Podcast Summary: The Amy Porterfield Show

Episode: I Wasted $20,000 (Here’s the Lesson I Still Use Today)
Host: Amy Porterfield
Date: September 16, 2025

Overview

In this candid solo episode, Amy Porterfield explores the realities of making costly mistakes in online business, focusing on a pivotal moment when she lost $20,000 on a failed contractor relationship. Through personal anecdotes and tangible student stories, Amy highlights the real costs of fear-based indecision and perfectionism, reframing "wasted" time and money as necessary tuition for entrepreneurial growth. She breaks down the belief systems that keep aspiring course creators stuck and provides actionable mindset shifts and strategies for moving forward—imperfectly but boldly.

Key Discussion Points and Insights

1. The $20,000 Lesson: Learning from Expensive Mistakes

[02:10]

• Story: Amy shares a vulnerable story about paying a contractor $20,000 to survey her audience—only to be ghosted with zero results.
  • "I once lost $20,000 like that in my business. Here's what happened...They never produced a thing. Zero, zilch." — Amy ([02:10])
• Reflection:
  • The decision was rooted in insecurity and the belief she couldn’t figure things out alone.
  • Amy beat herself up for months but now views the experience as a valuable lesson that helped her become a trusted expert and teacher.
  • Quote: "Those decisions were lessons that shaped me into the entrepreneur I am today. No doubt, they gave me the data, the scars, that allow me to teach from experience." — Amy ([03:55])

2. The Mindset Shift: “Capture, Cancel, Correct”

[05:57]

• Framework: Amy introduces a mindset tool from Jill Stanton to help listeners reframe fear-based thoughts about wasting time or money:
  1. Capture: Identify the unhelpful thought.
  2. Cancel: Consciously decide not to indulge it.
  3. Correct: Replace it with a more constructive, realistic belief.
  • Example: “Even if my first course isn’t perfect, I’ll learn what to do better next time.”
• Key Insight: The only real waste is not starting at all.
  • "The only real waste is not starting at all." — Amy ([08:16])

3. Fear Holds You Back—Not Failure

[08:20]

• Case Example: Laura Belgray journaled about creating a course for years—mentioning the idea 89 times before taking action.
  • Lesson: The true waste wasn’t failure, but years spent sitting on the sidelines.
  • Quote: "You are actually wasting time and money on the sidelines. That’s the big waste." — Amy ([09:23])
• Reframe: Waiting for the perfect time or product is more costly than launching and learning.

4. Dancing With Fear: Action Despite Uncertainty

[10:40]

• Core Message: You must act with fear, not after it disappears.
• Memorable Analogy:
  • "Fear can have a whisper of a voice, but it does not get a vote in your decisions... Fear can ride in the car with you, but it doesn’t get to drive." — Amy ([11:12])

5. Breaking Down Common Fears (and the Truth That Counters Them)

Fear #1: You Need Months or a Huge Budget to Start

[11:58]

• Busted Myth: Launching a course doesn’t require tons of time, a huge email list, or big investments up front.
• More information only increases confusion; following one proven plan is key.
  • "You can absolutely launch with simple tools, a small email list, and a clear plan. Thousands of my students have." — Amy ([12:28])

Fear #2: If My Course Isn't Perfect, It Will Flop

[14:01]

• Advice: Embrace the minimal viable product model—your first launch should be simple, not perfect.
• Includes success story of Carlin, who made $10,000 in two months with a stripped-down launch—no live webinars, just targeted emails and social posts.
  • "Your first launch should be bare bones... It gets your idea validated faster." — Amy ([14:31])
  • "In her first two months, she made $10,000, and over the next eight months, she generated an additional $32,000." — Amy ([16:23])

Fear #3: I'll Have to Start Completely From Scratch

[19:20]

• Truth: You already have teachable frameworks and value embedded in work you’ve done—past content, client resources, informal advice.
• It’s about packaging what you know, not inventing from nothing.
  • "You are not starting from scratch. Most people think they have to build an entire course from nothing—that’s simply not true." — Amy ([19:27])

Memorable Quotes and Moments

• On working with fear:
  • "You dance with it... Fear can ride in the car with you, but it doesn't get to drive." — Amy ([11:12])
• On inaction:
  • "You are leaving so much money on the table by not taking action and wasting so much time doing other things that are not getting you the big revenue boost you’re looking for." — Amy ([09:24])
• On progress vs. perfection:
  • "Your students don't need perfection either. What they want is transformation." — Amy ([17:42])
• On course creation as an asset:
  • "Your course isn’t just another project on your to-do list. It’s an asset in your business... Every ounce of effort you put in now continues to pay you back." — Amy ([21:41])

Actionable Takeaways

• Reframe mistakes and financial losses as tuition for real-world business education.
• Practice “capture, cancel, correct” to interrupt unhelpful mental loops.
• Stop waiting for circumstances (time, money, perfection) to align—action is the cure for fear.
• Simplify initial launches; don’t over-engineer your first product.
• Use your existing knowledge, materials, and advice as building blocks for your digital course.
• Remember: Every business owner who succeeded regrets waiting—no one regrets launching and learning, even if imperfect.

Timestamps for Key Segments

• $20,000 mistake story: [01:15] – [03:55]
• Mindset shift: Capture, Cancel, Correct: [05:57] – [08:16]
• Laura Belgray's journaling/wasted years: [08:20] – [10:10]
• Fear as a passenger, not the driver: [10:40] – [11:40]
• Common Fear #1 ("I need months/big budget"): [11:58] – [13:44]
• Common Fear #2 ("It must be perfect"): [14:01] – [17:30]
• Carlin’s simplified launch success story: [15:36] – [17:36]
• Common Fear #3 ("Starting from scratch"): [19:20] – [20:45]
• Final encouragement and recap: [21:41] – [23:36]

Conclusion

Amy’s episode is both a vulnerable share and a pep talk for online business owners hesitating to launch, invest, or take their next big step. She reframes business “mistakes” as crucial tuition, encourages listeners to act before they feel fully ready, and dismantles the common fears that keep people stuck. The lasting message: Take action, keep it simple, and allow learning to be part of your journey—because the true waste is never trying at all.

For further learning, Amy invites listeners to her free masterclass on course creation: amyporterfield.com/masterclass.