Learning from the Mistakes of Others (Episode 016)

Summary:

What’s better than learning from our own mistakes? Learning from other people’s, of course! Join Andy Tanner on this episode of the Cash Flow Academy as we discuss some of the mistakes made by investor Joe Campbell and how we can learn from their in our own businesses and investments.

If you have questions for Andy about personal responsibility, education, or investment, connect with him on on twitter or facebook. He’d love to hear your questions, comments, and ideas!

Show Notes:

[00:00] Intro

[01:13] Learning From the Mistakes for Others

[01:25] What We Can Learn From Joe Campbell: Losing it All in a Day

[02:27] Not An Uncommon Problem: What Makes Joe Different

[04:45] Why This Happens to People

[04:51] The Three Mindsets of an Investor in Terms of Personal Responsibility

[08:04] Your Responsibility to Educate Yourself

[11:58] No Test to Invest

[13:12] What Does Educating Yourself Mean?  

[14:06] Why Joe Lost His Money

[21:39] Talking About Risk Management – What Joe Was Missing

[24:11] What is a Hedge and Why Is It Important?

[29:16] Planning the Trade: Finding Your Entrypoint, Target, and Exit

[30:51] Review: What Can We Learn

[35:59] Our Condolences to Joe!

[38:29] Outro