The Entrepreneur Forum | Financial Freedom | Starting a Business | Motivation | Money | Success

Welcome to the only entrepreneur forum dedicated to building life-changing wealth.

Build a Fastlane business. Earn real financial freedom. Join free.

Join over 80,000 entrepreneurs who have rejected the paradigm of mediocrity and said "NO!" to underpaid jobs, ascetic frugality, and suffocating savings rituals— learn how to build a Fastlane business that pays both freedom and lifestyle affluence.

Free registration at the forum removes this block.

How to Recover from 50k in Debt?

chuckypita

Bronze Contributor
Speedway Pass
User Power
Value/Post Ratio
179%
Jul 16, 2017
71
127
Salt Lake City
Take 15 minutes and answer the following questions:

- What am I really really good at that I absolutely love?
- How are others making money in this industry that I love?
- Are there jobs or other opportunities within this industry that I love that I can bring value to others?

Why would you take years off your life pursuing a dream that may not come true when you already have the skill and talents necessary TO make your dreams come true - if you just funneled it in the right area?

There are opportunities EVERY WHERE. Take the time to look further.
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

Jfinley

About Time You Showed Up!
Read Fastlane!
Read Unscripted!
User Power
Value/Post Ratio
173%
Mar 16, 2016
45
78
41
Austin, Texas
So glad to hear you're "back on track" because I think you have incredible strengths in that area.

However, I would highly caution you to avoid the training aspect of things. First of all, if it's training so they can run their own program, you are handing control over to them that you don't need to. Maybe they don't even WANT control. Managing a website or blog is time consuming and not easy. If I was an employee, I wouldn't want to do it. For my own business - probably, but I could be talked out of it.

Instead of training, I'd focus on education of what you can do. This would be a feature/benefit rundown of how your system works, what it can do, and what results they can expect that will help them be more successful. Notice I have NO technical training included anywhere in there?

If they want training and to run their own system, there are plenty of resources out their to give them all the training they need.

Step back and give them the training on WHAT the system can do for them, not HOW it does it.

With that presentation, you also inform them of all of the benefits - and that you can do as much as they want you to do. Plan A - a medium site that is static, but has portals for communication back and forth (chat now, email questions, FAQ). Plan B has the marketing systems in place to capture leads and manage them through sales funnels. Plan C is everything included, in addition to a blog - the works! See? Let them CHOOSE the solution they want - not IF they want a solution. Never give them a yes or no closed end question. Always which one would you THINK is the better option for you? Not do you want it OR not!

The result is this; you get a big sale to set up their system, and also an ongoing monthly, or a discounted annual, plan to maintain, update, and run their system. I guarantee you that any business worth being a business can afford $65 a month to have this system put into place and have someone run it for them. For a big full blown system, I'd charge double that.

Now for the math. You sign up 50 business' for the cheap $65 plan. That's $3,250 residual income a month, which is $39,000 a year gross income. Double that and what does it work out to? Add in the one time design and set up fees of, say, $1,500, and what does that come to? $75,000. Add the set up fees to the monthly fees and how much is that? Now you're in business.

Can they hire a guru to do that for $1,500? Yes they can. This is where you have to shine, so they go with you? Can they hire office staff to run this for a little bit more than $2 a day? Not me, if I was on their staff. Sure, I'd learn it and do it for a raise of $100 a week. Now your $65 fee looks like a bargain, and it should, because it is!

There is one path you can take that might be a great opportunity for you. And it's certainly within your reach.

BOOO WAHHH!

Purely amazing stuff. I copied and bookmarked this post. Running it through my head over and over again.

It’s well underway now.

I’ll shoot you a PM with the link to show you what I got going. Thank you for always providing pure Gold.
 

Jfinley

About Time You Showed Up!
Read Fastlane!
Read Unscripted!
User Power
Value/Post Ratio
173%
Mar 16, 2016
45
78
41
Austin, Texas
Haven't finished reading through all the posts but some thoughts.
1. High ticket masterminds, you have to have some backing and experience to convince people they should listen to you. Check out Jeff Davis down in FL who put together a franchise type of masterminds thats he getting facilitators signed up for based on the popularity of his masterminds. He gives you all the tools to the group leader who is more of a facilitator. Its a neat idea.
2. What insurance company do you work for? I've been a sales leader on the corporate side of both State Farm and Allstate. There are SO many opportunities in the insurance industry. I echo with others to say do what you know. You can make more commissions based on sales and get some of that debt paid down (move to another agent's office if thats not working where you currently are), you can refer someone to open an Allstate agency and get $10k, you can develop coaching/online groups/programs to sell to the big companies - there are MULTIPLE examples of very successful agencies doing this and they are helping people so much, you can work for a soon to retire agent and develop a succession plan that allows you to buy the business (insurance agencies aren't totally fast lane but they are VERY good if you are smart).

Hubs and I paid off $100k, own a house in Hawaii, have several different income streams, my husband is retired military and thats definitely helped a lot but remember you're always going to have the ability to spend more than you make...I had to learn this 2x lol. It sounds like (and I could totally be wrong) that developing a budget with your wife, buckling down for a bit to focus on what you're doing f/t just to get back on track debt wise, and trying to not get distracted by opportunities that aren't in your immediate skill set (I'm totally guilty of getting distracted by shiny new opportunities) will help you start to get ahead.

Thank you for the insight. Jeff is doing something really cool. Almost like a licensing type arrangement.
I sell insurance for Progressive Non-Commissioned. Im unable to be a captive agent at this time. Think of it as customer service sales...yuck!

I burned a lot of bridges chasing my dream since 15. Financial habits sucked, and flip flopping through school stacking up loans, but never finishing didn’t help. I had a real estate job where I was being paid as an employee, but majority of my check was listed as a bonus with a small base pay. I ended up making 70k, blew it and owed the IRS ever since.

I’m getting back on track, but it takes time and discipline. It’s been a long road, but I man up and keep going. It’s been worth the journey to arrive here.
 

Jfinley

About Time You Showed Up!
Read Fastlane!
Read Unscripted!
User Power
Value/Post Ratio
173%
Mar 16, 2016
45
78
41
Austin, Texas
Take 15 minutes and answer the following questions:

- What am I really really good at that I absolutely love?
- How are others making money in this industry that I love?
- Are there jobs or other opportunities within this industry that I love that I can bring value to others?

Why would you take years off your life pursuing a dream that may not come true when you already have the skill and talents necessary TO make your dreams come true - if you just funneled it in the right area?

There are opportunities EVERY WHERE. Take the time to look further.

Yeah I had blinders on. Biggest eye opener was @Real Deal Denver said,

“You're sitting on a goldmine, but you’re looking for diamonds.”​
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

TheOrchestrator

Freedom Fighter
Read Fastlane!
Read Unscripted!
Speedway Pass
User Power
Value/Post Ratio
358%
Feb 8, 2018
60
215
41
Houston, TX
Yeah, I think it's safe to say that @Real Deal Denver took the value of this thread to whole new heights. Thank you, @Real Deal Denver (and everyone else) for the knowledge that you dropped here, and what I've gained from it, even as just a contributor, and not as the OP.
 

minivanman

Platinum Contributor
Speedway Pass
User Power
Value/Post Ratio
265%
Mar 16, 2017
1,722
4,562
54
DFW
He said in the original post that he had no credit, I hope that is still true today.
 

WJK

Legendary Contributor
EPIC CONTRIBUTOR
Speedway Pass
User Power
Value/Post Ratio
256%
Oct 9, 2017
3,115
7,961
Alaska
Yeah I had blinders on. Biggest eye opener was @Real Deal Denver said,

“You're sitting on a goldmine, but you’re looking for diamonds.”​
You only have to hit on a winner once to pull yourself out. That's one plan. I call those my "pie-in-the-sky" investments. I usually lose on those -- but, if one of them hits, the profits will be exponential. I only risk what I can afford to lose, so it a very small part of my plan.

The other plan is to get a side job, or two, or three -- and chip away at your debt. I've done it with my "dribble income" streams. I've developed a few little side incomes that I put together and pay down my debt. Out of my main cash flow, I do my "rubber band" tricks. I really make it stretch as far as I can. It's a game. AKA -- being cheap -- or that's what my step kids called it when they were little. What funny about that is the kids are doing our program now as young adults...

IF you do all the above for a while, your progress will sneak up on you. Involve your wife in the process. Stop and celebrate -- cheaply of course. Track your progress and make benchmarks to celebrate. I paid off a blanket commercial loan the other day. When the papers come from the bank, we'll make a copy and have a party -- a mortgage burning party where we barbeque the copies of the papers. We'll jump up and down, hoot, and holler. Then we'll put on the steaks for our victory dinner...
 
Dislike ads? Remove them and support the forum: Subscribe to Fastlane Insiders.

Vigilante

Legendary Contributor
Staff member
FASTLANE INSIDER
EPIC CONTRIBUTOR
Read Fastlane!
Read Unscripted!
Summit Attendee
Speedway Pass
User Power
Value/Post Ratio
596%
Oct 31, 2011
11,116
66,265
Gulf Coast
Last seen Aug 7, 2018
 

WJK

Legendary Contributor
EPIC CONTRIBUTOR
Speedway Pass
User Power
Value/Post Ratio
256%
Oct 9, 2017
3,115
7,961
Alaska
Last seen Aug 7, 2018
You're right. And I wish him well. But, I'm still working my program every day. And there other who are reading this thread who may benefit from hearing what others are doing.
 

Post New Topic

Please SEARCH before posting.
Please select the BEST category.

Post new topic

Guest post submissions offered HERE.

Latest Posts

New Topics

Fastlane Insiders

View the forum AD FREE.
Private, unindexed content
Detailed process/execution threads
Ideas needing execution, more!

Join Fastlane Insiders.

Top