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