Episode 164 - Adam Bergman - The $40 Million Hack That Tried to Break Him — and the Comeback That Built Something Better

This episode: The $40 Million Hack That Tried to Break Him — and the Comeback That Built Something Better.

Here’s what you’ll learn about:

Introduction and Purpose of the Interview (0:00)

• Host Drew Deraney thanks John Maas for introducing him to Adam Bergman and sets the stage for the interview.
• Drew discusses the concept of life being linear until adversity tests us, introducing three types of men: those who don't notice adversity, those who blame others, and those who see it as an opportunity for growth.
• He invites Guest Adam Bergman to share his defining moment and how it impacted him personally and professionally.

Adam Bergman's Defining Moment (1:38)

• Adam Bergman recounts a major turbulent event in February 2022 when his business, Irish Financial, faced a $40 million crypto hack.
• Despite having insurance, the hack was a significant trauma for Adam's business, which had over 20,000 accounts and $3 billion in assets.
• Adam describes the choices he had: to go bankrupt or fight, and how his wife's support was crucial in his decision to fight.
• He explains the long process of settling with clients and the FBI finding the criminal, which led to a positive outcome for his business.

Impact of the Hack and Personal Growth (4:59)

• Adam reflects on the personal and professional impact of the hack, emphasizing the importance of self-awareness and learning from the experience.
• He discusses the need to clean house and replace loyal but underperforming team members, which led to the company's growth.
• Drew and Adam discuss the concept of people coming into our lives for a reason, a season, or a lifetime, and the importance of letting go when necessary.
• Adam shares a recent success story of a client who saw a significant return on their investment through a Roth IRA.

Understanding Roth and Traditional IRAs (5:51)

• Adam explains the differences between Roth and traditional IRAs, highlighting the tax benefits of each.
• He discusses the possibility of converting a traditional IRA to a Roth IRA and the importance of understanding these financial tools.
• Drew and Adam talk about the lack of financial education in traditional workplaces and the importance of sharing this knowledge.
• Adam shares his own journey of learning about Roth IRAs and how it changed his life and career.

Advice for Clients and Personal Reflections (8:01)

• Adam advises clients to invest in what they are interested in and to do their own research, as they tend to make better decisions.
• Drew asks Adam to reflect on what might have happened if he had given up, and Adam expresses certainty that he would be in a bad place.
• Adam shares his hobbies, including playing around with AI and spending time with his three young children.
• He emphasizes the importance of being curious, questioning authority, and continuously learning throughout life.

Final Thoughts and Advice for Young Entrepreneurs (10:18)

• Adam advises his younger self to be more curious and to focus on the business, emphasizing the importance of loyalty and skill sets.
• He advises young entrepreneurs to be patient and prepared to work for at least 10 years, as success takes time and effort.

Chapters

• (00:00:00) - Adam Bergman
• (00:02:48) - Adam Bergman
• (00:04:37) - Crypto Custodian on the Hack
• (00:09:45) - What Did I Learn From The Incident?
• (00:10:48) - Steve Ballentine: A Client's Success Story
• (00:11:51) - What is a Roth IRA and Do I Need One?
• (00:14:22) - How to Invest in Your Own Money
• (00:15:08) - What If You Had To Give Up?
• (00:16:48) - Tom Cruise on His Personal
• (00:19:15) - Adam Bergman
• (00:19:42) - Adam Bergman on Giving Advice to Kids
• (00:20:21) - Adam Bergman
• (00:22:29) - Living the Life You Want to Live