My Worst Investment Ever Podcast

BIO: Ibrahim Kocagoz is the Technical Director at SODEXO Thailand, responsible for Innovation, Smart City & Systems, and Sustainability.STORY: Ibrahim and his wife bought several apartments in Istanbul. The plan was to retire soon at a vineyard, making wine while receiving income from the apartments. However, the Turkish currency started devaluing, throwing off the value of the flats. Ibrahim could only charge half of what the apartments were worth when purchasing them.LEARNING: Do thorough research before investing in property. Real estate is high-risk; avoid investing in it if you can. Understand the currency risk concept before investing abroad. “Learn a lot about what you want to invest in and try to invest in more than one sector.”Ibrahim Kocagoz Guest profileIbrahim Kocagoz is the Technical Director at SODEXO Thailand, responsible for Innovation, Smart City & Systems, and Sustainability. Before joining SODEXO, Ibrahim worked as a Smart City Project Manager in Qatar for almost seven years. Ibrahim received a Bachelor’s Degree in Electronics Engineering from the University of Istanbul, Turkey, in 2004.Ibrahim has more than 15 years of experience in urban development, oil & gas fields, and industrial projects. He has excelled at engineering, construction, commissioning, research, development, and management, especially for systems integration, instrumentation & control systems, and sustainability.Worst investment everIbrahim and his wife talked about investments, and they settled for real estate. They believed that it was stable and it would gain in the future. So they bought several one-bedroom apartments in Instanbul.The plan was for the couple to, later on, move to the South of Turkey, buy a vineyard and produce wine while getting rent from the apartments.The currency issueSoon after they bought the apartments, the Turkish currency started devaluing, so the apartments’ value went down. Ibrahim, thus, had to lower his rent to get tenants. Selling the flats was not even an option because he could never sell them for a profit.The currency recovered after a few years, but Ibrahim could not increase rent, and so he lost 50% of their expected value in rent collection.Overlooking important investing factorsThere are two things that Ibrahim and his wife overlooked when they decided to invest in real estate. One, they assumed that Instanbul, being the largest and most popular city in Turkey, would be more profitable in terms of rents. However, the city of Izmir has better incomes.The second thing they overlooked was the performance of the currency. They did not do any research to see how the currency was changing and if it was stable or not.Lessons learnedDo thorough research before you invest in real estateReal estate is a high-risk investment because there is no guarantee that you will make a profit. It is, therefore, imperative that you do thorough research before you decide it is the right investment option for you.Diversify your investment portfolioDo not invest in just one sector; diversify your investments. At the very least, invest half of your money in different stocks and the other half in a sector that you understand fully. Doing this will help you reduce your risk.Andrew’s takeawaysInvesting from abroad means you’re making two investmentsMost people live and invest in their home country. And therefore, the concept of currency risk is not a big thing. But when you live outside of your country and want to invest back into your home country, you will make two investments.The first is you have to buy the currency of that country and then buy the underlying asset. Many people forget about this, but it’s important to think about currency risk because you could greatly gain on the underlying asset. Still, if the currency devalues, you lose that gain.Real estate is a high-risk investmentOn the surface of it, rental property seems like a good investment. But there are several problems with it. First, you can have a lot of supply but little demand making it hard to resell at a profit. Second, there could be a crisis, such as the Coronavirus pandemic, where many people are never going to get the gain that they thought they’d get on their properties.Property is illiquidYou cannot just wake up one day and say you do not want to own your property anymore and then just get out. It takes time to sell.Do not buy rentals during an inflationary periodWe should expect to experience inflation around the world. Most people may think this is the time to own property, especially rentals. However, this is not a good idea because it is hard to increase the rent. After all, salaries are not going up. Land and physical assets offer some protection against inflation.No. 1 goal for the next 12 monthsIbrahim’s number one goal for the next 12 months is to bring his smart city vision, sustainability, knowledge experiences to more countries, including Vietnam, Laos, and Myanmar. [spp-transcript] Connect with Ibrahim KocagozLinkedInTwitterYouTubeWebsiteAndrew’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: Jeff Nischwitz is known as a Snow Globe Shaker who’s on a mission to help people shift how they lead and thereby shift their leadership impact.STORY: Jeff’s parents sold their business and gave the money to their grandchildren for a college education. Jeff decided to invest his kids’ money as advised by a financial advisor who knew his dad. This was during the Dotcom boom, and at first, the investment grew from $10,000 to $75,000 per kid’s share. But within six months, the market crashed. The worst part was that his advisor never talked to him as the market started shifting. Being a thrill-seeker, Jeff decided to try another venture. This time around, he invested in a franchise that failed from the get-go. Jeff continued pumping money into the business even though things never improved. Jeff never quit until he was so deep into the mess.LEARNING: Don’t let your ego drive you to poor decisions. Focus on the long-term instead of big hits that only last a short time—work with an experienced financial advisor. “When things are chaotic around you, when you’re being shaken up externally, it’s even more important to shake internally.”Jeff Nischwitz Guest profileJeff Nischwitz is known as a Snow Globe Shaker who’s on a mission to help people shift how they lead and thereby shift their leadership impact. He’s an international speaker and personal transformation coach known for his unique perspectives, challenging traditional thinking, and delivering tangible shifts for leaders to grow their people, build their businesses and enhance their relationships.Jeff’s the Founder of The Nischwitz Group, a speaking, consulting, and coaching company, and the Co-Founder of Cardivera, a leadership development ecosystem that grows leaders and their impact. He also co-hosts the Leadership Junkies Podcast. Jeff has published four leadership and business books, including his most recent–Just One Step: Walking Backwards to the Present on the Camino Trail.Worst investment everBack in the mid-90s, Jeff’s parents sold their business and gave the company stock to their grandchildren. This money was intended for their college education when they came of age.Investing the moneyJeff was the administrator for his kids’ share. He went to a guy that he did not know well but who knew Jeff’s father. He suggested a stock for Jeff, and he put in all the money into that stock. The stock was going crazy. Jeff started with $10,000 a child, and the money went up to like $75,000.The Dotcom boomThe Dotcom boom hit in 2000, and now there was all this speculation on tech stocks. Jeff started thinking whether it was time to sell the stock as it was still on a high. He, however, waited on his guy to advise him. But he wasn’t getting any communication from him.As he was waiting for advice, the market started to tumble and ultimately crashed. Jeff lost most of the money. All this while, Jeff never heard from the financial advisor.Trying againThe same year, Jeff started a business that involved buying a franchise. The company started poorly right from the beginning. Jeff’s gambler’s mindset set in, and instead of pulling the plug, he kept pumping money into the business.It took Jeff forever to pull out and say enough, finally. By the time he pulled the plug, he had dug himself a bottomless hole.Lessons learnedBe careful of the treacherous thrill of the unknownJeff realized that he was a bit of a thrill-seeker. He loved the thrill of the unknown. This caused him to make financial decisions with a gambling mindset. Now he has learned how to be self-aware and catch himself when he is going in that direction.Focus on long-term wins instead of shorter big hitsAnother lesson that Jeff learned from his worst investment was that he had always been trying to go for the big hits. This was all about his ego. He would feel better about himself by getting the big wins, but this often put him in trouble.Andrew’s takeawaysReduce risk through the dollar-cost averagingThe dollar-cost averaging strategy puts in a small amount of money every month instead of your entire savings. Using this strategy allows you first to understand where the market is before investing a lump sum.Financial advisors should communicate regularly with their clientsIf you manage other people’s money, make sure that you have regular communication with your clients. The most optimum would be monthly, but quarterly is okay. Pick the time that suits you and suits your client, and ensure you have regular communication.Choose a financial advisor with experienceWhen picking a financial advisor, choose one with experience. A financial advisor who has been through many ups and downs may be better at communicating and handling your financial matters.Actionable adviceBe honest with yourself and get to know yourself. Look for behavior patterns that do not serve you. A great way to do that is to ask yourself what you wish were more of and what you want to you were less of. That’s the way you can start to learn about yourself and avoid those patterns that do not serve you.No. 1 goal for the next 12 monthsJeff’s number one goal for the next 12 months is to launch and cause to thrive two new programs he created out of COVID. One is a program called Growth, which is a peer-to-peer mentoring program. The other is Be a Man, which is for men only, and it’s about helping men understand all the cut-through and different messages they have gotten their whole life and what it means to be a man.Parting words “Great discomfort always precedes great outcomes. So get ready to get uncomfortable.”Jeff Nischwitz [spp-transcript] Connect with Jeff NischwitzLinkedInTwitterFacebookPodcastYouTubeWebsiteAndrew’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

Recently, I posed this question to some of my prior guests, “How would you advise a young person to reduce risk in their life?” The answers rolled in from 40 guests! I grouped the responses into five categories: Building valuable relationships, managing finances, personal growth, risk management, and having awareness. There are tremendous pearls of wisdom!Valuable relationships – Communication with loved ones, mentors, and friendsDon’t be afraid to ask for helpSeek out trusted friends, family members, and mentors and listen to them “Don’t be afraid to ask for help.”Corey Hoffstein “At each stage in your life, find mentors and friends you trust and who you feel are invested in you – listen to their advice.”Colin W. McLean “Get married, listen to your wife, stay married.”Michael Markels “Alongside your time and money, the most important asset allocation decision you will make is with the trust you invest in a select few people: your spouse and family, your friends, those you work with, and those you entrust to take care of whatever or whomever you cannot personally care for. (You’ll note your choice of fund managers and CEOs of stocks you buy only fits into that last category).”Tariq Dennison Managing finances – Focus on investing in your futureStart investing earlyGet a great education and training in your fieldUnderstand what you are investing inStudy everything you can find about moneySet a long-term investment strategy and stay the course, even when it’s scaryTraditional jobs are often bad investments these daysDiversify your life by developing skills and relationships in multiple areas “Start investing early to create wealth and always live within your means.”Nicolas Rabener “Pass CFA exams and be a CFA charterholder.”David Ying “Invest in what you truly understand.”Sopon Srisakunpath “Study money! If you want more of it, you must talk about it and think about it daily, which means, read books; all and any book with the word money in the title.”Jerremy Newsome “Hold when your investments drop a little; hold even when they go up as much as you wish. There’s more on the horizon for you, always.”Philipp Kristian Diekhöner “The worst income source you will ever have as an adult is a traditional job.”Bobby Casey “Find ways to put multiple irons in the fire, aka develop skills that are valuable among several industries, and develop relationships with colleagues in a variety of industries and professions. This is much like the diversification of assets in an investment portfolio. However, the flip side is reducing risk generally results in lower overall returns since the investments are not overweight in any single industry (or portfolio holding). So, one must be content with not experiencing exceptional returns in exchange for reducing risk in life and career choices.”Bill Winterberg Taking responsibility – Admit your mistakes and learn from themBe honest about your mistakes, learn from them, but most importantly, move on from themChase your dreams, so you never have to regret missed chancesIf you are struggling to be who you want to be, just reach out to others who have been through it “Get away from the mistake, learn from it and try to avoid it in the future.”Roongkiat Ratanabanchuen “Be honest about your mistakes and losses so you can learn from them.”Michael “Mike” R. McGaughy “Live with no regrets. The memory of not chasing your dream at all is worse than the pain of going for it and failing.”Lisa Ryan “Curiosity is a superpower; use it to be open to what you don’t know and never be closed to what you learn.”Michael Falk “If there is a mismatch between your long-term goals and your everyday actions, there are professionals out there who can help you.”Anonymous prior guest Personal growth – Unlock your creativity and trust the direction of your lifeYou are your main engine of wealth; invest in youDon’t get distracted by the current situation; look beyond itBe open to give and receiveGet off the daily rollercoaster, set your long-term strategy, and stick to itBe curious and be bold; life is shortStudy about the opportunities you face before actingAlways have a planDon’t believe what you read, test for yourself, then follow your own path “Invest in yourself; your mind and hands are the engines of your wealth.”Dr. Daniel Crosby “Look beyond the current scenario.”Mohd Sedek Bin Jantan “Give without expectation and receive without resistance.”Christopher “Chris” Salem “Let time do the work for you, do not entertain the daily emotional rollercoaster; instead, stay true to your long-term strategy.”Emil Voehlert “Be bold and live your dream, for life is short.”Michael “Mike” B. Garcia “Be curious and get out of your comfort zone.”Devyani Vaishampaya “Study well, then select the best opportunity, then manage properly and get perfect results.”Eslam Shaaban Radwan “Always have a plan.”Dan Passarelli “Test everything for yourself. Don’t believe everything you read. The path to greater results and a deeper and more meaningful life is the path less traveled.”Josiah Smelser Risk management – Anticipate what can go wrong and apply cost-benefit analysis in lifeMake decisions slowly, think about the future impact of your decisionCautiously embrace risk, but know that you cannot eliminate it, instead take calculated riskBuild resilience by taking small risks at an early ageReduce risk by taking the time to build your knowledge and understanding of itThe only certainty in life is uncertainty, keep calm and stay the courseSometimes the riskiest thing to do is to play it safe in lifeStrive to separate your beliefs from facts “Don’t rush. Pause, think, what’s the worst thing that could happen? What is the impact on my future life?”Bill Lewis “Embrace risk, but do it with caution; learn from your mistakes.”Lasse-Peter Pestel “The best way to reduce risk in life is to take many small chances and make as many mistakes as possible early on because nothing builds resilience more than past failures.”Azran Osman Rani “Risk is something you can’t eliminate, but you can manage it with knowledge.”Odilon Costa “Life is full of risk, so is a business, and being a finance professional, we should always try to take on calculated risk.”Ian Ng “You can’t eliminate risks in life, but you can manage them. Start by understanding them.”Pipat Luengnaruemitchai “Certainty is uncertainty; keep calm, don’t panic, and stay diversified.”Sornchai Suneta “Don’t assume that “risky” means taking the less-traveled path; sometimes, the riskiest thing to do is to play it safe and assume that you have control. Control is an illusion. Plan for the worst-case and figure out how to get comfortable with that – everything else is gravy.”Catherine Flax “As we know, there is no return without risk, so be abundantly vigilant to identify and analyze each risk unemotionally...separate your beliefs from facts. Good luck!”Jeyabalan Parasingam CPA, CFA “The best way that I can think of to reduce risk is to spend time beforehand getting to understand whatever it is you want to invest in, and by all means like I stress in my book, ‘Your Time Is Now’ – seek the advice of PROVEN experts!”Frank Moffatt Having awareness – Recognize the outcomes you create and stay unbiasedSleep on it before decidingWork to gain awareness of your biases and work to correct for themIdentify risk, estimate its characteristics, don’t hesitate to implement a rescue planThink deeply about what could go wrong before taking a significant step in your lifeAlways weigh both the pros and consRisk is when some or all of the things that you haven’t thought of actually happenBasic risk management is about thinking of possible outcomes and how to mitigate their effectsAdvanced risk management is about mitigating against the effects that you didn’t or couldn’t possibly have thought of “Think twice before you decide on major issues, if feasible; sleep a night in between.”Alexander Burstein “Train and increase awareness of your biases and correct for these in the face of transverse risks.”Eelco Fiole “To deal with life’s risk, identify the risk, determine the specific characteristic of when this risk is occurring and implement your rescue plan without hesitation.”Daniel “Dan” Gramza “The best way to deal with risk in life is to contemplate what can go wrong before you act.”Jotak Nandwana “Always remember there are two sides to every coin, i.e., weigh the pros and cons.”Peter John Emblin “Risk management is as much art as science – when done properly, it’s as much to do with scenario planning as with formulae. Risk is when some or all the things that you haven’t thought of actually happen. Basic risk management involves thinking of as many different outcomes as possible and mitigating their effects. Advanced risk management involves mitigating effects of all the things that you haven’t thought of and couldn’t possibly think of.”Paul Gambles Those are the golden nuggets my guests shared, which can help you build valuable relationships, manage finances, personal growth, risk management, and have awareness. To conclude this post, I want to share a quote to live by from Eleanor Roosevelt: “Learn from the mistakes of others. You can’t live long enough to make them all yourself.” Andrew’s booksHow to Start Building Your Wealth Investing in the Stock...

BIO: Shashank Randev has acquired a depth and breadth of experience from working in large companies, being the founding member for a SaaS startup (acquired by a Fortune 500 Company), to an early-stage fund investing in technology-enabled startups.STORY: Shashank was the lead investor of his angel network and was advocating for a startup looking for funding. They had an impressive conversational artificial intelligence assistant for retailers. Their one problem, though; they didn’t have proof of concept. Shashank was unable to convince the founders to work on proof of concept, so he pulled his support. A year later, the startup was acquired by a huge company. Had Shashank not pulled out, he would have made 7x of his investment in the acquisition.LEARNING: Identify your buyer even before you create your product. Have different perspectives when evaluating an early-stage startup. “You cannot possibly have one set of perspectives when looking at an early stage company because anything can happen; acquisition can happen at any time.”Shashank Randev Guest profileShashank Randev brings entrepreneurial and investment understanding with 15+ years of cross-functional expertise. He has acquired a depth and breadth of experience from working in large companies, being the founding member for a SaaS startup (acquired by a Fortune 500 Company), to an early-stage fund investing in technology-enabled startups.Shashank is Founder VC at 100X.VC (x)-India’s first venture fund to invest in early-stage startups using iSAFE Notes. Go to https://www.100x.vc/ and submit your pitch deck.He is also an Angel Investor and Advisor with a keen interest in B2B emerging technology startups. Additionally, he is a Member at PIOCCI (People of Indian Origin Chamber of Commerce and Industry).Previously, he was the Founding member and Vice President of VCCEdge, the SaaS data platform by VCCircle (acquired by News Corporation in 2015). He launched the SaaS platform, led revenue, product development, and growth initiatives for close to seven years at VCCEdge. He has also worked with NIIT Ltd. and Zensar Technologies Ltd.Shashank holds an undergraduate degree in Bachelor of Engineering from Nagpur University and an MBA from International Management Institute (IMI), New Delhi.Specialties: Scaling up Startups, Accelerators, Angel & Seed Investment, Venture Capital, Global Open Innovation, M&A, Cross-Border Transactions & Entrepreneurship.Worst investment everShashank was and still is very interested in conversation in commerce. In 2017, he met this company developing a conversational artificial intelligence (AI) assistant for retailers. The AI assistant could understand a customer’s needs through natural conversation, offer them relevant recommendations, and explain why that may be the best choice. This fascinating AI was a huge opportunity.The founders of the company had previously built another successful startup that a famous Indian company acquired. So they were second-time founders, which was a colossal tickmark for Shashank.Advocating for the founders to get fundedIn August 2018, Shashank decided to lead the investment through an angel network. As the leader of this transaction, Shashank’s job was to convince all the other angel investors in that network that they should join him in investing in the two founders.The missing proof of conceptThe two founders had a good minimum viable product, but they had not tested it. Shashank kept asking the founders to try implementing the product in a few companies to test it.But the founders wanted to focus on enhancing their algorithms instead of working on the proof of concept, which is what the network of angel investors wanted. At the end of 2018, after spending five months having multiple conversations, Shashank was not convinced that they would be able to sell their final product.Giving up on the foundersEventually, Shashank felt that he was wasting time trying to convince them to give him proof of concept. He also did not want to ruin the relationship he had with the angels in the network should the product fail. So he pulled the plug. Shashank decided not to lead the round, and eventually, that company did not get funded by the angel network.If only he had been a little patientCome September 2019, and a large Indian firm acquired the company. The company was so impressed by the hardcore tech product that they could not wait to acquire it.When Shashank learned about the acquisition, he regretted dismissing the founders. Had he been a little patient to get to the acquisition cycle, he would have easily made a 7x return of whatever capital he would have invested.Lessons learnedKeep an open mind when evaluating an early-stage companyYou cannot have only one set of perspectives when looking at an early-stage company. Anything can happen. An acquisition can happen at any time.Andrew’s takeawaysIdentify your buyer even before you create your productOne of the best ways to start up a company is to determine who your buyer is going to be, then mold your core business around that.Actionable adviceMake mistakes early on and move on. If you don’t, you are likely to make a costly mistake later on, which will cost you the venture capital fund. Also, be firm about your thought process when evaluating deals.No. 1 goal for the next 12 monthsShashank’s number one goal for the next 12 months is to ensure that they reach a portfolio size of 100 startups at 100X.VC because once they have done that, the company will be genuinely solving the seed-stage capital problem and increasing successes.Parting words “If you are aspiring to become an angel investor or an entrepreneur, don’t think too much. Just go ahead and try it out.”Shashank Randev [spp-transcript] Connect with Shashank RandevLinkedInTwitterBlogWebsiteAndrew’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: Mark Morris is an expert at building developer relationships and helping housebuilders achieve discreet volume sales at speed.STORY: Mark bought an off-plan property for $200,000 with the hopes of selling it for a profit. Unfortunately, a project that was supposed to take 12 months took two years to complete. The US financial crisis hit just a few months after completion, and now Mark could not sell the property.LEARNING: Be careful when investing in an off-plan property because you are simply buying a dream. Most homes just take money away from the owner, making them liabilities instead of assets. Take advantage of the cooling-off period in your contract should you think you made a mistake. “I’m not against off-plan investments, but they are just riskier.”Roshan Cariappa Guest profileWhen you hear the name Mark Morris, I want you to think, “High cash flow portfolios.” He is an expert at building developer relationships and helping housebuilders achieve discreet volume sales at speed. Alongside an IT freelance career, he has been a property investor for the last 20 years, building a portfolio of buy-to-let apartments and houses across Greater Manchester. He has also created a solid income-generating portfolio in the midwest of the US.Worst investment everMark saved up quite a chunk of money around 2005, and when his friend, a real estate agent, invited him to see some property, he did not hesitate to go. The property was a development in a marina that was being sold off-plan.The 12-year planThe owner was selling the properties for $200,000, and the plan was to have the apartments ready in 12 months. So the catch was that Mark, should he buy the property, would sell it for about $260,000.Mark was itching to add properties to his portfolio, and so he quickly bought into the investment. He was still new in the property market and knew nothing about such investments, but this did not stop him from purchasing the property.The promised 12 months turned into 18 months and 18 months turned into two years. In 2007 the project was completed, and now Mark could sell his apartment.Here comes the US financial crisisWithin months of completion, the US financial crisis happened. Now Mark could not get anyone to buy the apartment for a profit. Mark decided to rent the apartment, but the rent he collected was too little to even pay for the mortgage. Mark still has this property to date, and it’s still not covering the mortgage.Lessons learnedUnderstand the investment you want before you make any paymentDo your research and your due diligence. Look at the fundamentals of whatever you want to invest in.Have a plan BDo not focus too much on the upside. Consider that your investment could go south and so always have a plan B.Choose long-term over short-term investmentsAlways be looking at the long term, not the short term, when it comes to investing.Andrew’s takeawaysMost houses are liabilities and not assetsMost people buy homes using bank loans, turning the house into a liability instead of an asset. This is because it is just taking money instead of giving cash flow to the owner.Buying off-plan is akin to buying the seller’s dreamWhen you are buying off-plan, you are buying a startup company; you are buying a dream. This places you at a considerable amount of risk to get to the final result because you invest in the person selling you the dream and in their business, not in property.Find out about any cooling-off periods in your contractCheck on any existing cooling-off periods related to your contract. This helps if you sign a contract, and later you feel you made a mistake, you are allowed to break the contract as long as it’s within the cooling-off period.Actionable adviceGet yourself educated, do your research and just commit to personal development. Make sure you understand the investment that you are getting yourself into. Do your due diligence before you put money into it.No. 1 goal for the next 12 monthsMark’s number one goal for the next 12 months is to create another high cash flow and income stream.Parting words “Do not be afraid to make mistakes. Take ownership of your mistakes but learn from them.”Mark Morris [spp-transcript] Connect with Mark MorrisLinkedInAndrew’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: Roshan Cariappa has over 12 years of experience as an entrepreneur and operator at early and growth-stage startups, specializing in going from zero to one and setting up cross-functional teams. Currently, he heads Marketing at Vymo, one of the fastest-growing SaaS startups in India.STORY:  Roshan started his business in 2012, offering marketing services to startups and small businesses. He then pivoted to offering digital assets when digital marketing hit. The business was quite a success. In 2015, there was a vast consumer internet boom in India, and so Roshan thought he’d take advantage of this and pivot his business to offering tech products. He created an app to connect families. This was a huge change that worked against his company. In a few short years, the business failed.LEARNING: Pivoting is about making small changes, not huge ones. Do not go all in; make room for risk and probability and always have a plan B. “You can be super optimistic about your vision, but be a little pragmatic, or even slightly pessimistic about your execution.”Roshan Cariappa Guest profileRoshan Cariappa has over 12 years of experience as an entrepreneur and operator at early and growth-stage startups, specializing in going from zero to one and setting up cross-functional teams.Currently, he heads Marketing at Vymo, one of the fastest-growing SaaS startups in India, and also runs Bharatvaarta podcast (Politics, Policy, & Culture focused on India) and The Startup Operator podcast (wisdom from Indian founders, operators, and investors).Worst investment everIn 2012, Roshan started a business offering marketing services to startups and small businesses. The business then pivoted to building digital assets. Roshan and his team realized that digital was becoming the front and center of business, and people didn’t really have a focal point for all marketing activities. So they took advantage of this and pivoted the business.For a couple of years, the business was doing well and making good money.Pivoting a second timeIn 2015, the team had an itch to pivot again. This time they decided that they were done with services and decided to build products. They settled on creating an app to connect families.Going all inAt the time, there was this colossal consumer internet boom in India. There were a lot of new users on the internet, and every app business was getting funded. So there was a lot of optimism in the air. Roshan decided to go all in. He believed they could build the app successfully just as they had done with their previous offerings, the digital assets.It was not as easy as it seemsRoshan and his team grossly underestimated the time, effort, resources, money, patience, and skills required to build a consumer app.Roshan soon found out that App Store discovery is quite hard, and an app has to either go viral or spend a ton of money on acquisition. And once you’ve acquired these consumers, you still have to retain them and then make money out of them, which is not a trivial thing.Having to wind upRoshan had to wind up after a couple of years of trying to make the app a success. This was quite humiliating for him as he had to let go of people he had hired and nurtured.The failure of the app drained all of Roshan’s self-confidence. He hit a real low point after this venture.Lessons learnedDo not go all in make room for risk and probabilityWhile it is good to be optimistic about the outcome of your new idea, it helps to be a little pessimistic about your execution. Before you go all in, think about risk and probability. Consider that things might fail; what will you do in that eventuality? It is always better to be prepared for such an outcome than for it to hit you by surprise.Always have a plan BIt may sound like a cliche but always have a plan B. There is a lot of survivorship bias, especially when starting a business, so it’s going to take a lot out of you, and it’s good to have a solid plan B.Andrew’s takeawaysPivoting is not about making big moves but about small changesA lot of times, when entrepreneurs want to pivot, they make big changes. But the fact is that a pivot is just a small change. Pivoting from a service to a product or a product to a service is a huge change, and you are no longer pivoting but starting a new business.Actionable adviceBe deliberate about your choices. It is also imperative to be pragmatic about the present.No. 1 goal for the next 12 monthsRoshan’s number one goal for the next 12 months is to stay healthy and happy and keep his family happy.Parting words “I think we underestimate how much success can be had by not doing dumb stuff like, in my case, put everything on the line without a plan.”Roshan Cariappa [spp-transcript] Connect with Roshan CariappaLinkedInTwitterPodcast 1Podcast 2WebsiteAndrew’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: Marc Cirera is a business ethics and CSR specialist with a clear vision: a world where companies operate more sustainably and responsibly. It is for this reason he founded Companies for Good.STORY: Marc was traveling across South America when he realized just how much the process of booking a bus, the most popular mode of transportation, was. He decided to create an application that would make this process easy. The biggest mistake Marc made was failing to research his idea before launching it. He went all in and came up with this spectacular product, but he soon realized that selling bus tickets was just not where his heart was.LEARNING: Find that one thing that motivates you the most and do it. It is okay to walk away from an idea that is no longer working; let the experience be your chance to learn. Go out there, test your idea, make it work, and keep improving it as you get feedback. “You will always regret the things you haven’t done, not the things you have done. And so, whenever you have the opportunity to do something, do it.”Marc Cirera Guest profileMarc Cirera is a business ethics and corporate social responsibility (CSR) specialist with a clear vision: a world where companies operate in a more sustainable and responsible way.He founded Companies for Good because he knows that good business practices help companies perform better and because he knows that businesses have the potential to solve some of the world’s most pressing issues.A born entrepreneur, Marc was introduced into the business world at a very early age by his grandfather, a self-made businessman. At 19, Marc set up his first business in hospitality while studying Economy & Business Administration in Barcelona. Marc ran the business for four years, then sold it and used the profits to pursue his Master’s in Business Ethics in Sydney.After graduation, Marc moved to London where he worked at communications consultancy, Radley Yeldar, as an Employee Engagement & Sustainability consultant for 5 years. He helped multinational companies become stronger by putting ethics, values, and CSR at the heart of their organizations.Marc landed in Dubai in 2015 and joined the sustainability team of the luxury retail giant Chalhoub Group. In parallel to his full-time job, he developed and launched Companies for Good (in 2017) and has been fully dedicated to the social impact start-up since November 2018.Worst investment everMarc was traveling around South America, as a backpacker, after quitting his job in London. Being an entrepreneur at heart, Marc went looking for any opportunities as he backpacked in South America.Smelling an opportunityMarc noticed that bus transportation was the most popular mode of transportation given that planes were expensive and there was no railway line. People would use buses to travel across cities and countries. The buses were quite comfortable.One thing was missing, though. The process to find information such as bus timings and routes and purchase the ticket was a nightmare, especially for tourists who could not speak Spanish. Immediately, Marc got the idea to create something like Skyscanner, but for the bus transportation in South America.Coming up with the coolest solutionMarc spent about a year working on the application. He did many cool things, such as an amazing website, a fantastic name, and the coolest logo. Marc started talking with loads of bus companies and sharing his idea of selling their bus tickets online. And they loved it, of course, because it meant more business for them.Going in full-timeMarc traveled to South America again sometime later to negotiate the rates. He did pretty much everything that needed to be done to set up the business.At some point, Marc realized that he needed to put his full attention to the business. He could not be traveling while developing a business idea. So he dedicated himself full-time. He created a team and financed the whole business because he was 99% sure it would be a great business model. Marc truly believed it could be amazing and was ready to invest in it.Losing interestThe business model was wholly dependent on selling bus tickets. After a year of doing it, Marc realized that this was something he just couldn’t see himself doing 5-10 years down the line. There was just no motivation to keep doing it, and so he wrapped up the business.Lessons learnedFind that one thing that motivates you the most and do itIf you want to succeed as an entrepreneur, do something that motivates you. Something that you will want to continue doing for a long time. Think about the things that inspire and drive you as a person and as an entrepreneur. What are the things that make you wake up every morning and be excited? What kind of job would you like to do that doesn’t feel like you’re working? Before spending time and money on anything, spend some time thinking about what will make you happy and keep you motivated.Whenever you have a chance to do something, do itWhenever you have the drive to do something, do it as long as you know it is the right thing to do. Do not waste too much time thinking; just learn by experience. And if you realize that it is not the right thing for you, that’s fine; move on and try something else. Everything you learned from this experience stays with you.Andrew’s takeawaysFirst, make sure that there is a problem your product can solveBefore you launch a product, find an existing pain that the customer feels and let your product offer a solution. This must be a pain that is valuable enough for them to pay for a solution. What might look like a problem to you may not necessarily be a problem to the customer.It is okay to walk away from an idea that is no longer workingIf you find yourself at a point where you decide that an idea you had is no longer working, it is perfectly okay to walk away. The idea may not have worked, but at least you tried. And just like Mark, you will not regret walking away because you tried.Actionable adviceGo to the market from day one. Do not wait until everything is perfect. Go out there, test your idea, make it work, and keep improving it as you get feedback.No. 1 goal for the next 12 monthsMarc’s number one goal for the next 12 months is to plant 10,000 trees to make the UAE greener and mitigate climate change.Parting words “It is good to look back and reflect on what you did well, what you did not, what the journey has been, and to be proud of all the achievements.”Marc Cirera [spp-transcript] Connect with Marc CireraLinkedInTwitterInstagramWebsiteAndrew’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: J. Money is an award-winning personal finance blogger. He’s founded several popular projects over the past decade, including Budgets Are Sexy and Rockstar Finance.STORY: J went looking for a 2-bedroom apartment to rent in 2007. He got lost and ended up buying a $350,000 house on a whim 48 hours later, with no idea of what he was getting into. A few months later, the property market went bust, so he could not sell his house. J has always been a drifter and buying a house that he could not sell saw him get stuck in a place he did not enjoy living in for seven years.LEARNING: Do not do things just because others are doing it; try to shape your lifestyle according to your dreams. You could make more money by being a renter than a homeowner because there is no guarantee you’ll sell the house for a profit. “There is no shame in renting. Take your money and invest it in the stock market.”J. Money Guest profileJ. Money is an award-winning personal finance blogger, a daddy of 3, and mega-fan of the Personal Finance space online. He’s founded a number of popular projects over the past decade, including Budgets Are Sexy and Rockstar Finance, and is now curating the best articles from around the community at All-Star Money—a project in partnership with The Motley Fool. You can find his entire story here.Worst investment everWhen J got engaged, he felt that the next thing on his life’s checklist was buying a home. But at first, they decided to rent a one or two-bedroomed house.Finding a home by sheer accidentOne day, as the couple was apartment hunting, they got lost after taking a wrong turn. They stumbled across a townhouse that was for sale. They thought it was a nice-looking townhouse, and they decided to call the realtor just for the fun of it.The realtor confirmed that it was for sale and invited them to go inside and take a look. They told the realtor that they were planning on renting. The realtor convinced them that renting was just a waste of their money, and for only $200 more, they could own a house.But my friends are homeownersAs the realtor tried to convince them to buy, J thought everyone, including his friends and family, was a homeowner. And at that point, he knew a house is an asset. All these thoughts convinced him to buy the house for $350,000 within 48 hours.The decision to buy the house was entirely on a whim. They did no research or weighed their options thoroughly. They just saw a house that they liked, and it was well priced, so they bought it even though that was not their initial plan.The bubble goes bustWhile J felt that he had made a rash decision, he comforted himself with the fact that he had bought the house when the market was down, and maybe he would sell once it goes up.Unfortunately, the market kept going down. Then the 2008 financial crisis happened and crashed the property market altogether. Now J could not sell the house.The massive responsibility of owning a houseBesides having to deal with a declining market, J also had to bear the immense responsibility of owning a house. He had to deal with things like maintenance and property taxes, something he was not used to as a renter.Tethering a drifterJ came from a military background and so was used to moving every two years. And while in his head he thought it might be good to settle down, it was impossible to buy a house every two years and sell it.J and his family were forced to live in that house for about seven years because he could not sell the house for profit, even though he badly wanted to be on the move.Lessons learnedYou do not have to do what everyone else is doingDo not do what others are doing. Live your life on your own terms. Buy a house because it’s the right thing for you, not just because your best friend bought a house. Know yourself, understand how you work, and build a lifestyle around that.There is no shame in rentingIt is okay to rent. In fact, there are some advantages to renting over ownership. With renting, you do not have to worry about maintenance costs and taxes. You can invest this money in something with a high return. Renting also gives you the freedom to move around as much as you want. You do not get tied down to one place.There are other better ways of investing other than homeownershipAn asset is supposed to bring you an income. Houses, unless it is a rental, do not bring income. Instead, they take money from you. There are other investment options, such as the stock market. If you are buying a house with the hopes of making money from it, don’t. Instead, invest in the stock market.Andrew’s takeawaysRenting could make you more money than owning a homeLong gone are the times when owning a home was a huge investment in terms of returns. If you calculate the long-term costs of owning versus renting, renting is more cost-saving. If you are an intelligent renter and invest the money you’d use to buy a house, you could make a lot more than if you were a homeowner.There are many investment options nowadaysToday, there are so many investment options that are easier to manage and will make you more money than owning a home. You stand to build wealth investing in stocks, bonds, and other asset classes.Actionable adviceWrite your dream down. What does your dream life look like? If a house falls into that dream, then buy a house. But, if you see your dream life does not include being attached to a home, J’s best advice is to rent.No. 1 goal for the next 12 monthsJ’s number one goal for the next 12 months is to go back to his previous lifestyle before starting the All-Star Money project. His lifestyle included waking up at 5 am, working for five or six hours, then calling it quits at lunchtime, and then have the second half of the day for himself.Parting words “Just stay true to yourself and go check out personal finance blogs and see if anything resonates with you.”J. Money [spp-transcript] Connect with J. MoneyLinkedInTwitterInstagramWebsiteAndrew’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: Chuen Chuen Yeo is an executive coach specializing in developing the agile mindset in professionals, thereby raising the quality of leadership in every organization.STORY: Chuen Chuen quit working as a public servant and set up a coaching business. She then put her heart and soul into creating an online course. After three weeks of ignoring everything else, including her husband and kids, Chuen Chuen made only one sale. Her biggest mistake was failing to conduct background research and understand the online course space before jumping into it.LEARNING: Do not allow fear to stop you from reaching your full potential. But, also, do not let too much optimism blind you from seeking guidance. Sell your online course before creating it. “I overcame imposter syndrome by accepting what my strengths profile was trying to tell me.”Chuen Chuen Yeo Guest profileChuen Chuen Yeo is an executive coach specializing in developing the agile mindset in professionals, thereby raising the quality of leadership in every organization.Named one of “Top 101 Global Coaching Leaders” and “Woman Super Achiever” at the 28th World HRD Congress.She works with business executives from nearly 40 countries, including Fortune 500 companies and senior officers from the Singapore Civil Service.Chuen Chuen is also the author of ‘8 Paradoxes of Leadership Agility’ where through stories of transformation, she shows how mindset shifts are made possible with her proprietary Re4 Coaching Model.Worst investment everLeaving her safety netChuen Chuen decided to move from being a public servant and become an entrepreneur. The move meant leaving the stability of a full-time job, but she was determined to explore this route of becoming an entrepreneur.Setting up her own businessChuen Chuen set up a coaching business, and to scale the business; she put together an online course with the hopes of making some passive income.Chuen Chuen spent about three weeks wholly engrossed in creating the perfect course. In the three weeks, she ignored her husband and three kids. Fortunately, her husband was very understanding throughout that period.Time to sell the courseAfter spending all her time and money creating the perfect course, it was now time for Chuen Chuen to sell her course. She asked her greatest supporters to have a look.After all the work she put in, Chuen Chuen got just one sale. She was utterly disappointed.Learning from failureEven though Chuen Chuen was disappointed by the failure, she decided to learn from it. She asked a few people for feedback, and she got to know that her biggest mistake was being overly optimistic about her course. She believed that it would be great just from creating good content. So she failed to do any research or seek guidance from other online course sellers.Lessons learnedDo not let too much optimism blind you from seeking guidanceWe have to guard ourselves against our optimism to avoid trapping ourselves in a box, thinking that everything will work out fine. Too much optimism may make you paint this overly rosy picture that you do not need guidance because things will work out fine.Andrew’s takeawaysDo not let fear stop you from reaching your full potentialYou are unique and capable. Stop feeling bad about yourself, stop feeling inadequate, or letting imposter syndrome stop you from reaching your highest capabilities. Your job in this life is to bring the most and the best out of yourself.Sell your course before you create itIf you want to make money selling online courses, the best thing to do is sell the course before creating it. Drum up interest before you even create it. This will help you know if people indeed want it.Do not be afraid to charge premium rates for your coursesSometimes people are afraid to charge a higher price for their courses, not recognizing that cost is a serious accountability tool.Actionable adviceIf you are planning to launch an online course, check out Amy Porterfield first.No. 1 goal for the next 12 monthsChuen Chuen’s number one goal for the next 12 months is to scale and automate her business.Parting words “Please connect with me if this interview has done something positive for you.”Chuen Chuen Yeo [spp-transcript] Connect with Chuen Chuen YeoLinkedInTwitterInstagramWebsiteAndrew’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: Bushy Martin helps others to work less and live more. He is a highly respected property investment and finance expert, an author, and an anchor on Australia’s number one and longest-running property program ‘Real Estate Talk. He is also the host of the Get Invested podcast.STORY: Bushy always believed that hard work was all a successful man needed. This made him self-obsessed with his career to a point where he abandoned everything else in his life. It made him lose everything, including his wife and son.LEARNING: Invest in your health because it is your wealth. Focus on creating passive income so that you can have more time to live life. Time is a limited resource; use it wisely. “People who achieve sustainable success are those who invest in themselves, in their health, and their wealth.”Bushy Martin Guest profileBushy Martin helps others work less and live more through his contributions as an award-winning author, media host, podcaster, and one of Australia’s most highly respected property investment and finance experts. He is the author of The Freedom Formula and Get Invested. He is the newly appointed anchor on Australia’s number one and longest-running property program, Real Estate Talk, and Bushy interviews some of the world’s leading investors and high performers each week on his podcast, Get Invested.Worst investment everBushy was brought up to believe that a man’s role is to work hard as the wife looks after the house and brings up the kids.Hard work was his strengthBushy was not very talented, so his way of standing out was to work harder than everyone else. He worked hard through high school and university. He continued to work hard even after he became an architect.Bushy was all consumed in being a world-leading architect. His dream was to have award-winning projects all over the country, and to some degree, he achieved that level of success. Bushy got to work on some fantastic projects all over Australia and Asia.Great on the outside, dead on the insideBushy had a great career, got married, had a beautiful son, and lived in a beautiful home. Everything seemed perfect on the outside, but on the inside, Bushy was dying. He became obsessive about work. He was working seven days a week, 14 hours a day, for years on end.Losing everythingBushy’s obsession with his career caused him to lose everything else that was important to him, including his family. That hit him hard. He was burnt out, broken, and broke at 33.Bushy found himself at absolute Ground Zero and having to start again. He regrets the damage his obsession did to his first wife and son. Bushy resolved not to get that obsessed ever again and try to find a balance between making money and living life.Lessons learnedStop working for money and start getting money to work for youFocus on creating passive income so that you do not have to work all the time at the expense of everything else in your life.Treat yourself to some TLCFocus on your health because it is your wealth. The moment you start investing in your health, your life will change. You will start to see the world differently, and money will not be your motivation, but your health will be.Family is everythingFamily is everything you have got. So if you have disagreements with your parents or siblings, forgive them. You do not have to forget but forgive them because if you do not, the person you are hurting most is yourself.Andrew’s takeawaysChange is possible at any point in your lifeYou can change yourself whenever you feel it is necessary. Think about the kind of legacy you want to leave and adjust accordingly.Time is our limited resource, and all that we haveTime is a scarce resource so use it wisely. Live every day intentionally to get more out of life before time runs out.Actionable adviceStart the day by asking yourself: “What can I invest in today that is going to give me more time tomorrow?”No. 1 goal for the next 12 monthsBushy’s number one goal for the next 12 months is to continue helping and giving to others. His goal is to look at how to evolve the Real Estate Talk show on the professional front. Bushy is also working on his third book called Get Inspired, which takes all the gold out of the podcast episodes he has been doing over the last three years. You can grab a free copy of the intro book here.Parting words “Get invested.”Bushy Martin [spp-transcript] Connect with Bushy MartinLinkedInTwitterWebsitePodcastAndrew’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