Marcus Udokang – Just Because You Have the Knowledge Doesn’t Mean You Won’t Fail

BIO: Marcus Udokang is an IT consultant, writer, and presenter. He specializes in project management and business analysis.STORY: Marcus was working for a company that was open to investors. Because he trusted his company and had met many other happy investors, he decided to invest. Unforeseen circumstances brought the value of the investment down, and he never made much out of it.LEARNING: Do thorough research, diversify your portfolio, and start small. Have a devil’s advocate or a sounding board for your investment ideas. “Research the market to be aware of unpredictable financial forces and be vigilant and disciplined when it comes to making, spending, and saving money.” Marcus Udokang Guest profileMarcus Udokang is an IT consultant, writer, and presenter. He specializes in project management and business analysis; specifically, business applications, requirements analysis, and business process management. He has worked in various industries, including Financial Services, Oil and Gas, and IT Training/Education.He’s also the host of The Inquisitive Analyst Podcast and YouTube channel that focuses on the triumphs and challenges within the areas of project management and business analysis.Worst investment everMarcus was working for a certain company that was open to investors. Due to his trust in the company, he figured it was a good investment opportunity.Encouragement all around himAt the time, many people had invested in this company, and they had reaped good returns. There were so many happy investments all around. Marcus even met one at a car dealership where he had gone to buy a car. As they were getting to know each other, Marcus mentioned that he worked at the company. The guy told him excitedly how he had put in money in the company, waited for 10 years, and got his money.A good friend of Marcus’s also told him of how he had put money in the company, cashed out a few years later, and made good money. Now Marcus was totally convinced that this was a good investment opportunity.It just was not the right time for himMarcus invested in the company and waited to start receiving dividends. Unfortunately, due to uncertain market forces beyond his control, troubling economic times, a bit of happenstance, and negligence on the company’s part, the investment was sold and resold several times to different investors. This caused the investment to devalue, and eventually, it became worth almost nothing.Lessons learnedTake your time and do your market researchThink twice before you invest in anything. Do thorough research to understand the investment and to ascertain the level of risk involved.Diversify your investmentsDo not put all your money into one investment. Invest in several options to manage your risk better.Start smallOnce you have done your research and found a couple of different ways of building a diversified portfolio, start small, then grow over time.Andrew’s takeawaysHave a devil’s advocate or a sounding board for your investment ideasHave someone that you can trust who will help you look at all the reasons you shouldn’t invest in the ideas that you come up with. Such a person will be your voice of reason and help you help better decisions and avoid making investment mistakes.Understand the difference between managing and assessing risksWhen it comes to assessing and managing risks, those are two very different things. Risk assessment comes before you get into something, while risk management is about how you handle it once you’re in it.Timing is everythingTiming is everything when it comes to business and investing. You may have an excellent idea and even execute it well, but it fails just because the market is not ready. Also, just because an investment has made money for another person doesn’t mean it’s going to make money for you. The market conditions, industry conditions, change, and management, and other conditions may have changed.Actionable adviceSave for contingencies. Save, save, save for a rainy day.No. 1 goal for the next 12 monthsMarcus’s number one goal for the next 12 months is to continue doing what he enjoys and do it well.Parting words “Canadians, be open to financial literacy for you and your family. Start talking about money.”Marcus Udokang [spp-transcript] Connect with Marcus UdokangLinkedInYouTubeWebsitePodcastAndrew’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 Podcast