Listen: Partner, Nick, Sydney discussed on My Worst Investment Ever Podcast
"Like like. This is the origin of what you've become. I think about a case in my case where I was. I've I've been fired from jobs in my life and each time I was fired. It seemed like the end of the world and then amazingly I rose to higher heights From what I learn but at the moment it definitely felt like it was in the world. I have a good friend where I grew up in Ohio. That used to always say like when I I would tell them like this is the worst thing that could be. How do you know it's not the best thing I'll lock your friends? Yeah it's like how dare you say that this is the worst first thing you know. And then he just kept saying that in the net started thinking yeah. We don't really know you know that. So it's a good point just to build on what you said you so you don't ever want to be a victim. And and there's there's actually a psychological parts of that which is not your victim you not in the right states to be getting back to me about to make the right decisions. Two things that I say. Now I've learnt set in the last ten years. Is that firstly everything in law. It's happened to me even if I go back to my family situation which I didn't onto the Ellen. Today is most of that story everything. Serve me me going through that corporate world and draw all the things that I achieved. They serve me in many WII second thing. Is Your your identity needs to shift and change all the way through your life so I always say you know the person you ought today is going to be shot Scheidt and performed by the different experiences positive or negative that you go on that show identity coming true so it's to be really congruent with yourself. You need to face these things because it's shaping you to be better to become the best motion to be self. No one has a life. No one successful has alive. That's easy it's what you do around those the situations that happen to you that Michael and you remind me of this. The same guy that said that to me when we were young. He came to visit me in Bangkok. Doc a couple of years ago and we were just hanging out and talking and we were talking about drugs and we were talking about and I was explained to him that I was very much against the idea of locking people up for you know decades because of drugs and he just looked at me with this bewildered look and he just I said what are you talking about. You know when when we were young you are this tough guy saying we gotta have a strong warn drugs. Lock everybody up like He hadn't seen me discussed that for a long long time. And then what happened is that I look at it relies. Yana as I learned more about life. You know I changed my in my opinion and I think in the same way as you've talked about you know our identity shifts and our opinions shift. I've written down six things so I'm gonNA run to him. A few of them are pretty quick. But the first thing I wrote down when I was listening to your talk was the idea debt and you mentioned about family debt and I I always say in business that that is really the number one risk factor in business because if something goes wrong you can quickly lose control of the business. Yes I would say you know. There's other factors but debt is such a major major risk factor whether that's personal or professional. The second point that I wrote down was I was thinking about Bob Dylan. When he had that song you gotta serve somebody? It may be the devil. It may be the Lord you know. But you've gotta gotta serve somebody and I think that you know you explain that that everybody has a boss and even if you're the CEO you still got serve the shareholders and they can be the toughest. The third thing I wrote down was the idea of when I was young. We used to talk about the concept of a geographical cure where you could move somewhere and change your life life and what older folk said to me as I said the only problem with that as you bring yourself with you and so it made me think about Out this idea that when you're in emotional turmoil and you're making decision thinking that decision is going to bring you to another place. Unfortunately you'll be bringing yourself with you. The other number four I wrote down was I just wrote down the words terms of the deal and how critical it is to make sure that you get the right terms in deal and and don't rush into something and bring those terms that you've got other people to make sure that you've spotted. You know things. The other thing he said is number. I'm a find that I have done is when your emotions aren't right you know it just doesn't work and I think that we all get out of balance and I remember that there was apart a time in my business partner. My coffee business. Life at coffee works where harder he worked the worse it was and he had had to actually stop working so much and started playing jazz drumming which he was a drummer Ernie unplayed. Here's an he just. He had to get out of the work in out of himself and as he said to me. When I'm drumming you can't think about anything but drumming and then the last asked that I wrote down was people most of the people listening? This podcast are professionals. There may be professional. Financial people businesspeople this people. They're professionals like you. And the problem is oftentimes professionals. This is my opinion. It's not based upon any empirical research but professionals in my opinion the worst in the areas that they're expert in so some of the brokers investors that I've talked to. They end up risky at all on some overconfident. Bet and you know here you've described a little bit about you know feeling really confident in what you're doing and being very successful what you doing in private equity and then not doing the due diligence in your own deal and so those are six things that I took out a mere story. Anything you'd add listening. You covered a little bit. I think just to talk about a couple of quickly on the last one. You're right I mean I might. Instead of professional skill set was marketing and I can advise anyone on the marketing strategy. I can be very very clear and see the the opportunities what you need and the problems but when you try mocking stuff yourself. Sometimes I've struggled with that exactly the same thing I think that's I think that's a common issue. People have another company. Think about why it is yes. I think it's sometimes might come back then you have more vested when it's yourself in the game and therefore that can cloud you. Sometimes it comes back to everything comes back to that emotion select about the beginning of the master and only only environment. You might bring yourself with you. I fully agree with that. What what lifeline is when you change your environment and change change the circumstance around June some cases I call it boning the boats cutting ties? You have to it forces as you to change so when I moved to Sydney and then moved to London York each time I did that I I was challenging myself to change age. So we've oh I had to. I had no choice. And that's the things I thas landed in. Sydney was much money in lots of dreams and a few few numbers to call. I love. That wasn't gonNA be enough. I had to take action and do things around that. So you you points will made for me. It was about if I kept Wesson. Soak in a comfortable position if I hadn't challenged myself I don't think I would have had the impetus to make the change more deliberately Super League. So let's take this down to a person that's in the same type of situation they're about to make this big decision based upon what you've learn from this story and what you continue. What one action would you recommend our listeners? Take to avoid suffering the same fate long run. Ah There's a few things I do now is a heating glad you know if I'm feeling if an opportunity presents Sumi. I deliberately do not make a decision quickly. So in fact in one of my my recent episodes code slowing down to speed up. And it's one of your points as well is Sometimes the best decisions are made on reflection. The first thing is is if you've got a big opportunity and even if someone's pressuring you they WanNa decision in twenty four. How is that you really strong? Push back on that and give yourself the time. Give yourself an extra few days if you need it whatever. The timeframe is an really right down on the reasons why this is a good investment. The reasons why it's not what does it give you what does it not. How does it take you to where you're trying to head in your life and your business? How does it hold you back? Does it fit with your values. Does your standards isn't GonNa give you what you really wants and be very clear on that and the reason I say write it down and I do this. We everyone Now every every investment I'm looking at is just full says you to stop at this point in the second thing is speak to people. I have mental as the coaches. I've got a really strong group of people particularly in the things on Fi. CASSANI might businesses people. Doing the same stuff surround yourself with people who are trying. Want to do the same thing. Always you haven't got that because I investment whatever. It is people that you trust. That can be that sounding board so if you slow down reflect elect you write it down. You look at all the pros and cons and you seek opinions from people who can give you an honest objective on so you're going to be better informed. I personally feel to to make that decision whether you go with the investment of what you thought dot it all right last questioning. What's your number one goal for the next twelve months? It's big it's good so I just said I. Blind so businesses predominantly what I do now my business partner and I we have an objective to have no less than five acquisitions acqusitions on the cards. In the next twelve months on enterprise value of that will be when you're close to fifteen to twenty million a slice of lime businesses as what we're trying to do for the next ten years is have by one hundred million invested assets in businesses we are scaling up exiting when we choose to so it's all about value creation through businesses. Talk about real estate. They took right up in investments for mates about buying businesses that under leveraged under optimized and and being able to. Just stop them. So that's my focus next twelve months big one very excited by that very clear very clear all right well listeners. There there you have it another story of loss to keep winning to find more stories like this previous episodes and resources to help you reduce your risk visit my worst investment ever dot com as we end. Nick I want to thank you again for coming on the show. I know it's painful talking about losers but our listeners are learning to win as a result you having parting words for our audience just to say Andrew. It's an absolute pleasure. And if I've managed to help any body today for the story and everything like that under a great thank thank you very much. You're most welcome and I want the audience to remember one last thing from Nick that I wrote down which is challenge yourself to change change. And that's a wrap on another great episode to help you create grow and most importantly protect your wealth. Fellow risk takers. I'll see you on the upside.."