My Worst Investment Ever Podcast

BIO: From being 6,000ft underground in a mine to starting an education business (that grew to have more than 4,000 students) to spending years working in venture capital, Rael Bricker has seen it all.STORY: In 2001, Rael bought $85,000 worth of CD covers from Germany. He was attracted by the product but never did any research into how he would sell them and just went in blindly. Rael hardly made any money from the covers and ended up giving them to friends for free.LEARNING: Don’t spend a dime before researching the product and the market you want to venture into. In business, dive all in and adjust the course as you go. “Business is not complicated. Just dive in and adjust the course while you’re moving.”Rael Bricker Guest profileFrom being 6,000ft underground in a mine to starting an education business (that grew to have more than 4,000 students) to spending years working in venture capital, Rael Bricker has seen it all.He has listed companies on multiple international stock exchanges, and his financial services group has settled more than $3bn in loans over 19 years. He has a diverse work history combined with unique global research interviews with companies in more than 25 countries. Taking this knowledge and experience makes him perfect to advise people on growing and achieving excellence, as he has experienced the rollercoaster himself, and knows how to navigate the twists, turns, and loops.Rael holds two Masters degrees; an MBA and MSc (Engineering) and is currently a Fellow of the MFAA (Mortgage and Finance Association of Australia), a Certified Speaking Professional (CSP) (Professional Speakers Australia), and a Member of AICD (Australian Institute of Company Directors). He is also the author of Dive in-lessons learnt since business school.Worst investment everIn April 2001, Rael flew to Germany after his friend in South Africa introduced him to a German company called Flipping Group. This was at a time when people were storing data on DVDs or CDs. There was no other backup medium.The company had a fantastic set of CD covers. You’d put 20 CDs into a binder and press a little button on the side of the CD holder, and the CD popped out. The covers came in different shaded pastel colors and were really cool.Putting his money into the productWhen Rael flew to Germany, he bought $5,000 worth of inventory and brought it back to Australia. He found guys in Australia to help him with the packaging and distribution. Even before he sold a single piece, Rael ordered $80,000 worth of more stock. He got a friend to store it in his warehouse and had all that logistics stuff sorted out.Going into sales fulltimeBefore buying the product, Rael was working with a venture fund. After a few months, he left the venture fund and decided to go out and sell this stuff full-time.Learning that selling is tough the hard wayRael’s entire life up to that point was all about selling services. He quickly realized that selling a single product line was very difficult. Rael learned that to succeed in retail, one needs to have multiple product lines, distribution in all the major cities, and lots of other logistics. It, therefore, became quite a struggle for him to sell the covers.Losing interestEventually, Rael’s interest in selling the product dwindled because he was just banging his head against a brick wall trying to sell it. A few small, independent retailers purchased a few covers but nothing notable. The rest sat in the warehouse, gathering dust for months.One of Rael’s friends, an excellent salesperson, was having a hard time finding a job. Rael gave him the covers and told him to sell them and keep whatever he made. He managed to make $5,000.Lessons learnedUnderstand what you can and what you cannot doThis entire experience taught Rael that he could not sell products. He realized that he is more of a service-oriented person. He now chooses to just be a consumer and not a product seller. From this realization, he knows what type of businesses to focus on and which ones to avoid.Dive all in and adjust the course as you goMake that first step, go out, sell the first couple of products, and see if it works. This is what you need to do to succeed. If you spend your life trying to be sure about the future, you’ll never do anything. You will just be stuck in the inertia phase.Andrew’s takeawaysSales is a tough job, be sure you’re capableSales can be challenging, particularly when selling physical products because it relies on touch and a well-established infrastructure. Don’t underestimate the infrastructure needed to be great at selling a product.Do your research before spending a dimeDon’t spend any money before you research the product and the market fit. The idea is first to sell the problem before you start selling the product.Actionable adviceJump off the cliff, but jump with a parachute. If you’re thrilled by a product and want to sell it, first do some level of research. To succeed in sales, you also have to understand and embrace the idea that you can sell.No. 1 goal for the next 12 months.Rael’s number one goal for the next 12 months is to work with business leaders, both established and emerging, to create business excellence and rich and robust cultures in their businesses.Parting words “Dive in and enjoy the journey.”Rael Bricker [spp-transcript] Connect with Rael BrickerLinkedInTwitterFacebookYouTubePodcastWebsiteAndrew’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: Mike Morawski is a 30+ year real estate investment veteran. He has controlled over $285,000,000 in real estate transactions.STORY: In 2008, when the economic crisis hit the US, Mike decided to find ways to protect his investors. He moved money from companies that were performing well into those that were underperforming. It seemed to work, but he had not informed his investors about it, so he was jailed for 10 years for fraud.LEARNING: Communicate with your investors regularly and always follow your business mandate. Listen to outsiders and pay attention to red flags. “Just because you act unethically doesn’t mean you break the law, but enough unethical actions ultimately will cause you to break the law.”Michael Morawski Guest profileMichael “better known as Mike” Morawski is a 30+ year real estate investment veteran. He has controlled over $285,000,000 in real estate transactions. Mike is an entrepreneur, author, real estate trainer, public speaker, and personal coach with strong personal resilience and a deep desire to help others live an extraordinary life. He has coached hundreds of real estate investors to fulfill their dreams.Worst investment everBefore 2008 Mike’s real estate business was flourishing. Then 2008 came around, and the US was hit by the worst economic crisis the world’s ever seen. Mike believed that he could weather the storm. But, his properties started bleeding. People moved out. In 2010 everything imploded.Trying to protect his investorsThings were getting really bad, and Mike tried to find ways to protect his investors. One idea was to take money from good, profitable companies, move it into nonprofitable companies, and hopefully keep the whole ship afloat. So he started moving money back and forth. Mike’s attorney and accountant both said it was acceptable to do that as long as they left notes so that the money is traceable.Not communicating with the investorsMike’s idea was great and was working. The only mistake he made was not telling his investors about it. He was charged with wire fraud and mail fraud charges for this mistake and ultimately sentenced to 10 years in federal prison.Mike lost everything, including the real estate business. As if that was not enough,17 days after being in prison, his wife decided to leave him.Surviving prisonMike was having a pretty hard time in prison. Six weeks into his jail term, he walked into the gym one day, and this guy came up to him and said, “Hey, don’t let these people beat you up. All they want to do is take everything from you. They can take your apartments, your cars, your houses, they can ruin your family, but they can’t take what you’re made of. They can’t take your brains, they can’t take your desire, and they can’t take your energy.”This was the best advice Mike has ever gotten. As a result of that advice, he decided to do the time in jail and not let the time do him.Building his life againWhile in prison, Mike went to college and got a four-year degree in theology. He also wrote two books. He came back home from jail in better shape physically, mentally, emotionally, and spiritually than he’d ever been in his life.Lessons learnedGrowing too fast is not necessarily a good thingMike’s business grew too fast. He hired too many people and had a bloated payroll. He paid too much for properties instead of negotiating, thinking that the market would keep going up. This is what caused his business to suffer when the economic crisis hit.Listen to outsidersSometimes people outside your business are in a better position to see things objectively. Seek their opinions and consider their advice.Pay attention to red flagsMike had his head buried in the sand. He didn’t look at the KPIs deep enough, and all of a sudden, his business was burning down to the ground.Andrew’s takeawaysAways follow your business mandateBefore you do anything, have your investors and advisors agree on what you are going to do with the invested money. This is your mandate; understand it clearly and then follow it. As long as you follow it, your investors are always going to be ok.It is ok to fail and choose to walk awayIt is ok to fail. Every entrepreneur has failed at some point in their life. As long as you have not defrauded or done anything wrong, there’s nothing wrong with walking away from a failing venture.Communicating with your investors is crucialIt is imperative that you constantly communicate with your investors on the company’s progress and especially on the decisions you make regarding their money.The 10 concepts you need to build an ethical characterThese 10 concepts will help you build an ethical character that’s going to protect you in the future. It will make you very rare, and in the world of finance, rare is valuable.LoyaltyTrustworthinessFairnessConfidentialityReveal conflicts of interestDiligentIndependentObjectiveThoroughContinuous improvementActionable adviceWhen you’re under pressure, and you’re being pulled in a bunch of different directions, you ultimately can’t decide the right choice on your own. You have to go to someone else with a clear head. Don’t go to your business partner; go to somebody else outside of your business. Listen to the people around you.No. 1 goal for the next 12 months.Michael’s number one goal for the next 12 months is to continue pushing his message to people because he wants them to know that there’s hope. Michael wants to continue being an inspiration.Parting words “Don’t go it alone. Reach out, talk to somebody, get outside of your space and do something different.”Michael Morawski [spp-transcript] Connect with Michael MorawskiLinkedInTwitterFacebookPodcastWebsiteAndrew’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: As an executive coach, speaker, and international author, Gordon Jenkins helps people make a real impact and difference both in their professional and personal journey.STORY: Gordon grew up knowing that the only way to build a career was to go to school, go to college or university, then get a graduate job and work your way up. That’s precisely what he did only to realize, 10 years later, that he did not want to prescribe to this convection anymore.LEARNING: Shape your life after your own terms, not on convections. People are more interested in who you are not what you are. “You’re either in or out. There’s no gray matter in life. You’re either full on, or you’re full out.”Gordon Jenkins Guest profileAs an executive coach, speaker, and international author, Gordon Jenkins helps people make a real impact and difference both in their professional and personal journey. With his trusty sidekick, Banfi The Duck, Gordon has an innate knack for recognizing and celebrating people’s individuality.There is a common connection between Gordon and his clients. Success stems from the strong belief that it’s ok not to conform to societal pressures, it’s refreshing to be different, and that celebrating what sets you apart is the key to a rich and fulfilling life.Gordon’s clients include industry leaders who are regularly recognized by their peers as well as those quite happy to grow, away from glare of the media.Worst investment everGordon grew up knowing that the only way to build a career was to go to school, go to college or university, then get a graduate job. Then you sit in that job and work your way up.Following the system unwillinglyGordon followed the same system even though he always knew that he didn’t fit because he wanted to be a cook. However, he couldn’t take cooking classes because boys had to do woodwork and metalwork. After school, he ended up working in London as a phone exchange trader for a well-known Japanese bank. The job was fun, extremely high-paying, but very toxic.Charting his own pathGordon woke up one morning and decided that he didn’t want to do this anymore. It was not going to be his life. He realized that everything he’d been told for the last 10 years and the investment he’d made in himself was never for him. So that morning, Gordon resigned, and one week later, he arrived in Melbourne and hit a wall.Going against conventionIt took Gordon 10 years to realize that he is not someone who follows convention or tradition. He resolved to do what he wanted and not what other people told him was the norm.Lessons learnedPeople are more interested in who you are not what you arePeople don’t care about what you are; they want to know who you are as a person; they want to know you as an individual first. You could be the best executive coach in the world, but unless you connect with your clients, you are never going to close any deals.Andrew’s takeawaysYou can walk out of any situationYou do not have to live a toxic life; walk out of that situation. You have the power to walk awayShape your life on your own termsYour job is to shape your life on your own terms. Forget what everyone else is saying. Live the life you want.Actionable adviceActions speak louder than words. There’s nothing wrong with reaching out to people who can help you turn your words into actions.No. 1 goal for the next 12 months.Gordon’s number one goal for the next 12 months is to start building the world’s number one Center of Excellence for post-transplant care for organ transplant patients in Australia.Parting words “Leave no regrets.”Gordon Jenkins [spp-transcript] Connect with Gordon JenkinsLinkedInTwitterFacebookWebsiteAndrew’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: Christopher Slee is the Founder, Principal, and Chief Product Officer at AWH, a Dublin, Ohio software engineering firm currently celebrating its 26th year of creating innovative digital products for business clients.STORY: Chris has had a fair share of experience helping startups develop and get their products to the market. While he has no one worst investment story, his experience comes with a series of learnings and painful lessons.LEARNING: Believe in the startup and the products you are investing but also do your due diligence. Know your market and build a financial runway before you work on your product. “There’s no magic in marketing. There is sweat, due diligence, and effort.”Chris Slee Guest profileChristopher Slee is the Founder, Principal, and Chief Product Officer at AWH, a Dublin, Ohio software engineering firm currently celebrating its 26th year of creating innovative digital products for business clients.At AWH, Chris leads internal and external development teams across all applications, from web, mobile, and desktop platforms, to virtual reality and machine learning. Even though Chris has been programming for more than 30 years, he continues to push the technology envelope. From drones to artificial intelligence, Chris continues to exemplify the spirit of continual learning in the tech space.Worst investment everFor the past 26 years, Chris has spent his life working with startups and upscaling younger companies to get their products out into the market and capitalize on that. His company AWH helps many startups at the same time.Changing timesIn the early days, handling multiple projects was easier because people mainly just needed websites to market their products. But right now, the e-commerce field has changed, and the process is a lot more elaborate. Products have evolved, and consumers desire more complex products. They expect their apps to be smarter and do things for them.So to keep up with the trends, Chris’s company took on a venture arm that helps organizations in the startup phase go through a round of funding called Friends and Family or finance it themselves. And then find them an angel investor or an early-stage investor to, finally, help them find a seed investor.With experience comes a great deal of lessonsChris has had a fair share of experience helping startups develop and get their products into the market. While he has no one worst investment story, his experience comes with a series of learnings and painful lessons.Lessons learnedYou must believe in the products you’re buildingYou must believe in the products that you are building and the entrepreneur as well. If you don’t have 100% confidence in the entrepreneur, their product, and the market space, don’t invest in it.Do your due diligenceThere are many times where the emotional drive and belief in the product and trust in the entrepreneur may lead you astray. You can 100% believe that you’re right and be 100% wrong. When investing in a startup, go beyond believing in the product and the entrepreneur. Do your due diligence and believe in your gut.Know your marketYou should know someone who wants to buy your product before you start to build it; otherwise, you will be creating for yourself. There is a possibility that there is no market for your product, so make sure you know this before you waste your money and time.Andrew’s takeawaysYour financial runway is essentialYou need some financing because you have to work on the product-market fit. While sometimes you have to wait before you launch your product, when the time comes, and you can’t finance and support your product launch, it all ends just before the miracle happens.Listen to your intuitionSometimes you have to listen to your intuition but know the difference between feeling and intuition. Intuition is that momentary tinge or cringe, and that brief instant, where you feel something, and then your body and our mind overcome that feeling, and it’s gone. You overcome it with your confidence and logic.Actionable adviceBe comfortable with the fact that you don’t have all the answers. Surround yourself with people who also don’t have all the answers right but can bring you new ideas.No. 1 goal for the next 12 months.Chris’s number one goal for the next 12 months is to get several clients to their next investment rounds. From an organizational perspective, Chris’s goal is to ensure the team is thriving and employees feel like a team even while working from home. His personal goal in the next 12 months is to go on a vacation outside of his house.Parting words “Embrace your ideas and go after them but, keep learning. That’s the key.”Chris Slee [spp-transcript] Connect with Chris SleeLinkedInTwitterWebsiteAndrew’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: Travis Watts is a full-time passive investor. He has been investing in real estate since 2009 in multi-family, single-family, and vacation rentals. Travis is also the Director of Investor Relations at Ashcroft Capital.STORY: Travis was lured into an investment that had a 20% cash flow return. The investment, however, turned out to be fraudulent, and he lost his money.LEARNING: Always do your due diligence, keep things simple and invest in what you know and what makes sense. “In investing, find a philosophy, you subscribe to that resonates well. Find an asset class or type of investing that is simple to you.”Travis Watts Guest profileTravis Watts is a full-time passive investor. He has been investing in real estate since 2009 in multi-family, single-family, and vacation rentals. Travis is also the Director of Investor Relations at Ashcroft Capital. He dedicates his time to educating others who are looking to be more “hand’s off” in real estate.Worst investment everFrom 2009 to 2015, Travis would rent out spare rooms in his house for extra cash flow and passive income. Then he got into flipping properties. He would buy properties low and sell high. Travis did this for a little while to build some equity.Getting obsessed with the concept of passive incomeAt this point, Travis was a little obsessed with this concept of passive income. He loved the ability to participate in all these different things passively and have income rolling in.In 2016, Travis started to segue into some experimental investments that were not real estate-related. He joined general investing groups, startup capital groups, and all other kinds of groups.One heck of a dealIn one of his groups, a deal was presented as having over a 20% per year cash flow component. Travis thought that the 20% cash flow component would average his entire portfolio into a two-digit cash flow return portfolio. So he dove into the deal.Skipping the due diligence stepTravis knew a couple of people who had made investments with this group, and so he didn’t do a lot of due diligence on the group. He simply met the people face to face and looked through their operating agreements.Travis believed in this deal, and he put about three to four times as much into this deal as he would have any other real estate deal.A great startTravis invested in February. The investment was a quarterly distribution frequency investment, so in June, he got his first distribution, and it was as promised.Here comes the shockerIn September, Travis got an email from the group. The email said that the owners had found out that 35% of their portfolio had been deemed a Ponzi scheme. To pave the way for investigations, the distributions were stopped moving forward.The situation got worse. The fund moved into receivership. Then everything in the group was liquidated, and investors would never see any return on investment. And just like that, this became Travis’s worst investment ever and caused him to lose almost all the money he had invested in the fund.Lessons learnedAlways do your due diligenceAlways do thorough due diligence. Do not be skimpy, be very thorough in making sure that you invest in something legitimate that will bring you returns.Invest in what you know and what makes senseWhen it comes to investing, find a philosophy you subscribe to, and that resonates with you. You are safer investing in an asset class or type of investing that you understand.Andrew’s takeawaysKeep things simpleSome things are worth trying to understand, but it’s better to stick with something you know. If you want to try something complex, then you must commit yourself to learn it.Actionable adviceHave mentors, self-educate yourself, and have a wide array of perspectives.No. 1 goal for the next 12 months.Travis’s number one goal for the next 12 months is to continue being a mentor for folks that just want to bounce an idea off or get a second opinion or perspective on investing passively.Parting words “Find a risk-adjusted return that helps you meet your needs and your goals. While taking on some risk is important, don’t take an unnecessary risk.”Travis Watts [spp-transcript] Connect with Travis WattsLinkedInFacebookPodcastBlogWebsiteAndrew’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: Jose Salazar is a B2B influencer marketing consultant specializing in optimizing industry and thought leadership marketing through influencer and employee advocacy strategy.STORY: Jose’s twin brother looped him into a brilliant business idea, but due to their lack of startup experience, the business never took off. They were left paying off a loan that brought no return on their investment.LEARNING: Do your research before investing in an idea, even from family or friends. Be mentally ready before investing in a startup and make sure you are not the only or major shareholder. “Don’t spend money unless you’ve got people supporting your business.”Jose Salazar Guest profileJose Salazar is a B2B influencer marketing consultant specializing in optimizing industry and thought leadership marketing through influencer and employee advocacy strategy. He is currently responsible for growing the US business at Onalytica with a mission to help businesses drive awareness, credibility, and trust across the globe.Worst investment everJose’s worst investment ever started four years ago. He was having a chat with some friends about investing. He gathered a lot of information from different friends, and this piqued his interest in investing. So when his brother talked to him about this business idea he had, he was all ears.The brilliant innovative ideaJose’s brother’s idea was to start an online recruitment platform for the hospitality industry. He had looped in 25 people who were also interested in the concept. They had rounds of meetings for a year but were yet to get started.Putting money where their mouths areAfter a year, they decided that it was time to put money where their mouths were. At this point, everyone left apart from Jose, his brother, and one other friend.The three decided to form a partnership, contributed about $2,000 each, and got the ball rolling. They paid a designer to create a website and put money into social media advertising.Getting a loan to fund the startupAfter a while, they realized that they needed more money, and so the partners went to a startup-loan company for a loan. So unlike a typical business loan where all shareholders bear the loan burden, a startup-loan business means owners pay from their personal finances.No clue how to run a businessThe three partners continued to build upon their business idea. None of the three had any experience running a startup, and even though they had managed to get several clients to sign up, they were putting in more of their money than they were making. Eventually, Jose spoke to his business partners, and none of them was very keen on running the business, so they folded it.Lessons learnedDo your research before investing in an idea, even from family or friendsWhen someone comes to you with an investment idea, whether a friend or family member, do your research before putting in your money. Find out the returns and business forecast. Do everything you need to do to make sure the business is efficient.Be mentally ready before investing in a startupMake sure that you are mentally ready to run a startup. Also, you need to make sure that you have the time, put up with the stress, disagreements with partners, and other challenges of running a startup.Andrew’s takeawaysDo not be the only shareholder in a startupWhen investing in a startup, you want to make sure there are other sizable shareholders. Don’t be the only or major shareholder; otherwise, it all comes back to you, which can be very tough on you.Sell, sell, sellYou need to sell to validate your business. Selling is proof that your business idea is working.Actionable adviceYou need to put time and passion into your business. This means you can’t get distracted; you need to focus on your business.No. 1 goal for the next 12 months.Jose’s number one goal for the next 12 months is to get back on track with his fitness. On a professional level, his goal is to continue growing his career within the marketing industry.Parting words “Just keep following your passions.”Jose Salazar [spp-transcript] Connect with Jose SalazarLinkedInInstagramFacebookAndrew’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: Jennifer Murtland is a licensed Real estate agent and investor in Ohio and Northern KY. She is the co-host of the Real Estate Fight Club podcast that focuses on battling through residential real estate topics.STORY: Jennifer bought a 200-year-old patchwork house on a whim, and it ended up sucking up all her money and time in renovations and repairs.LEARNING: Be careful when buying a patchwork house because it will cost you a lot more in the long run. Choose your tenants wisely to lower your risk and protect your return on investment. “Have different budgets for renovations based on the age of the house. The older the house, the more money you’ll need.”Jennifer Murtland Guest profileJennifer Murtland is a licensed Real estate agent and investor in Ohio and Northern KY. She started her real estate career wholesaling pre-foreclosures and investing in rentals. She is the co-host of the Real Estate Fight Club podcast that focuses on battling through residential real estate topics. She is a no bull shit, passionate professional who is committed to her client’s success and is currently looking for real estate agents to join her company.Worst investment everJennifer started wholesaling pre-foreclosures. In 2008 there were a lot of pre-foreclosures coming with good deals as houses were cheap then.The 200-year-old patchwork houseIn 2010 Jennifer came across a six-unit building that was almost 200 years old. The house was a patchwork house. Originally, it was a two-story house that probably started as a single house and then had two add ons built on, making it a six-unit apartment building. It literally looked like a patchwork quilt.Ignoring the facts right in front of herJennifer knew that buying a patchwork house was a considerable risk. She, however, believed that she is savvy and good with math, and this purchase seemed to make sense where numbers were concerned. So she bought this property.The domino effectAs expected of a 200-year-old home patched together when one tiny thing goes wrong, 100 other things go wrong. The repairs were not cheap either. Everything would cost like $3,000 to $10,000. But the average rents were about $500. As if that was not enough, the only tenants Jennifer could get were a pimp, a drug dealer, and a wife-beater; it was such a disaster.Getting rid of the patchworkFinally, the market turned, and about three years ago, Jennifer talked to her partner about the house, and they decided to sell the property. She found somebody and held the financing, and luckily the buyer paid Jennifer every month. Then the buyer sold it to somebody else, and Jennifer got her money back.Lessons learnedBe careful when buying a patchwork houseThe thing with old properties is when one thing goes wrong, 10 other things will go wrong, and it’s never cheap. So when doing your budget, keep age in mind. If it’s a newer home, you won’t need a lot of money for renovation, but the renovation budget could triple if it’s an older home.Andrew’s takeawaysDo your due diligence to preempt any trouble with your purchaseWhen you’re buying anything, keep in mind that the seller is probably hiding everything they possibly can on what’s wrong. So expect that the seller will hide stuff and do your due diligence to uncover what they are hiding.Investing in stocks is more straightforward than real estateInvesting in stocks is so easy compared to real estate. You just buy, if you don’t like it, you sell it the next day.Actionable adviceIf you’re going to invest in real estate, there’s a lot of ways that you can make money; being a landlord is just one of them. If you decide to be a landlord, be strategic about the tenants you target. This will dictate where you buy, which will dictate your return.No. 1 goal for the next 12 monthsJennifer’s number one goal for the next 12 months is to have 35 agents join her international real estate company.Parting words “Don’t be emotional. Check your numbers or have somebody else check your numbers.”Jennifer Murtland [spp-transcript] Connect with Jennifer MurtlandLinkedInTwitterFacebookPodcastPhone/Whatsapp: +15134001691Andrew’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: Ian Moyse is the Chief Revenue Officer at OneUp Sales. He is a decorated and numerously awarded sales director.STORY: A few years ago, Ian was between jobs, so when the first opportunity came knocking, he accepted it without doing any due diligence. The company turned out to be toxic, and he had to leave after nine months only.LEARNING: Do your due diligence to make sure that you accept the job that is right for you. Do not let your vulnerability blind you to accepting just any opportunity that comes along. “When you are desperate for a job, that’s when you should do more due diligence than you normally would.” Ian Moyse Guest profileIan Moyse, Chief Revenue Officer at OneUp Sales, has sat on the boards of a number of industry bodies, such as FAST (Federation Against Software Theft), CIF (Cloud Industry Forum), and Eurocloud.He was awarded the accolade of BESMA UK Sales Director of the year and was listed in the top 50 Sales Keynote speakers by Top Sales World.Ian was rated #1 Cloud influencer Onalytica and has been recognized as a leading cloud Blogger and is utilized by a range of global brands as a Cloud Computing thought leader.Worst investment everA number of years ago, Ian was in the unfortunate circumstance of being between jobs. Even though he had a bit of money saved to cushion him for some time, he did not want to be jobless for too long.So Ian was interviewing and happened to find an opportunity. It was not the perfect job, but he could make it work.Great on the face valueThe job opportunity was in a family business that looked great at face value. Its revenue had been stagnant for a few years, but Ian was excited at the chance to get onboard and reignite the business.Doing what he is good atIan took the role because he needed a job. He built a team of about nine people and got to work. He identified all the changes that the company needed and was ready to implement them once the company owners approved them.The cracks start to showIt was at this point that Ian started to realize there were some cracks in the company. He found out that there was dysfunction and politics in the family that spilled over to the business. This made it so difficult for him to change things. His ideas would get opposed all the time just because family members could not get along. It was very frustrating.The culture in the business was also getting quite toxic. The people Ian had hired started leaving the company as they could not handle the toxic environment anymore. Ian also quit after nine months at the company.Failed to do his due diligenceThe worst investment mistake that Ian made was investing his time in a job without doing enough diligence. This caused him to take on a job that was not a good fit for him.Lessons learnedDo your due diligence to make sure that you accept the job that is right for youYour desperate need for an income may cause you to put up with stuff, but you must think very carefully about a role you’re going to take. You don’t want to be in a toxic environment which will affect your mental health, the people around you, and your home, or put you in a position where you need to look for another job.Andrew’s takeawaysDo not let your vulnerability blind you to accepting just any opportunityWhen in desperate need of a job, realize your vulnerability at that time. Use that vulnerability as a tool to put a little bit more thought into what you’re committing to. This is very important because vulnerability could put you in a position where you could be willing to overlook stuff and not do your due diligence because you can’t afford to say no to a job offer.Actionable adviceWhen you are desperate for a job, do more diligence than you would normally. The beauty is that there’s more opportunity to do it now than ever before because of the web. Research companies that you are interested in before accepting job offers. Look at customer and employee reviews to get an idea of what you will be getting yourself into.No. 1 goal for the next 12 monthsIan’s number one goal for the next 12 months is to continue learning from his company and the people around him.Parting words “When looking for a job, work extremely hard at it as if that is your job, and you’re being paid to do it, and it will pay dividends.”Ian Moyse [spp-transcript] Connect with Ian MoyseLinkedInTwitterFacebookYouTubeBlogWebsiteAndrew’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: Gav Gillibrand is a fitness and nutrition expert specializing in helping busy executives lose 20-30lbs in 12 weeks. He is the author of The GHG Method – A No “Bullshit” Approach To Losing Body Fat, Upgrading Your Mind Set & Radically Changing Your Life.STORY: In his 20s, Gav ignored his health and just concentrated on having a sexy body. Years later, he has had several injuries that he now has to deal with in his 40s.LEARNING: Your health is more important than wealth or a sexy body. Invest in your health today to manage the risk of injuries in your old age. “If I could go back to my 20s, I would be the first to take care of my health. Now I have to spend the next 20 years trying to repair the damage that I did in my 20s and 30s.”Gav Gillibrand Guest profileGav Gillibrand is a fitness and nutrition expert specializing in helping busy executives lose 20-30lbs in 12 weeks and become great role models for their kids WITHOUT giving up carbs and other fun stuff from their lives.From a TV appearance on “Blind Date” in 1993 to a distinguished career as a male revue artist AKA a male stripper, traveling all over the UK and Europe, Gav went on to become one of the UK’s most successful fitness coaches, having helped 100’s of clients in the last 12 years to health and weight loss success. He’s written articles for Men’s Health, Hello and OK! Magazine and is the author of The GHG Method: A No “Bullshit” Approach To Losing Body Fat, Upgrading Your Mind Set & Radically Changing Your Life.Worst investment everToo young and sexy to careWhen Gav was in his 20s during his stripping and dancing days, he would often make fun of the other guys who always took time to exercise and stretch before a show. Gav felt that he was sexy enough to need any stretching.Giving in to age and poor healthWhen Gav was in his 40s, his body started caving. He got a neck injury and a spinal injury that caused his left arm to be slightly paralyzed. Gav was out of action for two or three years. Three years later, he had two meniscus surgeries on his knee. He is currently in the middle of a hip and back injury.Gav’s worst mistake ever was ignoring his health in his 20s, and now he is trying to repair the damage.Lessons learnedYour health is better than your looks or moneyYou may have a sexy look, but your sexy body will not be of help to you if you are sick. It doesn’t matter how much money you’ve got or how big your car or house is; if you have poor health, it is all worthless.Andrew’s takeawaysThink of your health as a risk management strategyInvest in your health when you are young to avoid the risk of poor health and injuries in your old age.Actionable adviceStart thinking about your health now when you are young because prevention is better than cure. You do not want to spend your sunset years trying to repair the damage that you did in your 20s and 30s.No. 1 goal for the next 12 monthsGav’s number one goal for the next 12 months is to be injury-free. From a business perspective, he wants to double his coaching business and write his second book. [spp-transcript] Connect with Gav GillibrandLinkedInFacebookPodcastWebsiteAndrew’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: Andrew Pek is an internationally recognized authority on innovation, design thinking, and entrepreneurship.STORY: When Andrew started his first business, he hired the best of the best who also came with high salary expectations. The startup could not handle the payroll, and so Andrew had to let almost everyone go.LEARNING: Starting a business from scratch requires you to be smart and strategic. Have the proper organizational structure to support your business model. “Fail fast so that you can keep on winning.”Andrew Pek Guest profileAndrew Pek is an internationally recognized authority on innovation, design thinking, and entrepreneurship. From start-up to mature companies, Andrew has helped organizations such as Bayer, Citi Group, Pfizer, and Steelcase become more innovative.Andrew has been invited to speak worldwide, and his views on innovative leaders, change management, and design thinking have been featured on ABC, NBC, CBS, Fox, The New York Times, Investor Business Daily, and Chicago Tribune.Worst investment everWhen Andrew started his business, DXD Partners, a big design thinking and innovation consultancy, he decided to hire some of the most intelligent and most interesting people. He went for people he had a good affiliation with. Andrew believed that these people would take his business to the highest heights.A payroll larger than he expectedWhile his hires were great, they also came with high expectations in terms of salary. Andrew invested a ton of money bringing them on board.A bloated payroll combined with the market crash in 2008 created the perfect storm for Andrew. He couldn’t keep up with the payroll and had to go through the painful process of letting everyone go except for his administrative person. It was brutal.Being more strategic when hiring peopleLooking back, Andrew admits that he should have been more strategic with the people that he hired. He should have made sure they were the right fit in terms of experience, skills, and even salary expectations.Lessons learnedStarting a business from scratch requires you to be smart and strategicWhen starting a business from scratch, understand what your customers want, have the right business model, and then develop the proper profitable structure.A successful idea is desirable, doable, and viableFor your product or business idea to be successful, it should be desirable, doable, and viable. Besides understanding what your customers want, you should also have the proper organizational structure to support your business model. The wrong setup will affect the viability of your business.Andrew’s takeaways6 top mistakes startups makeBad hiring decisionsPoor management of time and peopleIneffective teamwork and collaborationWaiting too long to start sellingWeak accounting and financeLow product qualityActionable adviceInvest your time in understanding who your customer is, then come up with a minimum viable solution.No. 1 goal for the next 12 monthsAndrew’s number one goal for the next 12 months is to scale a new product that he is working on. His strategy is to scale it through partnerships and licensing agreements, his online program Consulting Unplugged, and other mentoring systems,Parting words “Always stay present, dream big and make each day count.”Andrew Pek [spp-transcript] Connect with Andrew PekLinkedInTwitterPodcastWebsiteAndrew’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