s lives. Don had read his books as a young man and was thoroughly inspired. The four-day course challenges those in attendance to think big about their goals and their lives, to confront the challenges that are holding them back. To help them figure out how to break through those challenges so they can live their highest ideals and the best life that they could imagine for themselves. Walking on fire At the end of the course is the famous final firewalk. Before it started, Tony Robbins whipped the crowd into such a frenzy. The people in attendance were practically exploding out of the convention center, ready to walk across hot coals. They marched outside to find these huge burning pyres and embers laid with glowing coals that they were to walk on. Blinded by overconfidence In his enthusiasm, Don somehow failed to take account of the cautionary safety warnings that Tony Robbins had offered. Don was confident and ready to prove to himself and the world just how brave I was. So he marched bravely across the bed of hot coals. At that moment, overcome by enthusiasm and overconfidence, Don burned the hell out of the soles of his feet. It turns out that those glowing embers stick to the tender flesh. Tony Robbins had instructed them to get their feet hosed down and wipe them off thoroughly. But in his bravado, Don felt that he didn’t need to do all that. And so he suffered for his overconfidence. Lessons learned The time to take a pause is when everything is going right Whenever you find yourself feeling ready to cross the finish line victoriously, and you feel sure that success is guaranteed, that’s the time to take a pause and ask yourself, how might this go wrong? How might I fail, and is there anything I can do to protect myself now against those risks? What are the other competitors thinking about their chances? Learn to imagine failure When you’re confident that you can do it, that you can succeed, stop for a moment, and imagine failure. Imagine your investment has turned out to be a catastrophe, you’ve lost money, you’ve disappointed your investors, you’ve lost credibility in the markets, etc. Imagining failure can help you identify risks, and maybe help you think about ways that you can hedge those risks and avoid the full exposure of to those dangers. Have an accurate sense of what you can achieve Yes, it can feel good to be overconfident, but it can get you into a whole bunch of trouble. How confident should you be? You should be as confident as the truth can justify. Don’t be underconfident either Managing your confidence doesn’t mean you should sell yourself short or lower your aspirations. Many times people are underconfident, they decline to take risks, they fail to initiate relationships, to try new products, or take risky job positions because they’re afraid that they’ll fail. The imposter syndrome is all about underconfidence, the belief that we can’t do it when, in fact, we can. Andrew’s takeaways It won’t always be mind over matter Our mind is mighty, but there are times when the mind doesn’t help our body. Sometimes the mind will give the body a different signal. Confidence is just but a tool Think of confidence as a hammer. It can help you build a house, but you can’t build the whole house with one hammer. Confidence is a tool that has its limits but has its usefulness. Actionable advice Ask yourself why you might be wrong, and in doing so, consider the advice from your critic, your enemy, whose skepticism and grouchiness always grates on your nerves. That person has a gift of inestimable value to offer. Their negativity can help temper and strengthen the confidence you feel by injecting a little bit of reality in it. This approach has been called by psychologists the most general-purpose useful and powerful debiasing strategy there is. It invites you to consider what you’re neglecting. It encourages you to imagine how things could turn out differently. It helps you find other courses of action and think probabilistically about the uncertainties inherent in a complex future. No. 1 goal for the next 12 months Don’s goal for the next 12 months is to see his book, Perfectly Confident: How to Calibrate Your Decisions Wisely, get out in the world, and have an influence. It’s a message that he sees as particularly poignant at this time when overconfident world leaders have gotten their countries in so much trouble—calibrating our confidence about getting out into the world in the presence of a virus and how confident we can be about opening our economies up again. Connect with Don Moore LinkedIn Twitter Facebook Blog Website Andrew’s books How to Start Building Your Wealth Investing in the Stock Market My Worst Investment Ever 9 Valuation Mistakes and How to Avoid Them Transform Your Business with Dr.Deming’s 14 Points Andrew’s online programs Valuation Master Class How to Start Building Your Wealth Investing in the Stock Market Finance Made Ridiculously Simple Become a Great Presenter and Increase Your Influence Transform Your Business with Dr. Deming’s 14 Points Connect with Andrew Stotz: astotz.com LinkedIn Facebook Instagram Twitter YouTube My Worst Investment Ever Podcast