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How the hell I can switch lane with debt and not much money

jftbern

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Jun 26, 2019
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Hi, as I am aspiring to become an entrepreneur and get out life struggle, I was wondering if anybody had previously been in a tough position like having debts and not much money to start with to implement that change of way of life and become a successful entrepreneur.

I need to implement a rapid cashflow as I can't stand the monthly fees of credit, food etc. While having childrens, it is tough to give up a job with recurrent salary. Any idea of where to start?
 

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Creep

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From my perspective, there is no easy way. You sacrifice your life, time with your family, friends, doggo and wife, and you make that business idea work.
Keep the job if you meed the income, and keep working untill your business is covering your monthly expenses + tax + +
If you dont want to make the sacrifice, maybe avoid taking loans in the future.
 

csalvato

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Hi, as I am aspiring to become an entrepreneur and get out life struggle, I was wondering if anybody had previously been in a tough position like having debts and not much money to start with to implement that change of way of life and become a successful entrepreneur.

I need to implement a rapid cashflow as I can't stand the monthly fees of credit, food etc. While having childrens, it is tough to give up a job with recurrent salary. Any idea of where to start?
In your position, you need the steady income. Savings are what will fuel a path to the fastlane (so you can invest in real estate, or invest in marketing for a business venture, etc.).

If you're unable to pay off debt and save with your current income/expenses situation, then you need to either reduce your expenses or increase your income.

Reducing expenses is easy. Increasing income is a bit harder. Increasing it by getting a higher paying job is much easier than founding a business (particularly in your situation with a lot of responsibilities).

What's stopping you from getting a higher paying job? This is probably the fastest way to get out of debt and start saving money.
 

Vigilante

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Do you have a million dollars in debt?

If your answer is NO, then you have more of an advantage than I did before I started my last business.

You don't want it bad enough yet. That's the answer.
 

Rearden

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Start paying down your debt with the money you make now if possible...Its such a hard battle to win when your resources are being depleted by interest payments of the past. You end up being on a treadmill trying to WIN but now the deck is stacked against you. You have to catch up on the past...you can spend your days trying to make a ton of money but if you don't patch up the holes in your financial boat now by starting to make good financial decisions to get out of debt then you will have bad spending habits which no amount of money can fix. Once you do this it will settle your mind and your nerves to move towards an entrepreneurial business while you are climbing out of debt.
 
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jftbern

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Jun 26, 2019
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From my perspective, there is no easy way. You sacrifice your life, time with your family, friends, doggo and wife, and you make that business idea work.
Keep the job if you meed the income, and keep working untill your business is covering your monthly expenses + tax + +
If you dont want to make the sacrifice, maybe avoid taking loans in the future.
Thanks for that piece of advice, it is not always easy to get out of a system that you have been teached forever. I saw a few people that are working to create ebook and so on as well as an online course and any kind of digital stuff that you can think of. When you look at it, it seems too good to be true and you don't know where to start. Everybody is selling something in return for an idea but how can you start if you can't afford it
 

Creep

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Thanks for that piece of advice, it is not always easy to get out of a system that you have been teached forever. I saw a few people that are working to create ebook and so on as well as an online course and any kind of digital stuff that you can think of. When you look at it, it seems too good to be true and you don't know where to start. Everybody is selling something in return for an idea but how can you start if you can't afford it
Afford what? Figure out what you want to do before you get discouraged. There is always a way, and most ideas can be done very cheap from the start.
 
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jftbern

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Jun 26, 2019
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Afford what? Figure out what you want to do before you get discouraged. There is always a way, and most ideas can be done very cheap from the start.
I was saying mainly affording those courses. Anyway I am trying to figure to start something with as low as 100$ and build on top of it
 

MoreValue

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Hi, as I am aspiring to become an entrepreneur and get out life struggle, I was wondering if anybody had previously been in a tough position like having debts and not much money to start with to implement that change of way of life and become a successful entrepreneur.

I need to implement a rapid cashflow as I can't stand the monthly fees of credit, food etc. While having childrens, it is tough to give up a job with recurrent salary. Any idea of where to start?
Pretty much live significantly below your means and watch where every dollar goes. Your options are either save up for an expensive venture, find a business that only requires time/low-capital. The last option is to borrow/leverage. Although I do not like this method because business only is dangerous with leverage
 
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ZCP

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just get started.

need more than that? no you don't.

if you feel you still do:
-what is your why?
-what life do you want?
-how much will it cost?
-what steps are needed to achieve that?
-then go do it
-fail (loop)
-pivot (loop)
-succeed

'but i need more than that', you say. no you don't.

when you get down to the first fail, report back.
 

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Tourmaline

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First things first, make more money.
 

Ernman

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As you've seen from the post thus far, the only thing stopping you is...you.

It may take some time and will absolutely take hard & smart work.

Start by creating an honest budget that stops the bleeding, allows you to pay down your debts and build some savings. This is where commitment is needed. Paying down your debts and saving doesn't happen fast - hence the term..."slow lane".

While you're working a job to stay alive, look for needs to fill. Start some side gigs for extra income and experience. If possible get promoted or go to a job that will pay more - or provide you more time for side gigs.

Get your partner onboard with the program and helping. You won't be able to do this by yourself. You teamed up to make little humans, so team up to make their lives better.

You're not alone. Many have started well behind the power curve and eventually dug themselves out. How fast and how well all depends on you.
 
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jftbern

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Jun 26, 2019
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In your position, you need the steady income. Savings are what will fuel a path to the fastlane (so you can invest in real estate, or invest in marketing for a business venture, etc.).

If you're unable to pay off debt and save with your current income/expenses situation, then you need to either reduce your expenses or increase your income.

Reducing expenses is easy. Increasing income is a bit harder. Increasing it by getting a higher paying job is much easier than founding a business (particularly in your situation with a lot of responsibilities).

What's stopping you from getting a higher paying job? This is probably the fastest way to get out of debt and start saving money.
What is stopping me is mainly fear, I was once a business owner but lost everything I had, young and no kids ok you can step up. Now that I have a family is harder to get out of that crazy circle as I am afraid of losing everything again and impact my family. That's why I need to find a way to level up from a low-cost idea and build on top of it.
 

Danny Sullivan

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Print on demand platforms (Merch by Amazon, spreadshirt, Kindle Direct Publishing of low content books, etc.), web design (courses on udemy are ~10$ each if on sale - which they always seem to be) might be a viable way to get your hands dirty.

Tools you need besides learning are mostly free to low cost. Designing vectors can be done in InkScape which is free, you can buy an old Photoshop CS2 oder CS3 Version off of ebay and alike. Editing html pages with Brackets, which is also free. Website templates might cost 10-20$ but can be used multiple times and should cause no real financial hassle.

Fox's thread might be a good read for you:


Getting your hands dirty in things like POD, doing research on what people would buy also opens a vast variety of niches to your attention which can be further explored for products and needs. This alone proves to be gold sometimes.

Will it deliver income from the get go? No.
Will it deliver income over time? Maybe, depends on how much you want it.
Will you learn something that may lead to other stuff that you haven't thought about? For sure.

Best of luck.
 

SamRussell

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Do you have any skills you can teach to people wanting a new hobby?

Do you play an instrument,
Paint
Photography
Almost anything

Teach people privately for 30 minutes a week, then put them into small groups of 2-3 and bang, $100 - $200 an hour.

Edit: For your debt, there are usually programs, IVA, structured payments etc, that will keep the payment fixed and prevent interest from accruing. Can you do that?
 

TJ Danka

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Aug 22, 2019
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I am just starting out in business. I left my job of more than ten years at the end of last year because I had become disillusioned, frustrated and outright angry with my lack of financial progress. I quit soon after reading the Millionaire Fastlane. I realised I wasn't driving in the slow lane, I was actually stuck in traffic, or parked in a very uncomfortable situation! Going nowhere for more than a decade! I partnered with my brother & started a computer services company the following month with virtually no capital, save for my basic sales skills & his technical skills. We haven't started making any money yet but we have taught ourselves to live far below what we make while keeping our eyes on the big goal. It has been very hard so far, but we fight on and keep learning.
My first step was to quit my job, something I had failed to do for the better part of the decade. I had to conquer the fear. Quitting was the most difficult part. After I actually felt very good! I am not advising you to quit your job but am trying to make you see things the way I see them. After reading the Millionaire Fastlane, I was convinced I had to take the action which began with leaving my job. Action is what makes a difference!
If not me, who?

Take corrective action to change your situation!

If not you, who?
 

Jan_K

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I'm sure others have stated it already aswell: but pay off that debt and focus on saving money monthly untill you've reached an x amouth and then you can start the business. Remember you must know how to handle money, if you can't survive of $3000 a month you won't survive on $30,000 or more either. Learn how to handle money!
 

Digamma

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Learn high-ROI skills.

Sell high-ROI skills.

Leverage those skills to build bigger business systems.
 

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