My Worst Investment Ever Podcast

BIO: Johnny Widodo is CEO in an automotive startup space with over 16 years of experience across multiple industries and geographies.STORY: Johnny saw a colleague who was making crazy money trading stocks daily. Johnny decided to do what his colleague was doing and ended up losing about $30,000.LEARNING: Learn and do your research to understand the investment first before you sign off on it. The game of investing is about how much you have at the end of the game. “There is no instant thing in life. Everything follows a process.”Johnny Widodo Guest profileJohnny Widodo is CEO in an automotive startup space with over 16 years of experience across multiple industries and geographies. He is active as a global speaker, advisory board member, and mentor in various organizations. He is co-author of 2 books and has published his biography. In his free time, he is passionate about weightlifting and hosts the J-Talk Podcast.Worst investment everWhen Johhny just started working, he had this former schoolmate and colleague who sat beside him at work. The colleague would just play his stocks, and Johnny could literally see him making hundreds, even $1,000 every day. This all seemed too easy, and obviously, he was interested in making such amounts of money so quickly.Johnny started to pump all the money he made into the same stocks as his colleague. As soon as he began trading, the market collapsed, and he lost 95% of his investment, a total of about $30,000.Lessons learnedThere is no instant thing in life. Everything follows a process.When it comes to investing, it’s not about monkey see monkey do. Learn and do your research so that you understand the investment first before you sign off on it.Things happen. You can dwell over it, but not too long. Move on, take the lessons learned, and make sure you don’t fall into the same trap again.Make as many mistakes as possible when you’re young. This is when you can afford to lose everything.Investing in stocks is beyond your control because a lot of things are being impacted by the markets and speculations.Andrew’s takeawaysWhen you see someone winning in the stock market, keep in mind that people only talk about their winners, not their losses.The game of investing is about how much you have at the end of the game. It’s not how much you have this year or next year. It’s the money you have at the end of the game that makes your investment a success.Actionable adviceIf you have some money that you can afford to lose, put it out and play. But before you play, you have to do a lot of research on what you are going to invest in to balance your risks.No. 1 goal for the next 12 monthsJohnny’s number one goal for the next 12 months is to build the largest automotive ecosystem in Indonesia. He is also trying to deadlift six plates of like 260 kg. He’s currently doing 230 kg.Parting words “Be responsible for your life. It’s okay to make mistakes, to make your worst investment but just make sure you learn and move on and win the game.”Johnny Widodo [spp-transcript] Connect with Johnny WidodoLinkedInYoutubeTwitterPodcastAndrew’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 ClassHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleBecome 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: Randy Mortensen guides talented individuals whose drive has led them toward destructive behaviors. He facilitates an 8-week cohort, guiding members toward True Significance: Success and Sustainable Living.STORY: Randy was looking for an investment that would bring him huge returns to support his projects in the Caribbean and Africa. He came across the hemp industry, which he had zero experience in, but he was convinced it was the right investment. Randy invested $600,000 and is yet to make much out of it.LEARNING: Don’t be too quick to jump into an investment you’re not familiar with. Succeeding in one investment doesn’t mean you will in another. “Be a bit slower to jump into the deep end of the pool.”Randy Mortensen Guest profileRandy Mortensen guides talented individuals whose drive has led them toward destructive behaviors. He facilitates an 8-week cohort, guiding members toward True Significance: Success and Sustainable Living. You can have both.Worst investment everRandy wanted to help people in the Caribbean and Africa. He figured if he was going to support those efforts, he should look for a significant investment. Randy was convinced that the hemp industry would be an excellent opportunity for an investment.Randy wasn’t connected well enough to the network of growers and financiers in Canada or the hemp industry in Europe. But he did invest heavily in it.Well, $600,000 later, it’s probably still a good investment, but the returns have been horrible for the last four or five years.Lessons learnedDon’t be too quick to jump into an investment you’re not familiar with.It’s essential to communicate with your spouse and to draw on their common sense.Andrew’s takeawaysYour success in the corporate environment does not necessarily translate into the startup environment. Often, the skills required for the two are different.Confidence from past success will blind you from doing the research you should perform when starting a new company.Actionable adviceDraw on input from others and apply a heavy element of common sense instead of trusting your intuition and instincts.No. 1 goal for the next 12 monthsRandy’s number one goal for the next 12 months is to return to speaking and hold workshops and speak to talented management officials or professionals.Parting words “If you’re struggling with a compulsive, destructive behavior, don’t wait another day to seek help because there is hope.”Randy Mortensen [spp-transcript] Connect with Randy MortensenLinkedInFacebookWebsitePodcastAndrew’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 ClassHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleBecome 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: Gil Baumgarten is a 36-year veteran of the investment industry. In 2010, Gil made a break from the brokerage world to start Segment, a fully fiduciary firm where the interests of the client and the firm could align.STORY: Gil invested heavily in UBS shares, and when the 2008 financial crisis hit, the stock lost its value and knocked about 80% of the market value of his stocks.LEARNING: Concentration is the key to getting wealthy. Diversification is the key to keeping your wealth. Don’t be too diversified or overly concentrated. “Wealth is the sum total of all the money you’ve never spent.”Gil Baumgarten Guest profileGil Baumgarten is a 36-year veteran of the investment industry. In 2010, Gil made a break from the brokerage world to start Segment, a fully fiduciary firm where the interests of the client and the firm could align. He has since attracted a billion dollars in supervised assets. He is a multi-year recipient of Barron’s Top 1,200 Financial Advisors in America distinction, wherein Gil was ranked in the Top 50 Financial Advisors in Texas.Worst investment everGil decided to accumulate some stock options and use that to retire in his 60s. His plan was to have a couple of million dollars worth of stock and stock options. Gil invested heavily in the UBS stock and was feeling confident about it.Come around 2008/09, not only did the stock market fall apart, but his UBS shares dropped and knocked about 80% of the market value of his stock. He lost well into six figures in a relatively short time. The vast majority of his loss was occurring in his UBS shares.Lessons learnedDon’t get carried away. Be mindful of the risks that you cannot control.Concentration is the key to getting wealthy. Diversification is the key to keeping your wealth.Stop speculating, instead buy an index fund and let it sit if you’re interested in compounding wealth.Andrew’s takeawaysPeople get wealthy by first concentrating their energy on improving themselves through education and/or working with smart people. Second, they find the right way places to allocate their money.Don’t have too much diversification. You want to get exposure, particularly to the stock market, because you need that compounding. But you also don’t want to be overly concentrated.Figure out where you’re going to create the most wealth.Actionable adviceReduce speculative investments. Anything that you’re buying with the anticipation that you’re going to sell to someone else at a later date for more money is speculation, as opposed to buying shares in Coca-Cola or American Express, or any other well-established business.No. 1 goal for the next 12 monthsGil’s number one goal for the next 12 months is to turn readers of his new book FOOLISH: How Investors Get Worked Up and Worked Over by the System into clients. [spp-transcript] Connect with Gil BaumgartenLinkedInFacebookWebsiteBookAndrew’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 ClassHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleBecome 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: Meridith Elliott Powell is passionate about helping her clients learn the strategies to turn uncertainty into a competitive advantage.STORY: Meredith met her husband at 21, and they got married soon after. She spent close to 17 years trying to save her husband from countless brushes with death, arrests, and bankruptcies.LEARNING: Have the courage to do what is right for you, not what you think society wants you to do. You can’t fix things you can’t control. “Surround yourself with the right people. People whose values you admire and who won’t judge you or tell you what to do. They just love you and support you.”Meridith Elliott Powell Guest profileVoted one of the top 15 Business Growth Experts To Watch, Top 41 Motivational Speakers, and Top Sales Expert on LinkedIn, Meridith Elliott Powell is passionate about helping her clients learn the strategies to turn uncertainty into a competitive advantage. She is the author of six books, including her latest THRIVE: Turning Uncertainty To Competitive Advantage.Worst investment everMeridith’s father died of alcoholism when she was just 21 years old. It was at this point that she met her future husband. They quickly got married, and the marriage turned out to be her worst investment ever.Meridith stayed tied to her husband through countless brushes with death, arrests, and bankruptcies until he died when he was 41 and she was 38.Meridith wasted some of the good and best years of her life trying to save someone that had zero desire to be saved.Lessons learnedTrust your gut, not your head.Have the courage to do what is right for you, not what you think society wants you to do. Have the courage to live your life and to live your voice.You can’t fix things you can’t control.Andrew’s takeawaysYou can only help someone who wants to be helped.Actionable adviceFind your voice. Spend time figuring out what kind of life you want to lead. Then ask yourself what is preventing you from getting that life, and what are you doing right to get that life.No. 1 goal for the next 12 monthsMeridith’s number one goal for the next 12 months is to help people start to view what life throws at them as an opportunity rather than a negative. [spp-transcript] Connect with Meridith Elliott PowellLinkedInTwitterFacebookYouTubeWebsiteBookAndrew’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 ClassHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleBecome 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: Furqan Aziz is the CEO of InvoZone, a software development company that specializes in resource augmentation.STORY: Furqan took on a client who promised to pay him in the form of shares to develop what seemed like an excellent product for airlines. Unfortunately, COVID hit, and the product never saw the light of day. Needless to say, all the time, money, and resources Furqan invested in developing the product went down the drain.LEARNING: Do thorough research to validate every idea before you invest in it. Size your position; invest just a little if the investment idea is high risk. “Fail fast, and don’t keep sporting your mistake by making another mistake.”Furqan Aziz Guest profileFurqan Aziz is the CEO of InvoZone, a software development company that specializes in resource augmentation. He has over 10 years of experience in the IT industry and specializes in architecting concurrent, distributed, fault-tolerant, scalable applications.Worst investment everIn 2018, Furqan met with a client whose background was very solid. They were providing big software to airline companies. The client came to Furqan with a great idea. They had a lot of data from the airlines they worked with, and they wanted to build a big data product where they would utilize that data and give some analytics to the decision-makers. The idea was to pitch these to the airline industry decision-makers and have them buy the product.The idea had the potential to make a lot of money for Furqan and the client. The catch, however, was that the client could not pay Furqan for any services rendered but offered him shares in their company. Usually, Furqan would never get into such a deal. But because the company had an excellent background and the idea was also exciting, he decided to take the risk.Furqan started the development, and after six months or so, they prepared their proof of concept and then demonstrated it to the airline decision-makers, and they were okay-ish at that moment. But they asked for more features to make the product useful. Furqan sat down with the client and talked about these extra features, and they agreed to add them.Again, Furqan spent six more months and made the additions. They went back to the airline companies, but again, they asked for more features. Furqan spent three more months, and before they could go back to the airlines, COVID hit. Now the product was a waste. All the money, time, and resources Furqan invested went to waste.Lessons learnedIf you’re going to ask someone to put money into your solution, you must make it a lot better than what they already have.Don’t deviate from whatever you are doing as a core business unless you’re really sure about the new thing you want to delve into. Remember that chances of failure are pretty high.Don’t set your expectations too high even if you’re very successful in your core business because your core business is pretty different from whatever you will do.Do the market research by yourself rather than relying on someone else, especially the person selling the idea to you.Fail fast, and don’t keep sporting your mistake by making another mistake. Walk away as soon as you realize that this is not going to work.Don’t wait for the golden moment. If things are not working well, just cash out whatever you can because acquisitions are not always bad; sometimes, they are good for you.Andrew’s takeawaysIn life and business, there are all kinds of risks you can face. Your goal is to try to reduce those risks, but you can never reduce them completely.Don’t just look at the upside; you always have to look at different downsides too.Size your position. If you know that you’re taking a big risk by doing something that you don’t normally do, put about only 5% of your resources into it, and then slowly build up.Actionable adviceYou must validate all ideas by doing extensive research so that you can fully understand them before you commit. Don’t rely just on the person who is presenting the idea.No. 1 goal for the next 12 monthsFurqan’s number one goal for the next 12 months is to build another product for the healthcare industry, this time around employing all the lessons he learned from his worst investment ever. [spp-transcript] Connect with Furqan AzizLinkedInTwitterWebsiteAndrew’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 ClassHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleBecome 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: Nada Lena Nasserdeen is transforming companies and individuals with people, emotional, and communication skills.STORY: Lena Dena was a high-flying executive, but she gave it all up for a marriage that lasted just two weeks.LEARNING: Focus more on the inner and not the outer things that make you who you are. “Everything you need is already inside of you; you just have to rise up for you and do it.”Nada Lena Nasserdeen Guest profileNada Lena Nasserdeen is transforming companies and individuals with people, emotional, and communication skills. She is a TEDx speaker, best-selling author, a corporate trainer, a leadership and confidence coach, and the founder of Rise Up For You.Worst investment everNada Lena was a successful executive at 28 years old, living the best life. She had everything you imagine to be a success. From a luxury car, house on the lake, boats, and kayaks to all kinds of stuff. Then she decided to spend all her energy and time building a relationship. She resigned from her company, sold everything, pulled out her 401k, and moved out of the country to get married.After two weeks of being married, Nada Lena’s husband decided that he wanted a divorce. She went from a high functioning executive with six figures, a house, and all this stuff successful people have to two luggage and $100. No car, no house, no job. She had invested a lot of time, energy, and resources to make this shift happen. Unfortunately, it just didn’t work out. Nada Lena had to rebuild herself up again from zero.Lessons learnedLife is more about the inner skills that help us become successful, not technical or outer skills and things that we emphasize. These don’t make you who you are.It’s essential to believe in yourself and feel confident that you’re enough, even when you have it rough.Andrew’s takeawaysIf you can get an education and a strong family bond, that’s already a significant step towards success. Focus on that.Actionable adviceConstantly do a check-in with yourself on all the pillars of life—your self-worth, career, romance, health and fitness, your community, and money. Building a life that you’re proud of is not only about spending all your time, money, energy, and resources in one area but having a very balanced and nurtured environment as a whole human being. So that when one pillar falls, you can still use the other five pillars to pull you back up.No. 1 goal for the next 12 monthsNada Lena’s number one goal for the next 12 months is to invest in a home once the market dips.Parting words “The greatest tragedy is wasted human potential. I encourage you not to let that be your story.”Nada Lena Nasserdeen [spp-transcript] Connect with Nada Lena NasserdeenLinkedInInstagramFacebookWebsiteAndrew’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 ClassHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleBecome 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: Owen O’Malley and Ana Rodríguez are business and life partners. They are on a mission to create one million millionaires by 31st December 2050.STORY: Owen invested $25,000 in a business he had no experience running because his friend convinced him to. The company failed, and he lost all the money he had invested.LEARNING: Invest in something that is liquid and is in your control. Take time to ask questions before you buy into an investment idea. “Keep the money in your control at all times.”Owen O'Malley and Ana Rodríguez Guest profileOwen O’Malley and Ana Rodríguez are business and life partners. They are on a mission to create one million millionaires by 31st December 2050. They have helped many people accumulate one million dollars in their online trading accounts, and they have a powerful plan to help you reach one million dollars by just investing 200 per month.They were taught by the most successful investors in the world and have a combined 30 experience in the markets.Worst investment everOwen was once approached by someone he knew and showed him this spectacular business plan. The plan was to set up a factory making security cameras. This was in the early 90s, before CCTV was big. Owen was excited about this project. The two were going to build their own security cameras in a tiny little factory in Donegal and sell them worldwide.Owen’s friend convinced him to invest $25,000, which he didn’t have at the time. He went to the bank, borrowed the money, and gave it to his friend. This was the worst investment he has ever made. The business never panned out. If Owen had done his math right, he would have put that $25,000 in the stock market, and it would be worth multiple millions today.Lessons learnedMake sure you invest in something that is liquid and is in your control.Don’t lose control of the checkbook; keep the money in your control at all times.When you invest in the best companies in the world, you’ll have the best people in the world working for you.Andrew’s takeawaysSmall businesses are a trap. If you’re running one, you’re just going to get trapped. You’re rarely going to be able to cash it out, so you just get stuck.If someone comes to you with a sexy idea about investing, take the time to ask the questions.Actionable adviceIf you are going to invest in companies, go to the stock market and invest in the best companies.No. 1 goal for the next 12 monthsOwen and Ana’s number one goal for the next 12 months is to continue opening up investment clubs and give people that safe, supportive space that they can learn and grow within.Parting words “By living in abundance, we attract abundance for us and for others around us, so it’s safe to be there.”Ana Rodríguez [spp-transcript] Connect with Owen O'Malley and Ana RodríguezLinkedIn Owen O'MalleyLinkedIn Ana RodríguezTwitterFacebookPodcastWebsiteAndrew’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 ClassHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleBecome 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: Curt Mercadante specializes in helping business owners deliver the right message to the right clients to generate the right revenue.STORY: Curt grew up knowing that owning a home is an important investment that everyone should have. Over the years, and after a couple of losses, he has learned that a home is not an investment unless you’re planning on flipping it.LEARNING: Don’t just take advice at face value, do your research and get second opinions. Don’t fall for the American Dream fallacy; rent if that’s what you want. “Remember to apply your greatest weapon—creative thinking—where you think with the end in mind.”Curt Mercadante Guest profileCurt Mercadante specializes in helping business owners deliver the right message to the right clients to generate the right revenue.For 23 years, he has counseled small businesses, entrepreneurs, as well as some of the largest corporations and associations in the US. He’s built three profitable businesses, including a 7-figure PR and ad agency.Curt has trained, coached, and delivered keynotes and workshops to clients across the globe.He is a Gallup-Certified Strengths Trainer, a Certified Human Behavior Consultant, host of The Authority Brand podcast, and author of the bestselling book, Five Pillars of the Freedom Lifestyle.Curt and his wife, Julie, are currently traveling the country with their four children.Worst investment everOver the years, Curt has owned several homes, and he viewed them as investments all along. His financial advisor would often advise him not to look at houses as an investment. Still, because of how he was brought up and the fallacy of the American dream, Curt always believed owning a home was the best investment. After making a couple of losses buying homes, Curt now believes his financial advisor.Lessons learnedOur habits are influenced by our societal conditioning, which can be dangerous.A lot of the security we have is an illusion. Step back, have some discernment and awareness, and start asking yourself why you do what you do—question your conditioning instead of flowing with it.Andrew’s takeawaysDon’t be caught up in the American Dream fallacy.Buying a home is not always the best option; sometimes renting is.Actionable adviceDon’t just take things at face value just because someone you know said it, or someone on TV said it, or some experts somewhere said it. Do your homework and get a second opinion. Also, remember to apply your greatest weapon—creative thinking—where you think with the end in mind.No. 1 goal for the next 12 monthsCurt’s number one goal for the next 12 months is to unleash his creative flow on a regular basis.Parting words “When the world is burning around you, keep your head above water. Think creatively, and you won’t go wrong.”Curt Mercadante [spp-transcript] Connect with Curt MercadanteLinkedInTwitterBlogPodcastBookAndrew’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 ClassHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleBecome 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: Simon Bedard is the CEO of Exit Advisory Group, a boutique M&A firm, that also provides a range of advisory services focused on exit strategies and how to maximize company value.STORY: Simon had a client who convinced him to change the terms of their contract. The change worked in Simon’s favor because he made $2 million after delivering his services instead of the low seven-figure he had quoted. Unfortunately, the client now felt this was more than he expected and refused to pay up.LEARNING: Make your contracts airtight enough to cover you during conflicts. A contract is important but doesn’t have to be everything. “If you don’t understand all the elements of your contracts, then you’ll make decisions on flawed information.”Simon Bedard Guest profileSimon Bedard is the CEO of Exit Advisory Group, a boutique M&A firm, that also provides a range of advisory services focused on exit strategies and how to maximize company value.Simon’s experience spans over 20 years in the finance, investment, energy, and technology sectors. As an entrepreneur, Simon has started, bought, and exited his own companies. He has also worked for one of Australia’s largest banks as an investment advisor to high-net-worth clients and private companies.Simon’s passion is helping business owners understand where they want to be, then building a business that can get them there.Worst investment everSimon’s company had this particular client that they wanted to work with. The company negotiated a contract and put a standard fee based on the valuation they did. This was a solid seven-figure. The client came back and renegotiated the contract wanting a sliding scale with the aim of getting Simon’s company to push for higher valuations.He told them that this was unnecessary because his firm is motivated and would do the best possible work. But because the company could make more from this deal, Simon accepted their terms.The company went on to deliver more than the client expected. By the time it came to getting the deal done, the valuation was probably 50% higher than the client initially thought. And so, Simon’s fee went from a low seven-figure to over $2 million.Now the client didn’t want to pay. They went down the path of just blatantly making up lies and never paid up.Lessons learnedWhen structuring your contracts, make sure that you include things that you are willing to accept and not accept and make sure it is tight.When getting into a contract, do a basic scenario analysis of good and bad outcomes and how clients are likely to react to certain things.Be wary of making your contracts super tight and aggressive because every deal has different underpinnings. Know what you can afford to give up to keep both parties happy.Andrew’s takeawaysContracts only matter at the point of conflict. So make sure you’re protected from that.A contract is important but doesn’t have to be everything. Things change, and you can always talk, resolve issues, and modify a contract if necessary.Actionable adviceWhatever you invest in, make sure you spend time assessing all the variables and understand where the risk sits.No. 1 goal for the next 12 monthsSimon’s number one goal for the next 12 months is to find good solid advisors and people to join his team and help us have the kind of impact we want to have.Parting words “Be kind to yourself and to the world. We need more kindness.”Simon Bedard [spp-transcript] Connect with Simon BedardLinkedInFacebookYouTubeBlogPodcastWebsiteAndrew’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 ClassHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleBecome 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: Ali Awad, also known as The CEO Lawyer on social media, is a successful lawyer and entrepreneur. He has a multi-million dollar law firm and media company where he teaches lawyers, doctors, and other professionals how to brand themselves digitally and generate clients through social media.STORY: Ali once delivered an order of car audio worth $25,000 to a newly acquired customer. Out of excitement to make such a huge sale, he made the mistake of accepting postdated checks for payment. The checks bounced, and the customer threatened to shoot him if he ever went near his store again.LEARNING: Only accept risk-free payment methods, especially when dealing with new customers. “Do whatever you can to make sure that when you get paid, that money cannot be reversed.”Ali Awad Guest profileAli Awad, also known as The CEO Lawyer on social media, is a successful lawyer and entrepreneur. He has a multi-million dollar law firm and media company where he teaches lawyers, doctors, and other professionals how to brand themselves digitally and generate clients through social media.Worst investment everAli started a wholesale car audio company when he was 19. Instead of selling online, he decided he’d sell wholesale to other retailers within a 30-mile radius of his hometown of Dalton, Georgia.Ali would drive around to different car audio shops in the area. He quickly realized that most retailers were not going to buy from a 19-year-old. But he didn’t let it deter him. He just kept going and hustled hard.Eventually, Ali landed a significant account in New Orleans, about 500 miles away from where he was located. The retail shop placed an $18,000 order. He drove all the way to New Orleans with his dad and brother to deliver the order. While there, Ali helped them sell the product to a retail customer for like 20 times more than he was charging them. This led them to place a second order was for $25,000.Ali loaded his trailer with car audio and went to deliver the order, but he went by himself this time. Instead of paying him cash, they gave him a stack of postdated checks that he was to deposit about three weeks out. Ali was excited about getting so much money that he didn’t think much about why they were paying him in postdated checks instead of cash as usual.Trouble started when he deposited the first check, and it bounced. The buyer gave him a flimsy excuse. After a while, he deposited the second check, and it bounced too. Ali called the buyer and asked what was going on. Again, he gave him a flimsy excuse. Ali informed him that he would go to the store and get his stuff back because he was done with the lies. The buyer said, “Sure. Why don’t you come over here, and I’ll put a bullet in your head.” And that’s how Ali lost $25,000.Lessons learnedDon’t accept payment if it can bounce or be reversed.Try to business that you can scale without your everyday involvement.Be careful not to jump from one business to the next or to take shortcuts in business.Always skill up no matter where you are in your entrepreneurship journey.Andrew’s takeawaysIf you can, get paid in cash or any other risk-free payment method.Actionable adviceConnect your bank account to your website for payments. And instead of accepting credit cards, make people pay with a direct deposit. Do whatever you can to make sure that when you get paid, that money cannot be reversed.No. 1 goal for the next 12 monthsAli’s number one goal for the next 12 months is to increase his employees to 100 and spend a million dollars on ads a month. He also wants to focus on diversification. [spp-transcript] Connect with Ali AwadLinkedInTwitterFacebookYouTubeWebsiteAndrew’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 ClassHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramTwitterYouTubeMy Worst Investment Ever Podcast