My Worst Investment Ever Podcast

BIO: Ilise Benun has made it her business to teach basic business skills to creative professionals who should have learned them in school but, alas, did not because it’s not taught in school.STORY: Ilise hired a designer to design a brochure for her consulting practice. Instead, he delivered a folder with her logo.LEARNING: Stand up for yourself. Ask every question you can think of. “Ask every stupid question to confirm the details of any arrangement.”Ilise Benun Guest profileIlise Benun has made it her business to teach basic business skills to creative professionals who should have learned them in school but, alas, did not because it’s not taught in school. This has, for years, perpetuated a “starving artist” mentality amongst creative professionals, who are naturally talented and could easily bring their creativity to the business side of their business if only they knew how. That’s her mission with all of her work through marketing-mentor.com, including The Marketing Mentor Podcast, seven books including The Creative Professional’s Guide to Money, three online courses for Creative Live and Domestika.org, and much more. If you want more from Ilise on mindset, money, and marketing, sign up for her Quick Tips.Worst investment everWhen Ilise started her business, she came across a graphic designer and thought it would be great to have a brochure for her consulting practice. The designer showed Ilise images and examples of what the brochure would look like. Ilise was very excited. But when the brochure arrived on her doorstep, it was not what she had imagined. The designer designed boxes of folders with Ilise’s logo on it. The designer asked her all sorts of questions, and she answered them. She was utterly disappointed in the product but didn’t say anything. She just never worked with the designer again. Ilise was so young, immature, and afraid at that point in her career that she just didn’t stand up or advocate for herself.Lessons learnedStand up for yourself and bring yourself to the negotiation.Strip away all of those things you imagine you’re supposed to be so that people can see who you are. That’s who they’re going to want to work with.Andrew’s takeawaysWhen working with service providers, ensure that they deliver incrementally or get feedback as you go through the process. Don’t wait to get the final product to give your input.Stand up for yourself to deliver to your business partners, employees, and family.Actionable adviceAsk every question you can think of, even if it feels like it would be a stupid one.Ilise’s recommendationsIlise recommends her Domestica course, Writing a Winning Proposal. She teaches what she calls the proposal Oreos strategy. This is a way to help people using a food metaphor to learn how to have the money conversation and then decide whether or not to write a proposal based on that conversation.No.1 goal for the next 12 monthsIlise’s number one goal for the next 12 months is to expand the E-commerce part of her business, take all the content she’s been creating, and turn it into products she can sell.Parting words “The only mistake is making the same mistake more than once.”Ilise Benun [spp-transcript] Connect with Ilise BenunLinkedInTwitterFacebookYouTubeBooksPodcastWebsiteAndrew’s booksHow to Start Building Your Wealth Investing in the Stock MarketMy Worst Investment Ever9 Valuation Mistakes and How to Avoid ThemTransform Your Business with Dr.Deming’s 14 PointsAndrew’s online programsValuation Master ClassThe Become a Better Investor CommunityHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleFVMR Investing: Quantamental Investing Across the WorldBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsAchieve Your GoalsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramTwitterYouTubeMy Worst Investment Ever PodcastFurther reading mentionedMori Taheripour (March 2020), Bring Yourself: How to Harness the Power of Connection to Negotiate Fearlessly

BIO: Souniya Khurana is the Co-Founder and CEO of the podcast company and a new-age media venture WYN (Wine) Studio.STORY: When Souniya was in grade six, she failed math. Everyone kept pushing her to focus on this failure instead of her strengths. This made her create a narrative that she wasn’t good enough.LEARNING: Own your narrative. Don’t let anybody else decide who you are or your narrative. You can change your narrative. “Please don’t invest in things that you’re bad at.”Souniya Khurana Guest profileSouniya Khurana is the Co-Founder and CEO of the most creative & sought-after branded podcast company and a new-age media venture WYN (Wine) Studio.While Souniya’s career spans more than a decade across developing businesses and strategic roles and a failed startup before navigating her way successfully through her second entrepreneurial stint, WYN Studio, what has conspired to her success is owning her story and seeing through the many failures in her life as important milestones.TGIF, she often says! Often? Why? Because for her, it means, “Thank God I Failed!”Worst investment everSouniya was horrible at mathematics, and her family always told her that this was her weakness and that she should invest in it more to get better at it. Souniya really tried to get better at mathematics, and she did but at the expense of what she was really good at. Nobody ever amplified or helped Souniya look at her strength—English. She loved stories and the world of narratives. But nobody helped her realize that this was where she needed to invest more. She felt like she was not good enough for her entire school life.When Souniya failed math in sixth grade, she contemplated suicide because she felt her life was not worth it. Instead of looking at it as an event in her life, she ended up looking at it as who she was—a failure. She used that as a tag up until her first venture in 2016.No matter what happened before 2016, whether it was getting the best placement in college, good grades in university, or a good job, Souniya always felt that those things were happening by default. She didn’t believe she made them happen. She always thought she wasn’t good enough because people always pushed her to focus on her weaknesses.It was only after 2016, when Souniya met the right mentors, that she realized that the fact was that she was not good at math, but that didn’t mean that she wasn’t good enough.Lessons learnedOwn your narrative. People will tell you many things but step out of your situation, take a helicopter view, and create your own story.Take the emotion out of situations that drain you and look at them more rationally and clearly.Invest in your strengths.Always remember that it’s you who’s in the arena and the only one who knows what’s going on. So don’t let anybody belittle you or decide who you are or what’s your narrative.Andrew’s takeawaysStep outside of your situation and imagine that you’re up on the ceiling looking down, and then use that as a tool to observe yourself.You can change your narrative.Actionable adviceIf you’re on the verge of making important decisions—whether it’s choosing the right education, right university, or career—first recognize your strengths. Think about those times when you felt you were in the absolute flow, when you loved doing what you were doing and were so engrossed and involved in that activity. Figure out what that thing is. Then see if there’s a possibility to transition that into a profession or something that’ll make you money or create an impact in the world. If yes, then go all out for it.Souniya’s recommendationsSouniya recommends the CXO Talks podcast to aspiring CXOs, entrepreneurs, those in middle management, and anyone looking to get into executive positions. The podcast offers candid, vulnerable stories to help you overcome murky moments or regrets.No.1 goal for the next 12 monthsSouniya’s number one goal for the next 12 months is to get into better health and fitness because she now fully understands that her health is her wealth.Parting words “There are so many insights that come from the worst investments. I don’t think there’s any other way to get better at investing than to learn from others’ mistakes. So I think you’re doing a phenomenal job, Andrew.”Souniya Khurana [spp-transcript] Connect with Souniya KhuranaLinkedInTwitterInstagramYouTubePodcastWebsiteAndrew’s booksHow to Start Building Your Wealth Investing in the Stock MarketMy Worst Investment Ever9 Valuation Mistakes and How to Avoid ThemTransform Your Business with Dr.Deming’s 14 PointsAndrew’s online programsValuation Master ClassThe Become a Better Investor CommunityHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleFVMR Investing: Quantamental Investing Across the WorldBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsAchieve Your GoalsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramTwitterYouTubeMy Worst Investment Ever Podcast

BIO: Strategist, speaker, and author Michele Wucker coined the term “gray rhino” as a call to take a fresh look at how we respond to obvious, probable, impactful risks.STORY: Michele hated being a pre-med and psychology student, but she kept at it because she believed it was the safest path for her.LEARNING: Don’t ignore the signs telling you that something is wrong. Build your self-awareness. “When you’re tired, and you’re just not feeling like yourself, that’s a really great signal that something is wrong.”Michele Wucker Guest profileStrategist, speaker, and author Michele Wucker coined the term “gray rhino” as a call to take a fresh look at how we respond to obvious, probable, impactful risks. The metaphor and framework have shaped business and investment strategies and made headlines in more than 35 languages and 70 countries. Michele founded the Chicago-based advisory firm Gray Rhino & Company and is a former media and think tank executive. Her four books include the influential global bestseller The Gray Rhino and the sequel, You Are What You Risk.Worst investment everMichele decided to join college as a pre-med, psychology, and French major. She believed this was the best choice and what was expected of her. But Michele hated the psychology and chemistry classes. However, Michele had this idea in her head that she’d be a psychiatrist, so she kept pushing.It took Michele way too long to realize that she was investing her time, energy, and intellect into something that wouldn’t work out. It took many more experiences of investing her time, energy, and emotions into other people’s expectations or into what Michele thought was the safest and least risky path for her to chase her true dreams. Eventually, she quit med school and became a Policy Studies major.Lessons learnedUnderstand how to recognize the signs warning you that something is wrong.Be aware of what you give to the world and what sustains you.Always analyze risks, possible responses, what makes you comfortable or not and what gives you an increased sense of control.Andrew’s takeawaysAwareness allows you to identify what isn’t for you quickly.Don’t wait to find the thing you like because that may or may not be in front of you. But if you find what you don’t like, use that as an impetus to move you to the next thing.Actionable adviceIdentify the stresses and what triggers them. Then identify what makes you feel better or more comfortable.Michele’s recommendationsMichele recommends her blog, The Horn, which talks about global issues and how to respond to them. She also recommends the Gray Rhino blog, which includes her thoughts about behavioral responses to risk.No.1 goal for the next 12 monthsMichele’s number one goal for the next 12 months is to rearrange her life so she can be based more in Chicago. This will help her reduce the number of plane trips she makes and, as a result, reduce her carbon footprint and the toll on her health.Parting words “Your worst mistakes will get you to where you want to go. So don’t beat yourself up for them. But while you’re in them, learn that lesson faster so you can get to where you want to go faster.”Michele Wucker [spp-transcript] Connect with Michele WuckerLinkedInTwitterFacebookInstagramBookWebsiteAndrew’s booksHow to Start Building Your Wealth Investing in the Stock MarketMy Worst Investment Ever9 Valuation Mistakes and How to Avoid ThemTransform Your Business with Dr.Deming’s 14 PointsAndrew’s online programsValuation Master ClassThe Become a Better Investor CommunityHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleFVMR Investing: Quantamental Investing Across the WorldBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsAchieve Your GoalsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramTwitterYouTubeMy Worst Investment Ever Podcast

BIO: Anna Rosling Rönnlund is a Swedish designer who, with her husband Ola Rosling, developed Trendalyzer, interactive software for visualizing statistical information.STORY: Anna and her husband bought a home after moving to the US. A while later, they had to move back to Sweden, so they decided to sell the house. This was during the financial crisis that hit the real estate market badly. So the couple lost a lot of money after the sale.LEARNING: Keep your costs low. You don’t always have to buy a home. “Spending time doing things you love is the best investment ever.”Anna Rosling Rönnlund Guest profileAnna Rosling Rönnlund is a Swedish designer who, with her husband Ola Rosling, developed Trendalyzer, interactive software for visualizing statistical information. In 2005, with statistician and father-in-law Hans Rosling, she co-founded the Gapminder Foundation, where she serves as vice president for design and usability. In 2016, she announced Dollar Street, a website that imagines a street of homes to help visualize how people of varying cultures and incomes live around the world. In 2017, she collaborated with Hans Rosling on his book, Factfulness.Worst investment everAnna and her husband moved to the US, where they were both working at Google. They decided to look for a place to stay close to the office. The couple had sold their apartment in Sweden, so they had some cash to purchase a house. They bought their home just before the real estate market crashed and then moved back to Sweden after it crashed. They decided to sell the house and lost quite a lot of money.The home was just a few miles from where Facebook was building its new headquarters. Had the couple held onto the house for just a year or two after moving back to Sweden, they’d have gained quite a lot of money.Lessons learnedWhen investing, start from your dream or passion and then gradually diversify to other things.Keep your costs low, but still enjoy life, and make sure you do things you like—it doesn’t have to cost a lot.Andrew’s takeawaysOne way to protect yourself is to keep your costs really low.You don’t have to buy a house, especially when you’re moving to a new city.Property can fall, and you lose for a while, but in the long run, it eventually comes back.Actionable adviceIf you’re not going to stay in a home for a very long time, don’t buy it—rent instead.Anna’s recommended resourceAnna recommends reading Factfulness because it’s all about how to make sense of the world. It gives you a general overview of the biggest trends and proportions to make better decisions in life and work.No.1 goal for the next 12 monthsAnna’s number one goal for the next 12 months is to add the questions received from the general public and interactive video-led courses, the Worldview Upgrader. This is a tool she developed for people to check their knowledge and upgrade their worldview.Parting words “Good luck with your investments, and make decisions based on data.”Anna Rosling Rönnlund [spp-transcript] Connect with Anna Rosling RönnlundLinkedInTwitterFacebookInstagramYouTubeBookWebsiteAndrew’s booksHow to Start Building Your Wealth Investing in the Stock MarketMy Worst Investment Ever9 Valuation Mistakes and How to Avoid ThemTransform Your Business with Dr.Deming’s 14 PointsAndrew’s online programsValuation Master ClassThe Become a Better Investor CommunityHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleFVMR Investing: Quantamental Investing Across the WorldBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsAchieve Your GoalsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramTwitterYouTubeMy Worst Investment Ever Podcast

BIO: Susan Frew is a renowned entertaining, and value-driven speaker and thought leader. She has coached hundreds of companies and non-profits to great success.STORY: Susan left an unsupervised employee in charge of her coaching practice. This employee left her with a million dollars in debt.LEARNING: Trust but verify every single employee. Get on-time and accurate monthly financial statements. Put in place metrics of accountability. “Get your own mail. If I had been getting my mail, this wouldn’t happen.”Susan Frew Guest profileSusan Frew is a renowned entertaining, and value-driven speaker and thought leader. She has coached hundreds of companies and non-profits to great success. Susan and her husband, William, grew their trade business by 535% in just one year by creatively using seven deceptively simple tools coupled with some good old-fashioned elbow grease. As a result, Sunshine Home Services now boasts a coveted spot on the INC 5000 List as one of the INC Best Places to work.Worst investment everSusan’s husband started a plumbing business while she was running a coaching practice. Her husband’s business grew so much that she decided to leave her practice and join him.But with time, Susan started speaking again and got busier and busier. She was traveling a lot for her speaking engagements. So she had to leave the practice to an employee to manage it while she was away. The mistake she made was to advocate and dump all the work she didn’t want to do on the employee instead of delegating strategically. She also didn’t have the proper supervision in place. This employee was allowed to get Susan’s mail, use her credit card, and access her bank accounts and other accounts.One Saturday, Susan got a knock on her door, and it was the postman with a letter saying that she owed the IRS $498,000 in taxes and fees. She also had a $209,000 fine for not supervising her employee.Susan had put her employee on a Pay Plan, which she thought was genius at the time. The employee would get a bonus every month if she stayed on budget. Her way of staying on budget was to short the bills. So if, for instance, the practice owed the IRS $5,000, she’d pay $4,000. What she didn’t realize was that the IRS would eventually match up the W2s with all the 941 deposits and signature sheets Susan would submit.Peeling back the onion even further, Susan found out that the employee had used her tire account to buy tires for the cars of everyone in her family. She’d use one of Susan’s gas cards to fill her car. She even bought tools at the local parts store on Susan’s account. On adding up all these purchases, Susan was a million dollars in debt.Lessons learnedTrust but verify every single employee and put in place metrics of accountability.Don’t dump your work on someone else; instead, delegate strategically.Don’t take yourself too seriously.Have an outside bookkeeper who has no emotional attachment to your office manager and is a very strong taskmaster.Exit before it tanks.Andrew’s takeawaysGet on-time and accurate monthly financial statements.When you make a mistake, be vulnerable with a small group of people you trust and then move on.Ultimately, profit solves so many problems. So focus on building profit for your business.Actionable adviceHave a proper understanding of your financials and watch that money.Susan’s recommendationsIf you’re running a company, Susan recommends making time for self-care to stay in good shape. Self-care will make you focus better, make you stronger, and give you a better opportunity to make better decisions.No.1 goal for the next 12 monthsSusan has a five-year plan, starting next year, to look for an exit for the company. She’s working on building a healthy EBITDA number while still serving her clients exceptionally.Parting words “Surround yourself with loving, supportive people that you can trust because you need them.”Susan Frew [spp-transcript] Connect with Susan FrewLinkedInPersonal websiteWebsiteAndrew’s booksHow to Start Building Your Wealth Investing in the Stock MarketMy Worst Investment Ever9 Valuation Mistakes and How to Avoid ThemTransform Your Business with Dr.Deming’s 14 PointsAndrew’s online programsValuation Master ClassThe Become a Better Investor CommunityHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleFVMR Investing: Quantamental Investing Across the WorldBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsAchieve Your GoalsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramTwitterYouTubeMy Worst Investment Ever Podcast

BIO: Ridhi Bahl is a leading Astrologer in India with a Ph.D. in Astrology and Vastu.STORY: It wasn’t until Ridhi was found to have an ovarian tumor that she started taking her health seriously.LEARNING: Health is your biggest and best investment. If one door closes, another opens. Don’t let self-pity get out of hand. “Man is a master of his own destiny. We have the power to change our own destiny.”Ridhi Bahl Guest profileRidhi Bahl is considered one of the top-notch Astrologers in India. She has done her Ph.D. in Astrology and Vastu. Her numerous years of experience and research in various branches of Astrology have given her a professional edge in Predictive Astrology, Mundane Astrology, and Medical Astrology. With intensive research in Vastu for over two decades, Ridhi has to her credit more than 5,000 case studies of successful Vastu amendments, including commercial, industrial, and residential projects. To add to her skills, she provides Vastu solutions without making structural changes.Worst investment everWhen Ridhi was young, she suffered from certain health conditions, leading to regular tests, medical checkups, and doctor visits. At times, day-to-day activities would be a challenge to her. Her health issues continued even after she graduated, did her masters in management, and started working a corporate job. Like any other young person in their 20s, Ridhi was full of dreams and aspirations despite having health issues.All along, astrology was always at the back of Ridhi’s mind, but it was just a fascination to know the future. As all these things were simultaneously going on, Ridhi was under the impression that she’d made the right decisions for herself by doing an MBA and getting the right job. But there was some disconnect somewhere happening. Even though she was paid very well, was working for an excellent organization, and everything was picture perfect from the outside, from within, it was not. Ridhi felt unhappy. Something just wasn’t feeling right. But she continued with life because everybody else around her thought her life was perfect.When Ridhi was 28 years, she gave birth to a son. This was when she was found to have an ovarian tumor. Even though the tumor was benign, the whole experience was life-changing. It took a nasty toll on her health to the point where she couldn’t get out of bed. Ridhi had to quit her job. She felt like her life had come to a standstill, and nothing was going to move.Ridhi had a lot of why’s, and nobody was able to give her answers to those y’s. This was when she decided to get into astrology. Ridhi studied astrology and got the answers she was looking for.Lessons learnedHealth is your biggest and best investment. It’s more important than wealth.If one door closes, another opens. So keep going even if certain things are not working as you want them to.When you put your mind to something, you can really do it.Andrew’s takeawaysIf you’re pushing yourself to a point where you’re physically hurting yourself, you’ve got to stop. Life is not about that.Sometimes life is as simple as just being grateful for what you have.Don’t let self-pity get out of hand because it can lead to psychosomatic problems.Actionable adviceHave faith in yourself. We, humans, have the immense capacity and capabilities to bring about a lot of changes. You have the power to change your destiny.No.1 goal for the next 12 monthsRidhi’s number one goal for the next 12 months is to continue guiding people the right way so they can follow the right path.Parting words “Have faith and trust in yourself; you can move mountains.”Ridhi Bahl [spp-transcript] Connect with Ridhi BahlLinkedInTwitterFacebookInstagramPinterestYouTubeWebsiteAndrew’s booksHow to Start Building Your Wealth Investing in the Stock MarketMy Worst Investment Ever9 Valuation Mistakes and How to Avoid ThemTransform Your Business with Dr.Deming’s 14 PointsAndrew’s online programsValuation Master ClassThe Become a Better Investor CommunityHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleFVMR Investing: Quantamental Investing Across the WorldBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsAchieve Your GoalsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramTwitterYouTubeMy Worst Investment Ever Podcast

BIO: Will Basta is the co-founder of ACV - Accelerated eCom Ventures, an e-commerce automation agency and investment management company, the only company in the industry capable of combining logistics, wholesale distribution, and e-commerce growth all into one.STORY: Will felt obliged to follow his family’s steps and went to university as a pre-med student. This left him with over $100,000 in student loans, yet he feels he’d have pursued other interests.LEARNING: Take your time before rushing to the next phase in life. There are many options for acquiring knowledge; don’t limit yourself to university. “Things change all the time. So step outside the rate race box laid out in society.”Will Basta Guest profileWill Basta is the co-founder of Ascend Ecom, an e-commerce automation agency and investment management company, the only company in the industry capable of combining logistics, wholesale distribution, and e-commerce growth all into one.With two years in the business, he’s made Ascend Ecom a company comprised of 500+ clients, two warehouses in Dallas, 100’s of employees, and millions of monthly revenues.Worst investment everWill comes from a family of well-educated high fliers. His elder sisters went to Ivy League universities and are successful professionals. When he finished high school, Will felt obliged to go to the university and take the pre-med direction.One of Will’s sisters took a $20,000 loan for him, but he had to pay the rest of the college fees. This saw him spend well over $100,000 in student loans and graduate with a general degree.Will regrets rushing into university and putting himself in serious debt, yet he doesn’t see the value of that university experience. He wishes he had taken a full year after graduating high school and thought things through before joining the university.Lessons learnedThere’s a lot of time, so you can take your time before deciding what’s next.University isn’t 100% necessary.Andrew’s takeawaysThere are many options for acquiring knowledge; don’t limit yourself to university.Actionable adviceTake your time because life goes by fast. Be aware of life’s rollercoaster and take a step back at every benchmark and chapter in your life.Will’s recommended resourceWill recommends reading the book Own the Day, Own Your Life: Optimized Practices for Waking, Working, Learning, Eating, Training, Playing, Sleeping, and Sex. It touches on pretty much everything from waking up in the morning, what you eat, professional life, sex, partnerships, etc.No.1 goal for the next 12 monthsWill’s number one goal for the next 12 months is to keep bringing value to his clients and to take his company global. He wants to get into the Canadian and UK markets.Parting words “Stay positive, stay on the path and remember that being present is extremely important.”Will Basta [spp-transcript] Connect with Will BastaLinkedInTwitterFacebookInstagramWebsiteAndrew’s booksHow to Start Building Your Wealth Investing in the Stock MarketMy Worst Investment Ever9 Valuation Mistakes and How to Avoid ThemTransform Your Business with Dr.Deming’s 14 PointsAndrew’s online programsValuation Master ClassThe Become a Better Investor CommunityHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleFVMR Investing: Quantamental Investing Across the WorldBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsAchieve Your GoalsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramTwitterYouTubeMy Worst Investment Ever Podcast

BIO: Shaye Heffernan has a Ph.D. in Economics and has done several IPOs that have surpassed a market cap of a billion dollars.STORY: Shayne lent his friend of 20 years $6 million in the agreement that he’d get a stake in his friend’s business. That business failed, so Shayne never got his money back nor made anything from the friend’s company.LEARNING: Lending money to friends is a terrible idea. Have very clear agreements when lending money. “Keep your friends as friends and your business as a business. Don’t try to mix those up.”Shayne Heffernan Guest profileShaye Heffernan has a Ph.D. in Economics and has done several IPOs that have surpassed a market cap of a billion dollars.Worst investment everShayne’s friend of 20 years came to him in Hong Kong in tears wanting $6 million to save his business. The friend was also being thrown out of his house within the next 48 hours. Shayne felt sorry for his friend, so he lent him $6 million. The agreement was that he’d get his money back and some returns once the friend rebuilt his business.Shayne didn’t do any due diligence, and the agreement was written quickly without thought. He just transferred the money to his friend immediately.Shayne’s friend built his next venture, which got listed and went through the roof. Shayne was celebrating as the company had a valuation of about $10 billion. So his friend’s stake was worth about $6 billion. Shayne thought he would be rich! He called his friend to follow up on the agreement. His friend said that this was a second venture, the first one (which he insisted was the one they agreed on) had failed. So Shayne didn’t get his $6 million back or make any money from his friend’s business, which he saved.Lessons learnedUrgent deadlines are an enormous red flag.Lending money to friends is a terrible idea.Have very clear agreements when lending money.Take your time before coming to someone’s financial rescue and see what happens.Keep your friends as friends and your business as a business. Don’t mix the two.Everyone you owe money to is your problem.Andrew’s takeawaysDon’t be a hero. You can’t save the world.Your obligation is only to your family and your business partners and to protect your wealth for yourself.Actionable adviceLearn to be patient and get over yourself in terms of your ego.Shayne’s recommended resourcesShayne recommends reading I Am Right, You Are Wrong. The book will help you learn how to look beyond the argument, and the powerful emotional rhetoric, get to the facts, and see what’s right and wrong.No.1 goal for the next 12 monthsShayne’s goal for the next 12 months is to teach his sons how to run a trading desk.Parting words“Just be careful.”Shayne Heffernan [spp-transcript] Connect with Shayne HeffernanLinkedIn WebsiteAndrew’s booksHow to Start Building Your Wealth Investing in the Stock MarketMy Worst Investment Ever9 Valuation Mistakes and How to Avoid ThemTransform Your Business with Dr.Deming’s 14 PointsAndrew’s online programsValuation Master ClassThe Become a Better Investor CommunityHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleFVMR Investing: Quantamental Investing Across the WorldBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsAchieve Your GoalsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramTwitterYouTubeMy Worst Investment Ever Podcast

BIO: Brian Portnoy is the founder of Shaping Wealth, a learning technology platform transforming the human experience of money.STORY: Brian joins us again on the podcast. This time he talks about his endeavors in behavioral finance and how he’s helping financial advisors improve their emotional competencies to achieve financial well-being more effectively.LEARNING: Put thought into your financial well-being. “The driving assumption of most economics is that more is better. We know that that’s not true.”Brian Portnoy Guest profileBrian Portnoy is the founder of Shaping Wealth, a learning technology platform transforming the human experience of money.He is one of the world’s leading experts on the psychology of money.He has written multiple bestselling books, including The Geometry of Wealth, and has 20+ years of experience as an investor and educator in the hedge fund and mutual fund industries.He is a CFA Charterholder and earned a Ph.D. at the University of Chicago.Brian Portnoy was one of our first guests on the My Worst Investment Ever podcast. He shared his experience with us in episode 17. Four years later, he joins us again, and in today’s episode, we catch up on what he’s been up to.Getting into the world of social psychology, neuroscience and behavioral financeBrian got into social psychology, positive psychology, and neuroscience. he wanted to understand how we tick as human beings, what makes us have shared qualities and experiences, and what makes us unique. He enjoyed that endeavor of learning so much that he wrote a few books in the field. One’s called The Investor’s Paradox: The Power of Simplicity in a World of Overwhelming Choice.A few years later, Brian published a different book called The Geometry of Wealth: How to shape a life of money and meaning. The book is about behavioral finance and targets professionals in the wealth management industry. The book seeks to address three issues these professionals face:Am I going to be okay?How much is enough?Does money buy happiness?The uniting theme of these three issues is the term funded contentment. This is the ability to underwrite a life well lived, a life that is meaningful to you—however you choose to define it. There’s this assumption of most economics that more is better. According to Brian, this is not valid. Instead, he believes it should be about finding calibration and balance in equilibrium more than maximizing things, especially the size of our bank accounts or balance sheets.As brian dug deeper into behavioral finance, he felt the urge to get into coaching. So he started a coaching and content platform called Shaping Wealth. He took some of the key ideas from The Geometry of Wealth and used them in his coaching business to help people make better decisions, form better habits, and achieve a more meaningful life with a specific emphasis on financial well-being.Dealing with overwhelming dimensions of our money lifeBrian notes that there are many dimensions to our money life, and we’re often overwhelmed by them. We live in a global financial supermarket—an always-on, 24/7 world. His book and coaching business help people learn how to form good habits and ultimately achieve the well-being they want— even when so many things are stacked against them.Coaching the coaches to keep up with a changing wealth management industryBrian’s business works with the wealth management industry. It’s a B2B platform that works with financial advisors. As the financial advice industry moves from transactional to more relational, advisors become not just planners but also coaches and guides for people. So Brian has stepped into coach the coaches.Globally, companies are investing in their people in ways that they haven’t in the past. Physical, emotional, and financial wellness has become a priority for many companies. With this in mind, Brian is helping companies be more thoughtful about what they share with their employees. This is in terms of assisting them in making better decisions, forming better habits, and, more broadly, helping money fit into a meaningful life.So much of what Brian is doing at Shaping wealth is helping financial advisors and, in turn, their clients improve their emotional competencies to achieve financial well-being more effectively.No.1 goal for the next 12 monthsBrian’s goal for the next 12 months is to ensure that an increasing percentage of the global wealth management community understands the positive impact a chief behavioral officer can have on their firm, team, and clients.Parting words “I just want to leave with an expression of thanks and gratitude, you’re a good guy, and I appreciate it.”Brian Portnoy [spp-transcript] Connect with Brian PortnoyLinkedInTwitterWebsiteAndrew’s booksHow to Start Building Your Wealth Investing in the Stock MarketMy Worst Investment Ever9 Valuation Mistakes and How to Avoid ThemTransform Your Business with Dr.Deming’s 14 PointsAndrew’s online programsValuation Master ClassThe Become a Better Investor CommunityHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleFVMR Investing: Quantamental Investing Across the WorldBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsAchieve Your GoalsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramTwitterYouTubeMy Worst Investment Ever Podcast

BIO: Tara LaFon Gooch is a 2X business founder and entrepreneur. Before entrepreneurship, she was a corporate sales director who got burnt out on corporate life and wanted to explore more possibilities.STORY: Tara started a business with a partner who didn’t align well with its goals. This saw her do all the work, and she had to quit after realizing this wasn’t a partnership anymore.LEARNING: Vet your partners well before getting into a partnership with them. Listen to your gut. “Your business partner can dictate the progression, the strategy, the flow, and ultimately the success of anything you do.”Tara LaFon Gooch Guest profileTara LaFon Gooch is a 2X business founder and entrepreneur. Prior to entrepreneurship, she was a corporate sales director who got burnt out on corporate life and wanted to explore more possibilities.Her background afforded her the ability to view problems from more than one angle, to be creative, and to apply out-of-the-box thinking.Through her business, Best Branding Solutions, she helps executives and businesses improve their personal brand. Their improved digital footprint helps them be seen as visionaries in their field.Tara offers 60-minute 1:1 business consulting or LinkedIn strategy calls.Worst investment everEarlier this year, Tara had a business partner with this fantastic business idea. The customer base was there. Tara was excited to get started and had lots of energy. This was a new industry that she’d never been in, but she was not intimidated.The two formed a 50/50 partnership. Tara’s title was Executive Vice President. The two took it from an idea to a national-level business in just seven months. The company was in home advertising, and they had a truck fleet that went nationally and was absorbed into every state in the United States within seven months.Though the business was growing, Tara realized she was doing all the work. Her business partner was hardly involved and didn’t seem to align with the business’s goals. Eventually, Tara was tired of doing everything, so she quit the partnership.Lessons learnedIn a partnership, both partners must be aligned with the business’s goal; otherwise, it will fail.Vet your partners and do thorough research before you make an investment.Listen to what your gut is saying instead of what other people say.There’s no secret sauce to success. Success comes from where you put your energy.Andrew’s takeawaysMove beyond the excitement of a new opportunity and do your due diligence.Pay attention to your intuition to avoid making big mistakes.Actionable adviceDon’t rely on somebody else to give you success. Success comes from within. Take action steps every single day, and you’ll succeed.Tara’s recommended resourcesIf you think success and wealth are not for you, Tara recommends reading The Science of Getting Rich to learn how to have the success and wealth you deserve.No.1 goal for the next 12 monthsTara’s goal for the next 12 months is to achieve 100% financial freedom and independence.Parting words “Follow your gut and know that you have the power within you already. But take action and take it today. Tomorrow is not promised to anyone.”Tara LaFon Gooch [spp-transcript] Connect with Tara LaFon GoochLinkedIn FacebookWebsiteAndrew’s booksHow to Start Building Your Wealth Investing in the Stock MarketMy Worst Investment Ever9 Valuation Mistakes and How to Avoid ThemTransform Your Business with Dr.Deming’s 14 PointsAndrew’s online programsValuation Master ClassThe Become a Better Investor CommunityHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleFVMR Investing: Quantamental Investing Across the WorldBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsAchieve Your GoalsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramTwitterYouTubeMy Worst Investment Ever Podcast