3 ways to get out of business debt + not get back in..
How I paid off all my business debt in 1 month + why I won't get be getting back into it. A convo on the dirty d word in the entrepreneur world: the shame, the anger, and the fear… I'm talking about it.
If you are going to be an entrepreneur you have to be ready to deal with lots of THIS. Know your money, watch your money, + more than anything being an entrepreneur isn't.. I spend x amount of money.. where’s my ROI?! It is NOT easy, it will take you to shit level of feelings and it will make you feel amazing, but get this right.. it is not EASY. Stop in your head.. trying to make this EASY. You need a level of mental stamina + emotional stability to KEEP going.
This is for someone who is already in debt and your debt is stopping you from moving forward in any PART of your life.
In 2017 I made investments that didn't pay off right away, and honestly they probably could have, but because I was in such fear, or worry or doubt or anger.. I then turned that investment inwards towards myself + a little bit outside myself, anger towards people rising up after me, anger towards the industry.... That lasted for 8 MONTHS GUYS. 8 FREAKING MONTHS.
Once I turned my relationship with money on it's head, I let go of the anger + the shame + the fear and I just went full force towards my dreams, even with my debt. That lead me to paying off my debt in 1 month, paying a business coach in full, not creating anymore debt for myself (I made another $12K in investments), and completely changing my life + out look on money.
1) KEEPING DEBT IN THE DARK WILL NOT ALLOW YOU TO PAY IT OFF:
Shame, fear, anger: How those emotions kept my debt in the dark because I did not face it.
Your debt can be around business, college, personal, etc. Stop strangling your past self + his/her decisions, take full responsibility for the decisions you have made in the past, and love yourself for making those decisions.
Now when I look back at that woman, I don't get angry with her, she was just seeing the bigger vision, and saying YES. The empowerment came from creating the money, finding the money, that's where I found myself feeling powerful towards the next steps for my life.
(the power relationships your playing with money is KEEPING YOU BROKE)
I got to a point where I said go ahead debt! take me all the way down! I don't give a shit because I'm going to make 6 figures this year << complete confidence in where I was going << (power play with money I'll be talking about later)
You allow money to have complete control + complete power of you, MONEY or that coach or that thing is making you feel shame, anger, or fear but GIRLLLL unless you were completely scammed of your money, the only person making you feel those things are YOU.
Now how you find the money: create the money: that is entirely up to YOU, but do take responsibility for how you find or create the money.
If you put it on a credit card, take responsibility, your coach did not force you to max your credit cards, your coach doesn't have access to your bank account, take responsibility for your decisions + actions.
What you did was not wrong or the worse thing ever.. you saw an opportunity for you to step up and become a higher version of yourself, you took it, and your investment hasn't paid off… YET.
If you get a 2nd job, take responsibility.
If you do freelance work, take responsibility
Moral of the story: take responsibility for every investment you make, it is up to YOU and only YOU to get the most out of your investment Coaches do work, if they didn't this industry wouldn't exist. You do need to invest money into your business if you want to go big, how you create that money is ENTIRELY UP TO YOU.
If a coach teaches you how to create a 6 figure business, what to sell, how to market, and your business model, it is worth $10K. She just saved you like 3 years of work, and time is something that we all don't have enough of.
SHAME CAN NOT LIVE IN THE LIGHT, if you keep your shame of your debt in the dark, it will continue to LIVE. Write down your number of DEBT RIGHT NOW.
I want you to know that number inside and out.
Example of people who went into debt:
Suze Orman was donated $50,000 to start her own restaurant at age 29.
Walt Disney went bankrupt from his first business idea before he started Walt Disney.
PPSSSTTT: Want to start uncovering some of your money blocks and beliefs that are holding you back?
Grab the unfuck your money mindset journal down below.
2) you have a business model that pays off your debt.
I switched my business focus from things that brought me little victories (1 off sessions, intensives, small courses)
and I focused on things that pulled in bigger chunks of money, even if I was terrified to sell them
(looking at my debt + looking at my money forced me to start doing work on my money mindset, my money mindset became a non negotiable)
I teach all of my clients about how to look at their money, know their money, and then what they need to be selling to start creating a solid foundation.
3) I started allocating money as it started coming in, your money needs a direction and purpose!
LOOK AT YOUR FREAKING MONEY.
Budgeting, I like to call it directing my money. << This is where the habit is created that will not let you go into debt ever again!
I started doing this when I was in debt, it forced me to always look at my money, and feel more in control of where my money was going.
If you establish this habit, you will never go into DEBT AGAIN.
It really isn't about the amount of money you're making if you don't know how to spend it + allocate it (look at celebrities) they make huge amounts of money, don't know how to spend it or allocate it and go bankrupt.
Know where your money is going RIGHT NOW, even if you have none coming, even if you only have a little, even if your money is inconsistent.
Get into this habit RIGHT NOW, give your money direction RIGHT NOW, it needs direction or it will be spent aimlessly and you will feel powerless to money.
4) Creating consistent income, not just big chunks of money.
Focus on creating consistent income, not only will this give you a stable budget to work with every month…
but it will also allow you to chill the f out and create programs from your intuition, that SELL OUT.
5) Do I regret any of my business investments?
Did I used to feel anger towards myself for making investments?
YES Did that help me?
NO, it left me POWERLESS.
POWERLESS = REPELING MONEY
POWERLESS = DEBT