JoelM
New Contributor
I started financing my business with money I had saved and a loan from my retirement account. The loan is at a 2.75%, which is pretty good compared to personal loans (8-9%) offered by the bank. My business relies on trade of goods so I needed about 45-50k total to invest.
So, for those of you who have needed several thousands of dollars, I am curious about how you guys have financed your business. Have you used Other People's Money (OPM)? If so, what type of OPM was available to you? Any lesson's learned? Did it work out or you regret it? Why? I have not used the credit card yet, but I think that also counts as OPM.
So, for those of you who have needed several thousands of dollars, I am curious about how you guys have financed your business. Have you used Other People's Money (OPM)? If so, what type of OPM was available to you? Any lesson's learned? Did it work out or you regret it? Why? I have not used the credit card yet, but I think that also counts as OPM.
Dislike ads? Become a Fastlane member:
Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)
Access Restricted: Unlock 1,000,000+ Posts
Stop Peeking Through the Keyhole.
Open the Door.
You hit a wall because the best advice isn't free—it's earned. Since 2007, MJ DeMarco has been active here daily (99.9% active rate), building a war room for entrepreneurs who refuse to settle for mediocrity.
- Active Daily: Life-changing content posted dozens of times every day. No dead threads.
- MJ's Inner Circle: Direct access to the author of The Millionaire Fastlane.
- Vetted Network: Connect with founders scaling to 7 and 8 figures.
- Proven Roadmaps: Strategy over motivation. Execution over "hustle porn."
"SCALED TO 6-FIGURE MONTHS"
"Tips and advice here saved me from huge mistakes, others allowed me to scale my business to 6-figure months."— User MitchC
"INSANE QUALITY OF PEOPLE"
"The number of high quality people I've met from this forum has been insane. All of it predicated on building real value."— User Richard Peck
"You are the average of the five people you surround yourself with."
Are you surrounding yourself with success?
