Julian Hosp – Learn to Win by Focusing on How Not to Lose

Dr. Julian Hosp is the largest crypto influencer in the German-speaking world, with over 90,000 followers on YouTube. He has written many articles and spoken at many blockchain conferences.He is a medical doctor and ex-professional athlete, and CEO co-founder of Cake, and chairman of DeFiChain Foundation.His vision is to bring blockchain awareness and understanding to a billion more people by 2025.You can find a large collection of his articles on his blog. “It’s way easier to invest by trying not to be wrong, rather than by trying to be right.”Julian Hosp Worst investment everAt 22, Julian was a successful professional athlete living his best life. He had about $100,000 in savings that was just sitting in the bank. Julian had no intention of investing the money as he knew nothing about investing.Pressured into his first investmentJulian happened to go to Brazil for training, where he met a fellow Austrian named Ralph. Ralph was a super friendly dude, and Julian got along with him just fine.Ralph told Julian about this fantastic investment opportunity that he wanted him to invest in. It was a new lot right at the beach that would get converted into actual construction land. He was looking for people to buy parcels of this land because he could split this up, and it would be easier to develop. Ralph made the investment look super exclusive and such a no brainer deal that was going to make Julian a millionaire.Putting in his entire savingsEven though Julian had no clue about real estate investing, Ralph was compelling and made him feel like he had to move fast else he’d miss out on the deal of a lifetime. Julian decided to invest and handed Ralph $80,000.Here come the cricketsJulian left Brazil a month later, and that was the last he heard of Ralph and his investment. After weeks of trying to reach Ralph endlessly without any success, it dawned on Julian that he had been duped into making his worst investment ever.Lessons learnedTake your time to recover an investment lossWhen you lose money, don’t try to get it back straight away. You might end up retaking the same stupid risks. Take some time to let the emotions cool down before you try something else.Learn to win by knowing when to exitIf you want to learn to win in investing, you must know when to quit. Have an exit plan, and make sure you understand how it works. You need to have a plan for when things are not working out. This prevents emotions from getting in the way of deciding to exit an investment.Don’t be pressured into investingWhenever you feel pressured by someone to make an investment, step away immediately and take time to think about it on your own.Become a strong diversifierFocus on diversification because out of 10 to 15 investments, probably just a couple will fail, and the rest will cover the loss.Andrew’s takeawaysTake your emotions out of investingLosing is two and a half times more emotionally painful than the joy of winning. You must take emotion out of investing.Build trust firstBuild trust with the people you want to make a financial investment with before you seal the deal.Actionable adviceLimit your access or the speed of access to making investment decisions. If possible, have strategies and tools in place that slow you down from buying and selling something to give you time to think about it.No. 1 goal for the next 12 monthsJulian just became a father and so his number one goal for the next 12 months is to spend more time with his son and provide him with a successful first year.Parting words “Try not to be wrong instead of trying to be right. It’s hard trying to be right all the time.”Julian Hosp [spp-transcript] Connect with Julian HospLinkedInTwitterWebsiteAndrew’s booksHow to Start Building Your Wealth Investing in the Stock MarketMy Worst Investment Ever9 Valuation Mistakes and How to Avoid ThemTransform Your Business with Dr.Deming’s 14 PointsAndrew’s online programsValuation Master ClassHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramTwitterYouTubeMy Worst Investment Ever PodcastFurther reading mentionedJason Zweig (2007), Your Money and Your Brain: How the New Science of Neuroeconomics Can Help Make You Rich