My Worst Investment Ever Podcast

Michael Michelini is an American social media, e-commerce, and SEO Specialist who has lived in China since 2007. He is a passionate business connector who helps companies do business in China as well as Chinese companies to work in overseas markets. Michael built Global From Asia, a cross-border e-commerce community, to help cross border business owners learn, network, make business partnerships, and grow global businesses. Most recently, he has joined as a partner at Alpha Rock Capital, which is an Amazon FBA investment company.   “Don’t get caught up in patents if you’re entrepreneur and investor. Of course, it’s important to have your IP, but I think the most important one is a brand trademark.” Michael Michelini   Worst investment ever Setting sail in China Michael moved to China in late 2007 with interest in living and doing business there. A few months later, he met a businessman, Andrew, who was all too willing to take him under his wing. Andrew was a sourcing agency and a product specialist who had been in China for 10 years already. He took Michael through the backstreets of China, and in the process, Michael got to learn all the insights of Chinese business. It’s in these backstreets that Michael got to know where the best deals happen, the inside scoop about manufacturing, who is who in business, and so much more information that helped him build on to his business plans. Forging a business partnership Andrew was impressed by Michael’s internet marketing skills and abilities. He had so many product ideas which he shared with Michael. One of the ideas that got Michael very excited about was a light-up, pour spout. This is a bottle top that you put on top of a vodka bottle or any kind of liquid, and when you pour, it lights up the stream of alcohol to the color of the LED. Michael was already selling bar supplies through his e-commerce business and had customers and distribution pipelines. Andrew would help engineer it, and together they would produce and market it from China. From an idea to a real product They embarked on the journey to get the product ready. First, they brought on a partner with a legal background. Then they found the guy who had a patent to the product idea but had never made a product. Hurdle after hurdle Getting the patent was the first hurdle. They spent so much time going back and forth without reaching a compromise. The patent owner wanted more money than Michael was willing to pay to transfer the patent. Eventually, after months of arguing, Michael put his foot down and told the patent owner to take his offer or forget the whole deal. He accepted the offer. The second hardball Michael faced was that his friend Andrew wanted him to use his friend’s factory. But he quoted an upfront fee of about $20,000 for the manufacturing of the product. This is not to make the product but just the setup fee. Michael asked around and got a few other factories that gave him  $3,000-$5,000 quotes for the same thing. So he refused to use Andrew’s friend’s factory, and Andrew was extremely mad with him. Being young and naive, Michael still kept Andrew in the deal. Michael went ahead and paid $5,000 to the factory that he chose and went ahead with the manufacturing. Marketing hard Michael started sending samples to his friends and business partners back in the US, who all got excited about the product. Everyone called it the million-dollar product. One of his friends got in touch with Bacardi, who loved the product and was interested in having exclusive rights in the US. The problems just won’t go away Michael ran into manufacturing issues with the production time taking forever. At one point, the LED wasn’t bright enough and had to source for LEDs from a different supplier. Bacardi kept asking for changes to make the product better. Then they insisted on buying the product at $1 per piece because they’d use it as a promotional item and offer it to its customers for free. All while, Michael was the one who was funding the entire process and had spent over $20,000 so far and was still required to spend more. Then when Michael thought he was about to strike a deal with Bacardi, the company rejected the product internally because even though it had passed US FDA checks, apparently, it failed Bacardi’s internal quality control tests. Counting his losses Michael bought off Andrew and the legal partner from the business and decided to sell the 10,000 pieces he had produced on his e-commerce site, eBay, and Amazon. He, however, didn’t make much, and eventually, he decided to let the product die a slow death and accepted that he had made the worst investment of his life. Lessons learned Validate your market first Before you plan your new product launch, validate your market by selling a few pieces first. This will help you know the market and confirm if your product fits it. Have the proper paperwork when forming partnerships When forming business partnerships, have the appropriate paperwork in place. Have contracts with clear exit strategies that stipulate what happens if the partnership doesn’t work out. Andrew’s takeaways Do proper market research Don’t let the excitement of a new product make you forget that the market is more important than the product. Conducting market research will help you understand the market before you launch your new product. Know what your market needs so that you can ensure your product meets the market requirements for better success. If you have no sales, you have no business Without sizable sales or a proper vision on how to reach these sales, your business will not be able to scale properly. Form proper business partnerships You need different people involved in a business for you to succeed. These could be people giving you capital or expertise. But most importantly, know how to keep these people satisfied to prevent future misunderstandings that might end up destroying the business. Actionable advice Leverage crowdfunding if you have a unique product or if you’re doing something unique. Try to sell it first. No. 1 goal for the next 12 months Michael’s goal for the next 12 months is to scale his investment company. The company is buying out more brands to scale. Parting words   “Take action, and don’t be afraid to fail. If you’re afraid to fail, you never do anything.” Michael Michelini   Connect with Michael Michelini LinkedIn Facebook Twitter 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 Women Building Wealth The Build Your Wealth Membership Group 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  

Somdutta Sarkar is the host of Intensify Humanity Podcast, a bestselling author, an NLP practitioner, a thought leader, a passionpreneur, and an Intensifier Mentor. Her book is called 7 STEPS from SHAME to being BACK IN THE GAME.   “Ignorance is not bliss; it’s a disease.” Somdutta Sarkar   Worst investment ever Living in the city of dreams Somdutta moved to Mumbai, known as the city of dreams in India, where she got a job after finishing college. She was working a job that she loved and making a decent income. She was indeed settled in life. A friendly soul Somdutta is naturally a friendly person, so she made so many friends while living and working in Mumbai. She was always kind enough to help anyone who came to her in need of help, no matter what day or time they came calling. This happened over and over again. Her kindness leaves her in debt Somdutta’s friendly nature soon enough landed her into trouble. One day a friend came to her in need of financial help, and in her true nature, she accepted to help him. She took a bank loan in her name and gave the money to her friend. When the time to pay the loan came, her friend went quiet. He blocked her, making it impossible to reach him. She tried all possible ways to get him to pay the loan, but he never did. Somdutta’s worst mistake was trusting her friend, who left her with a debt of $35,000. Rebuilding herself Somdutta suffered greatly mentally and emotionally. She felt enormous shame for having made what she thought was the most stupid decision of her life. During this phase of her life, she lost so many friends. After a few months of suffering, she decided to work on herself, her mind, her awareness about society, psychology, finance, everything. She worked on her self-development, and she was able to pull herself out of that phase. Now she is helping people who are stuck in that kind of stage in life to revive and relive their life again and gain back the freedom and power they never had. Lessons learned Ignorance is part of our system Ignorance is a disease in our society these days. We are taught from childhood that ignorance is bliss. Every problem has a hidden meaning in it Through self-development, you’ll be able to find this hidden meaning, and in return, you will be able to solve the problem. Sometimes you have to jump in the deep end You’ll never know your full potential until to jump into the waters. Avoid the shortfall risk If you are not taking calculated risks, you’re putting yourself at risk. There is simply no way to exist without taking on risk. Andrew’s takeaways High risk is not always equal to high return There are certain risks that you take that you’re not compensated for. These kinds of risks can be mitigated. For instance, in investing, if you only buy one stock, instead of diversifying across maybe 10 or 20 stocks, you increase your risk. Risk management is one of the essential things that that you can learn as a young person. Get yourself out of your framework We all have a framework, a kind of lense through which we see the world. One of the hardest things that someone can do is to get themselves out of their framework. The majority of people never do. But when you move beyond your framework, you have true freedom. Actionable advice Focus on self-development. If you don’t invest in yourself and your mind, you are taking the most significant risk in your life. No. 1 goal for the next 12 months Somdutta has set a target of interviewing 200 people for her podcast Intensify Humanity. She also plans to launch her online program this year. The program will be an entirely unconventional education system, everything that is not taught in schools and colleges. Parting words   “If you feel stuck and you do not see any kind of light at the end of the tunnel, know that there is a hidden meaning out there, and it is trying to tell you something. Start investing in self-development because all the answers are here.” Somdutta Sarkar   Connect with Somdutta Sarkar LinkedIn Facebook Twitter 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 Women Building Wealth The Build Your Wealth Membership Group 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  

With a background in Business Economics, IT, and Logistics, Simon de Raadt has been living in Asia since 2011. He is now Managing Partner of MAiNS International, Co-Founder of DigiDutch, and investor in Cross-Border solutions. He helps companies understand the whole supply chain, from beginning to end, so that they can add more value in that supply chain. The starting point of his entrepreneurial success in China has been building an outbound mail solution for one of his customers from scratch. This led him into various businesses related to inbound trading.   “Be more flexible and accepting of whatever comes on the way. It might not go as planned. But you know, that’s part of the journey.” Simon de Raadt   Worst investment ever His heart has always been in China Simon had always dreamt of living and working in China. While still working a corporate job, he went to China, and the country completely stole his heart. While on holiday, he decided to look for a job. He was fortunate to get one in no time. Becoming a small business owner in a foreign country In just six months, Simon found himself jobless. The company he was working for closed down. He knew he was meant to stay in China, so he put on a brave face and started job hunting again. Simon tapped into his networks, and soon enough, he got introduced to someone at  MAiNS International, where he went on to become a co-founder. Starting from scratch When Simon joined MAiNS International, the existing business was all gone. It was now just him and his Chinese partner, and they had to start from scratch. Given that it was just the two of them, Simon and his partner ignored lots of business frameworks and just focused on growing their business. Hiring people the old school way In about a year or so, Simon’s business had taken ground and was recruiting people, and suddenly the company had 12 people. While the growth was good, Simon and his partner were hiring all these people, not because there were positions to be filled as there were no existing jobs. Jobs were created and filled based on opportunity. They had no structured way of recruitment. In came the chaos With no formal work structures, chaos hit the company. People were working independently with no clear vision. Everyone was on their own little island, and this started affecting the business. While everyone was hard at work, running in different directions was hurting the business’s bottom line. Most of Simon’s best employees left the company as they no longer saw the company’s vision. This was a huge blow on Simon as these were people he had fought for to get them to work for him, he’d groomed them and worked hard to get them excited. Simon realized that his worst investment was not investing in proper business structures. Without structures, his people couldn’t work as a team, and in the process, they lost the company’s vision and confidence in the success of the company. Lessons learned Define your company roles Even if it’s just you, when starting your own business, define all the roles that you might have in your company, and then assign these roles to a person. In doing so, you get clearer on where you want to go and what every person’s task and responsibilities are without creating any confusion. Put structures in place first For successful operations management, put structures in place. Once you create your structure, let the people grow within the structure. Let your team develop themselves and give them freedom within the structure. But if there are no boundaries to that freedom, things will get out of hand. Apply knowledge from books in real life You can read a textbook, but to be able to learn, you must experience it yourself. Books have a lot of wisdom in it. But reading a book is one thing, and applying it is another. Andrew’s takeaways Get your people to work together as a team You can take some of the best people and put them together, but without some concerted effort to get them to work together towards a common goal, you’re never going to achieve much. Let’s say you get good people that are sincere, smart, hardworking, and know their part. But if they don’t see how their part interacts with the rest of the organization, then they will never create something great. Build confidence Ultimately, people agree to work for you, because they’re confident in you and your vision. But if you fail to communicate your vision clearly, they won’t be able to work together and will eventually lose confidence. Once confidence is lost, all is lost. Actionable advice Take your time and define the structure of your small business. Think about what roles you need to be able to be successful. Do you need a finance person? Do you need an HR person? Do you need customer service or operations? What kind of operations? Come up with the task because the task belongs to the role and the responsibility that comes with it. So have a role and responsibility matrix. That will help you to clarify what it is that that person needs to be doing. No. 1 goal for the next 12 months Simon’s goal is to create a healthy morning routine because if he doesn’t take care of himself, he cannot take care of others. He’s been so obsessed with what happened within the company that he neglected himself and his health. Parting words   “Stay safe and be prepared because we don’t know what’s gonna come tomorrow.” Simon de Raadt   Connect with Simon de Raadt 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 Women Building Wealth The Build Your Wealth Membership Group 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 Michael E. Gerber (2004) The E-Myth Revisited: Why Most Small Businesses Don’t Work and What to Do About It Tom Culley (1996) Beating the Odds in Small Business Verne Harnish (2014) Scaling Up: How a Few Companies Make It...and Why the Rest Don’t  

Nicholas Patrick is the Founder of Ekho Academy, a media platform dedicated to helping you enhance the quality of your career. After overcoming a decade long battle with clinical depression, Nic’s mission is to help working professionals stay mentally healthy and strong. Nic is most active on LinkedIn and Instagram, where you can find him using his full name Nicholas Patrick.   “If you don’t have to rush it, don’t rush it.” Nicholas Patrick   Worst investment ever Coping with mental health issues Nic’s symptoms started around 2007/8. His mood started being affected, and he could no longer cope with the everyday stresses and challenges of life. He, however, chose to ignore these symptoms. He thought it was one of those things that eventually would go away on its own. Nic decided to do nothing and wait it out. Unfortunately, things got really bad to the point where sometimes he couldn’t get out of bed and missed so many days of school. Divine Intervention Things got so bad that Nic thought about suicide. He was standing on the ledge, ready to take his own life when his phone vibrated. He paused to check his phone when he saw an email from a university. The subject of that email was Ways of Managing Depression. This email knocked him out of his trance and helped him understand that he wasn’t trying to deal with his mental issues. He realized that his worst investment was not taking care of his mental health. He took his power back, and from then on, he committed to get well. Which he did, and went on to form his academy with the vision to help other people going through a similar situation. Lessons learned Be patient with yourself Patience is a really easy concept, but something that people constantly forget and don’t pay attention to. Sometimes you might have to go slow and achieve your goals later than you planned. That’s ok; be patient with yourself. You will get there no need to put pressure on yourself. Build your support system When building your support system, there are three categories that people fall into: the outermost circle, people who don’t care, the middle circle, people who care about you but don’t know how to help you, the innermost circle, people who care and know how to help you. Categorize your support system accordingly to receive the most appropriate mental health solution. Mental health recovery is not time-bound When you’re recovering from anything, including mental health issues, don’t work with a clock. Instead, have milestones and work through them one by one and take as much time as it takes. So don’t say you’re going to give yourself five years to overcome depression. Andrew’s takeaways Don’t be afraid to miss out on life your recovery matters more Don’t refuse to work through your problems for fear of missing out on life while you’re doing it. Take the time to take care of yourself; life will be better when you get back. Don’t compare yourself to others Take a good look at your weaknesses, your pains, and the ways you’ve been hurt. You’re the only one who can see those things clearly. Be brave to bring these things out as a first step to dealing with them. Don’t let other people’s seemingly perfect lives cause you to hide your problems and allow them to keep harming you. Actionable advice Learn about yourself, feed your mind and your body. But, don’t focus just on the information out there because it’s easy to get lost in it. Instead, seek professional mental health services, whether it’s from a therapist or licensed psychiatrist. Because their main function is not to prescribe solutions but to work with you to get to your ideal way of recovery. No. 1 goal for the next 12 months Nic’s goal for the next 12 months is to make Ekho Academy a place that enhances everyone’s quality of career by addressing all the topics that people have about their careers. Issues they find challenging, the stress in their workplaces, and dealing with difficult relationships in the workplace. These are important topics because these are the small micro issues that can affect your total mental well being. Parting words   “It’s ok to get help because we don’t have all the solutions. So don’t be afraid to ask.” Nicholas Patrick   Connect with Nicholas Patrick LinkedIn Instagram 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 Women Building Wealth The Build Your Wealth Membership Group 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

As an Intercultural Strategist, Ling Ling Tai helps people and organizations develop intercultural skills to foster successful collaboration and build important relationships to ensure continued business success in a globalized environment. She is a podcaster for the Leaders of Learning podcast, and she offers her insights through her website www.culturesparkglobal.com.   “If it’s a problem that can be solved with money, it’s not a problem at all. If it’s a problem that cannot be solved with money, then it’s something you have to look into.” Ling Ling Tai   Worst investment ever Inheriting her parents’ attitude towards risk Ling Ling and her siblings grew up in a traditional Chinese family and were taught the value of being prudent and frugal from a very early age. According to her parents, when it comes to taking risk, it’s either low risk or no risk at all. This shaped the decisions in her life and the things that she chose to do. Chasing independence Throughout her life, Ling Ling wanted to be independent, self-sufficient, and be able to rely on herself. She didn’t want to be a housewife and rely on a rich man, even though that’s what most Chinese parents want for their daughters. So she invested all her time in building up her career. Sacrificing her relationships Ling Ling had no time to invest in relationships as her focus was on building a career that would help her become financially independent. So she ended up spending very little time on people who mattered to her, including her parents and siblings. When death shakes your value system Ling Ling’s mom got sick in 2016 and died three months after she was diagnosed. Her death hit Ling Ling quite hard as it was fast and unexpected. During the time her mom was sick, her mindset changed about life. Seeing death right in front of her changed her whole outlook on life. Life stopped being about money and accumulating material wealth. She started evaluating what values are important to her. She realized that her worst investment was not investing enough time on the things that mattered to her, and instead, she was just chasing dollar signs, neglecting the people important to her, her well being, and the things that gave her joy. Lessons learned Money is not everything What do you value most in life besides money and wealth? Start looking into things that are not monetary, such as your wellbeing, health, relationship with your family, the kind of impact that you want to make on the world, etc. You may have a flourishing career and amass wealth, but when death comes knocking on your door, you can’t bring it with you anymore. So ask yourself, what values are important to you, and what do you want to leave behind? There is a downside to low risk and no risk If you avoid taking any risk, you will be so afraid of investing in anything, so you miss the opportunity to invest in things that matter to you. Andrew’s takeaways Think about your legacy What kind of legacy do you want to leave behind? Let that guide the way you live your life. Live in a way that when you die, you live on in the spirit of others. By touching the lives of others, there will be something that lives on from you. What do you value and are most passionate about? Find what you’re passionate about and do it. Passion and energy for what you’re doing can change the world and your life. Actionable advice It’s okay to take time and reflect on what values are important to you. Because when we’re too busy with our day to day life, we don’t sit to think whether what we are doing means anything in the long run. What impact will what you’re doing have on you in one year, or five, or 10 years? If the impact is not significant, then then it’s okay not to do it. Sit and reflect, because everyone has a time limit, we just don’t know when that limit is. No. 1 goal for the next 12 months Ling Ling’s goal for the next 12 months is to produce two more seasons for her podcast and get more downloads. She’s also working on a new training program through her business, Spark Global. She’s doing some research and putting some materials together. The program will be focused on helping leaders and managers to lead a multicultural team better. Parting words   “Your decisions determine your destiny. What you decide from moment to moment will help you shape where you’re going to go in life. So be very mindful of what you decide to do with every moment.” Ling Ling Tai   Connect with Ling Ling Tai LinkedIn 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 Women Building Wealth The Build Your Wealth Membership Group 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  

Ziv Nakajima-Magen was born in Israel, migrated first to Australia, then finally to Japan, where he and his wife run a buyers’ agency and portfolio management company, helping foreigners invest in Japanese property and manage their investments.   “When investing away from home, choose the right people to work with, and learn how to trust and listen to them.” Ziv Nakajima-Magen   Worst investment ever Investing in Asia for the first time When Ziv and his wife moved to Japan, having some experience with real estate property investment in Australia, he decided to get into the Japanese real estate industry. Ziv felt that he knew what property investment is all about. How to price rent for rental property, what’s a good or bad property, locations, and so forth. Cash flow investments Ziv looked for the highest rental income that they could find in areas that they were comfortable with. He found a bulk purchase of three condo units in a city not too far from Fukuoka, where the couple lives. The units came at a discounted price because the seller wanted to get rid of all three of them and was happy to discount the price if it was all to the same buyer. The tenants had been in place for like 15 years, so it was quite a good investment, tenancy wise and return was through the roof at about 15-16%. Coming in guns blazing While doing the math, Excel sheet style, the couple realized that one of the units had slightly lower rent than the others, about $20 or $30 a month. Ziv, thinking that he knew what they were doing as they’d been in the property market for a while now and knew all about globalization, decided that when that tenancy lease was about to be renewed, they should raise the rent to bring it up to the same level as the other two units. It was just a small amount anyway, the tenant wouldn’t mind, or so they thought. In Japan, you don’t increase the rent When they told the property manager to increase the rent for that lease, he asked them if they were sure about it, and they said yes without giving it much thought. What they didn’t realize was that you don’t raise rents in Japan. A tenant would be paying the same rent that they paid when they moved into the property say eight, 10 or even 20 years ago. And they wouldn’t ask you to reduce the rent when the contract is renewed because for them any negotiation is considered and feels like a conflict. The Japanese tend to avoid conflict at any cost. Ziv’s tenant did not renew the lease; instead, they moved to another vacant unit in the very same building that was renting for about half the rent. Ziv stayed with a vacant unit for about a year and a half, losing a third of their income stream. When they got another tenant, they had to rent it at a much lower amount. Eventually, they sold it at about 20 or 30% loss compared to when they bought it. Had they just taken time to learn this new market, they would have known about the Japanese culture regarding raising and lowering rent, and it would have saved them from making their worst investment. Lessons learned Consider cultural and emotional differences when doing your due diligence In our minds, due diligence tends to be a very practical sort of numbers related matter. So we look at income streams and risk factors in the sense that something might suddenly happen. But we don’t think about cultural and emotional differences when we’re dealing in another country. So, yes, the numbers probably apply the same anywhere you go. But there are a lot of other factors that you need to take into account. Not all real estate locations are the same Relying on your knowledge that was gained in another location when you’ve been investing in a familiar market might not be applicable. Your market might be the stark opposite of the one that you’re going into next. Learn about the professionals that you’re dealing with Understand how professionals in the new location you want to invest in work. Also, learn to trust their advice, and try to read between the lines when they say something or trying to gauge what it is that they might be trying to say to you but are maybe avoiding for various reasons. Andrew’s takeaways Avoid downtime in between tenants Rental property owners often forget about the damage that can be done by having downtime in between tenants. That can destroy what looks like a beautiful yield. Don’t focus on numbers only Don’t be the Excel expert type that focuses on numbers only. Not everything can be measured in a spreadsheet. The most important things often in business are unknown, unknowable, and unmeasurable. A little resistance in Asia could mean trouble In Asia, a tiny amount of resistance is a signal that you have to stop pushing something through and ask yourself why you’re getting this little bit of resistance. One of the biggest mistakes that people make coming to Asia from the West is that they push through and think, “let’s get this done.” That can be a huge mistake. Actionable advice If you’re investing away from your familiar market, and especially if it’s for the first time, focus a lot more on the companies and the professionals that you’re going to do business with. Because you’re not going to be present in person and you’re not familiar with that market, you’re not going to be able just to walk in there and make things right again. So what you really want to do is make sure that you choose the right people to work with. And once you feel confident that you’ve done that, listen to them, talk to them and try to find a way to align your goals with that particular environment and what the people working in it are suggesting to you. No. 1 goal for the next 12 months Ziv’s goal for the next 12 months is to set up his business infrastructure, automate processes, and get things done a lot more smoothly and profitably. Parting words   “You don’t have to stay in your backyard and what you’re familiar with. If the attractive investments are not there, just go out and explore. The world is your oyster.” Ziv Nakajima-Magen   Connect with Ziv Nakajima-Magen LinkedIn Facebook 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 Women Building Wealth The Build Your Wealth Membership Group 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

Brendan Davis is a writer-director-producer working internationally in film & TV. He began his entertainment career in Atlanta in 1990, moved to Los Angeles in 2002, and has split his time between Beijing and Los Angeles since 2013. In December 2019, Davis was recognized for his cross-cultural leadership by being appointed to serve as a Distinguished Special Foreign Expert with the Beijing Global Talent Exchange Association. His appointment as an advisor runs through 2024.   “Pick your battles carefully. Set yourself up for success as much as possible.” Brendan Davis   Worst investment ever Exploring an international investment opportunity In 2013/14, China was wide open to foreign investment co-productions trying to work with other treaty partners. One of the countries the Chinese were the keenest to work with was New Zealand. Brendan happened to have two partners in New Zealand and a Chinese partner in Los Angeles. The partners had been working on a project together for a while now. He figured that this project would be a good co-production with China. And so he decided to explore this international partnership. Changing the script The project was initially developed as a Western New Zealand Hollywood type of project. So the first step was to change the script to fit the co-production requirements of New Zealand and China. Due to cultural differences, censorship, and sensitivities in China, they had to re-examine and rebuild the whole story and characters. Finding a Chinese financier For the project to receive the co-production incentives, Brendan had to find a Chinese financier. Through former colleagues and his Chinese partner, he found someone who fit the bill. The gentleman was a second-generation wealthy guy in China and a Vice President of a big studio film finance entity. He was one of the guys deciding where to spend money. The gentleman had been rewarded for his success so far, with a few 50% government investments in a new firm all his own to develop and produce projects. So he was just getting going with this new company when Brendan and his project came along. And it seemed like they were the answer to each other’s dreams. Sealing the deal Because Brendan at the time barely spoke any Chinese and the gentleman spoke zero English, they each got an interpreter. Brendan and his team went to Beijing, met him, liked each other, and things got onto a great start. The gentleman had very fancy offices. He was seemingly very rich and powerful. Everything about him validated that he would be the guy to do this. He even gave them a suite of offices in his fancy custom design, new headquarters building. The business plan seemed to be coming together very smoothly. After a couple of back and forth trips between Beijing and LA, and discussions, they signed a deal that detailed everything about how Brendan and his team were supposed to operate, and it also spelled out exactly what the financier was committing to do as the executive producer and a financier. Introducing the human speed bump As Brendan and his partner were preparing to leave China to start pre-production, the gentleman told them that they would appear at the 2014 Beijing Film Festival to make the big announcement of their partnership together. The gentleman built for his company a very fancy booth. They did dozens of interviews in English and Chinese, took many photos, and told many stories. There were about 80 photographers at their press conference. It was a pretty big public deal. But the troubles started immediately after that press conference. They were sitting at their booth just catching their breath when this angry, short little woman who they’d never met, never heard of, and had no idea who she was appeared out of nowhere. She introduced herself as a friend of the gentleman. She was freaking out and grilling Brendan with creative issues she had with the story. Brendan was shocked to learn that this stranger knew all these delicate details of their business. It turned out; she was meant to buy the gentleman time to get his act together. It was all falling apart behind the scenes It turns out that the gentleman’s father, from where his power and wealth is derived, got caught up in a corruption scandal. He lost his influence in his high position and was likely going to go to jail. All this mess was trickling down to the son who was about to lose everything. He was desperately covering it as fast as he could. The gentleman could no longer afford to finance the project, and just like that, the project died an abrupt death. He kept Brendan and his team completely in the dark about the true nature of the situation for over six months. Had they known this, they would have pivoted to somebody else and probably salvaged the project. Lessons learned Cultural differences are real Cultural differences are very real around the world. Business deals and contracts could have completely different meanings from what you’re used to. So, understand the cultural differences first before you sign any deal. Choose your international partners carefully The best way to apply foreign risk management is to only work with people with whom you can have trust and full, clear communication. Andrew’s takeaways Be wary of complexity Some deals can be too complex for you to handle. If that’s the case, never be afraid to walk away from such deals. You never truly know what’s happening behind the scenes A lot could be happening behind the scenes without your knowledge unless you’re working with someone you know and trust. People will always try to put on their best face when making a deal. Never believe they’re truly genuine until the money is in the bank. Investigate your foreign investment Don’t be afraid to investigate your intended investment, because you never know what’s going on behind the scenes. Actionable advice Develop empathy for the people you’re working with. Make sure that you truly have a clear understanding of where your other party in the deal is coming from, and then tailor your strategy accordingly. Continue to be empathetic, keep your eyes and ears open, and see how they react as things develop. No. 1 goal for the next 12 months Brendan’s goal for the next 12 months is to make his current feature film project called My Favorite Season, which is set in the world of Paris Fashion and then settle in what he hopes to be his new home in Auckland, New Zealand. Parting words   “Send your best wishes, prayers, whatever works for you to China as it deals with this novel coronavirus situation. They really need all the support they can get, and I’m rooting for them.” Brendan Davis   Connect with Brendan Davis LinkedIn Facebook 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 Women Building Wealth The Build Your Wealth Membership Group 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  

Daniel Blue is the owner of Quest Education in the US. He educates business owners on self-directed retirement accounts to help them accomplish their financial goals. He teaches financial education to business owners to help them understand how to: save for the future, protect their assets, save money on taxes, get the funding they need, and eliminate debt. Daniel has worked with over 1,200 business owners and is a contributor to Forbes magazine. He is driven by his passion for helping people shape their retirement dreams into reality.   “To invest money wisely, know your options, and use less emotions and more logic.” Daniel Blue   Worst investment ever Making it in life at just 18 years Daniel got a sales job when he was 18, a job that he was quite good at. He was doing well right off the bat, making about $10,000 a month. He was ecstatic and on top of the world. Time to become a homeowner Daniel was feeling good about his success, and he figured it was time to live as the rich do. He was feeling invincible and knew that he deserved all the nice things in the world. First, he bought a Range Rover; next, he went shopping for a house. He decided to get a mortgage. He was approved for a loan, put a down payment, and bought a house in Utah for $260,000. Life was perfect for this rich 19-year-old. What could go wrong? Fighting demons inside While everything seemed perfect on the outside, on the inside, he was a wreck. He was a 19-year-old dad addicted to OxyContin. He was spending thousands of dollars every month to fuel his addiction. On top of that, he was still living a larger-than-life lifestyle spending more than he was making. Eventually, he had to get clean, which meant leaving Utah. His investment mistakes come to haunt him It was first when he had to sell the house after moving to Nevada that he realized the costly mistake he had made when buying his home. Daniel had put zero thought into his home purchase. He did not do any research. He just went on to buy the first house that looked good to him. When selling his home, he realized that he had bought a home in a bull market, and now the market had turned. Daniel ended up losing the house to a short sale losing all the money he had put into the house. Had he done his research, he’d known to rent instead of buying and would have avoided making his worst investment mistake ever. Lessons learned Understand your investment before you invest Do your research before buying a house. Understand the interest, the current market, and future market projections. This kind of information will let you know whether your investment is viable or not. Have an exit strategy When investing your money in a house, think about how long you intend to stay in your new home and how moving in the future will affect your selling price. Andrew’s takeaways Forget the keeping up with the Joneses idea Keeping up with the Joneses is a fallacy that needs to be thrown out the window and instead create sustainable success. Create your own success; that’s based upon what works for you. Don’t be driven by what society defines as success, because, if you get caught up in that, you’ll be chasing a dream that leads you to emptiness or disaster. Don’t compare other people’s outsides to your inside Everybody is messed up, even the people that appear to have it all together. So when thinking about how to invest your money, don’t fall for what you see when you look at other people; focus on what you have. Try to overcome your addiction If you have an addiction, and you don’t overcome it, your problems will only get worse. Actionable advice Do more research and know your options before you buy a house. Don’t buy without putting thought into it. No. 1 goal for the next 12 months Daniel’s goal for the next 12 months is to get his book out there. The book is about the power of self-directed retirement accounts and how people could get more creative and access money in their IRAs and 401 K’s without paying penalties and taxes. Parting words   “If more people could be truthful and talk about failures, I think people would realize that they’re not alone, and there are lessons that we can extract from those different failures.” Daniel Blue   Connect with Daniel Blue LinkedIn Facebook Twitter 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 Women Building Wealth The Build Your Wealth Membership Group 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

Rayson Choo is a Transformation Catalyst. What he does for a living is pick the brains of the best entrepreneurs in this world such as Gary Vaynerchuk, Grant Cardone, and others to find out simple and effective steps that millennials can take to experience success in the swiftest and most effective way possible. He does this through podcasting, where he helps millennials to experience personal transformation from the tips that they need to move forward.   “Just being friends with multi-millionaires won’t make you successful. What makes you successful is applying the knowledge that they have imparted to you.” Rayson Choo Worst investment ever Starting his entrepreneurship journey Rayson met a gentleman about three years ago, and they quickly became friends. Rayson found the friendship quite beneficial as they got along pretty well. They would attend all these seminars and conferences together. Often, they would discuss business and future projects and help each other out with the brainstorming. A caring friend lends a hand The gentleman happened to be a financial service provider, and so one day he sat Rayson down and they discussed his financial plans. They also talked about the kind of insurance coverage that he had. It so happened that Rayson didn’t have any insurance. His friend told him that it was best he considered investing in insurance. He recommended an Investment-linked Insurance Policy (ILP). He explained to him that if he invests X amount, he will get a certain amount of money back. He promised that the monthly payment would increase in a couple of years, and the investment returns would come in as well. Trusting his good friend Because Rayson didn’t have any insurance at the moment, he thought, this could be a good thing. Having been good friends for a couple of years, Rayson put his trust in his friend and signed up right away without giving it much thought. His friend knew him well so definitely he was recommending something good for him. Rayson even went on to recommend him to his other friends, some who also signed up for the insurance policy. Never mix business with friendship Rayson was excited about his new investment and he would talk about it with his friends and podcast listeners. After a while, another friend, who is also a financial consultant, told him that the kind of insurance he’d signed up for wasn’t making financial sense. Rayson, confident in the friend who sold him the policy, rubbed this off as a case of one consultant being jealous of the other. One day he met up with a listener, and as they were talking about the podcast they happened to also talk about affordable insurance. Rayson told the listener about his, and the doubts his friend has been having about it. The listener drew the insurance plan down for him and it all made sense now. It became clear that his friend had duped him into signing up for a policy that would see himself benefit more than Rayson would. It made the most sense to cancel the insurance policy right away even though the friendship was, obviously, not salvaged. At this point, Rayson had already made thousands of dollars in payments, and all he could get back was 1,000 Singapore dollars. To add salt into injury, he had to use that money to pay the remaining term of the insurance policy. Lessons learned Never allow your emotions to affect your buying power Don’t use your emotions to buy anything as it affects your buying power. Investing in anything to blindly support a friend is a no-no. Treat this investment with caution just as you would any other. Ask yourself, why do you need that product? Is it only to support the person selling it? Or is it because that product is really useful to you? Educate yourself about the product first Before you go and sign up for anything, do your research and learn as much as you can about the product you’re about to invest in. Andrew’s takeaways Don’t be quick to invest Don’t be so quick to invest in any product. Take your time to learn about the product and gain a deeper knowledge of it. Know your rights as an investor A few things that you should expect from any financial services provider: You have the right to honest, competent, and ethical conduct that complies with applicable laws. Your financial interest takes precedence over those of the professional and the organization that is approaching you. You have the right to an explanation of fees and costs charged to you. These fees should be fair and reasonable. If you don't understand something, you have the right to demand that it's explained over and over again, in a simple way until you understand it. Take as much time as you need before making a decision Don’t let anyone pressure you into making a quick investment decision. You have a right to take your time to study the product, sleep on it, weigh your pros and cons until you’re ready to say yes or no to the product. Talk to other people about the investment Tell people about the product you’re thinking about investing in to get their thoughts about it. Someone may save you from making your worst investment ever. However, don't let anyone drive you down a path where they're pushing you to make a decision. Remember, this should be part of learning about the product. Actionable advice When signing up for any investment, find out the terms of canceling the investment midway. With some investments, you might still have to pay the full amount even after canceling. No. 1 goal for the next 12 months Rayson’s number one goal for the next 12 months is to complete a book he is writing based on the idea from Tim Ferriss’s Tribe of Mentors. So similar concept, but different in terms of content and other parts of the concepts as well. He’s also working on an online course to teach people how to be more fluent in terms of branding and how to strategically connect with people like Vaynerchuk, Grant Cardone, and other celebrities, multi-millionaires, and entrepreneurs without any manipulation but by being authentic. Parting words “You're going to live your life as you alone. You only have one life to live as you, so live it to the fullest. Your life is dictated by you, not by others. They can share with you certain ground rules, what you can do, what you can't. But, ultimately, you are the one who chooses.” Rayson Choo   Connect with Rayson Choo LinkedIn Facebook Instagram YouTube Website Blog 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 Women Building Wealth The Build Your Wealth Membership Group 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 Tim Ferriss (2017) Tribe of Mentors: Short Life Advice from the Best in the World

Danielle “Dani” Rocco is a mother, wife, and lifelong entrepreneur. Growing up as a professional ballerina developed her commitment and dedication to everything that life has to offer. As an adult, her athletic skills transferred and assisted in her becoming a successful business owner. At the age of 18, she started working for her family's gymnastics school and took the company from bankruptcy to financial abundance. After 23 years of being the CEO, Dani left her family business to follow her passion as a life coach and relationship expert. She started working with CEOs but soon realized her heart and mission was serving the US military and veterans. She is the author of Devoted to a Soldier & co-author with Les Brown of Own Your Dreams, co-author of 1 Habit. She created an Academy called Next Level of You, is a TV show host, a documentary producer of the documentary Devoted to a Soldier, speaker, and Life Insurance Specialist specializing in serving veterans and military.   “You can't create abundance when you're living for somebody else, and somebody else's dreams.” Dani Rocco   Worst investment ever Starting her entrepreneurial journey Dani’s journey to entrepreneurship started when she was 16 after she got pregnant with her son. Being a teenage mother created a mindset that she wasn’t valuable enough. For this reason, she was always trying to be better. This way, she felt less judged. At the time, she was living alone with her son and worked hard to make it in life. Pledging her loyalty to her family When she was 18, her father asked her to work for the family business and she agreed. It sounded like a good plan. She could take her son with her to work and also manage to go to college. Dani comes from a strong Italian family, where loyalty is a lifelong requirement. Family comes first, no questions asked. So for 23 years, she ran the family business together with her brother. It was her duty and honor to serve and be everything for her father. Losing her identity Dani and her brother went on to work their tails off and did everything they could so that her dad could have the life that he had worked for. Along the way, she lost her identity while trying to be of service to her family. At one time, she was involved in a terrible car accident and was paralyzed in bed. She would go in and out of consciousness but she still kept working even when bedridden. Rethinking her purpose During the time she was bedridden, she’d often think about her life wondering whether she was happy. She loved having money, loved taking care of her dad in his old age, and running a successful family business. However, she felt dead inside, like she was just walking through this earth. She, however, didn’t do anything about it. Realizing her self worth About two years after the accident, Dani and her brother finally left the family business. At this point, she didn’t know her self-value. She had never learned to figure out her value. All her life, all she did was to take care of her son, her parents and the family business. She’d never worked for anybody her whole life, and now she had to start her life over again. She started coaching CEOs, and it was great. She was making good money and getting offered to travel all over the world. She loved it! But, at the time, she was married and had six children. Her new job didn't quite align with being married and having six children. But she kept going and ignored herself and what’s truly important to her. Her marriage fell apart. Time to choose Dani loved her husband very much, and soon enough, she realized that she was throwing her relationship away by choosing money over her husband. That was her biggest mistake ever. Luckily, she had a little bit of foresight and when she realized what was important to her, she picked her husband. She just had to pick herself and their relationship. Dani worked on rebuilding her life and focused on the truth. Lessons learned Open yourself to life Don’t try to control the universe or the outcome of your life. Allow yourself to let life surprise you. If you try to control life, you will end up making the same mistakes. Andrew’s takeaways Know your self worth Ask yourself, what is your value in this world? What do you bring to your relationships? What do you bring to the business? And if you say that your value is connected with someone else, step back, and imagine that person's gone. Then ask yourself again. What do I want to bring to this world? Time is finite start living now We only have a certain amount of more time in this world. So think about the kind of legacy you want to leave behind and start working on it. Self-value is not inborn We’re not born with self-value, but you can build it at any time. So, start realizing your self worth now. Self first Put yourself and your needs first. Don’t let the sacrifices that you have to make for your loved ones prevent you from living your true life. You can rebuild or restart at any time If you are struggling right now, with a relationship, a job, or with any situation that's causing you a lot of trouble, let go, stop and look at it. Does it serve you anymore? If not, change direction and restart. Actionable advice You have a place, and you have a purpose. Discovering that place and purpose means not being afraid to leave a situation that's not your place, or maybe not your purpose. No. 1 goal for the next 12 months Dani’s number one goal is to get the first episode out of her documentary. Parting words   “Thank you, Andrew, for what you're doing; it brought me into a new level of myself. That was unexpected. So thank you.” Dani Rocco   Connect with Dani Rocco LinkedIn Facebook Website Blog 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 Women Building Wealth The Build Your Wealth Membership Group 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