19 Burst results for "Andrew Stotz"
"andrew stotz" Discussed on My Worst Investment Ever Podcast
"Don't hesitate to implement a rescue plan. Number four is think deeply about what could go wrong before taking a significant step in your life. Number five is always way both pros and cons number six risks when some or all the things that you haven't thought of actually happened number. Seven basic risk management is about thinking of possible outcomes and how to mitigate their effects a number eight advanced risk management is about mitigating against the effects that you didn't or couldn't possibly have thought of so. Let's get into. I quote coming from alexander bursting and that is think twice before you decide on major issues if feasible sleep at night in between feel says train and increase awareness of your biases incorrect for these in the face of transverse risks. Dan grandma says to deal with life's risks identified. There is determined the specific characteristic when this risk is occurring and implement your rescue plan without hesitation and joe talk. Non wanna says the best way to deal with risk in life is to contemplate. What can go wrong before you act and peter. Jon emblem says always remember. There are two sides to every coin. Weigh the pros and cons. And i'll wrap it out with a quote from paul. Gambles who said risk management is as much art as science when done properly it as much to do with scenario planning as with formula risks. When some or all things you haven't thought of actually happened. Basic risk management involves thinking of his many different outcomes as possible in mitigating their facts advance risk management involves mitigating effects of all the things that you haven't thought of and couldn't possibly think of woo. That's paul's ending quote so to wrap up these golden nuggets that my guests have shared. Which can help you build. Valuable relationships manage finances personal growth risk management and having awareness to conclude this post. I want to share a quote to live by from.
"andrew stotz" Discussed on My Worst Investment Ever Podcast
"Be bold and live your dream for life is short and yanni why some pie says and get out of your comfort zone. Next is study. Well then select the best opportunity than managed properly and get perfect. This eslami chaban radwan. And dan passarelli says always have a plan. Josephus smeltzer says test everything for yourself. Don't believe everything you read. The path to greater results in a deeper and more meaningful life is the path less traveled all right. Let's go into risk management and this is about anticipating what can go wrong in applying cost benefit analysis in life. I put down some bullets to describe the section again. If you wanna go and download the section you just go to my worst investment ever dot com episode three five three to get these golden nuggets so the first bullet is make decisions slowly. Think about the future impact of your decision next cautiously embrace.
"andrew stotz" Discussed on My Worst Investment Ever Podcast
"A long term investment strategy. And stay the course. Even when it's scary next is traditional. Jobs are often bad investments these days and the last bullet out of this section is diversify your life by developing skills in relationships in multiple areas so let's get into the quotes the first quotas start investing early to create wealth and always live within your means nicholas rape ner then comes david king and he said passed the exams and be a cfa charter holder. That's his advice next vice invest. In what you truly understand this is so porn cease goon pot and the next one comes from jeremy newsom out of canada. Study money if you want more. You must talk about it and think about daily which means read books all in any with the word money in its title next is hold when your investment drop a little hold even when they go up as much as you wish. There's more on the horizon for you always. That's philip christian die. connor next. Come from bob casey. He said the worst investment income source will ever have as an adult is a traditional job. And the last one of this section is 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 in 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 experience exceptional returns in exchange for reducing risk in life and career choices diets. Bill winterberg okay. The next section is about taking responsibility. Admit your mistakes and learn from them. There's three bullets that i take away from this section. That is be honest about your mistakes. Learn from them but most importantly move on from them next. Bullet is chase your dreams so you never have to regret miss chances..
Interview With Eric Siu
"Fellow. Risk-takers this your worst. Podcast hosts andrew stotz. And i'm here with featured guest. Eric su to rock. I'm ready to rock. Thanks for having me andrew. I'm glad to have you on the show. And in fact i went to cal state long beach so i used to be in the la area for a long time so it's good to reconnect with lovely l. a. What i used to call the center of the universe at that time. So let me introduce you to the audience for those people. That don't know eric. He is the ceo of content intelligence software. click flow. Which helps you grow your traffic while looking like a genius and who doesn't want that also owns an ad agency single grain and work with companies such as amazon airbnb salesforce and uber to acquire more customers. He hosts to podcasts. Marketing school with neil patel and leveling up which combined have over forty eight million downloads to date. He's also frequently around the world of marketing and software as a service and he's recently publishing a book called leveling up. And i happen to tell you. Eric doesn't know this. But i've managed to get an inside person to give me the first copy of the book. Let me find it and there. It is whoa. They sent it to you know. Just kidding i made myself. I made included on a little book that i had. But that's what it's going to look like folks and it's called up and right now you can get chapter number one which i've been through and i'm really excited. So maybe you can just tell the audience a little bit about yourself and what they're gonna get from this book and what they could do now to get some of that in wednesday coming out all. Here's the fiscal copy. Here's what is gonna look like boom. This is what it looks like. It's coming out february. Twenty four th. But my name's eric su. So you know to your point couple of businesses. I kind of my go-to level at the world through marketing. So the business you mentioned but we also have any events business. We have an education business and we also invest other mar related sass and to podcasts. You mentioned i just love learning. I love teaching to articulate my thoughts. And i'm here on this podcast to talk about my worst investment. I think there's a there's a theme here. I'll try to tie everything together without me too. Wordy that's great. You know it's interesting. Because when i read through the first chapter and also i'm a listener of your podcast. Both of them. What i get from us that we come from a slightly different generation. Let's say i graduated from university and cal state long beach in nineteen eighty nine. And i didn't really. I wasn't in the gaming realm at the time and i wasn't when it started really hit. I wasn't that interested in it. So what i notice about about you. And i suspect that this is what people were going to get out of the book instead. You focus on some really short actionable things and it's feel like whether it's your podcasts. Or when i read your book. It is a lot about getting to that next level in little steps. And that's the way i was brought up. I was born with heavy big content redes- whole book and then tell me what you learn. Is that correct to think of it that way. Or how do you think how does your mind. Yeah it's so. I have this turtle in front of me and i got from puerto rico and i visited puerto rico for obvious reasons but it reminds me to slow down and to understand that you leveling up one percent everyday just trying to get a little better every single day. That's what it's all about because if you think of decades that be results in decades you'll be amazed by what you accomplished and you have short term hustle and long-term outlook. It's the same thing as investing at the end of the day. So i think it's You know. I'm glad that you noticed that we'll actually never thought of it that way but yeah that's exactly what it is. Yeah in fact before we get into the question. I just quote one thing out of the book and that is you say just because you have struggled in pass does not mean you're entitled anything to play at the next level you'll have a new set of struggles and that's something that really hit me because first of all at the age of fifty five. Life's supposed to be good and easy and all that no no. There's still struggles that you gotta face. That's the first thing. But the second thing that i took away from that this again this kind of incremental way that you look at things focus on the struggles in that one little level and there's always going to be those new struggles so that's a big thing that i've taken away from it. I'm looking forward to getting to the whole book someday. I'll have it by the way. Like i noticed a little warm buffet character in the back. I think that's what it is and so if you think about it. Eighty four point. So i think he's worth eighty five billion eighty. Four of that didn't come until after his sixty fifth birthday. So you talk about patients there. You go right there. Poster child for not
"andrew stotz" Discussed on The Bacon Podcast | Brian Basilico - Marketing Strategy Expert Interviews to CURE Your Marketing
"Hey peeps! have an incredible guest and today it's actually tomorrow. meaning that he's in Singapore, which is all the way across the globe, exactly twelve hours, difference and I gotTA. Tell you there's a doctor in the house. His name is Andrew Stotz and he is a financier. The Guy understands financing in your business so Andrew. How you doing today man, I am great in. It's great to be with you, Brian Man. It's good to have and. So the question they're going to ask you right off. The Bat is one of my wife's favorite foods is Singapore noodle from Chinese restaurants who it's got like curry noodles in it, and it's got pork in. It's got shrimp and all this other stuff, sid. Do they have Singapore noodle in Singapore? They definitely do in fact It's one of the many tasty dishes now remember I live in Thailand though I go to Singapore quite often as well as China and around Asia. But, definitely Singapore noodles are there Sue Thailand and Singapore two separate countries that two separate countries, but about you know couple two hours apart by by airplane. You remember those things we use to fly, yes. I. Do remember those so let's get my audience to know you. We now know what kind of food you like, and that you live in Thailand but so. Let's go for your origin story. So how did you go from being a dude who is doing dishes in a caboose? You're a dishwasher in Qaboos. That's interesting. UNTO itself to basically serving up coffee in Thailand. Well I grew up in a little town called in Ohio south of Cleveland. And the thing about that town is like many midwestern towns is that the railroad lines were a critical component of the development of the towns over the years, but of course many years ago, those rail lines started to kind of lay fallow, so there was a train that was actually a small train, and not many cars meaning. That had a caboose in an engine and a few cars, and there was an entrepreneur who made a restaurant out of it in our little town. And that was my first kind of official job, and I was a Dishwasher, and my sister and I was working in the caboose in the back. My sister was the was a waitress and I I worked job for a couple of weeks, and then one day I went to the job, and then I came home early. My Dad said what are you doing? Home I said I quit. It Sucks, and my dad basically grabbed me by the ear and made me go back down there and apologize for leaving like. That was the beginning of my career, and then I grew up and got a little bit more mature I left Ohio in nineteen, eighty, six roughly, and went to California and saw a whole new world of people that didn't look like me, and I was really intrigued and excited, so I just had a great time I went to cal State Long Beach studied finance, and also did my MBA worked for Pepsi in manufacturing so I had. Good experience, not only knowledge of finance, but manufacturing experience in food and beverage, and then I decided to sell everything I own in nineteen, ninety to sell my car up thirteen small boxes of stuff. Put It on the airplane and fly to Thailand I ride in Thailand. In Nineteen, ninety, two I was a teacher at a university I was on the Faculty Teaching Finance. And in Nineteen, ninety three I became an analyst in the Stock Market I build a twenty year career as an analyst ahead of research working on investment banks. And then after that I was voted the president of CFA Society Chartered Financial Society in Thailand and I was CFA charter holders have been for all those years, and then in nineteen ninety-five. My best friend came from America and he said we need to start coffee business here in Thailand. Look everybody's drinking instant coffee, so we set up a factory call coffee works, and that was in nineteen, ninety, five by nineteen, Ninety, seven Asian crisis happened and everything collapsed. We almost lost the business. We moved into the factory. We survived, and now it's a business with about one hundred ten employees and twenty five years old so. And then I, basically spend my time working on that business while Dale runs that business, and an I work in and run. My business called Ace taunts investment research, which is focused on finance. So one of the things about running a business, I mean. You know I'm a quick. On Quick Books Junkie. And I every single week do all of my own finances. I WANNA know my balance sheet. Want to know my PNL statement. One you think is the biggest mistake that business owners make a around finance. You know what what are they missing? Or what are they not thinking about? And why is it so important? I did a survey of executives and I asked them to make a binary choice. I love finance or a hate finance. And found was about a fifty fifty mix, and that's from seasoned executives. And what I really found from that is if people are intimidated by finance, and therefore they run away from him so I think the best advice that I can give. Is that. People should embrace finance and try to keep it simple, but you know like you do with your finances. Pay Attention. Pay More attention to it because it's the only way you can truly survive over the long run. Yeah, you know one of the things that I tend to track as trends, and this dates back years, but when I first started my business twenty years ago, one of the things I did was business card CDs. and. The CD burner and I bought it at an auction for like you know a couple thousand dollars, and it was really expensive I mean the time thing was like six or seven thousand dollar machine, and then one day it just crapped out so I of course star, going through catalogs looking for new CD burner, and then I went to my quickbooks and I looked at it and I said well. How much did I make on burning CD's last year? And it was three hundred bucks them going. Why am I going to spend six hundred dollars or sixteen hundred dollars on something what I'm.
"andrew stotz" Discussed on Conscious Millionaire Show ~ Business Coaching and Mentoring 6 Days a Week
"And we've been discussing both how to avoid the six ways to lose your money and then how to not only create money through your business but how to grow and protected and how to start building your wealth investing in the stock market. I WanNa thank you for showing up today for showing for yourself not for. Jv and Andrew at some level. You were attracted to the show. I would trust your intuition that this was this show that provided you information that you actually need to take your next step is an entrepreneur to build a highly profitable business that makes a positive impact and then to grow your wealth as well so that you can have both a wealthy and fulfilled life if you have any questions about your company. I'd love to hear from you. Just send me an e mail or voicemail. Those links are at the top of conscious new in air show dot com. And today's show brought you value. Then I would be absolutely thrilled if you tell another entrepreneur no that you know about conscious millionaire show because we want to impact as many entrepreneurs we can and get them on a truly conscious path to building your wealth by making a positive impact. I look forward to connecting with you on the next conscious millionaire and Andrew. Thank you so much for being are featured guest today my pleasure. It was a great time. Thanks for listening. To conscious million immediate PODCASTS radio network the host producer and owner of the show distributors and broadcast media. Make no claims that the tragedies and information discussing show results in providence and may result in losses. The advice from the host guests do not necessarily represent those are the owner staff management or broadcasters show illegal counting or financial or health advice is made in the show. You advise a seek counsel naturally to Your Business. Financial investments or other legal matters from license advisors always going to tell you a physician or license advisor prior to making any changes in your diet exercise program planning any health strategies or Information. Scott on the shows now information provided baby suitable for your situation as always take full responsibility for decisions and actions you take including responses that they create in your health..
"andrew stotz" Discussed on Conscious Millionaire Show ~ Business Coaching and Mentoring 6 Days a Week
"Why is the stock market? A place over time. That actually has less risk than many of the things that we've talked about on the show the first reason why that's the case is because you can get in and out very easily if you were to walk down the street and see a restaurant and invest ten percent you know. Put intemperately your money into that restaurant and the owner of the restaurant uses that money to build a business. It's very difficult to get out of that. Investment but the stock market you can get in and out of very very easily so what? What are the ways that anyone listening? And we're not giving investment advice won't be clear about that. We have a disclaimer at the end of every. Show what we're doing is giving you information what you do with it is up to you. So what are some of the ways that someone maybe hasn't been investing in the stock market but wants to build wealth over time wants to be sure they have a retirement wants to perhaps pay for the college education of their children? What's a great way to get started? that's going to diversify their risk. So I WANNA put a parameter on that so that they're making smart decisions and taking into consideration risk which was one of the six ways you can lose. Your money is not paying attention to risk. Well when I wrote this book how to start building your wealth investing in the stock market. I wrote it specifically for five people. Those five people were might five nieces. My five nieces did not study finance and I can say not. One of them is interested in watching the financial news. And any of that. So what I wanted to do in the book was tried to help a beginner. Think about how they could start investing. Now what I would say that one of the most riskiest things you could do is put all of your money in one company or one investment therefore what I advise my my nieces and I talk about in the book is said why not put your money in every business in the world if if you did that the point is if one goes bust and other ones rising so you've eliminated what we call company specific risk so the first most important thing for a beginner is don't make crazy bets on one stock or something like that. Look at an instrument that owns every stock in the world. So one of those that may not be every stock but looking at index funds. Were you for instance have everything in in in the mid cap? Everything that's in large-caps everything this value stocks so that you're investing across the board everything that's in the sap so you've got five hundred stocks in the SNP that are representative of some of the strongest growth. That's going on in the world in at least within American companies yet. I think that the challenge there is that you know yourself. Jv as well as myself. You know we've done a lot of work on the area of finance but what I've found with my nieces. They were not interested in even thinking about Should I be in growth or Siberian? The S. and P. Five hundred or is it large-cap now or all? Those things are very big complications so I decided that I would teach them just own every single company in the world. And then you're not having to make this allocation decision of should I put more in the US or non US in value? Get rid of that decision and just own every stock in the world. And that's part of the simplifying principle. What I like to do because remember the book is how to start building your wealth. And so what's the instrument that they should utilize consider researching to be in every company in the world so this Kinda ties every listed company every public correct. Yes and I think this is where you know really the first step for anybody is to to call a mutual fund company on their hotline. And ask them you know whether that's vanguard whether that's fidelity or Wendy that Schwab or any other call them up and asked him what what fun do you have that owns every stock in the world. And they're going to have a fun now. They may say oh. You don't WANNA own every stock in the world. You want to own this or that or something. Forget about that. Just think about that one fund and there's a few of them each one of those Companies has one of those funds at owns every every listed stock in the world. So once you get started with that that's the first step what is it. Let's apply some of the the six ways that they could lose their money and apply them here so for instance they simply by the all the world's stocks but then they still ignore it and don't pay any attention to what's going on in terms of financial cycles that are going on and there will inevitably be folks one of the things you can count on with one hundred percent guarantee but unfortunately not one hundred percent ability to predict is that there will be financial cycles that are both world based and geographic based. I think the first thing is that In this case the research that you want to do is by calling the broker. We talked about failing to do research calling the Fund Management Company. Talking about looking at your option of these different com these different options of owning every company in the world in some ways for beginner there. My nieces were relying on my research and what I was saying. Is that if you own every stock in the world? You're reducing your company specific risk. But you still have the risks at all. The stock market is high. I don't know if I should put money in. That brings us to the next point. One hundred and ten minus your age. Now my nieces were twenty at the time I started them invested so if we take a hundred and ten my on his twenty I said ninety percent of your money should be in that all stocks in the world and ten percent of your money should be in some sort of bond fund that owns every Bonn in the world or every bond in the US and this is a massive risk reduction. Reduce her so. I like to say that. Owning every stock in the world is like having a seatbelt on and blending in small portion of bonds is like an airbag. Those two risk reducers are massive that and that brings us to the thing which is trying to predict a cycles. Like you know we always expensive. Should I put money in? You know? I always be careful about lump sum investments but if you're just contributing on a monthly basis to build your well it doesn't matter whether the stock market is high or low or in the middle because chances are you're going to retire at age sixty seventy whenever that is so. You're trying to hit a number. That could be twenty thirty forty years away and you're going to be much more in pain if you don't start investing consistently on a on a monthly basis than you know if you don't start compared to if you put money in sometimes at the peak and you put money sometimes in at the bottom that will even out. Is there anything else that you would like to advise entrepreneurs that are building wealth in their business and as you begin to build wealth you start having cash flow and some of that cash should be reinvested in your business? It might be reinvested through more marketing. Because now you can bring more leads in brick and through your sale cycle and and if you've proven your sale cycle that's a proven way that you can grow your business but then at some point you need to start taking money out. What is your advice to those entrepreneurs that have not yet looked at taking the money out? How do they start making that decisions to win? They should do that so the first part is obviously in early. Gross stage of Your Business. You're going to have to keep investing and growing the business so there's not a lot of choice at that time. Also remember that you are. You are in a high risk investment. You've invested your whole life in trying to make this business generate cash flow for you and so therefore when you look outside of Your Business and you start to get some money that you can invest. I find that Most entrepreneurs have a lot of confidence by the time they get to the point that they're generating a lot of cash flow and they bring that confidence into the stock market and they get crushed. They've listened to the advice of others. They do some research and they don't realize that the stock market is a very complex place. It's a lot like a casino. And so what I WOULD. Highly recommend is that they see themselves as being in a very high risk endeavor which is their startup or their business and therefore their their strategy in the stock market should be much more Reduced risk and. That's really what I'm explaining so I like to explain it. This way create grow and protect your well. The entrepreneur creates wealth through their business. Some people also create wealth through their salary. My Dad created wealth by keeping his expenses massively below his income and my mom and dad were able to do that over time but many entrepreneurs created out of their business. You grow your wealth in the stock market and then you protect following the six ways and six strategies that we talked about. We're here with Andrew Stotz. He lives in Bangkok Thailand. He's the CO founder of coffee works. He's a financial analyst..
"andrew stotz" Discussed on Conscious Millionaire Show ~ Business Coaching and Mentoring 6 Days a Week
"We're going to be discussing wealth building and the stock market so stay tuned. Elo entrepreneurs this. Jv You know during this time of crisis. It's easy to panic or get overwhelmed. With fear. Truth is some entrepreneurs will fail and go out of business while others will thrive and prosper even have their best most financially successful year. Ever I want you to be in the second group the entrepreneurs who prosper and help more people. That's why I want you to attend the Special Online Webinar. I'm providing titled Prosper Twenty Twenty Webinar. Get the exact steps to take in order to prosper in twenty twenty to sign up go to conscious knowing air dot com Ford Slash Prosper. Twenty Twenty again. That's conscious millionaire dot com forward slash prosper twenty twenty. Welcome back this. Jv crumble third. I'm your host. It's a conscious millionaire. Show I'm here with our featured guest. Andrew Stotz lives in Bangkok Thailand. That's worried tailing from today. And he's the host of the my worst investment ever podcast to gay. We've been discussing the how to avoid the six ways to lose your money. You can get all the answers the questions we've been asking as well as the information links at conscious millionaire show dot com. Just scroll down to see the title of today's show of void the six ways to lose your money and now it's time for the going deeper segment. We're GONNA be talking about wealth building in the stock market. I know you have a book as well how to start building your wealth investing in the stock market. So why don't we start with?.
"Remind you that Andrew Stotz is the host of the my worst investment ever podcast will have a linked to that unconscious millionaire show dot com. What's a book that you'd like to recommend a book that really turned around? My life changed. My life was a book called the six month. Fix by Gary Sutton S. U. T. O. N. what's the book about? Basically I love his opening line. He's his opening line in the book. Is Hello you are the if you're reading this you are the CEO. And when I come you leave and the reason is because I can do what you can't or you won't do. And basically his point is that sometimes we get attached to our businesses in ways that prevent us from doing the right thing and when I saw that I was about to lose. We were about to lose our coffee business. Many many years ago after the nineteen ninety-seven crisis in Asia. And all of that and I read that book and I thought to Myself. I'M GONNA I'M GONNA show this guy in this book that I can make the changes in our business that we can make the tough decisions in our business and that's really what this book got me to do. So that I didn't have to meet the turnaround guy that was taken over my business and then making it successful and profitable so I love that because it's about hard truth and I find that when we're willing to have hard truth ourself with have the most success is. I've told people I've made mistakes. And they've often times involved other people who didn't say fulfill their role right but when I take one hundred percent of that responsibility I drive all that responsibility to me. Because after all they could choose to clean up their life or not clean up their life. But I'm the one here to clean up my life and make my business stronger and make my contribution at a higher level so just take all the responsibility folks. Don't worry about blaming anyone. At of course there are other people who might have contributed through situation but but blaming them even one percent takes away from your power to grow faster and to take care of the problem and so it's always better to take all the responsibility because after all if you take all the responsibility you get all the growth and you'll end up with all the success and that's really what you wanted to begin with. What's the best way for listening to reach out if they want to learn more about your coffee company or what you're doing in terms of your investment and all the advice that you have is a financial analyst the easiest way to do that is just to go to my worst investment ever? Dot Com and in there. There's two ways you can contact me through the contact form which will.
"The words revenue expense asset risk and put next to it one action you can take to increase revenue one action you can take to reduce expense one action you can do to reduce assets in your business or get more out of them and finally one step that you can take to reduce the biggest risk. You're facing in your business right now. Take that to your management team and discuss it and start to take action so that twenty twenty is a more profitable year. You know at conscious milliner. We have a formula for creating wealth. It's conscious focused accident literally. You can utilize this formula to create wealth in any area of your business or your life. But there are many ways to define wealth and I'm curious what action do you take on a daily or regular basis to make a bigger contribution to the world so the most important thing for me is to capture the best time of my day. I believe that my mind only has two to four hours of real pure concentration time so for me. I tend to wake up between around four. Am and I tried to focus my mind and my energy very hard for the first four hours of my day and the purpose of that ultimately is to help to make better products are serving my clients. Better better courses better books all of that stuff. So I try to focus the first four hours of my day on the highest priority activities. A remind you that Andrew Stotz is the host of the my worst investment ever podcast will have a linked to that unconscious millionaire show dot com..
"Again again you can go to conscious millionaire's show dot com. Scroll down to today's topic of void. The six ways to lose your money. We're here with our featured Guest Andrew. Stotz he's the host of my worst investment ever podcast. We'll be right back with the twenty four hour. Challenge the millionaire entrepreneur questions so stay tuned. Hello entrepreneurs this. Jv You know during this time of crisis it's easy to panic or get overwhelmed with fear the grocery stores look like war zones and the Airways and Internet are filled with nonstop recession and corona virus. Fear Creating News. Truth is some entrepreneurs will fail and go out of business. Some could lose everything however others will thrive and prosper even have their best most financially successful year ever. I want you to be in the second group. The entrepreneurs who prosper help more people and put more money in their bank account. That's why I want you to attend the Special Online Webinar on providing titled Prosper Twenty Twenty Webinar. Get the exact steps to take in order to prosper in twenty twenty to sign up. Go to conscious millionaire DOT COM FORWARD SLASH PROSPER. Twenty twenty again. That's conscious knowing. Air Dot Com forward slash prosper twenty twenty. I look forward to meeting you. At the Prosper Twenty Twenty Webinar. Sign up now at conscious millionaire dot com forward slash prosper twenty twenty. Welcome back. This is Jason crump the third of the host of patches millionaire show and I am so glad that you're still with us we're here with our featured guest Andrew Stotz. We've been covering six ways to lose your money and how to avoid them. He is the host of the my worst investment. Ever podcast. I want to give a special shout. Andrew Simpson Bangkok Thailand. I've been to Bangkok. What an amazing place to visit. What incredible place to live. I want to thank all of our listeners and fans in Bangkok Thailand as well as Hudson Ohio and now it's time for the twenty four hour challenge Andrew. What's the twenty four hour challenge for everyone listening today so for those who are beginners about investing in the stock market? The challenge is take the first step of opening or investigating a fund management or brokerage account at a company like the vanguard or fidelity or something like that take that first step for the beginners. So we'll have that again. If you're jockeying driving at the gym plus the baby carriage or taking the baby carriage and the dogs for a walk you could always go to conscious millionaire show dot com. We've covered you. We've.
"On easy terms. Maybe it's the eighty twenty principle that eighty percent of your capital are going to go into established companies established real estate things that are already proven that are on a growth range and so you didn't get into middle and the beginning but maybe you're getting in the middle of a growth cycle nine and you've had another ten years to go and only twenty percents going into these highly risky Where you you know. I've talked to investors who do this on a regular basis out of ten companies. They invest in. They only expect one to be a home run. Yep that's a critical point. You just made they invest in ten. What I say to overcome this one is start from this reality. You are likely to lose everything startup. Investing is binary you don't just you know. Investing in the stock market is not. You know if you just to buy a stock at one hundred and he goes down to seventy and you think I'm out of this. I'm selling you still have seventy but when you spy into a startup. It's very possible that it will go to zero and you never get anything back. So then that means don't invest invest a small portion of your wealth in startups number one but number two is never invest in one startup. Try to invest in a way that you can invest in three to five startups. And that's hard. There's more and more networks. That are starting to help people to be able to do that. But many people just go in and start to be an angel investor. I think I'm GonNa Invest In my friends. Start up. And then they put all their money and then that money's ends up being gone. I think these are all great principles and I would suggest that you listen to this part of the show.
"Achieve. I WANNA HELP. People avoid making investment mistakes and all the pain that they feel from that so I want them to avoid well. That leads actually right in today. Andrew as a financial analyst has analyzed ways that people lose money some painfully. 'cause you try them out right and then said Oh. Wow ouch. This isn't so much fun. I have to admit I've tried out a few as well so I think this could be a lively conversation. We're GONNA be talking about how to avoid the six ways to lose your money and I think we should just plough right in what what is the first way that most people can can typically lose money. So I've I've I've interviewed now. One hundred and fifty people. Plus I had five hundred. People submit written stories of loss to me. So we're talking about six hundred fifty stories that I've looked at and the number one mistake people make is that they failed to do their research. They didn't do due diligence correct and they didn't do their own. Sometimes they listen to someone else and they just said that's good enough for me so that's why it's very interesting so this would be true whether it's about their business whether it's about a stock whether it's a stock they might be buying on the market whether it's about a company they're investing and taking some position in a smaller company so it's a lack of due diligence and what is what the remedy for that in a way that's going to be really easier to implement because a lot of people were going. Okay I can see how that'd be true but the truth is I don't know what due diligence to do great question and I just want to highlight one of the interviews that I did a guy named Joe Cya and basically. He bought a house to flip any made a major mistake in that is he didn't do the inspections necessary. He went without that full research and he bought the house and it was a disaster one after another and so what I learned from his story. And what I've learned in my life is that when you have a research an investment idea. Stop whole lot a piece of paper and write down the idea. The potential gains that. You're expecting why you're expecting that. This is GonNa work right down in fact used this moment do it right now. Use this moment to write down even everything great about this investment of what you're so excited about and why you. WanNa make but write it down and that is the first step of getting your research. Research started what's the second way that people often lose money? So here is the second way in that is they. Failed to properly assess and manage risk. So let let let before we go farther because I actually deal with this in my book as well so I'm curious Would you define risk the way you define it? And I'm going to define risk because I agree with you. Most people don't even if you're not to procure be honest with yourself. Are you on a daily basis going? Should I make this product or that product or get involved with this affiliate program or be on this stage? Have you really analyzed the risk or even thought about the risk I find? Most people are not thinking about that. But how do you define risk? Well I'm GonNa let one of my guests defining his name's Jeremy Newsom. He had been investing a little bit of money in the stock market. Since he was young he asked his dad for some money to invest in the stock market. He had been following silver and he put his dad's money in silver. He was you know twenty one at the time and he had no no risk management at all. He put one hundred percent of his money in. He didn't have any way of he didn't have any plan. What if silver went down? He never thought it would go down so he had no limit orders to sell or anything correct and then what happened was he also bought a derivative instrument instead of the underlying silver and the the price of silver quickly went down by about twenty or thirty percent and because he thought that derivative instrument he lost all of his money but to make matters worse what he revealed next was that the money that he lost was one hundred percent of his father's retirement savings. And what I learned from this. Is that separate your research between return the first step that we talked about and risk the second most common mistake and take that same piece of paper and write down the risks that you know that what could go wrong with this investment that you can't get your money back that it could go down. What are you going to do when it goes wrong? And so the idea is to create a risk reduction clan and if you're investing in the stock market it's a little bit easier because you say well we just put a little bit in any new idea new stock and I set some sort of stop loss to say you know if it falls by twenty percent. I just got to get out because I don't know what's going on. But when it comes to investing in for instance startups and all that the risk becomes a lot more complex because you get trapped into that investment. It's not as easy to get out so there's many different steps but the most important thing to do is right down the risks and tried to assess each of the risks and then think. How can I manage that risk? I think that's excellent advice. Enter I'm going to add to it from my perspective on risk because I realized that most people let's take a stock again and let's say it's a High Beta stock so it might go thirty or forty percent. They don't think about the fact that also means it could go down thirty or forty percent. So they're only assessing the upside so I defined risk is the probability that you will not achieve your objective so so the more risk there is like that example stock that can go up thirty or forty percent can also go down thirty or forty percent. Because it's a high moving stock is going to move faster than the stock market. You've got to assess how much profitability is it that you're actually not going to get your stated outcome and think about that. What's number three? What let me just add onto that this very hard when people get excited about an investment idea. It's hard to look at the risks and I'll just give an example in my own case. How how I've worked on it in the coffee business. Coffee works my best friend. Dale runs the business in my job is really to advise him and think about our strategy and we had been looking at expanding in the market across Asia one particular market and basically. We agreed of this. Dale would research it and then present everything positive about this opportunity. I would not go against anything I would let just bring it all on and then we would have that meeting and then in the next couple of days later we would have the meeting about everything that would go wrong in this investment. In that way. I'm not threatening his idea of what could go right. It's just that we have to take the time to look at what could go wrong. So separating your investment you know your research on the gain from your research on the risk. I believe is a way that we can overcome this. The thing I think that's absolutely critical as well So let's move to number three because we just have a few minutes before we go to break to. What's number three driven by emotion or flawed thinking So that's what you were beginning to catch on to so that you hear about something you think. Oh my gosh. This is better than water. Everybody on the planet is going to be buying this in two years from now. I'll be living in the mansion with the private jet correct and so the the the way you overcome this. Is You try to find opposing views. And then once you do that finally when you get it all together. You try to talk with a knowledgeable and objective person about it and get their feedback. It's the only way I can figure out to overcome some of that. Emotional and flawed thinking number. Four number four is missed place. Trust many people. Just give their money to somebody. It's amazing how critical there are in their life in their business but then as an entrepreneur they have extra cash someone calls them and says. Hey I got this great investment and you know next thing you know. They're wiring the guy ten thousand dollars or one hundred thousand dollars. So what I say is the way you overcome this misplaced trust. Is You get to know the person you're investing with and remember that trust only can build over time. There is no hack or shortcut to building. Trust I absolutely agree with that one as well. So I'm I'm curious folks. I didn't have a Andrew. Tell me before the show. Would THEY BE But you know I have a series seven twenty four in the past. I've done you know trading in the market and so I've learned a lot about these and unfortunately made some of these mistakes Number five failed to monitor their investment. So they put the investment and then five months later they go. Oh yeah wonder how that's doing right and nobody nobody even good friends and family is going to just naturally take care of your financial interest. You must monitor it so what? I'd say the way you overcome this is that you follow a regular free determined monitoring process when you invest in. Let's say your friend's GonNa Start a restaurant. You can invest you. Tell your friend right from the beginning in writing. I'M GONNA WANNA update once a month. It doesn't have to be more than half an hour. But you need to predetermine the way that you're GonNa Monitor that investment and that is number five number six enter. This one is really hard. I didn't know how to classify it. But so many people lose all of their money in startup investment. So I'M GONNA say number six is invested in a startup company. So yes so. It's interesting because some joining a group that that's exactly what they do And so I think the thing to remember our our several one is if you're going to be an early stage company the more that they have already gotten some capital owners have already proven their product and the interest in the market the better so that's still a startup that still in the early stages so they may have seven figures income. That's enough to get some idea. There's market actually like it. So you're supposed to assist the nice idea I think that another thing is the quality of the management team. Have done it before if you know. People who've got bill successfully built companies and brought them to the point. They could go public or they could be sold to another entity rather than having to abandon them or lot better risk and then. I think it becomes you.
"andrew stotz" Discussed on My Worst Investment Ever Podcast
"And basically the news was that the Thai government could no longer defend the baht and the bought the currency of the Thai government was going to collapse and we all could see the collapse happening in the market and bought at that time was twenty five baht to US dollar and by the end of nineteen ninety seven it was at sixty baht to the US dollar hello fellow risk-takers and welcome to my worst investment ever stories of lost. Keep you winning in our community. We know that the winning investing you must take risk but the wind big. You've gone to reduce it. My name is Andrew Stocks for May Stotts investment research and. I'm here with featured guests me. I wanted to take this time to talk to you about this. Current coverted crisis. It is a time. That is very scary. I have lived through many different economic crises over the years and I wanted to share my story of loss. It wasn't my worst investment but it was my worst personal moment. It was about nineteen ninety-five. I was riding high as a stock market analyst in Thailand. In fact I have been promoted to be the head of research of company name. W I carr which was the number one foreign broker all was going well then. A friend of mine came nineteen ninety-five Dale and he said. Hey we should set up a coffee business in Thailand and we had the idea of setting up a coffee business originally. It wasn't going to be a factory we're going to buy coffee from other companies. Other roasting company package it and then sell that coffee on but when we found that we couldn't find companies that would be able to produce the coffee to our standard. We decided we'd have to build a coffee factory. Well no problem. I was making good money and had already made a lot of good money and between myself. Dale Dale moved to Thailand and we set up. Coffee Works and set up the factory. We started our sales in nineteen ninety six and then in nineteen ninety seven. The financial crisis happened. I remember walking into work on the first day. The first working day of July in nine hundred ninety seven and basically the news was that the government could no longer defend the baht and the bought the currency of the Thai government was going to collapse and we all could see the collapse happening in the market and they bought at that. Time was twenty five baht to us. Dollar and by the end of Nineteen Ninety Seven. It was at sixty baht to the. Us dollar later stabilized to about fifty and and eventually come back to where it is now which is about thirty or so what that meant was that companies that had US dollar debt. Were in serious trouble. Because they didn't have enough money to pay it back. The economy started to collapse and when that happened. Everything got bad. Eventually we could see that our plans for business disappeared and those plans had been to sell too many companies as the economy was expanding in Thailand. It was a very exciting time but instead are sales dried up to almost nothing yet. We still had a factory in people working in that factory and we still had a sales team trying to sell and we were trying to sell but nothing was coming in and to make matters worse in April of Nineteen Ninety Eight. I lost my job working in investment bank. All of a sudden we had a business and a factory and a lot of costs no revenue and no employment for me to feed the cash needs of the company. We made a decision dalen. I had lived together in a house in Bangkok and we made a decision. Have to move out to cut the costs and we have to move into the coffee factory. We move the sales team out of one of the rooms that had air conditioning in it. 'cause factories not tiling because it's burning hot we move the staff out of the Accounting Office into another office and we put two beds in that office and we went back to school. It was like going back to college days. Two beds one room a bathroom outside of that room and that's where we lived every day. We saw no new customers come in and existing customers disappear and of course no income and there was very little hope that I would get a job again in the financial industry because everything seemed to be decimated by the collapse not only in the collapse in Thailand then we saw Indonesia collapse and Malaysia and many of the other countries in Asia got hit this crisis in one thousand nine hundred seven the Asian crisis never really hit the US later in nineteen ninety eight there was a Russian crisis but that crisis barely hit the US market so here. We were in our factory with no hope. It was a very depressing time to make matters worse on one August Day in one thousand nine hundred ninety eight. Dale and I had woken up. Factory was empty. No workers there. Nothing going on kind of depressing Sunday because when we looked out the window it was pouring a tropical rain outside of Bangkok and it was just a depressing day. If you could imagine the smell of rain in a tropical forest basically where we were with this factory because we were out in the boondocks in this factoring we were sitting there. It was already a depressing environment and I got a call from my sister. Kelly and Kelly said that her cancer had come back and the doctor said she only had one month to live. Could I please come home to see her? When I hung up the phone Dalen I looked at each other and just cried. It was the absolute bottom that August Sunday of nineteen ninety eight. A professional bottom an a personal bottom all seemed loss very soon. I had to get an airplane and get back to see my sister. Within one week of arriving in America she had passed away. I had one week to spend with her. We had the burial the funeral and her three daughters and her husband. They're mourning the loss. I stayed for a couple more weeks with her family and then I had to come back to Thailand. I came back to Thailand completely depressed and defeated by this time. Dale had decided that we better not live in the factory. We should move into a apartment nearby. That's as low cost as possible because the factory the environment of the factory would eventually break us down so when I arrived back in Thailand in August after having lived in the factory from April to August. We had a little apartment a tiny little apartment. The apartment cost one hundred fifty dollars per month for the two of us to live there and basically I was quite depressed coming back and I wasn't coming back to anything exciting. The key thing is that Dale is an iron man and Dale decided that he would just keep doing the next best thing that he could do the next right thing to do to continue the business. Many many times we talked about the business and we agreed that this is an equity investment of myself and some other investors in Dale and we all knew it was a high risk investment and we can walk away from it and lose everything. But we don't need to feel ashamed about that because failing and business is not illegal fraud. Lying cheating is definitely illegal. Dale was a very honest and sincere man and he continued on and slowly by nineteen ninety. Nine I got a call where I got a job offer to work for. Bank things. Were starting to come back and slowly very slowly. Coffee Work started to recover and Dale kept making the next right steps. We made mistakes along the way but today we're a company with more than one hundred staff and a robust business that is celebrating twenty five years in existence. That's something to be proud of now. I'm going to ramp up my story by saying what lessons did I learn. The first lesson I learned is that when economic crisis comes this not a lot that you can do to change it. You've got to buckle down. Keep your costs low. Maybe move in with friends. Come up with ways to cope with the situation because it isn't gonNA turn around quickly got the first thing. The second thing is don't cheat lie steal or do other things that some people do in times of desperation. The third thing I learned from it is that sometimes small businesses at trapped. You can't go back. Because we didn't have anything our assets nobody would buy the assets of our company and we couldn't go forward because what we found. Is that no matter how much work we put into cells? We still couldn't increase the sales of the company at that time. Sometimes you just have to walk four and I think that my main lesson that I would say if I thought about what one action would. I recommend listeners to take to avoid suffering the same fate I would say that the lesson that I learned is take it easy when a crisis comes..
"andrew stotz" Discussed on My Worst Investment Ever Podcast
"We know that the win and investing you must take risks. But the wind big you've got to reduce it mine is Andrew Stotz from ace thoughts investment research. And I'm here with featured guest Alexander Bernstein and Alexander are you ready to rock? I'm I'm ready to. to. Alexandra was born in Vienna in thousand nine hundred sixty and has lived there all of his life except for the few crashes weeks each year, he spends in Thailand, he's been married to a lovely woman since two thousand six and has three adult children since nineteen Eighty-three. Alexander has worked in the pharmaceutical industry. I you build a career in sales with Merck. Aga an Angelini he followed this with a career in marketing and over the past eighteen years, he has been in business development for Senova. Accompany of the McKesson group, Alexandra is not a professional investor, but from time to time as invested small amounts, not more than five thousand euro in pharmaceutical companies in his leisure time. He loves jogging, and hiking is also a passionate historian. All right, Alexander, take a minute and Philipson with any further tidbits about your life. The most important things you already did that my family to spend his family influence enough Tabuk. The NFL which is youthful place in the world. All right. A fan of e n I've been there twice and I couldn't disagree. I think it's a beautiful place. I saw a beautiful church down in the square. I can't remember all the details. But I just remember it was very very beautiful. Thank you. It has saints there. It is. So the next I'm in Vienna. I know who I'm taking off for a Cup of coffee. That's why the NS famous coach exactly the coffee shops. All right. Well, now, it's time to share your worst investment ever. And since no one goes into their worst investment thinking will be tell us a bit about the circumstances leading up to it. And then tell your story as you said in your into that I'm enough to invest from time to time, but only infamous you do companies because that's my profession when most of the investments into Clark male of my investments was German company. Call. That investment was about ten years ago homeward did this coming to being that the company was winning hearts company could say so it was one of them. It's wising. The biotech area noon spirit. Good stuff is so far Bill. And so I decided to invest in that company about three or four days before the Riedel's. They're lost face. Sweet resolve face lease the lost led to horrible loss Clinton new developmental of. And you work and some of this a few days before the announced that with falls and everybody expected very good results of the study are invested in two thousand years the day when the nonce through his songs or the few minutes off of my two thousand year where about two hundred you earn. The ship wash fan time or nine..
"andrew stotz" Discussed on Hollywood Babble-On
"Pronounce you did pronounce it right safe. Right on man. Thank you. I know fucking props. Did you look it up or something? You just take a shot. He said in his Email imprint imprint sees pronounce safe. Thank you for. Help. Liz and Andrew Stotz. We know Liz is here Andro come on man. Gave a very modest. I'm here to. Liz, the wanna talk for both of us. My husband really thirteen years, Andrew, and that's why you're so quiet. Coming to see you on the twenty eighth fans. If you're both for a long time, excited to see you. We've had some health scares over the years most recently, Andrew being hospitalized twice for pneumonia this year, breathe better fucker. This is not talking. Yeah, realize this experience was terrifying to me. He is my world and I love him so much. Can sexy Kevin, tell him how to stay healthier so we can grow old together. It would mean so much to me sexy Kevin, could you please tell Andro how to stay out of the hospital, how to stay healthy. Oh, true. You just got to have a healthy guy. You got to eat. What you got to eat is Bizet's footsie. That's my. Now give her yours. Well, done, sir. And Leslie Julio you in the house Julio. The whole, fuck me the, oh, down by the security. Dang, jank. Jank jank jank agenda, Julio and Julia. And or is that Julia? Probably right. Julia. Hey, it's an easy mistake, one, fuck, and Julio one, Julia. It's easy to get those two mixed. Adam is my saying that correctly. And lorraina. Lorraina. Yeah. Not Lorena Bobbitt though. Right? That ruler. I was thinking Lorena Bobbitt when I hear the Raina she cut up guys peanuts member. I remember now Julio and Julia is an excellent fucking title of a movie and or a cheap knockoff wine. Julio and Julia Gallo. My name is Julio and I'll be attending the show with my friends, Julia Adam and the Raina we've been trying to attend for wild, but couldn't work it out for one reason or another. We'll try fucking harder next time. Fuck your first world problems. Right? We finally made it after all this time to celebrate my twenty fifth birthday. I was wondering you, David Bowie could sing me a happy birthday. Well, of course Julio of course he could do. That's what he does now. David. To you. To you. Glad y'all bright teen the day. But day to you. What's so glad that you. Thank you. Chick peas. Difference between the chickpeas garbanzo beam? No, I've never paid garbanzo to be non me. Did you. Trying to go vegan here..
"andrew stotz" Discussed on My Worst Investment Ever Podcast
"andrew stotz" Discussed on My Worst Investment Ever Podcast
"We didn't recover. We have closed the peration Noel other the myself lost money, but I was very close to by Chris and I must weigh house in the process, lost whatever ISIS out of those. And no fellow risk-takers, welcome to my worst investment ever stories of laws to keep you winning in our community. We know that to win in investing. You must take risk, but to win big, you've got reduce it. My name's Andrew Stotz from as dots investment research today. I'm here with Bill Lewis who will be telling us about his worst investment ever. Thank you so much Bill for being with us and welcome to the show you were much opportunity joy today. Yes. Great to have you. So let me give a little background for our listeners about you. Bill Lewis is the founder and leader of Linaker digital media. He holds a degree in business strategy leadership, mergers acquisitions, operation strategy, and globalization from Harvard Business School Bill started his career as a senior financial analyst had Fords Europe division throughout his career. He's worker more than a dozen companies, including KPM. Gee, British Airways, and was the co founder in two thousand twelve of Tennessee's communications born as technologists. He has evolved into a consummate leader in board room titan he's helped many entrepreneurial businesses including some fortune two hundred companies Bill, you got anything to add to that excellent introduction, but you're very kind under, I think, yes, you're summarize population of both coporate by ground and holds of Larrea by random show. Let's for a little bit more limit more of us in a few moments. Now before sharing your story, can you tell us a little bit about your level of investing experience and what type of investment are you gonna be telling us about her this story or put my level of investment experience today somewhere between medium hard on this doesn't mean I'm investment professional just got considerably experience on us. We'll see. Both golden by then I will come some of those stories in a moment. The actual story I'm going to share with you about point in time. I would put my investment experience. Probably Lou on always low to Optimus duty many of eligible as at some point in time how the level of belief in those that runs ahead of our best said. Now, to set the stage for our listeners in, you described the circumstances leading up to this worst investment. Of course, everybody goes into their worst investment thinking, it's not gonna be bad. It's going to be good. So maybe you can tell us what was going on in your life in the markets in the you know, what were you presented with when you made this investment? Okay. On a little bit of background because it's relevant to hell the story pounds out, I'd had very -ccomplish career as you out in the election after period of time on. I think that as my life thirties, forties, I decided to take some time out to Charlie, which I. I did five years. We created on around very successful in the UK working with this abundance young people to use. I came back into the business world, but not wanting to go into court. Light is signed to try my hand initially consulting, but very rapidly moved toward soldier, finish it. So I'm kind of unaccomplished coporate executive harmful experience of running oganizations outside the culprit environment announced Epping Ford into what was by four angel removes the measure. Okay. So that gives us a little hint that the story is going to be about entrepreneurship. Why don't you then take it away in? Tell us that story. Tell us what happened results, a number of introductions. I met a couple of guys in the US on entered into a polish ship with their American organization to open up the United Kingdom with a range of consumer. Now they have been successful in the US on the agreement was the American organization Safai product unmanageable support on training junior during the initial period? Now for about a year, I would supply finance premises. I would recruit, I would run the organization now I was coma..