Ep354: Jeff Nischwitz – Reduce Risk by Observing Harmful Behavior Patterns

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Quick take

BIO: Jeff Nischwitz is known as a Snow Globe Shaker who’s on a mission to help people shift how they lead and thereby shift their leadership impact.

STORY: Jeff’s parents sold their business and gave the money to their grandchildren for a college education. Jeff decided to invest his kids’ money as advised by a financial advisor who knew his dad. This was during the Dotcom boom, and at first, the investment grew from $10,000 to $75,000 per kid’s share. But within six months, the market crashed. The worst part was that his advisor never talked to him as the market started shifting. Being a thrill-seeker, Jeff decided to try another venture, with his own money. This time around, he invested in a franchise that failed from the get-go. Jeff continued pumping money into the business even though things never improved. Jeff never quit until he was so deep into the mess.

LEARNING: Don’t let your ego drive you to poor decisions. Focus on the long-term instead of big hits that only last a short time—work with an experienced financial advisor.


“When things are chaotic around you, when you’re being shaken up externally, it’s even more important to shake internally.”

Jeff Nischwitz


Guest profile

Jeff Nischwitz is known as a Snow Globe Shaker who’s on a mission to help people shift how they lead and thereby shift their leadership impact. He’s an international speaker and personal transformation coach known for his unique perspectives, challenging traditional thinking, and delivering tangible shifts for leaders to grow their people, build their businesses and enhance their relationships.

Jeff’s the Founder of The Nischwitz Group, a speaking, consulting, and coaching company, and the Co-Founder of Cardivera, a leadership development ecosystem that grows leaders and their impact. He also co-hosts the Leadership Junkies Podcast. Jeff has published four leadership and business books, including his most recent–Just One Step: Walking Backwards to the Present on the Camino Trail.

Worst investment ever

Back in the mid-90s, Jeff’s parents sold their business and gave the company stock to their grandchildren. This money was intended for their college education when they came of age.

Investing the money

Jeff was the administrator for his kids’ share. He went to a guy that he did not know well but who knew Jeff’s father. He suggested a stock for Jeff, and he put in all the money into that stock. The stock was going crazy. Jeff started with $10,000 a child, and the money went up to like $75,000.

The Dotcom boom

The Dotcom boom hit in 2000, and now there was all this speculation on tech stocks. Jeff started thinking whether it was time to sell the stock as it was still on a high. He, however, waited on his guy to advise him. But he wasn’t getting any communication from him.

As he was waiting for advice, the market started to tumble and ultimately crashed. Jeff lost most of the money. All this while, Jeff never heard from the financial advisor.

Trying again

The same year, Jeff started a business that involved buying a franchise. The company started poorly right from the beginning. Jeff’s gambler’s mindset set in, and instead of pulling the plug, he kept pumping money into the business.

It took Jeff forever to pull out and say enough, finally. By the time he pulled the plug, he had dug himself a bottomless hole.

Lessons learned

Be careful of the treacherous thrill of the unknown

Jeff realized that he was a bit of a thrill-seeker. He loved the thrill of the unknown. This caused him to make financial decisions with a gambling mindset. Now he has learned how to be self-aware and catch himself when he is going in that direction.

Focus on long-term wins instead of shorter big hits

Another lesson that Jeff learned from his worst investment was that he had always been trying to go for the big hits. This was all about his ego. He would feel better about himself by getting the big wins, but this often put him in trouble.

Andrew’s takeaways

Reduce risk through the dollar-cost averaging

The dollar-cost averaging strategy puts in a small amount of money every month instead of your entire savings. Using this strategy allows you first to understand where the market is before investing a lump sum.

Financial advisors should communicate regularly with their clients

If you manage other people’s money, make sure that you have regular communication with your clients. The most optimum would be monthly, but quarterly is okay. Pick the time that suits you and suits your client, and ensure you have regular communication.

Choose a financial advisor with experience

When picking a financial advisor, choose one with experience. A financial advisor who has been through many ups and downs may be better at communicating and handling your financial matters.

Actionable advice

Be honest with yourself and get to know yourself. Look for behavior patterns that do not serve you. A great way to do that is to ask yourself what you wish were more of and what you want to you were less of. That’s the way you can start to learn about yourself and avoid those patterns that do not serve you.

No. 1 goal for the next 12 months

Jeff’s number one goal for the next 12 months is to launch and cause to thrive two new programs he created out of COVID. One is a program called Growth, which is a peer-to-peer mentoring program. The other is Be a Man, which is for men only, and it’s about helping men understand all the cut-through and different messages they have gotten their whole life and what it means to be a man.

Parting words


“Great discomfort always precedes great outcomes. So get ready to get uncomfortable.”

Jeff Nischwitz


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 in investing, you must take risk, but to win big, you've got to reduce it. And I bet you're exposed to investment risk right now to reduce it, go to my worst investment ever.com and download the risk reduction checklist I made specifically for you my podcast listeners based on the lessons I've learned from all of my guests, fellow risk takers, this is your worst podcast host Andrew Stotz, from a Stotz Academy, and I'm here with featured guest, Jeff nice, which, Jeff, are you ready to rock?

Jeff Nischwitz 00:45
I am ready, Andrew. This is exciting.

Andrew Stotz 00:47
Yeah. Oh, well, you know, we first met through another guy that I've interviewed Frank Egan in that. I just was so impressed as we were talking about before about what Frank's doing. And you know, all that. So, hats off to Frank. But maybe I'll tell the audience a little bit about you. And then let's dig in a little bit more. So all right. Yep. So Jeff is known as a snow globe shaker, who is on a mission to help people shift how they lead and thereby shift their leadership impact. He's an international speaker, and personal transformation coach known for his unique perspectives, challenging traditional thinking, and delivering tangible shifts for leaders to grow their people, build their businesses and enhance their relationships. Jeff's the founder of the MS switch Group, a speaking consulting and coaching company, and co founder of kartha, Vera, a leadership development ecosystem that grows leaders and their impact. He also co hosts the leadership junkies podcast. So listen up, folks, Jeff has published for leadership and business books, including his most recent, just one step, walking backwards to the present on the Camino trail. Jeff, take a minute and fill you for the tidbits about your life.

Jeff Nischwitz 02:14
Yeah, thanks, Andrew. Well, since probably people are wondering what the heck is a snowglobe? shaker? I'll give you the short version. I never thought about snowglobes. until about three or four years ago, I was standing on a stage speaking and this metaphor of snowglobes hit me. And I thought, well, I should just share it. I did people seem to like it. And it has now become a brand known as a snowglobe. shaker. And what it's really about is I always have one close by right. And I started thinking about snow globes and snow globes exists for a singular purpose to be shaken. That's why they exist. Otherwise, there would not be liquid in here, right?

Andrew Stotz 02:55
So for the listeners out there, Jeff holding up a globe. That's something an ornament or something inside, and then it's got a lot of flakes and liquid. And I think when he shakes it up, we've all seen now that you know the flakes all come You know, swirling around, am I correct?

Jeff Nischwitz 03:16
Exactly. And that's what it's supposed to do. Otherwise, like I said to be a piece of art that had no liquid. But what I found out is people tell me why don't ever shake my stone glow. And the reason is, because it's good enough as it is, as you see, it's really pretty, it's got dragonflies in it. So things are pretty enough. But the magic happens when we shake it right. I'm shaking it right now. That's the point is to shake it. And I realized that's the same thing we need to do. In our leadership in our lives, our relationships inside ourselves, we have to shake things up. But we also have to make a shift because when you shake a snowglobe, everything is swirls around and it looks pretty. But when all is said and done, nothing changed. Inside the snow is in a different place. But it doesn't look any different. So this changes, we've got to shake things. But we've actually got to shift things like shift our perspective, shift our actions shift our thinking. And so now I go around, and almost every time I speak, I talk about how we need to shake things up. And I will say this, a lot of people in the last year have challenged me and said, Jeff, I can tell you right now I don't need any more shaking during 2020 and during the pandemic. And I said actually, you're wrong. Because actually when things are chaotic around you, when you're being shaken up externally, it's even more important to shake internally. Because otherwise you're getting bounced around by the world. And I can tell you I haven't been bounced around much of the last year even though I've had ups and downs because I've been shaking. I'm shaking up my business, my thinking my everything. So that's why snowglobe Shaker and I'll just close with this. to pique people's interest, I've had an interesting journey because I began my career as a lawyer did that for 17 years, including have my own firm and now I'm a speaker, coach, author. And people say How the hell did you do that? How did you go from here to there? They seem so different. And they are. I'm not here to tell you. They're the same. They're very different. But it's all about bumps, bruises, learning from failure, and trusting your gut, and following the instinct inside me versus trying to figure out so that's a short version of it.

Andrew Stotz 05:37
Yeah, that's, I didn't put it together about the snowglobe shaker. And now, I get it, you know, and, you know, I think that a lot of us, you know, what is the nature of a human maybe is to, to cause our life to be secure, comfortable? And what is the reality of life? Life doesn't work that way. And, you know, I taking care of my mother, as she's gotten older, my father passed away, I, you know, there's no way anybody would have predicted that my mother would be 82 years old, and be living in Bangkok, Thailand, which is impossible that anybody would have ever predicted that. And the point is, also, as you get older, particularly as you get, you know, elderly, you start to lose control. Have, you started to lose the ability to control your environment and your situation? And, you know, it can be obviously very disrupting for everybody. You know, I know, it's disrupting for my mom. But the point is, is that what's that song? I beg your pardon? I never promised you a rose garden. And, you know, that's a mom used to say to me, too, you know, like, yeah, nobody's promised you a rose garden out there in lifetime. And so I think what I take away from what you're talking about, is the willingness to accept the fact that you're either going to shake yourself up, or let the world shake you up, you've got a choice, one or the other. But you don't have the choice of I don't want to be shaken up.

Jeff Nischwitz 07:24
Exactly. That is you just said it better than I think I've ever said it in those choices. That's exactly what the choice is. And one of the things I love about the metaphor that came to me later, as you talked about how we live our life safe and secure. The metaphor for the snowglobe is, is I can stand in an audit front of an audience and shake it. And I'll say, what does it start to do? As soon as I stop shaking, and they all scream out, it starts to settle. That's what we do in my life, my relationships, my business, and in my finances, as well. I settle for comfortable.

Andrew Stotz 08:03
Before we go into the big question, I just want to do a little shout out to Frank. And just maybe you could just mention about, you know how you heard of Frank or how you met Frank, and how did that come about? And then we'll get into the question.

Jeff Nischwitz 08:20
Absolutely. Because it's a cool story. I'll do it in reverse order. About four or five months ago, I saw someone on LinkedIn named Burton, Medina, Berta, Medina, Garcia, I was intrigued by her profile, I reached out and I said, Hey, Jeff, can we connect? She said, Yes. I said, Can we talk? We got an A call. It was lovely. She's an amazing person, a coach herself. And she said, Do you know about this club is networking group and I said, No, what is it? She tells me a little bit and I said, love to come on there. And I said, well, who runs it? She said, Well, I sort of help. But there's this guy, Frank from Ohio, who started and I lived in Ohio for 35 years. And when she said, Frank, I said, is it Frank agan? She said, Oh my god, how do you know frank, I said, I met him 20 years ago. I've known him loosely ever since, but never met him in person to this day. Because I lived in Cleveland, he lived in Columbus, we had related businesses. So it's kind of fun to get out there and say, Hey, Frank, you remember me? The world is just so small, despite the billions of us.

Andrew Stotz 09:26
Yeah. And so for the listeners out there, the my interview with Frank was Episode 287. And I was really, I really liked Frank, but what I liked even more was he reached out after the show, to invite me into the networking hub where, you know, I just didn't really know what to expect. And as I said, I'm kind of on the other side of the world, so I don't really know how I plug into that. And but now, once a month, every Thursday, I've done it twice now that I've called in, and you know, I've met people like yourself and others through there and I just really, I'm Really like what he's doing. And so for those people that are interested in networking and learning more about networking, you can just learn more about networking by observing Frank, you know, go to Episode 287, the all the links to contact him in the show notes there. And, you know, get into it.

Jeff Nischwitz 10:17
So well, he's got to give her his heart for sure. And I have to what I'm chuckling at Andrew is, I was about to correct you on the day. That cuz you said Thursday said away. He's in Bangkok. I'm in Tampa, Florida. She asked you is that wow. Yeah,

Andrew Stotz 10:33
exactly. It's my day morning, rush. And by the way, for the people out there. You know, this is a great example of how Give, give give, Frank only gave. He's never asked me for anything. But because he gave so well. We're here we are talking about him. And that shows that when people give, people want to give back and they want to help. And so it's just evidence right there. So I think the challenge, we'll call it the Frank Hagen challenge to you today, listeners, his give of yourself today to one person to some people around you. Just give, ask nothing in return. And you'll be amazed. And if you did that on a regular basis, like Frank does, then you're going to be talked about all around the world.

Jeff Nischwitz 11:32
So hi to Bangkok, Thailand.

Andrew Stotz 11:35
Amazing. Alright, well, now it's time to get in to your worst investment ever. And since no one ever goes into their worst investment thinking will be. Tell us a bit about the circumstances leading up to it, then tell us your story.

Jeff Nischwitz 11:48
Yeah, well, as we were talking before we got on the air Andrew, I realized when we sat down today, I had planned to talk about a business investment. And then I realized, I started thinking about a financial investment. And they're close in time. And I realized sitting here just 20 minutes ago, that the driver for both the cause of both was really the same. So the financial investment was I made the investment back in the mid 90s. What happened was my father sold his business. And he and my mom, my mom was a part owner. They gave stock in the company, to the grandchildren before the sale. And it was intended for college, they set them up in college education, education, trust. And the intention was that that money would grow, they'd sell the company, and they you know, would grow and then they'd be able to pay for their college because the kids my kids were the oldest grandchildren. So let's say there. When this happened, they were four or five, my kids and grandkids weren't born. So they got theirs later. So anyway. So when the company sells now there's money, right? And it's up to me to administer it. And I went to a guy that I didn't know well, but was getting to know him. And he actually knew my father. And said, here's how you handle this. And this was back in the late 90s. And in the early 2000s. And the people that remember that was the market went crazy. And what happened was in a really good way in the beginning, so you haven't heard a bad investment yet investment is? I'll give you this. I'll give you the spoiler alert here. Yep. The issue wasn't the investment. It was the failure to get out of the market. It's a sell. And so the stock was going crazy. I mean, I think we started with $10,000 a child, baby. And this money got up to like 75,000. And we were, it was dotcom time. So we're betting on all these tech stocks. And frankly, everybody's making money, right? And I'm sitting there going, well, should we get out? And I'll be honest, I wasn't getting a lot of advice. I'll be honest with you. I wasn't. So I'm kind of watching and thinking, Oh, you know what, this is already tripled. And if this doubles, it's 150 grand each. And, you know, when that happens, they're not gonna have money for college, they're gonna have money for a first house. They're gonna it's gonna they're gonna be set, right? Not right, the next week, though. And so what happened was the market started to tumble, and then ultimately crashed, especially that the.com bubble, the tech stack. And I will tell you for a long time I blame the advisor. Because I will say this, I can say this in terms of some responsibility. During the time, he never called me once. Not once, and what I believe happened was he didn't know what to say. didn't know what to do. And so as I watched it tough I just kept saying doing the thing. Well, it'll come back, it'll come back. And it never did. And by the time we needed the money, you know, we had made some money. The bottom line is, the kids did not have enough money to pay for college. Hmm. Now, that means I've come, you know, I've paid for some of that they've got some loans, that wouldn't have happened otherwise. And so, yes, there was a failure of communication from the adviser certainly failure advice. I think my opinion is he hid. It was newer at it. And you know, in a, hot market, everybody makes money. Everybody can make everybody's a winner. But when I look at the behavior, that led to that was not just the communication. There's, it's the gambler in me, I wasn't making financial decisions. I was making gambling decisions. And it was sort of like when you get you know, if you're at a craps table, or a blackjack table, and you're on a roll, and you think, just keep doubling, just keep doubling the tables hot. And yeah, just keep hitting that thing. You're, it's a hot hand, right. And so I had a gamblers mindset, not an investor's mindset. And what I know also something, someone who doesn't give up easily, which can be a positive can also be a huge weight when you come to investments. So that happened in 2001, right around there. And at the same time, that same year, I started a new business, which involved me buying a franchise. And I will tell you that franchise investment did not work out. I can't say a lot about it, because there's a confidentiality agreement. But that was a bad investment. But the real investment issue was, as the company got started, it didn't start well. And frankly, it was a lot of failure on my part, but the combination of the bad decision with the franchise or lack of support, and I wasn't working the business, the way I needed to, the business starts taking I mean, it never went anywhere. And I'm just throwing money in it. So I'm investing by throwing money, which is back to that gamblers mindset. Like when you start losing hands, what do you do you start doubling down. And I was so I had a gamblers mindset with the money going into my business, not a Business Builders mindset, which I have today. Because I learned some really hard lessons, I mean, not just bumps and bruises, but broken bones. Huge, huge bottoms in the financial impact. But it took me forever to finally pull out and say enough. By the time I had done that the hole was so deep. I remember talking to people saying, Oh my god, Jeff, this hole is so deep, how'd you do it? I said, I don't give up easily. Like that positive trait. So the big takeaway for me even sitting here today is how they're related. And how in both I had a gambler's mindset, investor's mindset, and how my persistence turned into what's the right word for it? stubbornness, right? And my strategy will became hope. Not a real strategy. So there's a lot in there. But, you know, here I am. 2021. I learned so much from that, to avoid it, how to make better decisions, how to be in, you know, the game, all of that. But I'll tell you, that was ultimately a really difficult seven to nine years. Yep. Yep. Because that was the ripple effect of that, those that poor investments, they were but it was really how I manage the investments going forward.

Andrew Stotz 18:48
So for the sake of the listener, you've told him, you know, great story that really does illustrate a lot of stuff. I've made a lot of notes from my kind of summarization of it. But could you summarize, what were the lessons that you learn?


Jeff Nischwitz 19:07
So what is a lesson that doesn't seem like it's about investments, but it is you heard me say the gamblers mindset over the years, including from that I have learned that I have an addictive personality when it comes to gambling. I don't make good decisions. I think it's a lot of fun. But I don't make good decisions with gambling. I'm, I'm one who will stay in too long. I will lose money. I mean, I can tell you, there's times I've been to Vegas, which I don't go there a lot anymore. I don't really like it. And it's not a good idea. I've been the guy that went to the ATM and said all I need, you know, all I need and so one thing is to learn about myself and some of my addictive behaviors towards that. I like the thrill of it. So I have to be really careful with that. I mean, I've even seen that show up with Things like back in the day when I was trying to sell things on eBay. Or the auctions like trying to buy things. I was like the thrill of the unknown. So I'm a bit of a thrill seeker not in adventure sports or things. But in the game, I think gambling mindset. So one is I need to be really self aware and catch myself when I'm going in that space number one, number two is that how easily I can go to hope as a strategy. And I do that I learned back then I did it because I wanted things to be really good, whatever I thought good meant matters, financial results. And I would go, I would hope for the best. I was always trying to make a big killing. There it is. There's another lesson I just realized I was always trying to go for the Big Hit, hit the home run docks, I went I want to grow. I'm not a home run, I want a Grand Slam and the bottom of the ninth in the World Series to win games have? Absolutely, because I did it in the business. I did it in those investments. There's some other investments I won't even go into over the years where I wanted to, like I had a friend who was starting a business, he said this thing's gonna you know, you're gonna make 50 times this. Why didn't you get my money back? Yeah. But I was always looking for the elephant when? Yep. Because I would you know what his bottom line, Andrew, I would feel better about myself by getting the big win. So a lot of this and a lot of this work I'm describing now I've done over the last 10 years, the last 10 years of my life has been a deep dive into myself to understand what are my insecurities? What are my worthiness questions, because all of those were feeding these decisions. If I took away the gambling mindset, and not the hope as a strategy, the persistence, that becomes stubbornness. If you took all of those away, the bottom of all of this is me being insecure, not feeling good enough as and feeling without knowing that I was doing it, I need to have the huge success, I've got to hit those home runs. So I feel better about myself. And I never knew that was happening 20 years ago. Now I see it and catch it. Partly because I don't have the beliefs anymore. But those beliefs were driving all of these decisions. And I will say, as a coach, my experience is that almost everybody struggles with some version of that. And they're the behaviors might look different. But there's got to be a core foundation of some lack of belief in themselves.

Andrew Stotz 22:42
You know, when I, invite people on the show, you know, at first they're taken aback because they don't want to talk about their losers. But I think what, what I tell them, and what I tell the audience is that, you know, Jeff has just given us an illustration of why he is a valuable coach, why he is somebody that can help people. And that's because he's able to identify his mistakes and learn from them. And, you know, it is ultimately the pain of these mistakes, that really brings the value that you know, that you bring to relationships as well as to, you know, business relationships. So I just want to encourage, you know, the listeners out there to get in touch with Jeff, and we'll have everything in the show notes and listening to his podcasts and, you know, reach out to him. Because, you know, he's, he's willing to be sincere about that. So I just wanted to highlight that before I get into some of my takeaways, I wrote down a few things. So the first thing is that, you know, we have something called dollar cost averaging. And dollar cost averaging is, you know, putting in little about amount every month. The beauty of dollar cost averaging is it kind of, it avoids this type of situation, by just saying, Well, I'm putting a little bit up in when it's high. And I'm putting a little bit in when it's low. So it's going to average out. But the problem that we often face in investing is what is kind of the lump sum challenge. And that is when you get a lump sum, do you put it all in the market right now or not? And that's really the challenge. I think that we're all you know, facing when we get a situation like yours. And when we don't know much about the market, then it gets even harder. And so one of the things that I think is important for people to handle the lump sum situation is just to understand where the market is. And that's sometimes you know, you don't have to be an expert at forecasting the future. Just think about where the market is. And I got I opened up a chart while you were talking, and I just wanted to highlight for the nobody can see it except me. I'm not sharing it, but it's just that It's the price to earnings ratio. And the price to earnings ratio in the US in particular, is now two standard deviations above its mean, going back to 2006, if we go back further, it may be a little bit less than two standard deviations, but it's at about 23 times forward earnings, that's very high P. So you know what, the reason why I raised that is because if you the listener are in a situation where you've recently received some cash, and you've been thinking about putting that in the market, just as Jeff did, use that as information to say, slow down, maybe put in a little bit of it, maybe put in half of it, you know, work that out yourself, but know where we are in the mark, that's my first follow up, or let's say, Take away. The second one is the? Well, the thing about it, I also want to give advice to people who are listening who are financial people, which I know there's a lot of those listening because I'm in the financial world. And you've heard it right here from a client that he didn't get any communication. And I challenge, you know, anybody who's managing other people's money, that you should be having a regular communication, you know, probably monthly, let's say, but quarterly is okay. And the worst case is consistently on an annual basis, you should have that communication. Pick your time that suits you and sued your client, but have that communication. And you can see, you know, that that's pretty valuable. And I think the other thing about the financial advisors that, you know, I'm not, I'm not ageist, I'm not going to say that you should not use a younger financial adviser. But I would say, look for financial advisors that have less hair on their head. Now, I'm just kidding there, but I'm just saying that a financial advisor who's been through a lot of ups and downs may actually be better at communicating and be better at, you know, understanding that, and those are some thoughts on my takeaways, I had some more stuff, but I think I'm gonna leave it at that and ask if you have any thoughts on those,

Jeff Nischwitz 27:18
though I, you know, I know some of those things and didn't do any of those things. And I think that, you know, I mentioned that the thing that's so hard, like, even last year, my take because I'm not an advisor, I'm not an expert. I don't follow the market, I dabble. But when I look at 2020, and everybody's going over, we're making all this money and said, well, everybody's making money. I did really well in the market last year, but I don't consider myself smart. I mean, it was last year 2020, it was actually hard to lose money. Yes, frankly. And so you know, people to talk about their returns, I one thing I know now is the look over the long haul their returns. And I think what you said is really important. It isn't about age, age factors into it only because of the reality of talking to people who've been through some different markets. And I would say this, I had a younger advisor. I don't think I know there's nothing ill will in this. But I do look at the organization and say, I wonder where they were because I think what can happen in life is when things go bad, we are afraid to talk to people. And that is the most important time to talk because when you said at least once a year, but that stuff happened over like six months. You know, I last went from whatever the number was probably lost 60 to 70% of the value in six months, and not one single phone call. It's ultimately my responsibility. It's not about abdicating. But if he had called me we could talk about it and maybe give me some input. But I think what happens is some people, some advisors across industries, though, when things go bad, we go quiet. And that just cannot be our answer just cannot be.

Andrew Stotz 29:06
Yeah, it's a great point is that I mean, that's part of maturity also is the idea that when things are tough, that's the time that you need to communicate, and most of the time that you least want to communicate in a lot of cases. But I think that's a great lesson. So now next question, based upon what you learn from this experience, and what you continue to learn what one action would you recommend our listeners take to avoid suffering the same fate

Jeff Nischwitz 29:39
from going with a single thing and it's kind of a big one? I would say Really? get honest with yourself and know yourself. And I would take this beyond financial decisions to at the starting point for that is take a look at the patterns in your life. I don't care how old you are. Look for the patterns that Probably don't serve you. And a great way to ask that is to say to yourself really simply, I wish I was more of this. And I wish I was less than this. And then look at that, and there's probably going to be a pattern because you don't name something you've only done once. When you sign the pet, then you find the pattern and say, so what might cause me to engage in that pattern, and it's going to be about you, it's not external. That's the way we can start to learn about ourselves. Because what I believe is, whatever I believe inside myself is going to show up in every part of my life, it's gonna show up in my finances, in my leadership in my career, and my raising kids and my relationships, even in my friendships. So find those patterns and start to get honest with yourself, because if you can address that, you're going to address a lot of the other and then then we layer on all the kind of tools that we're talking about a lot of the tools, Andrew was talking about vital tools, mindsets, all those things. But here's the thing, if you have the list, you got the dollar cost averaging mindset, you get it. However, if I've got a belief like I did, that is I need without knowing I need the big win. I'm going to ignore that mindset, I'm going to ignore what's a good decision and think this is a good decision. So know thyself. A borrow from the physicians, there's that old saying, physicians heal thyself. Yeah. People heal thyself first. It'll solve a lot of issues.

Andrew Stotz 31:38
It's great. I mean, it, I often tell young people that the number one person that's going to cause the most amount of trouble in your life is you. You know, it's like, and so I was thinking about, I always laugh about the movie Liar Liar with Jim Carrey. And there's a scene where he goes into the bathroom, and he wants to show that he's been beaten up. So he's slamming his head against the wall and putting his head in the toilet and cramming it. And then the guy goes, What the hell are you doing? And he says, I'm kicking my ass. Can I think to myself, don't kick your own ass, you know, like, take it easy on yourself. And you know, those patterns, I think, spotting them. And you know, there's another way to spot them. And that is to ask people that you trust around you? What are some of the negative patterns that you see that I do? And that you think, you know, I ought to stop? You know, and I know, one of them for me that my business partners say is, you know, you don't realize how great you can be.

Jeff Nischwitz 32:44
Exactly right. That doesn't, that feels humble doesn't. How could that be negative?

Andrew Stotz 32:50
Yeah, it's just like, below my weight, you know, there's just so many things. And I think I grew up, you know, we both grew up in Ohio, and I grew up in middle Hudson, Ohio. And all I can think of your deficit that gave a great songwriter, their name, Alex Bevan. And he had a song called, I'm a skinny little boy from Cleveland, Ohio, come to chase your women and drink your beer. Well, I always saw myself as a skinny little kid from Cleveland, Ohio, and I didn't see myself as the person that I grew up to be, and the person I could be. And I think that they reminded me of that. And so you know, there's so many lessons from this discussion. So I really appreciate that. You remember that song?

Jeff Nischwitz 33:30
I do. I do. And I also thank you for the reminder of Liar Liar, because I remember that seed, but I never thought of it in that context. Because most people would watch it and say, Well, good God, I'd never do that. And yet, in some way, most of us are doing that every day.

Andrew Stotz 33:50
You need to put it in your next presentation. Put that

Jeff Nischwitz 33:53
Yeah, I have. I've made a mental note, Andrew, that's, that's one of my big takeaways other than, like, I learned 1000 things just talking to you about what really happened. No, I think I'll use that one.

Andrew Stotz 34:04
What is one last thing that I do want to highlight before we go to the next question, and that is, there also is a great you know, rock and roll icon that came from Cleveland, Ohio. He never really made it on the international stage. And in some ways you can say he didn't make it on the national stage. And many other rock icons have even said he should have been out there but his name was Michael Stanley and he's recently passed away. Oh, good. Yeah, just recently, and so I think we should you know, dedicate this episode to Michael Stanley and his music.

Jeff Nischwitz 34:40
I did not know he had passed away. He is an icon. In fact, I grew up in Ohio like you I went to college in Ohio. I remember him playing at my little college. But to me I would leave Ohio and tell talk about Michael Stanley people said who you talking about? Nobody knew Michael Stanley but in Ohio Michaels Stanley was like the Rolling Stones.

Andrew Stotz 35:02
Yeah. And there's, I've read some interviews where people were saying that they just couldn't figure out why he couldn't break through, and many other acts and great people that knew him that he was a great songwriter, but he couldn't break through nationally. But Ladies and gentlemen, I challenge you to go on YouTube, and type in two words, rosewood bitters. Just type those two words in rosewood bitters. And up will come the song that he wrote called rosewood bitters, which was also played by Joe Walsh, and others, but just listen to that he did a rendition of that a few years back from his basement. And I listened to that, of course, I liked the original more. But if you don't end up in tears, listen in that I just don't know. You don't have a heart. All right. Yeah. Last question, what's your number one goal for the next 12 months.

Jeff Nischwitz 36:00
I love that. And I actually have one. So my number one goal is to launch, I'm going to use the word because launch is just the beginning, launch. And cause to thrive two new programs I created out of COVID. One is a program called growth, which is a peer to peer mentoring. And, and with coaching with it. There's a lot of groups like that in the world. But what makes this unique is a lot of things. But one is it's entirely holistic. Nearly all of those groups emphasize business growth. But they have conversations about personal growth, this is going to be people who say they get it, they realize they're their biggest obstacle. So we're going to work on business strategy. And we're going to work on self growth strategy at the same time. And accelerate them together a multiplier effect, with some different sized businesses as well that and I'm also I've created a program called BM man, which is for men only. And it's about helping men to understand that all cut through all the different messages, they've gotten their whole life of what it means to be a man, that confusion around it, all the things they were told not to do. If you want to be a man, all the things you have to do, which are frankly killing men killing relationships, I have a deep passion for men's work because I've been doing mine the last 10 or 11 years. And I've decided to bring it in my business. So those two things are 12 months from now, when those two things are thriving, and I'm helping business owners just live richer lives, and richer in the broadest sense possible. And then coming alive and being better fathers better husbands better friends. My heart will be full. That's my givers are

Andrew Stotz 37:53
beautiful. Well, that may be my you may be my first guest on my next podcast, which is called my best investment ever made me That's it?

Jeff Nischwitz 38:03
Then you're gonna if you do that, though, Andrew, you know, you're gonna have to call yourself the best podcast. Oh, man, are you ready to do that

Andrew Stotz 38:10
it's gonna get now. And then I'm gonna have all kinds of challenges, unlike being the worst podcast. So as you'd get simply, there are no challenges to the title. It's so cars low. It's so comfortable. Car right? listeners, there you have it another story of loss to keep you winning. My number one goal for the next 12 months is to help you, my listener to reduce risk in your life. So go to my worst investment ever.com right now and download the risk reduction checklist and see how you measure up. As we conclude, Jeff, I want to thank you again for coming on the show. And on behalf of Ace Dance Academy. I hereby award you alumni status for joining your worst investment ever into your best teaching moment. Do you have any parting words for the audience?

Jeff Nischwitz 39:00
Yeah, I do. I haven't said this phrase. But it ties to everything we've said just remember this. That great discomfort always precedes great outcomes. Some so get ready to get uncomfortable.

Andrew Stotz 39:16
Wow. Love it. Love it. So you can look at Ladies and gentlemen, look at the discomfort that you've faced throughout this last 12 months or so and use it to make great change. And that's a wrap on another great story to help us create, grow and protect your well fellow risk takers. This is your worst podcast host 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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