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

Sampath Mallidi is the Founder and CEO of Intandemly, a successful startup that helps organizations execute Account-based Sales through their software. Bootstrapped and formed in 2017, Intandemly has been profitable since year 1. Today, more than 200 organizations from 10+ countries use Intandemly to generate sales in the five figures! Sampath is an MBA from Indiana University of Pennsylvania with an obsession for entrepreneurship, sales, and salsa.   “Cash is not the king. Cash flow is the king, so always have paying customers.” Sampath Mallidi   Worst investment ever The aha moment Before starting, Intandemly, Sampath worked two jobs, both in sales. But it was in the second job that he got his aha moment. Having been in B2B sales for all this time, he felt there was a need for an affordable account-based sales software for Small and Medium-sized Businesses. And if he could help them execute high quality targeted outreach to customers, he would be making an impact. So together with his then-boss, they formed Intandemly. They felt great about the new startup company, but they had no money. Knocking hard on doors Sampath went out knocking on doors, speaking to lots of potential prospects pitching his new platform and showing them how his platform would give them a higher ROI. He met about 20 companies and three of these loved his idea. Wearing his heart on his sleeve Sampath went out on a limb and told the three companies interested in his software that he had no money to develop the software for them. He asked them to pay him upfront. He used the money as his starting capital and put together a team of developers that started working on his idea. Soon enough, he delivered the software to the three customers who had put their faith in him. From there on, he continued meeting as many customers as possible. That’s how he was able to fund the company and in exactly a year and a half after starting the startup, they were at a pretty comfortable stage with roughly 50 to 70 customers. The startup becomes a household name The startup was now performing well, and he had investors interested in investing in startups approaching him. He got the company valued and got a $9 million valuation. From not having any funds to come into a $9 million valuation that was huge for Sampath. One gentleman that comes from a pretty big background took notice of the company and wanted to take a little stake in the company. And he was ready to invest immediately. So the deal was that he would be pumping in money two months after giving him the go-ahead. Thinking big With the anticipation of getting good funding from the gentleman, the company changed its entire strategy and started thinking very big. They had all these huge strategies that they were going to implement with the money. They spent all the money they had in the bank because they knew a lot of funds were coming. They even had a grand party with all the employees. The deal that never was One day as Sampath was coming back from the temple, he got a message from the gentleman saying that he was ill and would not invest in the company. Sampath went numb. He was in total shock and didn’t know how to react for a day. It took him a day before he could try connecting back with the gentleman. However, after a lot of thought, he decided that he would not try to convince the investor to give him money. Instead, he decided to go out and look for customers just as he had done in the past, something that had brought him huge success. So he wore his shoes, got into his car, and started meeting as many people as possible. This was Sampath’s worst phase and the worst investment in terms of time. For the three months, he was in talks with the ‘investor’ he had stopped looking out for customers. Instead, he was more focused on restructuring the organization and lost his original focus. Now he had to start all over again. Lessons learned The deal is never done until the money hits the bank Whether it's winning the customer or getting an investment, the deal is never done until the money hits the bank. Bounce back fast The more you take time to let the suffering and the depression sink in you, the more you're letting yourself suffer. The faster you bounce back, the better it gets for you. Stop playing victim Start figuring out how to move on because shit happens. Cash flow is always king Cash from someone dries very fast, but cash flow from your sales are recurring. You need sales not investments The majority of startup crises can easily be solved with sales, not with investment. Andrew’s takeaways It’s lonely at the top As a founder and a visionary, you need to keep a positive mindset and keep motivating the whole team to go in the right direction, no matter what ups and downs come your way. And that’s just hard to do. There's a small number of people that you can talk to, and it's probably not the people that are in your company. Have enough cash to fund your runway Have enough cash to take off but also cultivate confidence in your employees because if they lose confidence, it's over no matter how much money you have in the bank. Sales solve everything Sales, unlike cash in the bank, give you recurring revenue. Actionable advice Whether you're building a product or a services company, make sure that you always have paying customers. Don't quickly buy into the valuation game projections. All those are great. But the reality is, how many paying customers do you have? The more you have, the more you grow in confidence and eventually, you also grow in valuation. No. 1 goal for the next 12 months Sampath’s goal for the next 12 months is to enhance his product to a world-class level. Parting words   “When you’re building your business, first, you need to love what you do. Second, find a way to blend creativity and the commercial aspect of your business.” Sampath Mallidi   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 Sampath Mallidi LinkedIn Twitter Website Connect with Andrew Stotz: astotz.com LinkedIn Facebook Instagram Twitter YouTube My Worst Investment Ever Podcast  

Adam Dollner is a skillful international tech & travel/tourism specialist, speaker, and possibility creator with an entrepreneurial mindset. He has visited more than 70 countries and contributed his tech skills to more than 850 small or medium-sized businesses worldwide. His passion is to create opportunities, moving people and improving lives around the world by leveraging the latest technology. He is also the CEO/Founder of HubLearn. He is passionate about using innovation and the technology of tomorrow to make people’s lives easier. Before leaving his corporate job and starting HubLearn, Adam had a lead role in building streaming services such as HBO Nordic, Blockbuster, and others in Denmark’s biggest telco company the TDC Group. Adam has spent the last two years in Thailand & East Africa, sharing knowledge on the use of technology in various industries. Now he is based in Bangkok.   “Don’t listen to too many people. You're the one who lives with the consequences of your actions. So believe in yourself.” Adam Dollner   Worst investment ever Giving up the corporate world to be an entrepreneur After many years of working in the corporate world, Adam decided to quit and start his current company LearnHub. HubLearn was an idea that came up to him while in Africa. His goal was to create a hub that would guide people towards learning possibilities such as online education and help them step into the future of social learning. So he started doing some research and went further to contact some developers. He got in touch with a couple of them, and there was this one consultancy that caught his eye. It was a team of 16 developers with a point of contact who said all the magical words. Adam was blown away and decided to work with them. Getting the idea off the ground Adam was careful to make sure that the new team of developers clearly understood his idea, so they had back and forth discussions about the project. They discussed the idea of having a platform that allowed online, offline, and in-person development. A platform that could also allow someone to sponsor a learner while being able to track their funding. Where they can see the person, they’re sponsoring and be fully aware of what they would do with the funding received. So together, they developed all that on the paper. After about half a year of finetuning the project requirements, the point man told him that the team was ready to get started. However, they needed some money upfront. Because he had confidence in his idea and the team, he transferred US$10,000 to the consultancy. Adam couldn’t help but envision all the people whose lives he was going to change. His BS radar wasn’t so strong after all Adam’s earlier position in the corporate job was that of the Bulldog that usually challenges salespeople and calls them out on their BS. So he could easily filter out rogue salespeople, or so he believed. Somehow this one consultancy passed right through his filter. As soon as the money hit their bank account, they went quiet. Eventually, they got back to him with the shoddiest work he’d ever seen. All they presented him was a one-page website. Their excuse; they didn't understand the project as he envisioned it and, therefore, couldn't do it in that way. They claimed that he’d said something different at certain times. Adam was confused because all the drawings were there and they’d spoken about it for a year. He decided to give them the benefit of the doubt and waited for them to give them another go. They asked for more money which he sent. One and a half years later, he still had nothing. Eventually, he cut them off and nearly had to close HubLearn and go bankrupt. And so his worst investment was not to cut them off straight away as well as transferring money before seeing a product which saw him over US$10,000. He had options all along After he let the developers go and in a desperate need to save his idea, he did more research, and to his surprise, he had other cheaper options. He found out there was a lot of learning management systems (LMS) off the shelf. He learned that he could build his whole LMS system with all the plugins and features he wanted for less than US$500. He used YouTube online courses and did more research and within one week, he’d built the whole platform by himself. Lessons learned Product first money second Do not transfer money before you have seen a little bit of the product that the outsourced team develops. If something is not working, cancel it Cancel a project if it’s not working out. If the people you hire to do something don’t deliver, get rid of them, cut your losses and move on. First look for off-the-shelf solutions before hiring someone to do it There are so many bright heads out there and intelligent people who are developing an app or a feature or something which you can pick off the shelf and work with it instead of paying someone to develop it. Build as you go When you hire someone to build a product for you, do it the agile way and build as you go. You can have an end goal like here’s where I want us to go, but let's start from the start and do the milestones and evaluate how it works. So it's not all just on the paper. Andrew’s takeaways Always have written proof It can be hard to be clear when working with developers. Make your idea clear by writing it down. Continue to discuss it with them and make sure that any changes get flagged as changes. You’ve got to stay on top of your project because if you don’t, you can end up at a different place than what both parties probably thought you were going to be. Start with a minimum viable product Start with a product that you can market and then play with it. Let people test it and try to see if it works, rather than trying to build the whole product. Actionable advice Take action, then believe in yourself. Don't doubt yourself. Believe that the universe somehow will guide you if you do what is right and believe in yourself. No. 1 goal for the next 12 months Adam’s goal for the next 12 months is to get one of HubLearn’s main project, ShopbyLocals, up and running. It's about selling skills, physical products, and services. Like if you have a bike you want to rent in a local city or a room you want to share, you can do it on Airbnb, but also on ShopbyLocals. 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 Adam Dollner LinkedIn Twitter Facebook Instagram YouTube Website Connect with Andrew Stotz: astotz.com LinkedIn Facebook Instagram Twitter YouTube My Worst Investment Ever Podcast