My Worst Investment Ever Podcast

BIO: Sean Harper is the co-founder and CEO of Kin, an insurance company built from scratch on modern tech to make it easier and more affordable to insure a home.STORY: When Sean started his first business, things got so hard that when a company offered to buy it, he sold it without a second thought. Ten years later, he still regrets this decision.LEARNING: Believe in yourself. Be systematic when setting up your business. Iterate until you come up with something that the market appreciates. “You make things happen by convincing people of your vision, and that’s what selling is.”Sean Harper Guest profileSean Harper is the co-founder and CEO of Kin, an insurance company built from scratch on modern tech to make it easier and more affordable to insure a home.A self-proclaimed tech geek, Sean has spent his career developing apps to revolutionize antiquated industries. When he realized that the homeowners insurance industry was still being managed unlike any other consumer financial products today (relying on paperwork, legacy IT systems, and distribution through local brokers), he saw an opportunity.Sean co-founded Kin as a tech-based insurance agency in 2016 and has grown it to a fully-licensed home insurance carrier supported by a team of over 400 employees. With a focus on ease, affordability, and exceptional service, Sean and his team are changing the way insurance is done.Worst investment everSean started his previous company, a payment processing business, in 2009. It was tough for Sean to start this company. He raised a bit of angel money and tried one version of the product, but it didn’t sell well, so he pivoted and rebuilt the product from scratch.Growing the business was getting harder by the day, and Sean’s investors were losing patience. A prominent public company came along and wanted to buy Sean’s company for its technology. Sean sold the company.Three years later, companies in the same industry, like Stripe, were now big multibillion-dollar businesses dominating the industry. These companies wiped out Sean’s business. Just three years after selling the business, there was no trace of it. This was a very disappointing outcome, and it made Sean regret selling the business. He should have stuck with it, even though it was hard. Ten years later, he still regrets that decision.Lessons learnedBelieve in yourself.Be systematic when setting up your business.Have the right investors, supporters, and mentors.Andrew’s takeawaysIf you’re struggling to raise capital, chances are you need a better market fit with your product.Iterate until you come up with something that the market appreciates.When you sell your business, don’t go work for the buyer.When you start a business, go as fast as possible to get between $3 million and $5 million in revenue.Actionable adviceSurround yourself with people who have conviction and who believe in your idea.Sean’s recommended resourcesAgainst the Gods: The Remarkable Story of Risk by Peter L. Bernstein. The book is about statistics, probability, and early capitalism before we even had an economy.No.1 goal for the next 12 monthsSean’s number one goal for the next 12 months is to get to profitability and not have to raise money every year from investors.Parting words “Thank you for having me. I appreciate it.”Sean Harper [spp-transcript] Connect with Sean HarperLinkedInInstagramTwitterFacebookYouTubeWebsiteAndrew’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 SimpleBest Business Book ClubBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramTwitterYouTubeMy Worst Investment Ever PodcastFurther reading mentionedGary Sutton (November 2001), The Six-Month Fix: Adventures in Rescuing Failing Companies.

BIO: Cam F Awesome is a multi-time National Champion Heavyweight Olympic boxer and former USA National Boxing Team Captain.STORY: Cam invested so much time and effort chasing his dream of going to the Olympics. An avalanche of events stole this dream from him, and now he doesn’t stand a chance of ever going to the Olympics.LEARNING: There are ups and downs in investing. Persevere and be willing to pivot. “Just because the goal looks a little different in reality doesn’t mean you should stop chasing it.”Cam F Awesome Guest profileCam F Awesome is a multi-time National Champion Heavyweight Olympic boxer and former Captain of the USA National Boxing Team. After retiring as the Winningest Boxer in US history, Cam hung up the gloves and picked up a microphone as a Motivational Speaker, Diversity Consultant, Event MC, and Standup Comic.Worst investment everCam’s goal had always been to go to the Olympics. Unfortunately, in 2016 he lost in the finals on a split decision and didn’t get to go to Rio for the Olympics.After that, Cam bought a van because he now had to build a career for himself. He started traveling around the country, speaking at schools, and training for the next Olympics. After he’d built a nice business for himself, the US Olympic Committee told him they wouldn’t allow him to box now that he had a speaking business. So he had to give up boxing or his speaking business.So Cam flew to Trinidad and Tobago (his dad’s home country), got dual citizenship, did one of their Olympic trials, and qualified. But he got suspended.Then in 2020, Cam again won the Olympic trials, and then COVID happened. Then April of this year, he woke up with a detached retina and was told he could never box again. And just like that, his dream of going to the Olympics was dimmed.Lessons learnedThere are ups and downs in investing. And if you can just, if you’re willing to ride out the down long enough, you can least come back up to at least break even.When life gives you lemons, make lemonade.Andrew’s takeawaysYou’ve got to persevere.Be willing to pivot.Set your dreams and your goals.Sometimes, what you set as your goal or dream is not what you’re going to get. But what you’re going to get along the way is really what life’s all about.Actionable adviceIf you have no dependents, take bigger risks. Put all those eggs in the basket. Even if the basket drops, the experience you’d learn will give you more success.Cam’s recommended resourcesCam recommends going to the public library for free access to thousands of books.No.1 goal for the next 12 monthsCam’s number one goal for the next 12 months is to make motivational humor a more well-known thing.Parting words “If you can fail without being discouraged, success is inevitable.”Cam F Awesome Connect with Cam F AwesomeLinkedInInstagramTwitterFacebookWebsiteAndrew’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 SimpleBest Business Book ClubBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramTwitterYouTubeMy Worst Investment Ever Podcast

BIO: Dudu Cearense is an ex-soccer player, financial adviser, and private banker.STORY: Dudu’s worst investment ever was not learning about managing his money when he was a successful soccer player.LEARNING: Invest in learning about money management. “Learn how to take care of your money.”Dudu Cearense Guest profileDudu Cearense is an ex-soccer player, financial adviser, and private banker.Worst investment everDudu was a young athlete making good money, just like many professional athletes, but he didn’t know anything about managing this money. He didn’t know about saving on taxes, he didn’t clearly understand the terms of his contract, and most importantly, he didn’t know how to invest his money.Therefore, Dudu relied on other people for investment advice. A friend came along and told him that real estate was the best way to invest his money. Since he didn’t know much about investing, Dudu believed his friend, so he only built a real estate portfolio.Lessons learnedYou need to know everything about your investments before you invest.Read and understand contracts before you sign them.Invest in learning about money management.Andrew’s takeawaysYou cannot expect other people to take care of your finances. You’ve got to learn how to do it yourself.Be responsible for your financial life.Only go into investing if you know what you’re doing.Actionable adviceYou need to know what to do with your money from the moment you start making it.No.1 goal for the next 12 monthsDudu’s number one goal for the next 12 months is to start a podcast and get to 1,000 clients.Parting words “Have an attitude of gratitude. I wish every listener success.”Dudu Cearense Connect with Dudu CearenseLinkedInInstagramTwitterFacebookWebsiteAndrew’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 SimpleBest Business Book ClubBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramTwitterYouTubeMy Worst Investment Ever Podcast

BIO: Kim Barrett is a world-renowned million-dollar marketing strategist with a focus on Facebook. Kim is an international speaker and trainer, having taught marketing worldwide and helping businesses grow to six, seven, and even eight figures.STORY: Kim had a successful start to his business. He was bringing in lots of sales, and he felt he needed more staff to handle these sales. The problem was that he spent too much on those people without looking at their achievements and his team’s capacity limits.LEARNING: Have a clear understanding of your business numbers. Dive deep into the capacity that you have before hiring. Avoid a business model that makes it easy to grow costs and hard to increase revenues. “My worst investment was in human capital people. Not because they were bad people, but because I didn’t need it.”Kim Barrett Guest profileKim Barrett is a world-renowned million-dollar marketing strategist with a focus on Facebook.Kim is an international speaker and trainer, having taught marketing around the world and helping businesses grow to 6, 7, and even 8 figures.Kim is the Founder and CEO of Your Social Voice, an Australian-based Digital Marketing Agency established in 2015. YSV helps businesses get heard on Social Media and, most importantly, build engagement and generate more leads and more sales.Worst investment everKim started his business when he was 25 years old and had a good start. In the beginning, Kim was good at marketing, and then he got very good at sales. He made many sales, and his team would deliver on his sales.As he continued bringing in more sales, he felt he needed to hire more staff to handle all the sales. Being young, inexperienced, and running a successful business, Kim brought on people without paying attention to capacity or doing any quality assurance. At one point, he had many different people and had to expand and get a new office.As Kim continued to hire more people, one of his first-ever marketing mentors sat him down and asked him if he was looking at his team’s capacity. He made him think about the price he was charging, his wage bill, and the profit margin left at the end of the day.From this talk, Kim realized that he was paying so many people who, while at first useful, many of them weren’t doing much once the quiet months hit and there wasn’t a high volume of work. He realized he had to let go of a couple of people immediately.Lessons learnedHave a clear understanding of your business numbers.Dive deep into the capacity that you have before hiring.Be careful about the average employee. They can drain your business slowly.Andrew’s takeawaysAvoid a business model that makes it easy to grow costs and hard to increase revenues.Be careful when hiring people because some may not add value to your business, yet they’re generating costs that need to be covered by your revenue.Actionable adviceGo to the people who have done what you want to do, ask them for advice, and listen to them.Kim’s recommended resourcesIf you’re new to the world of marketing and advertising and you do want to grow, Kim recommends reading Breakthrough Advertising. In the book, Eugene Schwartz shares excellent principles.Join Kim’s Facebook Group to hear more about Kim’s approach and get free resources, training, and education.Parting words “Stay safe out there. Learn a lot and avoid mistakes.”Kim Barrett [spp-transcript] Connect with Kim BarrettLinkedInInstagramWebsiteAndrew’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 SimpleBest Business Book ClubBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramTwitterYouTubeMy Worst Investment Ever Podcast

BIO: Rick is the Founder & CEO of ReachOut Technology, which just had its initial public offering. He appears on global media and speaks on stages across the United States as an inspirational speaker, cybersecurity expert, and mindset motivator.STORY: Rick wanted to bail out a struggling friend, so he offered to buy his business. Unfortunately, he didn’t have a legal structure during the acquisition to include a non-compete clause. Six months later, his friend started another company and took back the clients Rick had acquired from the sale.LEARNING: Get the proper legal structure when buying a business. Refrain from letting emotion drive your decisions when investing. There’s no such thing as a bad asset, just a bad price. “I think business partners can become friends, but I don’t think friends can become business partners.”Rick Jordan Guest profileRick Jordan is a magnetic personality who constantly appears on global media and speaks on stages across the United States as an inspirational speaker, cybersecurity expert, and mindset motivator.Rick is the Founder & CEO of ReachOut Technology, which just had its initial public offering.In his free time, Rick is the host of the popular podcast ALL IN with Rick Jordan.Worst investment everRick’s longtime friend struggled in business, making about $150,000 in revenue annually before expenses. He requested Rick to take out a loan for him, but Rick felt this wasn’t the best way to approach the problem because his friend wasn’t in a position to afford to pay the loan. Instead, he advised him to sell his business and get into employment. Rick even offered to buy the company. His friend agreed to the proposal.Rick’s first mistake when getting into this deal was overvaluing his friend’s business. The second mistake was letting emotions drive his decision when he valued the company. Being his friend, there was an emotional attachment to Rick’s decision.Rick believed he would take on his friend’s client base and triple the revenue in no time. The excitement to get the ball rolling saw Rick make his third mistake. Rick didn’t get solid business acquisition documentation in place. He just had a very simple contract to purchase the business assets. No absolute non-compete clause was listed within this document. As a result, six months later, his friend returned to business under a different name and took back all the customers Rick had acquired during the purchase.Lessons learnedBe careful when valuing a business.Get the proper legal structure when buying a business.Refrain from letting emotion drive your decisions when investing.Friends typically don’t make good business partners or business associates.Andrew’s takeawaysTo produce tangible evidence that you have a sustainable business, you need to get between $3 to $5 million in revenue.You need consistent growth in profits.To be successful in business, your number one goal should be to pay a dividend.There’s no such thing as a bad asset, just a bad price.If you’re a business manager, and you have an opportunity to help a friend, stop. Your obligation is to help your customers, employees, and shareholders.Actionable adviceRead The Wisdom of Walt: Leadership Lessons from the Happiest Place on Earth. The wisdom in this book will get you through many things.No.1 goal for the next 12 monthsRick’s number one goal for the next 12 months is to get to $50 million in revenue. He also wants to continue pushing up as many acquisitions as possible to build value for his shareholders.Parting words “Just go all in. Anything that you decide to do, don’t half-ass it. Go all in.”Rick Jordan [spp-transcript] Connect with Rick JordanLinkedInInstagramWebsitePodcastAndrew’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 SimpleBest Business Book ClubBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramTwitterYouTubeMy Worst Investment Ever Podcast

BIO: Conor Riley is a global executive who has worked in investment banking, private equity, and consumer products.STORY: Conor heard about the Washington Mutual stock from his workout buddy. He invested without doing any research. The stock price dropped significantly when the global financial crisis hit in 2008. Conor thought it was best to buy more. The price never went up. The company finally went under. Conor lost 70% of his net worth.LEARNING: Don’t have more than 8% of your portfolio in a single thing. Do your own research. If an investment is going wrong, get out as quickly as you can. “My rule of thumb right now is don’t have more than 8% of your portfolio in any one thing.”Conor Riley Guest profileConor Riley is a global executive who has worked in investment banking, private equity, and consumer products.He served as CEO, Principal, and other key roles while leading Global Capital Markets and Luxie, Inc, and funds over a 20-year career.Worst investment everConor would spend a lot of time at the gym working out. One of his gym buddies started talking about some good stocks paying good dividends and how one could maximize their income risk-aversely. Conor was listening to this talk between reps thinking this was great.He did zero research beyond what the gym guy told him. He’d never invested in the stock market, so he didn’t know anything.Conor went ahead and invested in the Washington Mutual stock in 2007. This was the only stock he wanted in his portfolio, so he bought many stocks. The stock earned him good dividends.In 2008, the global financial crisis hit, and now the markets were buckling. During this time, all the financial institutions were under the gun, and no government was looking at them. The big institutions were waiting in line to get bailed out. The stock for Washington Mutual started going down. Conor thought this was an excellent opportunity to buy more shares now that it was half what he’d bought it for. He believed that the government would bail out the company just like they did some of the other institutions.The stock continued to drop, and Conor continued buying it. Finally, he got word that Washington Mutual was shutting down. Everything awful that Conor thought could never happen was now happening. His entire investment was now worth nothing. The stocks were 70% of his net worth, and now they were worth nothing.Lessons learnedDon’t characterize a plan by the character of the person that’s sharing it. You have to look deep at what is going on.Do your research and be honest with yourself and with your reliability.Don’t have more than 8% of your portfolio in a single thing.When things start moving in the wrong direction, get out as quickly as possible. There’s no benefit in holding on.Talk to people that have benefited from liquidity events, and ask them how they manage their money.Andrew’s takeawaysNever buy something that someone recommended. Do your own research.If you’re a new investor, put a stop loss on your stocks when you buy them until you become a more educated or experienced investor.Diversify your portfolio.If you’ve had a recent liquidity event, go slow when getting into an investment.Actionable adviceIf the investment is not going well, immediately leave that position and stop.Conor’s recommended resourcesRead Running Money: Hedge Fund Honchos, Monster Markets, and My Hunt for the Big Score to learn about managing money.No.1 goal for the next 12 monthsConor’s number one goal for the next 12 months is to complete aggregating four different companies in the beauty space.Parting words “Thank you so much. This was so much fun.”Conor Riley [spp-transcript] Connect with Dave ClareLinkedInInstagramWebsiteAndrew’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 SimpleBest Business Book ClubBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramTwitterYouTubeMy Worst Investment Ever Podcast

BIO: For over two decades, Dave Clare has been a practitioner who has led multiple businesses in and through commercially and organizationally challenging times.STORY: Dave was trying to fill up his unhappy life and thought investing in a community leadership center was the answer. The center only hemorrhaged money and never brought in any revenue.LEARNING: Don’t buy stuff just because you’re trying to make yourself feel happy. Keep the absolute minimum on costs, and drive revenue. Never compare your insides to other people’s outsides. “If I’m happy on the inside, I don’t have to try and force happiness on the outside. And I don’t have to make poor decisions on the outside.”Dave Clare Guest profilePurpose, Leadership, and Simplicity are the keys to success in shaping your business evolution.For over two decades, Dave Clare has been a practitioner who has led multiple businesses in and through commercially and organizationally challenging times.Bringing care, compassion, and urgency to his process, Dave’s legacy in the making is one of achievement, fulfillment, and joy in the workspace. Dave’s process works because they matter to everyone - clients, teams, leaders, everybody!Worst investment everIn 2000, Dave was living in Canada and was a licensee of the world’s largest personal and organizational development company. He had just come off a very successful year and thought it would be great to embed himself in the community.Dave decided to leverage the equity in his house and buy a building where he’d set up a Center for Leadership Excellence in the community. He’d worked really hard to position himself in the business community. He found this ancient building, bought it, and renovated it. The house was over 150 years old then. Dave bought new furniture, hired staff, and started the center.Dave just kept spending more money in a business that, at the time, really wasn’t making money. The company didn’t have a recurring revenue model and wasn’t building equity.Then the global financial crisis hit, and Dave’s staff started disappearing one by one. At this point, he was upside down on the house and the business and lost 70% of his client base. Dave had heavily invested in tier-one automotive clients. When the global financial crisis started, Obama pulled many automotive plants from southern Ontario and put them back into America. When this happened, many of Dave’s clients’ businesses were decimated. Therefore his business was destroyed too.Lessons learnedDon’t buy stuff just because you’re trying to make yourself feel happy instead of buying something because you need it.Having a robust support network is critical.Take responsibility for your poor decisions.Only invest in stuff that adds value to your clients.Andrew’s takeawaysNo matter how far down you go, you can turn things around.Keep the absolute minimum on costs, and drive revenue.Never compare your insides to other people’s outsides.Actionable adviceInvest in yourself and find inner happiness because if you’re happy on the inside, you don’t have to try and force happiness on the outside or make poor decisions to mask your unhappiness.Dave’s recommended resourcesHave a 30-minute free online whiteboard session with Dave about yourself and your leadership. Dave will help you look at any of the four critical frameworks of culture, strategy, tactics, and performance for your success. Mention that you’re a My Worst Investment Ever podcast listener, and he’ll slot you in one of the four weekly sessions.No.1 goal for the next 12 monthsDave’s number one goal for the next 12 months is to free himself up from his responsibilities in his business so he can focus more outside of it.Parting words “Don’t be afraid to fail.”Dave Clare [spp-transcript] Connect with Dave ClareLinkedInInstagramFacebookTwitterYouTubeAndrew’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 SimpleBest Business Book ClubBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramTwitterYouTubeMy Worst Investment Ever Podcast

BIO: Craig Handley is an author of a best-selling book: Hired to Quit, Inspired to Stay: How Focusing on Employee Dreams Built an Exceptional Culture and an Unbreakable Company. He is a musician writing music for artists all over the world.STORY: Craig’s company invested over a million dollars in software that was never used.LEARNING: Find a niche and concentrate on that. Review your financial statements monthly. “If you’re a company doing X, don’t try to be a company doing everything else.”Craig Handley Guest profileCraig Handley is an author of a best-selling book: Hired to Quit, Inspired to Stay: How Focusing on Employee Dreams Built an Exceptional Culture and an Unbreakable Company.He is a musician writing music for artists all over the world.He is a bit of a comedian who has done Stand Up on Broadway in New York City.Craig also moonlights as CEO of his company ListenTrust, named #1 in Business Products and Service on Inc. Magazine’s 500 and 5,000 lists.That company does about $150m in sales for their clients and answer 100’s of thousands of C.S. lead generation calls.ListenTrust employs close to 1,000 awesome people, and Craig now runs a social media company called SocialClose that’s gone from 0 to $600,000 in revenue in the past 60 days.Craig has cage-dived with great white sharks and rappelled down Table Mountain in South Africa, driven the Baja 500 trail in Mexico, and hiked through the jungles of Malaysia.In Iceland, he snowmobiled across a live volcano, swam in the Blue Lagoon, and dove in the famed Silfra Fissure, the only dive site in the world where your dive is in the crack between two continental plates.He is also the 85th civilian in the world ever to jump out of a plane from over 32,000 feet (HALO Dive)... out of respect; mosquitoes don’t bite him.Craig hung out on Necker Island with Richard Branson, met Ringo Starr, and bumped into Paul McCartney (before security escorted him back to his table while trying to get a selfie.)And in Calgary, he had a scarf blessed while meeting the Dalai Lama (which he has since misplaced).He has partied with Akon, Snoop Dogg, and many other celebrities who asked him for his autograph (because they thought he starred in Vikings or Game Of Thrones, and he did not correct their thinking).He served five years in the U.S. Army infantry during the first Iraqi war, leaving with an honorable discharge.Handley studied voice and piano in college. He has written and produced hundreds of songs, from rap to pop to ballads to humorous parodies, and even opened for Coolio and hosted the Adult Entertainment Awards.He once turned down a record deal because it would have been “a pay cut” from his profitable businesses - and the required tour schedule didn’t leave him enough time for his business or family.Worst investment everCraig owned a call center and was paying a lot for software licensing. He figured he could save money by building the company’s own order entry platform. The company hired a team of five people to make this software. Each of them was getting paid around $70,000 a year.The programmers told Graig that the company needed to have a specific piece of software to integrate with the platform they were building. The software was at a discounted rate of $330,000 a year. This would save the company a million dollars yearly by not having to pay for a third-party platform. So Craig bit the bullet and paid the $330,000. That was about 14 years ago. To this day, nobody has ever logged in to that platform. Nobody integrated it. Nobody did anything with that software. So the company not only invested $330,000 in that product but also invested in five salaries that produced nothing. The company basically put almost a million dollars into building its own software that was never used.Lessons learnedLearn what business you’re into and think it through. If you’re a company doing X, don’t try to be a company doing everything else.Andrew’s takeawaysSoftware isn’t what it appears to be.Don’t develop software without reading The Lean Startup: How Today’s Entrepreneurs Use Continuous Innovation to Create Radically Successful BusinessesRevenue is your shield from your mistakes. It prevents your mistakes from destroying you.Get on-time and accurate financial statements from your accountants and review them monthly.Actionable adviceAsk for help when you’re not sure about a significant decision you need to make.Craig’s recommended resourcesCraig recommends his book Hired to Quit, Inspired to Stay: How Focusing on Employee Dreams Built an Exceptional Culture and an Unbreakable Company for anyone who wants to build a perfect culture within their organizationCraig also recommends Matthew Kelly’s book The Dream Manager: Achieve Results Beyond Your Dreams by Helping Your Employees Fulfill Theirs.No.1 goal for the next 12 monthsCraig’s number one goal for the next 12 months is to grow his marketing company to over two and a half million. Craig also hopes to win a Grammy next year.Parting words “Be unselfish and give before you take. Be a person of faith who believes that when you help others, the universe will come back around and help you.”Craig Handley [spp-transcript] Connect with Craig HandleyLinkedInInstagramFacebookTwitterYouTubeWebsiteBookAndrew’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 SimpleBest Business Book ClubBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramTwitterYouTubeMy Worst Investment Ever Podcast

BIO: Amit Kumar is a nuclear scientist turned serial entrepreneur who never thought of being an entrepreneur and now coaching and mentoring thousands of small business entrepreneurs through the MSMEx platform.STORY: Amit got so engrossed in his first entrepreneurial venture that he forgot about some investments he had made. When he remembered them, he learned that the companies he’d invested in had long been delisted.LEARNING: Define your long-term. Always track your investments. Take care of your own money. “While the principle of long-term investment is good, long term isn’t perpetuity; you have to define your long term.”Amit Kumar Guest profileAmit Kumar is a nuclear scientist turned serial entrepreneur who never thought of being an entrepreneur and now coaching and mentoring thousands of small business entrepreneurs through the MSMEx platform.Worst investment everAmit left the corporate world and started his first venture. Coming from a project management background, he took this venture as a project. For this reason, it did well, but he didn’t enjoy it.Amit put so much time into his entrepreneurship stint that he forgot about the investments he’d made after opening a Demat Account (an account to hold financial securities in a digital form and to trade shares in the share market in India). He had applied the principle of invest and forget.Amit now couldn’t find the investments in his portfolio. When he followed up, he learned the companies got delisted. The account manager claimed to have sent Amit some emails updating him on the status of his account, which he never noticed because he was busy building his business.Lessons learnedWhile the principle of long-term investment is good, long-term isn’t infinity. You have to define your long-term.Always track your assets, even if you invest long-term.If you don’t have time to keep track of your assets, delegate them to someone else.Andrew’s takeawaysTake care of your own money.Create, grow and protect your wealth.Always review your monthly financial statements and make sure they’re accurate.Actionable adviceWhen investing long-term, have a goal in mind and think about your exit strategy. Review your investments regularly.Amit’s recommended resourcesAmit recommends listening to the My Worst Investment Ever podcast and reading Andrew’s books to learn from other investors’ failures.No.1 goal for the next 12 monthsAmit’s number one goal for the next 12 months is to list 10 SMEs in the SME IPO platform, as this will create a good opportunity for these SMEs by opening a new asset class. [spp-transcript] Connect with Amit KumarLinkedInWebsiteAndrew’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 SimpleBest Business Book ClubBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramTwitterYouTubeMy Worst Investment Ever Podcast

BIO:  Mark Longo is the Founder & CEO of the Options Insider Media Group. A former Chicago Board Options Exchange (CBOE) member, Mark created the first options podcast over 15 years ago.STORY: Mark was working as an equity puts trader on the floor of the CBOE when, one day, every broker on the floor started calling out orders for puts. Mark, however, was hesitant to join in the funfair. This caused him a few dollars but saved him a lot more because the S&P futures started tumbling, traders lost millions of dollars, and many lost their jobs after that.LEARNING: Listen to your intuition. Don't be afraid to walk away from an option that looks too good to be true. There will always be other options to trade. “When a trade is just too perfect, don't be afraid to look that gift horse in the mouth."Mark Longo Guest profileMark Longo is the Founder & CEO of the Options Insider Media Group. A former member of the Chicago Board Options Exchange (CBOE), Mark created the first options podcast over 15 years ago. That single program has since grown into the Options Insider Radio Network - the world’s leading podcast network for options traders. Known as “the voice of options” for his pioneering work in digital media, Mark now hosts a variety of long-running programs, including Options Boot Camp, Volatility Views, and This Week in Futures Options, among others.Worst investment everMark was a new trader right out of college when he was recruited in Chicago, the Mecca, for trading options. Mark focused on the equity options. He got to break into the SPX pit, which was the biggest pit at the time. This was around 1999 when the Dotcom bubble was in full swing, and stocks only went up. This was when firms were recruiting massive D1 linemen to hold a physical presence on the trading floor. Physical presence was the thing. So Mark had to break into the back of this crowd of hundreds of men who did not want him there. Another firm wanted his spot, so they sent a former professional hockey goon to try to take that spot from him. And while all this was happening, Mark was trying to learn SPX.Mark was finally breaking into the new trade. One day in early 1999—a quiet day as it often was on the trading floor—Mark was sure it would be a dull day, so he was sitting at the back of his spot waiting for something to happen. Suddenly the phone rang on the far side of the pit. A broker picked up the call and talked to his customer, and he started calling out a market for some slightly out-of-the-money puts in the S&P. Another phone rang, and another broker talked to his customer; he started barking out an order for similar puts. This was kind of strange. Mark thought to himself that it was just customers looking for puts.Then more phones started ringing in the front of the pit, and those brokers picked up their phones, and they, too, talked to customers and started calling out orders for puts. Mark could see the ticker in the pit SPX wasn't moving, and the next thing every broker in the pit was lifting offers on these puts. Typically, a broker would get a call from a customer, and he'd call out a market, then it would be a bidding song and dance that takes forever because no one ever lifts your offer instantly. So the fact that not just one broker but all were doing it simultaneously was strange. Everyone was trampling each other to get the brokers to sell these puts.Mark, however, decided not to join the bandwagon. He just took a moment, stepped back, and pulled his hand down. And in just seconds, the S&P futures started tumbling. Many traders lost millions of dollars, and many more lost their jobs.Turns out, Robert Rubin had suddenly resigned. This was in the middle of the Dotcom bubble, and the Treasury Secretary was a big deal. His sudden resignation shocked the hell out of the markets.Lessons learnedWhen a trade is just too perfect, fits all your conditions, and seems like free money, take a step back because you could be missing something.It's okay to listen to your intuition when it's warning you something isn't right.Don't be afraid to walk away from an option that looks too good to be true. There's always a reason that it's priced at that level.Andrew's takeawaysPay attention to your intuition.Remember, a lot is always going on behind a trade, and if you feel nervous, maybe it's time to back off.Actionable adviceIt's okay not to make a trade. There will always be others. So instead of trading in microseconds, spend some time doing your due diligence.Mark's recommended resourcesGo to the Options Insider Media Group to access a dozen different shows with great content in the world of options.If you'd like exclusive content, try out the Options Insider Memberships to listen to podcasts live before they are available to stream on all major platforms and listen to Mark's company's exclusive podcasts.No.1 goal for the next 12 monthsMark's number one goal for the next 12 months is to help new traders find ways to migrate away from low-probability types of trades and get them to trade options that have a much higher probability and good longer-term style.Parting words “If you miss a trade, it's okay; there will be more great ones. Don't be afraid to look that gift horse in the mouth every once in a while.”Mark Longo [spp-transcript] Connect with Mark LongoLinkedInFacebookInstagramPodcastWebsiteAndrew’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 SimpleBest Business Book ClubBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramTwitterYouTubeMy Worst Investment Ever Podcast