Ep613: Dudu Cearense – It’s Your Responsibility to Take Care of Your Money and Wealth

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Quick take

BIO: Dudu Cearense is an ex-soccer player, financial adviser, and private banker.

STORY: Dudu’s worst investment ever was not learning about managing his money when he was a successful soccer player.

LEARNING: Invest in learning about money management.


“Learn how to take care of your money.”

Dudu Cearense


Guest profile

Dudu Cearense is an ex-soccer player, financial adviser, and private banker.

Worst investment ever

Dudu was a young athlete making good money, just like many professional athletes, but he didn’t know anything about managing this money. He didn’t know about saving on taxes, he didn’t clearly understand the terms of his contract, and most importantly, he didn’t know how to invest his money.

Therefore, Dudu relied on other people for investment advice. A friend came along and told him that real estate was the best way to invest his money. Since he didn’t know much about investing, Dudu believed his friend, so he only built a real estate portfolio.

Lessons learned

  • You need to know everything about your investments before you invest.
  • Read and understand contracts before you sign them.
  • Invest in learning about money management.

Andrew’s takeaways

  • You cannot expect other people to take care of your finances. You’ve got to learn how to do it yourself.
  • Be responsible for your financial life.
  • Only go into investing if you know what you’re doing.

Actionable advice

You need to know what to do with your money from the moment you start making it.

No.1 goal for the next 12 months

Dudu’s number one goal for the next 12 months is to start a podcast and get to 1,000 clients.

Parting words


“Have an attitude of gratitude. I wish every listener success.”

Dudu Cearense


Read full transcript

Andrew Stotz 00:02
Hello fellow risk takers and welcome to my worst investment ever stories of loss to keep you winning in our community. We know that to win an investing you must take risk but to win big, you've got to reduce it. Ladies and gentlemen I'm on a mission to help 1 million people reduce risk in their lives. And that mission has led me to create the become a better investor community. In the community. You get access to our tools, the tools that you need to create, grow and protect your wealth go to worst investment ever.com right now to claim your spot. Fellow risk takers this is your worst podcast host Andrew Stotz, from a Stotz Academy and I'm here with featured guests Dudu Cearense, Dudu are you ready to join the mission

Dudu Cearense 00:50
thanks a lot we'll do this myself and things along the lines. Let's talk about financier for everything. Perfect.

Andrew Stotz 00:59
So maybe I'll just introduce you briefly to the audience and maybe you can give a little bit of your background of your life. Dudu is an ex-soccer player, financial adviser and private banker that's already an interesting story. Maybe you can tell us a little bit about your own journey before we talk about your worst investment ever.

Dudu Cearense 01:28
So I events everyone about my resort here you'll be there all day to tell given but I try we have about three minutes. So I came in one for stable family law was like Brazilian boy I love football. So my dad who is amateur soccer player, Amato is not be abrupt shut out at all but when when they saw my father to play any streets and all so I don't know always a gift for God and all right for all low player like me very very easy not to play football in that time. So I started very well is that for food sound is not for the the field and in Academy so I started food so after that starts in the team is formed by see after that happened one good clap of the younger players like 50 under 50 so I play very well that champion one guy for one club for nonperformance Zookal Vittoria by year so this guy was watching the game in like me and sending me invites to my family and asked him if my parents you let you want left your your your son to go to Dubai a year in my father asked me to do what we want. I said that that is my ordeal by union to poor things of my life. I need to go and the left my family a my bytes by mass 24 hours per laser by so I started going well and after that when I was 17 years old, do I start to play professional? You're actually and 20 years old they grow the first call for last now personal team from Brazil. After that 2004 2003 Sorry, our I get World Cup champion and the Aggies a in top scorer in that time in the second best play of the World Cup in 2003. A Dubai 2004 Get shaped for cup of America in Brazil, proximal team after that then I go I went away to Japan. So I left the daughter go to Japan. I pray Japanese after the France after France arrived some after right some grease, recycle back to plus zero after that come back again to What is so I play in? Khashoggi so for Jacqueline ranks for France seska Musco for ricin only PIAC was from Greece and Brazil. I am a cabinet Turner for Israel. And in Greece again Africa time the President I play in Fortaleza attach come in the room guys, Fortaleza in there for my last club beautiful

Andrew Stotz 05:37
age when you started when you finished that your last club How old were you? 3535 35

Dudu Cearense 05:49
When I was terrified I decided to retire so and the old players when get with Thai they suffering when that your carrier though many players so when three miles I serve suffering too much. It's like a nine year

Andrew Stotz 06:13
old when you cut from your career. Emotionally you lose the one thing that you've devoted your whole life to. It must be first of all a very difficult feeling number one, but number two, also your cut from your salary. So all of a sudden and you're not It's not like you're 60 years old you still

Dudu Cearense 06:38
Yeah, you're firing 00 When the finish

Andrew Stotz 06:48
and tell us about how you got into the finance stuff, you know how did you get into finance after you after you finish with your football playing?

Dudu Cearense 07:00
When they start funds again Yeah, I keep myself yeah, I keep my financial why that why they grew up and what their heads risks restates and they started to work for some things and I had to one comment for players but that doesn't work nothing at all because I am in doing myself all in just a financial advisor right now so when I when I go to start financial to be an advisor to know about my money what I can do what the key protect protect and like go to for many years of my life because even even yours you finish what have you to keeping but you do need to work again just stop there the price go up all the time so the tax go up the main main thing don't go the same price all the time you need to protect yourself you need to study to know what happened what can I do dot all in my face in my wall and I can do other things so when you start know about the Admiralty about the the main main things and also is interesting when you start talking about the main things so today okay I'm part of a big company in Brazil the water my cold call lifetime Yeah. So you need lifetimes lifespan. So is the one company branch so I mean bank a private so in the people case that too much man to protect them you know? So they bank you are the mycology is passing over the the one was big sick Bank of America South. Right so from America sorry. Right? So call BTG back to our is the best, the best bank of their sofa of America

Andrew Stotz 09:22
and what type of what type of customers what type of clients what type of people come to you you know what, what are your clients like?

Dudu Cearense 09:34
They came for my handshake. So I'm about to my network. Or when sometime I don't have too much network network I'm going to call or make a cold call. Yep. So I started many cold calls for many times to get the leads here to discuss Why the clients and introduce myself or ever came for educators for network of friends and about the means you have many options in yet yet you just need to take the phone and make call you don't have to have scripts again you know that more than me you can for America you know you just need to go main times for 100 calls come to clients but it is not easy you know that but it's my job today. Yep.

Andrew Stotz 10:46
And where is the best place for people to follow you whether that's LinkedIn or Twitter or YouTube or Instagram where is the best place for our listeners and viewers to value

Dudu Cearense 11:00
My major social is grew up every day. Everybody came found me and LinkedIn, you have to do surveys. I Instagram through the usadas See my youtube channel is not very well I'm starting one podcast too soon. Okay. I hope in I suppose pause I'm talking with friends about that is not easy because I needed time. But is there a signal about your broadcasts because of the people is not present guys? Correct? So my cup every two waves here too for the watches the water is not about events will resume by myself if they want and good tax very well. I came due for okay. I can say I have aquatics for four out of Brazil, you know, so it's no accident in out of Brazil? I can I can't care about that too. So not all about the you know the personal but company you know and tax for money and for events in Brazil any any good stocks, good investments, many many things now so of course the the guys from your podcasts of course they they have nicotine Sure yeah, I don't know it's a fun thing. And you can see easily you know you can discuss for men sinful invest in what invest Well, I can do Mizzou. Protect yourself, you know, because you're in a good time to invest many counts of out of Brazil. Take a good moment for good tax and have options. Great anyone to do it to do.

Andrew Stotz 13:19
Yeah, so I'll have a link in the in the show notes for your LinkedIn. So for people that want to follow, just go to that link in the show notes. So now it's time to share your worst investment ever. And since no one goes into their worst investment thinking it will be tell us a bit about the circumstances leading up to it and then tell us your story.

Dudu Cearense 13:45
I don't understand what

Andrew Stotz 13:47
what. So tell us viewers if it's time to tell us your story about your worst investment ever. About your real estate. Yep.

Dudu Cearense 14:00
Okay. Yeah. Oh, yeah, I like it to do you know, when I never know about investment before. So nothing's zero. So my is I know, I'm not I'm not saying about by mistake, you know, is about to learn. Sometimes as I said, I pay x space with to learn you know, so, all the time just I invest in real estate audits time restates or by the lines and with that in the amendment sings. So when you realize that the investment is not all in real estate, you can protect yourself. So whenever you realize I zone is okay I pay expenses to learn, you know, so like to do I'm not sacrificed myself because I was signed on. Okay, you 20 years old to do about the various the stocks? The market is the menace forget is not that easy to know, even like that it's happening all the time with the players. They don't have time. They don't want to know, some players. Yes, they want to know. But most of the time to have time to know about their to know is for me, I'll be to know. I can say a little bit original about that. Because I'm came to the market No, for the finance to pass them. What happened? Exactly in, in the financial market? Because they don't know. So my team is here to explain everything. What's happened with the investment? What do you need to do how your money after you retire? How many years you mainly get money for yourself to protect your family? So I make you one time about the whole life for the players? No, that's why when the clients too, you know.

Andrew Stotz 16:25
So when you were young, and you're making good money, like many professional athletes, you just don't know. And so in the end, you have to kind of rely on a friend or somebody who gives you some advice. Tell us a little bit about what happened when you were first making good money. And then you have a friend come along and say hey, real estate is the best thing. So you just follow?

Dudu Cearense 16:57
Yes, exactly. Yeah. I said, Oh, look, this real estate is mine is the best way. The best say guide the best way let's do it is the best way. I just know real estate's arrow and finish. When somebody's telling me about the other vessel, I can't believe because no one told me they are the way they are not the road. No. So the market Okay, well, it's not making great no in the math, but you need to know the both way and the both way when it's played to know the investment is so nice. You can protect yourself like when you say Nassim Taleb, you know, anti fragile.

Andrew Stotz 17:47
So you know, you accumulate in real estate, at a young age, when you were a professional football player, because your friend told you this is a good idea. It seemed like a good idea. And so, you did that. Now, the good part of that is that you ended up at the end of that period. With real estate, some people they invest in real estate and they lose it because they sign the wrong document or there's someone who is trying to steal from them. The good news for you was that you ended the period with a portfolio of real estate of course some of the bad news was maybe you paid a high fee to your friend or to others while you were doing it and the other bad part was you ended up at the end without any other investments like in stocks or bonds or anything like that tell us more about that

Dudu Cearense 18:52
yeah like I said you know because when I was younger you don't want to know the details of the contracts the everything though to know about that how the money the taxes they fee How can you explain about the send the money for air over to Brazil the tax how much he can get that? No, I don't know nothing. You see? So we start now we understand now we now I have helped with the players. I'm telling the truth no for everything you know, in the show de matar happy, even knew that I did that. You need to know. So everything I was I am very clear, you know, for any investment for the players know, that's why. So they'd like to say no, I don't know what happened sometimes. But I tell you, I'd space too much to learn about that.

Andrew Stotz 20:00
Yep. Okay. So how would you how would you describe the lessons that you learn from this experience? What did you learn what

Dudu Cearense 20:11
I learned? I learned that you need to do everything you need to know everything. And any papers black and white, you know what to happen exactly. In males. So you need to know that they do know do read the contracts, everything. So maybe the truth is, the truth is BS. Go ahead. Now be smart all the time.

Andrew Stotz 20:50
Right? Right. Okay,

Dudu Cearense 20:53
all the best way? No. Go ahead to No, no, what happened? Exactly? Right. Go ahead. Not wait. Go to understand the way the contract with people the space in the lines of everything, you know, how can can get them on later Karim? Many, many, many things. Yeah, it's not. It's not just the page length or just by the restate, no need to know how the fee How can get the place, you'd be an added value later. Today, you know, to know about that, like, but anyway,

Andrew Stotz 21:41
so maybe I'll summarize what I took away from your story, right? There's a few things I wrote down some things that I was thinking about. You know, the first thing that you just said is you got to know everything. You cannot expect other people to take care of your finances. And it's the same thing with your health, it's the same thing with other parts of your business, nobody's gonna take care of you, you have to do it yourself. If you eat bad food, if you don't understand about the food, and you eat it, you're going to suffer the consequence. So you've got to learn, that's the first thing that I take away. And this, and I would also say you've got to know everything, but you've got to be responsible for your own financial life, you cannot give it to someone else and expect that they're gonna take care of it. And that's hard because for many athletes, they don't know anything about finance. And the other thing you talked about was reading, you know, make sure you read the contracts and make sure that you understand what's going on. And I would, you know, add on from my own experience, there is many people, it's not just athletes, I have seen CEOs of companies who were very successful, and then they took their money, and they went into the stock market with the confidence that they had, and they lost most of their money. It's not just athletes, many people go into investing and don't know what they're doing. And so I would say that for the listeners out there, and for those people in that situation, you've got to start to learn nobody's going to take care of your money you know, nobody's going to put as much priority on you and your money as you are going to do it. Is there anything else that you would add to this summary of what you've said is there anything else that you would think that you think that other lessons from us

Dudu Cearense 24:08
Yeah, exactly that that you know like I said and are just not all athletics know CEOs people doctors, many people know they don't know how to invest in money No, sometimes they they say to you okay, I understand I'm I visor, so sometimes not know, but I wet a My covenant in myself when I care about the day money I introduce myself okay. And sometimes when they prepare one, why no one thought of the investments for them, next brain, each achieve know each product of that know in life of the A about the suitability to know of the client and what they can say. What they need to do exactly and how not to make and receive, you know, client. It's not like that No, no don't make money for the money. No, it's not like they're not like just think about myself to get my fee is not like that here all the time I look for the clients, are they good investment for them? No. Is it good for him is good for me is not only good for me, for me, it's not for them? Like it's not like that. That's why our job is so serious, you know, to care about them. And if not good, your reputation goes down, you know, is very serious.

Andrew Stotz 25:56
So let's go. Let's imagine a young athlete today. Maybe he or she is. Yeah, maybe they're 18. They're 20, the 25 they're making very good money. Based upon what you've learned from your experience. What advice would you give to them? at that young age?

Dudu Cearense 26:26
Yeah, is, is the key to all because in Brazil, I don't know when America when the talk for younger players. They have a lot of, for example, one play and have the agent and the father, the friend and the ankle. They don't want to listen and say no to talk with my father and talk with my friends. And the player the last and the angle descend. Why? Because who ran in the field was suffering when those who saw from when they left their family to stay many, many hours out. They need to know what to do about their money. It Simple does get certain minutes to less Listen, one guy came football for me and learned bad things no to invest in the beginning. So when I talk with the younger players when they want to hear to me, I say to them, how much do you want to one or retire your career? To get the money? How much how much? I think 1000 payments are rights that excellent. You see. I don't tell him about him about the economy's in the CPI for us is so high. And next play of the macros vici. The FSA, I don't talk about them because they play they won't know about that nothing's zero. I just say how much do you want retry in your boss every month? Or $10,000? Okay, so $10,000 by was up of the CPI for Brazil? That is zero Boom 30% You need your account linked? Net? Yeah. About $4 million. Because if I pose $1,000 You see even a simple ad guys all do is too much money is not I say it's not there's not too much money if you prepare yourself until they're bad. I told you new habits need to sacrifice some things. So if you invest your future, finance you get go buy me jazz advisor. I will not click enter. So if you want, you can work together and forehead.

Andrew Stotz 29:38
So it sounds like you know great advice not only for an athlete, but for everybody is it sometimes you have people that you trust around you? But you have to remember, it's your responsibility to take care of your money and your wealth. And you have to break free from that and learn So let me ask you what is a resource that you would recommend for the listeners for the viewers? What's something that you would recommend of yours let's say you have a book you have other material a website, what is something that you would recommend?

Dudu Cearense 30:18
Ah, I will tell you how to archers. Simple, okay? Let's see, if you have not too much money, invest in yourself. Invest, to know the knowledge about finance, invest about that, not invest, invest yourself to go about finance. After that. You follow one space that is often as an advisor, because you understand. So you'll make once make for you, who has money the same way but different. Invest in yourself, invest in your family, invest in your future, and care about yourself. Your life, your mentality. So in you do passes for your, your kids, your family, your people around the world, you need to be one good person. So when I go to bed says not to like about the money famous not like that. But what I love talking past the best of myself, and no one can aggravate for them no, that's why

Andrew Stotz 31:47
it's good advice. Because sometimes, particularly athletes, they just focus on themselves. They focus on getting good at what they're doing, and trying to win. And, you know, earlier before we turned on the recorder, you know, you show me, you know, your daughter, and you know, she was there during her studies and asking that a question about something. And maybe a good lesson for the listeners and the viewers and for the athletes that are very obsessed about becoming great, personally great at their sport, is if you don't stop a little bit and learn about finance and investing for yourself. Do it for your future family.

Dudu Cearense 32:38
Exactly. Exactly. So that's why that's what exactly is everything like that?

Andrew Stotz 32:45
Yeah. And last question for you is what is your number one goal for the next 12 months?

Dudu Cearense 32:55
My next two grades, my podcasts and and the care about more 1000s Millions of my colleagues, my clients.

Andrew Stotz 33:19
Fantastic. excited

Dudu Cearense 33:23
because when I get 1000 About my clients, I can say okay, now I really I'm really financial device.

Andrew Stotz 33:35
Fantastic, exciting.

Dudu Cearense 33:37
You know that, that you'll know that?

Andrew Stotz 33:41
Yep, exactly. Well make sure when you start your podcast to share the link with me and I'll put it in the show notes so that any listener can go to the podcast. Well, listeners, there you have it another story of loss to keep you winning. If you haven't yet joined the become a better investor community, just go to my worst investment ever.com right now to claim your spot. As we conclude due to I want to thank you again for joining our mission. And on behalf of a stance Academy I hereby award you alumni status for turning your worst investment ever into your best teaching moment. Do you have any parting words for the audience?

Dudu Cearense 34:26
Of course first of all, thanks a lot is my pleasure to talk with you in English too because my is not very well but the key I can talk

Andrew Stotz 34:38
you did great

Dudu Cearense 34:41
my hope one day to see you know personally is of course your story is amazing story. No, no of course I may wait for by mail one tips profanation do read that read that up In grow up your carrier, I want a WhatsApp message from by mail if they sent to me of course to learn and for your audience just thanks a lot, you know to be here and one phrase now phrase and one or one word I have with me for whole life is called gratitude and great tools for everything. So thanks a lot embedding important agency, etc. Graduate down in English. Great. Great to hear like that. Thank you.

Andrew Stotz 35:45

Dudu Cearense 35:47
Thanks a lot. Thanks a lot for all for the wider success more they

Andrew Stotz 35:53
now and ladies and gentlemen, that's a wrap. And what we've learned is to have an attitude of gratitude. Thanks for a great story to help us create, grow and protect our wealth fellow risk takers, let's celebrate that today. We added one more person to our mission to help 1 million people reduce risk in their lives. This is your worst podcast hose Andrew Stotz saying. I'll see you on the upside.


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About the show & host, Andrew Stotz

Welcome to My Worst Investment Ever podcast hosted by Your Worst Podcast Host, Andrew Stotz, where you will hear stories of loss to keep you winning. In our community, we know that to win in investing you must take the risk, but to win big, you’ve got to reduce it.

Your Worst Podcast Host, Andrew Stotz, Ph.D., CFA, is also the CEO of A. Stotz Investment Research and A. Stotz Academy, which helps people create, grow, measure, and protect their wealth.

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