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Founder@ Interview
Interview with Guy Gotslak
Photo Credit: RayCo Media
“I would say, keep your eye on the long-term prize. Remember WHY you’re doing what you do. If you’re the type to panic and run when things are down, then entrepreneurship might not be for you.” – Guy Gotslak
Today we feature Guy Gotslak the founder at My Digital Money. We hear their story in their own words, their successes, their challenges and their insights.
Let’s start by getting to know you. Can you please tell us a little bit about you and what you do?
I’m the President and Founder of LA-based CryptoIRA platform My Digital Money (MDM), which is revolutionizing wealth-building by combining the high returns of crypto with the control of an IRA.
My team and I are on a mission to educate the public about crypto and bring people around the globe access to financial opportunities who have previously been denied it.
A great introduction and start to this interview. Can you please tell us, how did you start, from what age, and what made you decide to change direction and start?
I co-founded My Digital Money because I believe in the long-term vision of decentralized finance (DeFi), which aims to bring financial opportunities to global populations traditionally excluded from them.
I got my degree in Computer Science & Engineering from UCLA and my MBA from Northwestern University then started work as a computer programmer for a defense contractor. After that, I formed a consulting company and moved around to London, DC, and New York City, where I stayed for 10 years, helping other companies grow and modernize using data tech, cloud computing, and AI.
Some of my later clients were finance companies adopting blockchain technology, and that’s when I learned about the potential of blockchain tech to transform the global financial system.
In 2020, my friends and I were traveling on a bus in Peru, and they were enthralled in trading and talking about cryptocurrency. I took their word for it on a whim and invested $25K in Ethereum. Within the first month or two, while still traveling, I profited about $25K, and the trip paid for itself! I was so excited; after that, I was hooked.
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I later moved back to LA and met Collin Plume, who shared my vision of joining human-centered education and customer service with blockchain tech, and together we founded My Digital Money.
MDM offers only the most well-vetted, expert-recommended coins and tokens for trade; we also produce educational videos, articles, and newsletters. Today, MDM processes millions per month on the platform.
Thank you for that insight. So can you tell us…What does your business do and where is your company based?
My Digital Money (MDM), founded in 2021, offers investors large and small the ability to get in on the cryptocurrency market while reinvesting dividends and enjoying the tax advantages of a self-directed IRA.
This is an excellent way for our customers to diversify their portfolios and reach their wealth-building or retirement-savings goals faster than with their traditional 401(K). Our in-house personal support line, based here in California, has given our customers, many of whom are new to the cryptocurrency market, the tailored information they need to make wise investing decisions with confidence.
MDM doesn’t follow the model of the larger, more mainstream crypto exchanges like Coinbase or Crypto.com, which offer every meme coin under the sun, many of which can potentially lead to huge losses for customers. Instead, we only offer the most well-vetted, trustworthy options that we believe have real staying power in the future of decentralized finance (DeFi).
What’s the story behind your success? What led to your aha moment? how did you get to where you are now?
One of my best friends was a co-founder of my first company. Before that, I was mostly an engineer; I never considered myself an entrepreneur. He was a big risk-taker, very optimistic and convincing, and he talked me into taking a chance with him. He was more of an ideas guy, the face of the operation, while I was the executioner behind the scenes, and together we built offices in London, India, and other places.
Our team eventually grew to 120 employees. He taught me to strike a balance between analyzing/planning and just doing; to take a leap and course-correct afterward as needed. I learned so much from him about growing a business from the ground up. It was real experiential learning; I couldn’t have done it on my own.
Thank you for sharing that. What’s been your life’s biggest lesson so far?
This is pretty crypto-specific, but the larger point could apply to anything: I bought a significant amount of bitcoin close to its all-time high, buying into the popular belief that it would go up to $100K by a certain time, based on stock-to-flow model and other celebrity comments.
The price subsequently went down by 50%. I learned a few lessons: 1. Be careful when applying technical analysis concepts from equities to a new asset class like crypto. 2. If you are going to buy at an all-time high, do not buy a huge amount, but do use methods like DCA (dollar cost average) to reduce your risk, and most of all: Don’t buy into the hype, do your own research.
If you believe in what you’re doing, you can look past bad days and see a great life.
If you were to go back in time, what piece of advice would you give to your younger self?
I would say, don’t be afraid to take big swings. When you’re young, your risk tolerance is relatively low, so that’s the time to really go for it.
I was more cautious with my career moves when I was young, which is okay, and it’s certainly important to learn all you can about a topic before jumping into it. But as long as you surround yourself with wise people to support you, your failures will be blessings in disguise because they’ll teach you a lot.
We’re nearly halfway through our interview so it’s a great time to ask how does your business run. What three tools make your business run better?
1. Slack – This is a common one, and it’s crucial for us because our workforce is fully remote. Slack helps us stay connected throughout the day from wherever we are.
2. Airtable – We use it to keep track of press quotes, staff bios, and other information communicated to the public so our messaging is always consistent.
3. Salesforce has been critical for our CRM, and that’s important because having a personalized relationship with our customers is a pillar of our core philosophy.
What do you know now that you wished you had known before?
That people are your best asset. On some level, I always knew that, but sometimes in the fintech industry, we get caught up in the technical weeds of things and forget that as long as our people (meaning our customers and our staff) are happy, everything else will work itself out.
Photo Credit: RayCo Media
What has been your greatest or proudest achievement or moment?
It’s hard to pinpoint a single moment, but one of my greatest achievements as a business owner has been surviving, even thriving, amid the pandemic and the Great Recession.
We’ve done a great job of retaining our employees, and we have a high percentage of women on staff relative to the larger fintech industry. We’re accommodating and flexible, and we actively seek the perspectives of people different from ourselves, and that’s why we retain top talent.
What future life goals do you want to achieve and why?
One of my goals is to speak at a major crypto- or fintech-related conference. We exhibited at Bitcoin 2022 in Miami last year, and it was so rewarding to meet so many members of the larger crypto community in person; we all felt so connected.
To finish our inspire questions…”We believe that sharing inspiring words can inspire others.” If there was one positive thing you would say to someone to inspire and empower them what would it be and why?
I would say, keep your eye on the long-term prize. Remember WHY you’re doing what you do. If you’re the type to panic and run when things are down, then entrepreneurship might not be for you. Right now, our whole industry is experiencing a “crypto winter”, the lowest period the market has ever seen.
But those who believe in the long-term vision of decentralized finance, and those businesses whose coin or token will contribute something useful to it, will survive the big shakeout. The same principle could be applied to any industry or market. If you believe in what you’re doing, you can look past bad days and see a great life.
Disclaimer – Crypto Disclaimer
The information provided on this website does not constitute investment advice, financial advice, trading advice, or any other sort of advice and you should not treat any of the website’s content as such. Founder@ Founderat.com does not recommend that any cryptocurrency should be bought, sold, or held by you.
Do conduct your own due diligence and consult your financial advisor before making any investment decisions.
Investing in cryptocurrencies carries a high level of risk, and may not be suitable for all investors. Prior to investing, you should carefully consider your goals, level of experience, and risk tolerance.
It is possible to sustain a loss of some or all of your initial investment, so you should never invest more than you can afford to lose. Be aware of the potential risks associated with cryptocurrency trading and seek advice from a qualified financial advisor.
There are no guarantees of a return on your investment from ICOs, IEOs, STOs, or any other offering. Founder@ does not provide any advice regarding investments. Any opinions, news, research, analyses, prices, or other information provided on this website is for general information only and does not constitute investment advice.
Founder@ (founderat.com) will not be held liable for any losses or damages resulting from reliance on the information provided. All opinions expressed on this site are owned by the respective author and should not be considered as advice in any form. Founder@ (founderat.com) does not guarantee the accuracy or timeliness of the information provided, so a qualified professional should be consulted before making any financial decisions.
“Thank you it has been great learning more about your founder story and My Digital Money “
To learn more about My Digital Money Visit www.mydigitalmoney.com
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