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In page Peter Waldo:

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Other events, besides hearing of Saint Alexius, may have also contributed to Waldo's decision to take up poverty and preaching including a rejection of transubstantiation when it was considered a capital crime to do it,[citation needed] and the sudden and unexpected death of a friend during an evening meal.[5][6] From this point onward he began living a radical Christian life, giving his property over to his wife, while the remainder of his belongings he distributed as alms to the poor. At about this time, Waldo began to preach and teach publicly, based on his ideas of simplicity and poverty, notably that "No man can serve two masters, God and Mammon."[7]