Peter Johnson – Pick the Right People to Work With

BIO: Peter W. Johnson, Jr. is the founder and principal of PWJohnson Wealth & Legacy, LLC, a fee-only Registered Investment Advisory firm based in Silicon Valley, California.STORY: Peter invested in two business ideas that came too early for their time. Both businesses had minimal uptake because people didn’t understand what Peter was trying to do.LEARNING:  Never invest all of your money in risky things; always stay diversified. Pick the right people to work with. A great idea is not the only thing you need to succeed. “Never invest all of your money in risky things; always stay diversified.”Peter Johnson Guest profilePeter W. Johnson, Jr. is the founder and principal of PWJohnson Wealth & Legacy, LLC, a fee-only Registered Investment Advisory firm based in Silicon Valley, California.His independent firm has provided investment and financial planning services to clients and families for 30 years, with a balanced emphasis on both the analytical and human sides of the wealth equation.Family wealth is personal for Peter. Peter’s great-grandfather was a self-made businessman who built his wealth to $100 million. But he subsequently lost this wealth over three generations.Worst investment everPeter has always been a computer geek. It was no surprise when he attended a conference in 1995 where they discussed setting up websites, and he immediately came up with a business idea. The internet was just opening to commercial use. Peter thought it would be a good idea to build an online community of investment professionals who could share their favorite websites and store them in a database. He hired friends to set up the community.Peter immediately went out to market his community. He realized he was speaking to people who didn’t know what email was. Only 10% of the people he talked to had email, internet web databases, or bulletin boards. The uptake was very slow, and people were reluctant to pay even though the value was self-evident. Peter’s idea came just too early for its time. People simply didn’t grasp what he was trying to do.In 2001, Peter went to another conference about publishing ebooks. He started doing ebooks on the side in collaboration with a little book publishing company. Unfortunately, he didn’t get the subscribership he needed. Then 9/11 happened, and everything went into a funk. The business ran out of money and could no longer afford to pay the people Peter had hired.Lessons learned Never invest all of your money in risky things; always stay diversified.Pick the right people to work with.Learn the joys of guerilla marketing to become a hell of a marketer.If you want input from friends and family, form an advisory board.Pay attention to your gut feeling.Don’t be early and don’t be late.Andrew’s takeawaysA great idea is not the only thing you need to succeed.The runway is not just money. It also involves your emotions.Actionable adviceBe kind to yourself and invest in yourself. Follow your passions because there’s something there. As long as you learn something, it’s okay to fail. Sometimes you won’t learn anything, but you’ll learn to survive.Peter’s recommendationPeter recommends finding and joining a community of people who can inspire and lift you up. People you can meet, talk to, share ideas with, and support each other.No.1 goal for the next 12 monthsPeter’s number one goal for the next 12 months is to build a new podcast called Life, Love, and Legacy. He hopes to use the platform to let people know the value of doing more than surviving.Parting words “There’s so much that we have to offer people and such platforms are a great way to get the word out. So thank you for the work you’re doing.”Peter Johnson [spp-transcript] Connect with Peter JohnsonLinkedInWebsiteAndrew’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 ClassThe Become a Better Investor CommunityHow to Start Building Your Wealth Investing in the Stock MarketFinance Made Ridiculously SimpleFVMR Investing: Quantamental Investing Across the WorldBecome a Great Presenter and Increase Your InfluenceTransform Your Business with Dr. Deming’s 14 PointsAchieve Your GoalsConnect with Andrew Stotz:astotz.comLinkedInFacebookInstagramTwitterYouTubeMy Worst Investment Ever Podcast