I saw a car ad this morning which is the title of this post “Fresh Start Guaranteed Approval” and I thought to myself if you are down on your luck, have bad credit, have been wiped out by debt the last thing you need is more credit.
Talk about preying on people who can’t defend themselves. I understand they have to sell cars because like most businesses, they have bills to pay and many car dealers have massive amounts of debt but give us a break here guys, these people are going through or have just went through a nearly impossible financial crisis.
The crisis can be so bad some people lose everything, including their spouse and families and some even take their own lives. So why would they run an ad like this?
Because some people are stupid and will fall for this type of ad. Proverbs 26:11 says, Like a dog that returns to his vomit is a fool who repeats his folly.
If you find yourself deep in debt or have just gone through a major financial crisis the last thing you need right now is to borrow more money. Don’t be a “fool”.
There are three things you need to fix your financial problems, the first two are fairly simple but the last one is the hard one.
- You need more income.
- You need to stop borrowing.
- You need discipline.
How do I know? Because I lived it. I was fortunate enough to have built a company that did over a hundred million in retail sales over a 16 year period of time but it came crashing down because of a mountain of debt. I started out with the right principals of debt but then I began to act without discipline and it caused the demise of my company. Don’t feel sorry for me though, I am thankful for what I went through because I went from owning the company, to the company owning me and now I’ve got my life back.
But let’s talk about you. What you need to do if you are facing insurmountable debt or worse you just went through bankruptcy, you need to know you are not alone, it’s not the end of the world and you are in really good company.
Here’s a very short list of some famous people who filed bankruptcy and recovered. The first 4 were presidents of the US. Abraham Lincoln filed twice, Ulysses S. Grant, Thomas Jefferson, William McKinley, Walt Disney, P.T. Barnum, Mark Twain, Henry Ford, Milton Hershey, Henry John Heinz, J.C. Penney, Nicholas Cage, Burt Reynolds, Larry King, Willie Nelson and many others. Even our current president, Donald Trump, had two corporate bankruptcies. So you can see these are people like you who went through this and recovered so it really is not the end of the world although it may feel like that right now. But let’s not focus on the problem let’s focus on the solution.
As I said earlier there are three things you need to do to get on track and get your life back.
- Stop digging.
If you are in a hole the first thing you need to do is stop digging. Borrowing is what put you here in the first place and I can assure you it will not get you out of where you are. Here’s my recommendation when it comes to borrowing money. Never borrow money for anything unless it’s the only way for you to earn money. If you make your living driving a truck, then it might be ok to purchase a truck on credit but once it is paid off do not go out and finance another one. I feel it’s ok to purchase a home on credit provided you have enough down payment get the mortgage without paying PMI (private mortgage insurance). A mortgage is usually better than paying rent but not if you have to pay PMI because the bank is telling you your odds of failure are high enough that they won’t loan you money based upon the value of the property alone. But it’s not ok to borrow money for cars, boats, jewelry, clothing, computers or any other item unless your income is made with that item and if it is you pay it off in the shortest amount of time possible.
Consider taking a course like Financial Peace. Dave Ramsey, also someone famous who went through bankruptcy, teaches how to get out and stay out of debt. It’s easy to follow and I highly recommend it for anyone struggling to get out of the mess they made.
In every course I offer there is at least one module on how to get out of and stay out of debt but my courses always include how to increase your income which I feel is the number one fastest way to get out of debt.
- Make more money.
If there is one thing that will accelerate your debt pay down it’s more income and if you are honest with yourself you know you need more income. If you are reading this there is a high likelihood that you either have your own business now or you are thinking of starting one in the near future. If you are thinking of starting a business seek help but by all means do it. I have never seen a better time to become an entrepreneur because you don’t need a lot of money to get started and you can be making money in as little as 30 days. If you have a business you simply need more customers to increase your income so get them. If you don’t know how to get them seek knowledge on the subject.
Very soon I am launching a new course called Prosperous in 60, where you will learn how to get more customers and have them come to you on autopilot each and every day. I will personally guide you to be prosperous in 60 days. Whether you seek my help or someone else’s help, you need to increase your income to the point where you eliminate all debt and then build reserves. With those reserves you will purchase cash flowing assets which in time will allow you to relax and enjoy your life. I don’t care if you are 35 or 75 you can do this in a few years if you apply yourself even if the hole you dug seems too deep. If you want me to let you know when I launch Prosperous in 60, comment below or send me an e-mail.
- Discipline
If there is a word that people don’t like it’s discipline. Discipline is the one trait that can make you get out of debt, keep you out of debt and allow you to increase your income. Why? Because old habits are hard to break and if you don’t have discipline you will fall back into them as soon as you get back on your feet. Discipline is the only thing that will allow you to overcome that temptation. Discipline is a plan that you create to get to where you want to go. The clearer the goal the easier it will be to follow the plan. Discipline however will allow you to follow the plan no matter what. If you really want this you need to be willing to take control and discipline yourself enough to do something about it. It’s not hard but it sure as heck aint easy. But nothing worthwhile ever is. Take the first step today.
Your life can and will be very different in a short period of time.
To your lifelong prosperity,
David Mulvaney
P.S. Prosperous in 60 will be launching in December. I have three companies so I can only help a limited amount of people. If you want help let me know today at info@DavidMulvaney.com
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Thanks Rick