My Worst Investment Ever Podcast

Wilbert Wynnberg is an international speaker, award-winning author, and founder of the Think Act Prosper (TAP) Growth Conference. Since 2015, Wilbert has touched the lives of over 100,000 people in more than 20 countries through his seminars, live programs, and award-winning book, THINK. ACT. PROSPER.: How Small Habits Can Lead to Massive Success.   “If you want to stay in the investment game for the long term, sometimes you just have to take a short break so that you can enjoy the game.” Wilbert Wynnberg   Worst investment ever Wilbert’s worst investment ever happened just a few weeks ago. As a prolific investor, Wilbert has been following the business cycles since the COVID-19 pandemic erupted. He’s been tracking a lot of different indicators, data, and the underlying numbers. He felt that in 2018, a lot of things had kind of picked up, but there wasn’t any reason for him to go in and take any action, whether it be long or short. So he kept watching the market. Ignoring Coronavirus At the start of the year, when Coronavirus started hitting the news, Wilbert at first wasn’t paying much attention to it. He thought it was the US probably overplaying the whole situation. Wilbert decided not to do anything about it unless he had further confirmation. Getting ready to beat the market By February, it was almost inevitable that the market was going to be shaken up. Wilbert could foresee a bear market. And so he started raising money so that he could pounce on the market. As he was raising money, Wilbert was also tracking things like insider trading, whether CEOs were buying or selling companies, what hedge funds were doing, and more. At that point, his research showed him that it was not the right time to buy equities and go into the stock market. So Wilbert waited it out. Taking the market head-on Eventually, Wilbert found out that with this virus and a high unemployment rate, governments will have to start printing money. So he began to look at commodities. Oil prices started coming down as well. Now Wilbert was very confident it was time to invest. At this point, he had raised a decent few million dollars. Oil stocks seemed like a good option, or was it? Brent oil was at about $25, and the West Texas Intermediate (WTI) was at about $22. This was a two-decade low. However, everybody believed that oil, unlike Bitcoin, would never go to zero because people need it for everyday stuff. So, Wilbert and his investment team were quite confident and stoked. They thought that this was going to be the trade of the lifetime. So without much further ado, Wilbert entered the position and started buying oil stocks. Falling flat on their faces At some point, Wilbert received an alert saying that Saudi Arabia and Russia were going to cut oil production. So they started buying in. Little did they know that actually, it was just a tweet from President Donald Trump. Oil prices at the time were $22. Prices went up to $32 before coming back down. By April 22nd, prices had plummeted and at some point were at a low of $8 while the oil futures contract went to negative 37 (Yes, people would actually pay you to take delivery on oil). Wilbert decided to count his losses and stopped investing in oil. Lessons learned Everybody is in it for themselves Don’t ever think that there will be a time that you’re genuinely safe, and nothing terrible will happen to your investment. Always make sure you keep checking on how things are going. Everyone else is looking out for their interests. You won’t get the whole picture You’ll never understand everything, no matter how long you’ve been an investor. Be careful about overconfidence bias. The moment you feel that you’ve understood the game in and out, that you know every single ounce of the game, that’s when you have to double-check things. Admit when you’re wrong Most people refuse to admit that they might be wrong after choosing one investment over another. They think that the bad situation is going only to be temporary, so they just let it go unhedged. Andrew’s takeaways Behind every trade is a financial infrastructure Don’t overlook the fact that there is a financial infrastructure behind every trade. When buying a stock or a derivative, keep in mind that there’s a whole infrastructure, and if that infrastructure falls apart, it’s over for everyone. Do better research When doing your research, go beyond the typical analysis. Break your research into two parts. Part one, your research on the opportunity, and then Part two is where you allow yourself to imagine what if your investment goes wrong. This removes the emotion out of the investment. Actionable advice If you are serious about trading and investing, record your journey. That is every single thing that you have done. When you start recording things you get to measure them, you get to see what went right and what went wrong. This allows you to be a better version of yourself in anything, just by doing more of what works and less of what doesn’t. No. 1 goal for the next 12 months For the next 12 months, Wilbert just wants to continue to build his fund so he can raise more money and keep sharing financial knowledge with people. Parting words   “It’s a learning journey, so just don’t give up. Get into the right group, right environment, right people, and have a Never Say Die attitude.” Wilbert Wynnberg   Connect with Wilbert Wynnberg LinkedIn Facebook Twitter Website Andrew’s books How to Start Building Your Wealth Investing in the Stock Market My Worst Investment Ever 9 Valuation Mistakes and How to Avoid Them Transform Your Business with Dr.Deming’s 14 Points Andrew’s online programs Valuation Master Class Women Building Wealth The Build Your Wealth Membership Group Become a Great Presenter and Increase Your Influence Transform Your Business with Dr. Deming’s 14 Points Connect with Andrew Stotz: astotz.com LinkedIn Facebook Instagram Twitter YouTube My Worst Investment Ever Podcast Further reading mentioned Wilbert Wynnberg (2018) THINK. ACT. PROSPER.: How Small Habits Can Lead to Massive Success Jason Zweig (2007) Your Money and Your Brain: How the New Science of Neuroeconomics Can Help Make You Rich  

Kavee Chukitkasem is the Deputy Managing Director of Kasikorn Securities and completed his Master of Finance from The University of Toledo, Ohio. Kavee is also a TEDx speaker and is the author of a popular investing book on how to identify great stocks and how to sow the seeds for sustainable long-term results (original title:เพาะหุ้นเป็น เห็นผลยั่งยืน).   “It doesn’t matter if you give your money to a fund manager; you still have to know about investing.” Kavee Chukitkasem   Worst investment ever Kavee’s worst investment to date happened during the first year of his career. He had just received his first bonus, and all he wanted to do with the money was to invest it. While it wasn’t so much money, Kavee was excited to be able to enter the investment world. At the time, Thailand’s stock index was at 1,700 points, almost the highest it has ever been. A bubble near to burst Around the same time, the Tom Yum Goong Crisis (the Thai name for the 1997 Asian Financial Crisis, and also a delicious soup with prawns) was building up in Thailand. Even though the signs were all over, nobody saw the crisis coming. Someone advised Kavee that this was the best time to invest, and he blindly believed him. Even though he was a finance graduate already working as a financial analyst, he put his trust in someone else. He never thought of researching the company he was putting his hard-earned bonus into. All Kavee knew was that he was buying at a high and was convinced the stock would keep going up. He never saw that burst coming Kavee bought stocks at 300 Baht each, but thanks to the Asian Financial Crisis the shares fell to a whopping low of 20 Baht in just three months. Kavee was utterly disappointed in himself because, as an analyst, he should have known better than to invest in a company he knew nothing about. Lessons learned What kind of investor are you? The first thing you need to do before you start investing is to know the kind of investor you want to be. What is your long-term investment goal? Before you start investing learn how it works Whether you’re interested in a long or short investment, you have to know how investing works. You don’t need to understand finance deeply but learn the basics and understand the market. Even if you choose to work with a fund manager, you still have to know about investing. Don’t expect to be an overnight millionaire Investing money for beginners can be exciting. Don’t get too excited and expect a hundred percent return in one year, that hardly ever happens. Give your portfolio time to grow. Don’t follow every investing advice you get There’s always someone out there wanting to force tips on investing for beginners down your throat. You don’t have to follow every piece of advice. Just listen and take into account and think about it by yourself. Andrew’s takeaways People fail to do their research, especially when starting to invest. They just pick the company, invest right away, even though they don’t know much about it. People fail to properly assess and manage risk. Look at your investment before you buy it and evaluate the risk and how to manage it. To reduce risk, you need to have a more diversified portfolio. People are driven by money, emotion, and flawed thinking. Many people lose their money because they trust the wrong people. People fail to monitor their investment. Many people just put their money in something, and then they don’t even look at it ever again. Don’t invest in a startup company, blindly. Actionable advice Get to know the investment first before you invest. It doesn’t matter how much you have to invest, keep your money safe first before you sign to invest anything. Whatever you want to invest in, you have to know it very well. Knowledge is essential before you get in because you can learn a lot, and you’ll invest from the point of knowledge and not ignorance. No. 1 goal for the next 12 months For the next 12 months and beyond, Kavee wants to focus on training Thai people on how to invest in the stock market so that they can enjoy financial freedom. Parting words   “Good luck to everybody going into the investment world. It’s very fun, and if you have a successful investment, that’s a good thing to have.” Kavee Chukitkasem   Connect with Kavee Chukitkasem Facebook Twitter Website Andrew’s books How to Start Building Your Wealth Investing in the Stock Market My Worst Investment Ever 9 Valuation Mistakes and How to Avoid Them Transform Your Business with Dr.Deming’s 14 Points Andrew’s online programs Valuation Master Class Women Building Wealth The Build Your Wealth Membership Group Become a Great Presenter and Increase Your Influence Transform Your Business with Dr. Deming’s 14 Points Connect with Andrew Stotz: astotz.com LinkedIn Facebook Instagram Twitter YouTube My Worst Investment Ever Podcast  

Robert “Bob“ Seawright is the Chief Investment & Information Officer for Madison Avenue Securities, LLC, an investment advisory firm and broker-dealer headquartered in San Diego, California. Bob’s blog, Above the Market, has received “best of” recognition from a wide variety of sources, including The Wall Street Journal and the CFA Institute, and is the #7 rated advisor blog in the country based upon readership, linkage, and influence. And don’t’ miss The Better Letter Newsletter that he writes about markets and life and comes out every Friday morning.   “Good advice wrongly applied isn’t any better than bad advice.” Robert Seawright   Worst investment ever Beginner’s luck Bob’s worst investment ever, like for most investors, was when he was starting as an investor. At the time, Bob was working on the fixed income trading floor for a big Wall Street investment house trading bonds all day every day. So what he knew and understood was bonds. Bod had learned from the bigwigs of investing, such as Peter Lynch, to invest in what you know. So Bob allocated his investment money heavily toward bonds. Thanks to beginner’s luck, he did just fine with his bond investments. Missing out on higher returns While Bob never lost any money for investing in bonds, he played too safe and missed out on other investments that he should have made early in his life. Such investments, with compounding they could have had a lot more returns. Luck and randomness have always been his saving grace In the course of his life, Bob has made a few more bad investments that somehow have turned out well for him, thanks to luck. For instance, he bought a house at the wrong time, but as random as this decision was, it turned out great for him. Bob also went against financial planning advice and paid for his kids’ education. Bob had not been able to go to college, where he wanted because his parents didn’t have the money. So it was a very important value for Bob to provide the best education possible for his kids. This is even though he knew that would mean working longer and having less in retirement. Bob knew from an investment standpoint, it was foolish, but he did it anyway. Lessons learned What are you trying to accomplish? Before you start investing, be sure to understand what you’re trying to accomplish. This is important because every investment, even the best investment in the world, has cons as well as pros. So when inevitably, a con period shows up, you’ll be ready and able to handle it. Randomness in investment is more important than you think If you think about your biggest successes, they all happened with a lot of randomness involved. While they almost always happen because you worked hard, and you made good decisions, there’s also randomness playing a big part. It always helps to remember that when things turn out right, there’s always luck involved. A natural love for new shiny things We tend to jump on what we’ve just seen, and we latch hold of what’s available. When someone mentions something new, they’ve primed the pump, and you’re going to respond with what they’ve mentioned way more often than not. So be careful of investing in something just because it’s new and recent to you. Andrew’s takeaways Familiarity bias versus shortfall risk Investors, especially beginners, tend to play it safe by putting their money in something they are familiar with, such as the bank, or maybe bonds. However, there’s a hidden risk associated with playing safe – the shortfall risk. For instance, if you’re going to need $3 million in cash to retire at age 60, and you put your money into bonds, you’re going to feel like you’ve reduced your risk, but in fact, you’ve increased it on the other end through shortfall risk. Everything is a balance When it comes to investing, you can’t have it all. You think you’re safe by doing X, but what you don’t know is that there’s a balance. So while you’re safe, you’re also causing something else to go out of whack. Actionable advice Be careful of overconfidence bias but also don’t be too loss averse. People tend to be, on the one hand, overconfident and, on the other hand, loss averse. The truth is that nobody achieves something great without trying something great. And if we all played the odds, we probably wouldn’t try something great. So be careful but still take calculated risks. No. 1 goal for the next 12 months Bob’s number one goal in the next 12 months is quite simple: to be a better person. Connect with Robert Seawright LinkedIn Twitter Blog Andrew’s books How to Start Building Your Wealth Investing in the Stock Market My Worst Investment Ever 9 Valuation Mistakes and How to Avoid Them Transform Your Business with Dr.Deming’s 14 Points Andrew’s online programs Valuation Master Class Women Building Wealth The Build Your Wealth Membership Group Become a Great Presenter and Increase Your Influence Transform Your Business with Dr. Deming’s 14 Points Connect with Andrew Stotz: astotz.com LinkedIn Facebook Instagram Twitter YouTube My Worst Investment Ever Podcast  

Current times might be difficult, and the future may seem bleak, but we will make it through. We will survive and thrive. Our past guests share more advice to help us navigate the COVID-19 crisis. Dan Gramza from Ep43 Don’t Let Overconfidence Ruin Your Trading Strategy Dan Gramza is the President of Gramza Capital Management, Inc. He is a trader, consultant to domestic and international clients, an advisor to hedge funds, a developer of ETF/ETC securities, and co-inventor of two issued security patents. He has published works and has appeared on numerous media outlets around the world. We cannot control the social and economic impact of the virus, but we do have total control over how we react to these changes. Your focus should be on your reaction to thrive. Appreciate the restrictions that have come with this virus because they are causing hidden positive changes. This global pandemic has created a common cause that has brought people together locally and globally. This is an opportunity for us to do the things that we’ve wanted to do, but we always put aside for various reasons. If you’re feeling depressed, and you can’t seem to shake it, it may be time to seek professional help, or your spiritual leader or a good friend to express how you’re feeling. Sometimes just talking about it can put things into perspective. It is also important to relax. Take a break once in a while to relax your mind and body. Take care, and stay well as we go through this unique time in our lives. David Keller from Ep111 It’s OK to be wrong, It’s not OK to Stay Wrong David Keller, CMT, is the President and Chief Strategist of StockCharts.com, where he helps investors minimize behavioral biases through technical analysis. He is the author of the blog, Market Misbehavior, and most recently served as a subject matter expert for Behavioral Finance. Use this period as a learning curve. Keep an accurate record of your decisions and a good trading journal. This will help you to make informed trading decisions in the future. Whatever platform you use, make sure you keep notes of what you did and at what point so that you have a beautiful historical record of your actions once this is all over and we’re through this challenging bear market period. You will learn way more in this bear market phase than in a bull market phase. So keep your eyes open. Dustin Mathews from Ep151 Even if You Are An Expert in Investing in Real Estate, You Must Do Your Homework Dustin Mathews is the co-founder and Chief Education Officer of wealthfit.com, an online learning startup focused on teaching all the stuff you never learned in school about money investing and entrepreneurship. He’s also the host of the Get Wealth Fit podcast where he’s had the chance to get inside the heads of top investors and famous people like Rich Dad Robert Kiyosaki, racing legend Danica Patrick, Kevin Harrington from Shark Tank and many more. This is not the time to try and control the situation. With so much chaos going on, sit back and take it all in. Don’t pressure yourself to control an outcome or have an action plan. Take the time to internalize; give yourself time and space to think. It’s not always easy, but it helps. Talk to people that you respect that you trust and are part of your inner circle, and then put together a loose action plan and be fluid. Be willing to go to wherever this opportunity takes you. Connect with Dan Gramza: www.dangramza.com LinkedIn YouTube Connect with David Keller  LinkedIn Twitter Email Connect with Dustin Mathews LinkedIn Twitter Facebook Instagram Website Andrew’s books How to Start Building Your Wealth Investing in the Stock Market My Worst Investment Ever 9 Valuation Mistakes and How to Avoid Them Transform Your Business with Dr.Deming’s 14 Points Andrew’s online programs Valuation Master Class Women Building Wealth The Build Your Wealth Membership Group Become a Great Presenter and Increase Your Influence Transform Your Business with Dr. Deming’s 14 Points Connect with Andrew Stotz: astotz.com LinkedIn Facebook Instagram Twitter YouTube My Worst Investment Ever Podcast  

Our past podcast guests continue to share with us little pieces of advice that we can all try to maintain and do daily to keep ourselves on an even keel. Hopefully, with this wisdom, we’ll ultimately create a brighter future out of this situation. Philipp Kristian Diekhöner from Ep61 The Impact of Foreign Currency on a Managed Fund Philipp Kristian Diekhöner is a keynote TEDx speaker, global innovation strategist, and author of The Trust Economy, published in English (2017), German (2018), and Simplified Chinese (2019). Philipp has spoken at prominent global organizations such as Facebook, P&G, Microsoft, Turner, Munich Re, Zillow, Globe Telecom, CPA Australia, Germany’s Federal Ministry for Economics and Energy, the Economist Intelligence Unit and many others. We need to understand how we can make agility sustainable. We’re currently experiencing an exciting surge in agility in business. Organizations that are not usually very agile are developing quality responses and solutions to the current situation very rapidly and very effectively. We need to move from compliance measures to proactive ways of addressing the current issue and future issues to come. Let’s encourage more of the community spirit because the collective action to fight a common enemy is a powerful way. For that to happen, everyone must care about the situation, and we must feel in control of actually doing our bit. Think about sustainability in urgency. Use the current urgency for change and use it as an opportunity to create sustainable transformation, future of work, and digital transformation in your organizations, businesses, and governments. Understand that by using new tools and ways of working, we’re going to form habits that will sustain us even after the current times have improved and move to greener pastures. There’s a massive opportunity in adversity, and we can make the most of the current situation by coming out stronger and more capable as humanity and as the business world overall. Dante Vitoria from Ep178 When an FBI Agent Tells You to Go to Breakfast, Do It For over 30 years, Dante Vitoria has been running his firm the Vitoria Group, which has broad experience working with companies of various sizes to fulfill its client’s financial needs. The group provides a vast array of financial services specifically tailored to enable clients to meet their goals, the assistance direction, and access to professional banking and other facilities. We all are working from home because of the global pandemic, be diligent about that. Form continuous habits to keep you productive. Remember to follow advice from the government and health officials. If you do get to go out, wear a mask and keep a distance. We are all at home and stressed about this crisis, so be kind, patient, and gentle with everyone; we all cope with stress differently. So try to understand everyone. Vikas Gupta from Ep156 Always Remember that the Unexpected Can Happen Even with Value Investing Vikas Gupta founded OmniScience Capital to provide a scientific approach to global and India-listed equity investments. Together with his team, he formulated the Proprietary Scientific Investing Framework, which stands on the strong foundations of nearly 100 years of investment research and practice. During this COVID-19 pandemic, we ought to think about our personal life, investment life, and business life. When it comes to our personal life, this is the time to ask ourselves if we are on the path that we want. The lockdown is the best time to build a new habit that you could use for the rest of your life. Review your investment critically so that you can be able to see whether there are any flaws in it. Regarding your business, go back to your vision. Have you reached your set target? How is your progress qualitatively and quantitatively? What can be changed? Connect with Philipp Kristian Diekhöner: philippkristian.com LinkedIn Connect with Dante Vitoria LinkedIn Twitter Facebook Blog Website Connect with Vikas Gupta LinkedIn Twitter Facebook Website Andrew’s books How to Start Building Your Wealth Investing in the Stock Market My Worst Investment Ever 9 Valuation Mistakes and How to Avoid Them Transform Your Business with Dr.Deming’s 14 Points Andrew’s online programs Valuation Master Class Women Building Wealth The Build Your Wealth Membership Group Become a Great Presenter and Increase Your Influence Transform Your Business with Dr. Deming’s 14 Points Connect with Andrew Stotz: astotz.com LinkedIn Facebook Instagram Twitter YouTube My Worst Investment Ever Podcast  

Here a few tips from some of our past podcast guests that will help you get through this COVID-19 crisis. These uplifting words of wisdom will help give you a positive mindset and come out of this pandemic stronger. Sal Daher from Ep152 To Win Big as an Angel Investor, You Have to Look at All Angles Sal Daher is an angel investor who invests in technologies that set Boston apart. He is a member of Walnut Ventures and MIT Angels. Sal is a syndicate lead and podcast host at Angel Invest Boston Podcast. Be very careful with your cash, renegotiate your rents, and consider the cost of your headcount. This thing is going to be here for a while; we’re not going to have vibrant economic activity anytime soon. So you have to think long term in terms of preserving your resources. Use the limited resources that you have, in a way that’s economical for you. This will help others and also help your long term survival. Think creatively; you might be able to build value in your enterprise. But remember to be very careful with your scarce resources. Joe Saul-Sehy from Ep155 Financial Risk Management Lies in Diversification across Industries Joe Saul-Sehy is the co-host of the award-winning Stacking Benjamins podcast, which focuses on earning, saving, and spending with a plan. He was the “Money Man” at Detroit television WXYZ-TV, appearing twice weekly. During this COVID-19 crisis, realize that there are things you can control and influence, and things you can neither control nor influence. Most people dwell on the things that they can neither control nor influence. Focus on your community and on the things that you can control, like, getting better at the things that you do. Even if your job is gone, your skills are not gone, you’re still the same person that you were before. Spend time not only growing yourself but also growing your community or keeping the people around you safe. Such are some of the things that you can control and influence. Jack Thomas from Ep176 Successful Entrepreneurs Focus on Hiring Right Jack Thomas is the founder and CEO of BASE, which was voted as Asia’s Gym of the Year 2018 at the Fitness Best Awards. With eight years of experience in Asia’s fitness industry. Jack also hosts the Fitness Business Asia Podcast, a weekly show with a mission to raise the standards of Asia’s fitness industry. You now have more time to do the things that you want to do, whether it’s writing a book, or working on something in your business that you’ve had to put on hold recently. Stay connected with your team. This is a great chance to show your team that you are there for them, and you will see how your business will bounce back with an even stronger team before the pandemic. Adversity breeds resilience. It’s during these tough times that we have to rise to the challenge to develop our offerings and grow. As a business owner, make sure every day you are working towards capitalizing on the opportunities available and continue to serve your clients. Connect with Sal Daher LinkedIn Twitter Facebook Website Connect with Joe Saul-Sehy LinkedIn Twitter Facebook Instagram Website Connect with Jack Thomas LinkedIn Twitter Facebook Instagram Podcast Website Andrew’s books How to Start Building Your Wealth Investing in the Stock Market My Worst Investment Ever 9 Valuation Mistakes and How to Avoid Them Transform Your Business with Dr.Deming’s 14 Points Andrew’s online programs Valuation Master Class Women Building Wealth The Build Your Wealth Membership Group Become a Great Presenter and Increase Your Influence Transform Your Business with Dr. Deming’s 14 Points Connect with Andrew Stotz: astotz.com LinkedIn Facebook Instagram Twitter YouTube My Worst Investment Ever Podcast  

Scott Beebe is the founder and head coach of MyBusinessOnPurpose.com and author of Let Your Business Burn: Stop Putting Out Fires, Discover Purpose, And Build A Business That Matters. Scott hosts the Business On Purpose podcast sharing real stories of how he and the team are working with business owners and their key leaders. They’re building systems, process, and purpose using the Business On Purpose Roadmap to liberate businesses from the chaos of working in their business and help them get their lives back.    “Where there is no vision, people become detached, people then scatter, and eventually people die.” Scott Beebe   Worst investment ever Success as he knew it comes tumbling down in an instant One snowy Friday morning in February 2015, Scott walked into work and walked back home unemployed. He went home, ready to count his losses and figure out how to bounce back. Married with three kids, Scott needed to find his footing again and fast. Taking his side hustle more seriously At this point, Scott had already started Business on Purpose podcast. He figured he could take it a notch higher now that he had more time. Scott called up two of his friends and asked them if he would coach them on how to create visions, missions, and values for their companies. The two friends accepted, and that’s how My Business on Purpose was born. Instant business results In just a few months, the business grew locally through word of mouth. Scott realized that the business had potential and so he decided to invest in marketing it. He hired someone to run Facebook ads for him. Flushing money down the toilet Excited to do more with his business, Scott forgot the tenets of what he was teaching other business owners, having a vision for your business. Scott left the Facebook manager to run things without a clear direction, and as expected, the marketing failed. The business never got any leads from this marketing effort. Yep, $30,000 later, Scott never got a single lead from the Facebook ads. It was devastating, but he picked himself up and decided to follow his advice. He went back to the drawing board and drew up a master plan for his business, which is what he’s continued to use up to now with a lot of success. Lessons learned Vision is the most important thing in business Vision is the most important thing in business. It’s not your financial health. It’s not making sure that you’ve got the right employees, it’s a vision. Without a vision, people scatter, and businesses die. Have a business marketing master plan Before you start marketing a business, have a master plan. Create everything from front to back. This is what people call a funnel, or a sequence or a campaign. Have a simple visual map so that you can see everything, then start plugging the parts and pieces in so that you can unleash it all together and make sure that you have everything. Tune in and listen to your teammates Your teammates have valuable ideas too. Learn how to drill down and listen to your teammates; they may just save you from making your worst investment ever. Andrew’s takeaways Have a sounding board Make sure that you have some people around you that you can bounce ideas off each other. Put that can help you put your resources together in a way that produces maximum value for your business. Make your message clear Make your message very clear for all your advertising and marketing. Let your target audience know how they will benefit. What’s the next step in the process for them if they’re interested in going to that next step? Make this information clear. Niche down It’s essential to identify your target market, but also, try to move down into a persona. This will help you come up with a clear marketing message. Actionable advice Whether you’re doing things for Facebook ads, or family situations or business in general, write it down and map it out. Because when you write it down, other people can run with it. No. 1 goal for the next 12 months Scott’s number one goal in the next 12 months is to liberate 100 business owners from the chaos around the world. Parting words   “Work on the dock while the tide is out because when the tide’s out, you can see so much more clearly. We’re in a unique time. The tide is out, so take advantage of this time.” Scott Beebe   Connect with Scott Beebe LinkedIn Twitter Website Andrew’s books How to Start Building Your Wealth Investing in the Stock Market My Worst Investment Ever 9 Valuation Mistakes and How to Avoid Them Transform Your Business with Dr.Deming’s 14 Points Andrew’s online programs Valuation Master Class Women Building Wealth The Build Your Wealth Membership Group Become a Great Presenter and Increase Your Influence Transform Your Business with Dr. Deming’s 14 Points Connect with Andrew Stotz: astotz.com LinkedIn Facebook Instagram Twitter YouTube My Worst Investment Ever Podcast  

Daniel Gomez is an Award-Winning Business Strategist, Corporate Trainer, and Confidence Architect and is the President/Founder of Daniel Gomez Enterprises. Daniel speaks and coaches at events all over the world! His passion is to elevate businesses and entrepreneurs to achieve their true potential through their training and coaching programs. Daniel has empowered his clients to build epic success in their personal and professional lives. He is the international best-selling author of “You Were Born to Fly,” a book written to inspire and give people the high-performance habits and confidence needed to be the leaders of their destiny.    “The quality of your life is determined by the quality of the questions you ask yourself.” Daniel Gomez   Worst investment ever When anger impedes your success in life Daniel had been living with a lot of anger. This anger saw him sabotage himself and his business. He was full of hate and would barely bring himself to trust anyone, including his clients. This affected his personal and business growth. Daniel was hot-tempered and would quickly go from zero to 100. This strained his relationships and caused him so much anxiety. His biggest problem was that he couldn’t understand where all this anger was stemming from. Getting to the root of the problem One day Daniel had had it. The anger was consuming him, and he wanted things to change. Daniel turned to God and prayed without ceasing. He looked into his heart, thinking hard on the cause of this anger that had plagued him all his life. Daniel finally realized that he still harbored a lot of anger towards his dad. Life growing up wasn’t the best. Daniel’s parents moved a lot, and in the process, they had numerous disagreements and would separate a couple of times. One day, Daniel watched as his dad left and asked if he could go with him. His dad promised that he’d be back the next day, but he never did. From this day, Daniel never trusted his dad again, and he carried this anger to his adulthood. Learning forgiveness Once Daniel found the root cause of his anger, he realized that he had to forgive his dad to have any success in business and life in general. Lessons learned Forgiveness frees you When you don’t forgive somebody, the only person you’re hurting is yourself. The anger eats you up, and you end up adding more damage to your life and to whatever you’re doing. Be ready to go through the motions to find forgiveness Unfortunately, you usually have to go through trauma and pain before you see that the emotion is there. So feel the anger, release it, find the root cause, and then let go. Who do I need to forgive? Forgiveness is the key to success in life, and in life, there will always be someone that you need to forgive. So always ask yourself, “Who do I need to forgive?”. This will help you release any feelings of anger as you go on with your life. Andrew’s takeaways Look into the cause of your anger People rarely look at the cause of their anger. Instead, they focus on the effects of anger. To heal, you need to look at the cause first. Anger is not a feeling Anytime you have anger, look beneath it. Anger is a defense that is defending you against a painful feeling. It could be a feeling of abandonment, a feeling of lack of trust, a feeling of fear, a feeling of uncertainty. For example, right now with COVID-19, most people are angry due to the anxiety and uncertainty the virus is causing. Resentment rots the container it’s in Resentment is replaying the negative emotions that you’re feeling over and over. In doing so, you continue causing yourself harm sometimes even healthwise. To deal with your negative emotions write them down Sit down and write down all the things that you feel bad about. Everything that you feel ashamed about. This will be your private list and it will help you to start to overcome those feelings. Actionable advice Talk to somebody about your anger or resentment. You release the emotion just talking to somebody, and it won’t take deep root in you. So call somebody, talk about it, and express your feelings. In the process, you’ll release that negative energy. No. 1 goal for the next 12 months Daniel’s number one goal in the next 12 months is to speak to an audience of 10,000 people and transform lives and let them know how awesome it is. Parting words   “Stop putting so much pressure on yourself in wanting to run and take big leaps. It’s not how fast you get there. The smallest step every day towards a future you want is going to get you there.” Daniel Gomez   Connect with Daniel Gomez LinkedIn Facebook Twitter Website Andrew’s books How to Start Building Your Wealth Investing in the Stock Market My Worst Investment Ever 9 Valuation Mistakes and How to Avoid Them Transform Your Business with Dr.Deming’s 14 Points Andrew’s online programs Valuation Master Class Women Building Wealth The Build Your Wealth Membership Group Become a Great Presenter and Increase Your Influence Transform Your Business with Dr. Deming’s 14 Points Connect with Andrew Stotz: astotz.com LinkedIn Facebook Instagram Twitter YouTube My Worst Investment Ever Podcast  

Three more of our past podcast guests graciously shared some words of advice to help us cope and make the most out of the COVID-19 epidemic. Giacomo Arcaro from Ep113 Don’t Chase the Money Giacomo Arcaro is one of the most important European growth hackers, with more than 140,000 “crypto-followers” and has been featured in the Financial Times,  Forbes, Wired, and the Los Angeles Times. He’s had 2-million-euro exits with two start-ups, CercaClienti.it and SocialAutomation.online, and is the founder of Black Marketing Guru. We need to understand that during the COVID-19 crisis, we are going to face a low touch economy where you have to consider a lot of factors. If you have a business based in a small area with a lot of people, you need to reconsider reinventing your business so that it remains standing if this crisis goes for a year or two. One way of reinventing your business, for example, is running it on social media platforms such as Instagram or Facebook Live. COVID-19 has not changed our lives; instead, it has anticipated the digital revolution. Johnny FD from Ep134 Stay on Track Johnny FD (Fighter-Divemaster) quit his job at corporate giant Honeywell in 2007 to move to Thailand, travel the world, and work as a professional scuba diver. He has since written two books: 12 Weeks in Thailand: The Good Life on the Cheap and Life Changes Quick (both on Amazon), started multiple six-figure online businesses, and since has been interviewed and featured in Forbes, Business Insider, Fast Company, Entrepreneur, and the BBC. If you don't get out of this quarantine with new skills, new knowledge, a side business or side hustle started, then you never lacked the time you lacked discipline. But if you were working hard and didn’t have enough time to rest and you really need to, take a break. Lay around, do nothing, and relax. But if you are only laying on your bed scrolling through your smartphone and just eating and complaining, you need to get out of bed and make some changes and money. You can start by treating your stay at home as the standard working days; the only difference is that you are not getting outside. Now is the time to do things that you usually don’t have time to do, for example, learning a foreign language, reading, learning a new skill, etc. There's going to be a lot of money to be made and a lot of money to be lost. Make your decisions wisely so that you’re on the money-making side. Nicolas Rabener from Ep55 Diversification: An Easy Way to Reduce Your Investing Risk Nicolas Rabener is the founder of FactorResearch, which provides quantitative solutions for factor investing. Previously he created Jackdaw Capital, an award-winning quantitative investment manager focused on equity market neutral strategies. Unlike the Global Financial Crisis in 2008, low volatility smart beta ETFs in the US have declined as much as the stock market and therefore failed to provide the desired downside protection. Tail risk strategies are currently attractive because some of them generated outsized returns in March when the stock markets crash. If you’re considering buying portfolio protection, it’s going to be very expensive because, just like insurance, portfolio protection is best purchased when it is not required. Connect with Giacomo Arcaro LinkedIn (English) LinkedIn (Italian) Twitter Instagram Website Facebook Connect with Johnny FD Website 1 Website 2 LinkedIn Invest Like a Boss summit 2019 The Nomad Summit 2019 The Nomad Summit 2020 Email Connect with Nicolas Rabener: factorresearch.com LinkedIn Twitter Andrew’s books How to Start Building Your Wealth Investing in the Stock Market My Worst Investment Ever 9 Valuation Mistakes and How to Avoid Them Transform Your Business with Dr.Deming’s 14 Points Andrew’s online programs Valuation Master Class Women Building Wealth The Build Your Wealth Membership Group Become a Great Presenter and Increase Your Influence Transform Your Business with Dr. Deming’s 14 Points Connect with Andrew Stotz: astotz.com LinkedIn Facebook Instagram Twitter YouTube My Worst Investment Ever Podcast  

In times of fear, uncertainty, and anxiety, a word of encouragement goes a long way to help cope with the situation. A few of our past podcast guests graciously sent us a few words of wisdom to help all of us stay hopeful for a brighter future after we beat the COVID-19 pandemic. Dan Passarelli from Ep 42 Struck by an Anomaly in Options It’s going to be okay. It’s going to be okay in your trading account, your IRA, in your career, in your personal life, and most likely with your health. You lived through the financial crisis, through the feeling of despair back in 2008. That was temporary, and then it had been good for a long time since then. You’ll still get through the current pandemic. The markets may be low now, but they won’t stay there forever. If you buy stocks now, at some point, those are going to be a loser, but five years from now they will be winners.   David Stein from Ep127 Trading Currencies and Commodities Is Harder Than You Think We are in times of radical uncertainty, and there is no way to accurately forecast what will happen or determine the optimal asset mix to position your portfolio for what lies ahead. The best thing to do right now for your portfolio is to choose an asset allocation that you’re comfortable with considering that the stock market falls significantly, or it rebounds significantly in due time because a vaccine is discovered. Remember that comfort means we will not be personally harmed and overly regretful if either of those financial scenarios takes place. Right now there is no right answer based on the numbers. It’s based on your level of comfort and your level of regret.   Dustin Heiner from Ep144 His Life Went From Loss to Success When He Mastered Passive Income Tough times will always come, markets will go up, markets will go down. We need to focus on what is important in our lives. If you were to lose everything right now, what would you not do without? Focus on that. Serve as many people as possible and take good care of them. If you help more people, you’ll get something in return, not just monetary, but you also feel so much better. When you’re preparing for your future, start by saving for an emergency. Buy income-producing assets such as rental property or anything that makes you money. Connect with Dan Passarelli: markettaker.com LinkedIn Twitter Connect with David Stein  LinkedIn Twitter Website Podcast Book Connect with Dustin Heiner  LinkedIn Twitter Facebook YouTube Website Andrew’s books How to Start Building Your Wealth Investing in the Stock Market My Worst Investment Ever 9 Valuation Mistakes and How to Avoid Them Transform Your Business with Dr.Deming’s 14 Points Andrew’s online programs Valuation Master Class Women Building Wealth The Build Your Wealth Membership Group Become a Great Presenter and Increase Your Influence Transform Your Business with Dr. Deming’s 14 Points Connect with Andrew Stotz: astotz.com LinkedIn Facebook Instagram Twitter YouTube My Worst Investment Ever Podcast