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Bodybuilders are often known to invest in big companies as their side hustle and have become millionaires from that. But Tom Platz, aka the Quadfather, didn't have the same mindset and once missed out on investing in Starbucks.
Platz didn't have the aptitude that Arnold Schwarzenegger had back then, which helped him create his multi-million-dollar empire. He missed his investment chances twice in his career. Knowing how Platz missed his chance takes us back to the year 2004. He had the opportunity to invest in one of the biggest coffee companies of this generation, the one and only Starbucks.
After establishing his name in the bodybuilding industry, Tom Platz's neighbor, Howard Schultz, the founder of Starbucks, asked him to invest in his company. Schultz came up with the idea of opening a coffee shop. However, the Quadfather was skeptical about investing in the project.
In a famous five-year-old interview with RepOne, the bodybuilder said:
"Coffee shop you can even buy coffee anywhere, so I decided not to invest with him. You know what he called his company? Starbucks, okay, I'm like, I missed it again. Okay, I can never see the vision. I didn't have that talent, if you will.
"I couldn't smell that Arnold's could smell that Trump could smell it. Vince McMahon, the owner of the WWE, could smell it. I had no idea what these guys are talking about." [01:26:29]
Now, the company has a reported net worth of $84.57 billion. The Quadfather missed a great opportunity to become a millionaire by choosing not to invest in Starbucks.
Tom Platz made the same mistake back in 1979
Before investing in Starbucks, the Quadfather was presented with the golden opportunity to invest in Gold's Gym. It has grown into one of the biggest gym chains around the globe. Many bodybuilding legends like Arnold Schwarzenegger, Lou Ferrigno, and Franco have trained in the Gold's Gym. Even now, the seven-time Mr. Olympia often trains in the open Gold's Gym in Venice, California.
In 1979, Platz earned a hefty amount of $40,000 in his first year as a pro bodybuilder. He was offered a lifetime chance to invest in Gold's Gym with just half the amount of his earnings. However, he made a mistake by not investing in the company. He explained:
"Keep in mind there was only one Gold's Gym back then there was one Gold's Gym ten guys five girls that was it that was the fitness industry okay I'm like are you kidding me I want to buy a Corvette instead.
"Okay I bought a Corvette biggest mistake in my life or one of the biggest mistakes in my life. I bought a Corvette instead and if I were to spend $20,000 half of my earnings that year in 1979 I would own half of gold gyms around the world." [01:25:18]
In today's market, the net worth of Gold's Gym is around $158 million. But learning from his mistakes, the iconic Tom Platz elucidates the youth to grab the opportunities they get.
