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“I’m down to my last 20K”
Earlier this week a friend of mine called me.
“Dude; how did you get the through feeling like you can’t get out of the debt no matter what”.
He told me the story..
And through a series of wrong time wrong place.
He ended up over $2M in debt..
And in a few weeks it’ll all come crashing down (it won’t… his words not mine)
My heart broke hearing it.
I’ve been in the exact scenario multiple times.
My advice was simple.
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Like I said…..My advice was simple:
1. Your ego will bring you places you don’t actually want to be.
2. You have to cut the business from growth mode and go into stabilize mode.
3. You have to call up those you owe money too and restructure it.
4. You have to do the things that you were avoiding that put you in the debt in the first place.
Generally we go into debt because of an overage of confidence
or because you’re running from what you should do.
In this case he needs to be front and center instead of behind the scenes.
If he did this..
He would would be profitable in 14 days and stop burning money.
Further, he can easily make $100K/mo doing something that he doesn’t want to do long term….
…but perhaps, for right now, it is what people in the market actually do need.
On an emotional level I told him:
1. He built this company from a vision that perhaps he didn’t earn.
If you don’t build a vision from a place where you’re completely financial secure you run the risk of losing big if you bet big.
2. The worst case scenario is not the end of the world for him.
He can sell his house.
He can rent.
He has extremely powerful skills.
He has people who can support him.
He has a beautiful family.
3. When times are tough, your ego will resist going “back”.
But it better to make the choices that you hate because it’ll give you less stress.
Another friend of mine had to sell their $10M house to finance a business.
He told me.. “I can get another $10M house… but I can’t get back the time I’ll spend stressing out”.
That’s great advice.
4. This is only a moment in time.
Truly the worst part is the blame and disappointment you direct at yourself.
In reality — the moment you cut the spiritual and emotional anchors you have to the past — it will feel like an entirely different existence.
5. I helped him vision 3 years from now.
Debt focuses you too in the here and now.
Debt requires times to be solved.
But if you can’t vision into the future deeply you can’t let go of the emotional baggage of the debt.
6. Realize that just because you messed up the timing…
…doesn’t mean you’re a failure.
When you try to swing big.
Now or in the future.
It’s better to learn the lessons from failure than to live in blind ignorance of success.
7. Dive deep into humanity.
Without it you won’t survive.
Get real with those around you.
With those who you owe money.
With your family.
This is simply a moment in time.
Not the entire story.
You haven’t peaked yet.
In this case— my friend will be fine.
We‘ll talk about it on his private island someday.
And until then, I’m excited to help him crush it.
No shake. No guilt.
Just lessons for next time.
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