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EXECUTION I'm going to go from bankruptcy/£240,000 personal debt to a life of freedom using Facebook ads.

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Captain Acidhead

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Is it any wonder i'm anxious? And instantly trying to think positive doesn't fix that.
That's right.

Advice from people telling you 'how to think' is well-intentioned, but it doesn't work.

Why? Because negative or positive thoughts are a very late consequence of subconscious processes (feelings and beliefs).
By the time you're aware of your negative thought, it is too late in a sense. Trying to replace it by something else doesn't work, because there is no root in your subconscious to support that foreign thought.

Think of your subconscious beliefs as the seeds, with roots buried deep, and the thoughts you're noticing as leafs above ground. Cutting them off and replacing them with the leafs of a more 'positive' plant won't work, will it ;)

My recommendation is to do a process that helps to follow the 'negative' leafs all the way down to the seeds, and challenge those.

Still with me? I recommend you try a process that was described by Byron Katie, she calls it "The Work." She wrote a book about it too. But you can also just download her one-page worksheet, watch an instruction video, and spend some time with it every day.
 

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GSF

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You don’t have the cash/time to do two things! Why are you trying to help people run ads and run an e-commerce company?!

Stop with the e-commerce company and just find clients to run ads for. It will be much cheaper for you to go that route. With e-commerce you have to worry about product costs, shipping etc. and there are many more costs you have to factor in that could lead you to lose money that you cannot afford. Just stop it with e-commerce for now and get out of debt!

Also if you’re a Facebook ads expert (I’m assuming since you feel you can charge others) why is someone else running your Facebook ads?


Why are you continuing to spend your time on this? You’re $250,000 due to running poor e-commerce companies and now still a company you haven’t profited off of... just stop with e-commerce for a bit, get some clients and get some money coming in
I'm with 1 step. Focus on the facebook clients. Don't use Facebook ads to get clients though. Get out their meet call email network with business owners. Target a niche, focus on high value niches like home improvement co's and other service providers with high ticket sales.
 

1step

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At the moment i'd say there's a 90% chance i'm going to lose everything and 10% chance that i'm not.
This is the direction I want go down and has massive potential.
This is insanity.

Let's just pretend you are successful and able to make profit on your products. Then what? I have been in e-commerce long enough to know it requires a TON of cash, who is going to lend you money to take advantage of the "massive potential" How are you going to continue to fund re-orders without going even further into debt?
 
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Paul David

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This is insanity.

Let's just pretend you are successful and able to make profit on your products. Then what? I have been in e-commerce long enough to know it requires a TON of cash, who is going to lend you money to take advantage of the "massive potential" How are you going to continue to fund re-orders without going even further into debt?
I'm going to fund re-orders from with the profits from the sales. My background is eCommerce, I successfully sold millions of dollars worth of products for 15-18 years before a couple of bad decisions really set me back. Plus some silly spending on personal things.

My background isn't actually facebook ads.

I'm not dropshipping. I've got 1900 products in stock which when sold will bring in $40,000 profit if we meet the target CPA. This is plenty to re-invest.

I have seen an e-Commerce store in the last 40 days go from 0 sales to $40,000. With 30% profit. I've already done a lot of the funding work - products, website, photography, etc. Any future costs will be for advertising only.
 

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@Paul David Did you manage to lower the cost of traffic (CPC) and get the conversion rate up?

I see that you're running the same creative that still takes people to the collection page instead of the product page. You don't even give your potential customers a chance to see your offer (product page). Most of them just bounce from the collection page.
 

1step

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I've got 1900 products in stock which when sold will bring in $40,000 profit if we meet the target CPA. This is plenty to re-invest.
What price point are you selling at? What's the CPA goal?
 
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Paul David

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@Paul David Did you manage to lower the cost of traffic (CPC) and get the conversion rate up?

I see that you're running the same creative that still takes people to the collection page instead of the product page. You don't even give your potential customers a chance to see your offer (product page). Most of them just bounce from the collection page.
At the moment I have some re-targeting set up for lookalikes of people at different stages. The creative is the video which goes to the collection page.

Well that's what the guy has done, i'm taking this back over shortly.
 
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Paul David

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What price point are you selling at? What's the CPA goal?
Sales price is $59 for US customers, target CPA overall (cold, warm, hot traffic) is $20
 

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I'm pretty confident that I could negotiate a settlement figure of around £8k-£10k with HSBC. The other main creditor which is a peer to peer lending group will be more difficult however I'm pretty sure if I make an offer of £20k-£30k or tell them I'm filing for bankruptcy they may (and should) accept. The lending company would go to the people who've loaned me the money and present the offer to them. If it was me and I had to take £20k-£30k or nothing I'd have to take the money.

So there are options to possibly get the debt down to £40K or something even though yes on paper the debt as it stands is significantly more than that.
Be realistic, the bank and that lending company aren't in the business of losing money, and your low ball offer won't cut it. They'll aim for the whole lot and when you can't deliver they'll collect the insurance.
 

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Be realistic, the bank and that lending company aren't in the business of losing money, and your low ball offer won't cut it. They'll aim for the whole lot and when you can't deliver they'll collect the insurance.
Actually he is being realistic. Banks will take whatever they can get. If there is no personal guarantee then the bank will send out threatening letters then sell the bad debt on for a fraction of the total amount owed if they get nowhere.

Part of the percentage you pay on a loan covers bad debt so it’s already calculated in.
 
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Paul David

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Be realistic, the bank and that lending company aren't in the business of losing money, and your low ball offer won't cut it. They'll aim for the whole lot and when you can't deliver they'll collect the insurance.
There's no insurance to collect and there are numerous instances were the bank will accept a lower payable amount in comparison to someone filing for bankruptcy because if I do that they won't get a single penny.....ever.
 

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Paul David

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Just as way of an update....

I'm still fending off companies chasing their debts most days, i'm being honest and open with them on the situation and nearly all of them are continually giving me another 30 days each month to see if things have improved.

On the business front, the sales of my ecommerce store are still slow and not profitable. I will be working on this more myself during the next week as it's still in the hands of another digital marketer.

I've selected a client niche that i will target, to start running Facebook ads for. I am in the process of developing a one page website and step by step approach to target clients daily. This will be done by a variety of different methods. I also have someone in India who is proficient in this niche who is willing to white label the clients advertising on my behalf. I know of one guy who has all his clients with this particular Indian company and is delighted with the results.

This is an option i'm considering but the number 1 aim at the moment is get my first client. I'll update not 'if' but 'when' i have one.
 

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Congratulations for not giving up, failures are steps to success. What I see you need is PERSISTENCE to build and steer this new company to enviable heights.
 
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Paul David

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UPDATE:

A lot has changed since my last post so it's time for an update. Firstly i managed to get through to Christmas by getting a few new clients for Facebook ads.

I haven't had the funds to do anything with the e-commerce brand so i'm actively looking to sell it at the moment without much luck.

On December 30th 2019 and after 20 years of being in business for myself I finally ran out of money. No money in my personal account and no money in my business account. Time to get my ducks in a row and prepare for bankruptcy.

After speaking to another parent at my Children's school, I decided to register for training to become a taxi driver. This other parent has been doing it since he lost his job 3 years ago. He works only days, like 6am - 12pm and earns around £130-150 per day. I can work it around my children and also my business work. So i applied and have the one week course starting on the 27th January.

By making that decision i've felt a great weight lifted off my shoulders. I no longer worry about having to get a "full time" job and I know that i can at any time in future earn money as and when i want to. Don't get me wrong this isn't something i see myself doing long term, but it's a backup plan and means i can provide for my family.

My Father has also set up a new company and i will be an employee, it's a facebook ads agency. I cannot be a Director of a company for at least 12 months after i file for bankruptcy so this is the way forward for now.

The company isn't a Facebooks ads agency like most set up. I have developed a unique offering for clients in a particular niche. Most agencies contact clients and offer to ads for them for a monthly retainer. This is the model i was using last year and i did get a couple of clients this way. However in order to be different i have set up a model that essentialy means i can control the niche myself. I won't go into detail here but I'm very excited after testing it on a small scale at the moment.

By the end of the year i expect to have filed for banktruptcy at some point and grown the new company to at least £20k a month in profit. And have my taxi licence as a back up so that i can fall back on that if all else fails.

I decided on January 1st 2020 that whatever has happened before cannot be changed. It was time to forgive myself and move forward, no more anxiety, no more negative thinking. New habits, new mindset, new me.

Last week i was preparing to ask my Father if he would put £5k into the new business account. Firstly to set up a few things required and also to be able to pay myself a low wage just until we get more clients or I start my taxi work. I'm down as an employee so even if i did have money i couldn't put it in because it's my Fathers business, it has to come from him or sales. Like i said I had zero money in any bank. You can't really get lower than £0 money in any bank and £240,000 debts so i focused on the fact that the only way is up.

I got an email last Thursday from one of my old competitors from when I used to sell power adapters on ebay. He asked me would i be interested in selling him my old database of adapter models. I was going to say sure £500 but then i thought i've got nothing to lose here so i told him i wanted £5k. He replied 1 hour later saying yes that's a fair price and within 12 hours the money was in deposited into my Fathers new business account. I actually cried with happiness. No need to ask him to invest now to get started and it gives me some breathing space financially for the next few months. Positive thinking at it's best!

I will post some further updates as I go along but this year is going to be the complete opposite of the last, i'm so excited now as to the ride that awaits.
 

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Thats good you gota new dtsrt , I feel like "maybe a babkruptcy" while trying to start a business is kind of like a mental ball and chaon. Sending yourself mixed signals yah know? "Am I abundant or a failure?"

Interesting to here that taxis are still a viable job , here in the US lyft and uber sort of gutted that industry and turned it into a shitty below minimum wage job for the desperate.
 
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Paul David

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Thats good you gota new dtsrt , I feel like "maybe a babkruptcy" while trying to start a business is kind of like a mental ball and chaon. Sending yourself mixed signals yah know? "Am I abundant or a failure?"

Interesting to here that taxis are still a viable job , here in the US lyft and uber sort of gutted that industry and turned it into a shitty below minimum wage job for the desperate.
I have to get rid of the financial "baggage" and the only way to do that is to file for bankruptcy. The new company is up and running and we've got two clients already.

Taxi isn't a great job. To earn "decent" enough money you have to put the hours in and do nights/weekend usually. As long as for now i'm putting a minimum £2k into our family account each month it doesn't matter where it comes from at the moment. If i can afford to take £1k from my business then i only have to 10-12 days a month on Taxi etc. I hope i never have to drive a taxi but like i said it's there to fall back on.
 
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Paul David

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Update:

Over the past two months nothing really has changed and i know the exact reason why. It's simply down to taking the wrong action and wanting instant gratification.

Looking back on why i'm in the position I am at the moment there is a recurring theme of not taking action each day on things that move the needle. In order to grow my Agency i need to get more clients, to get more clients I haven't done any sales outreach since the first week in December. Equals - no new clients.

I get up everything morning feeling the exact same way, tired and dreading groundhog day. My diet is terrible (I don't eat veg because i don't like it) and procrastinate doing things that don't bring in more sales. I read, work on my program for ads and then come up with all sorts of objections my potential clients are going to say about it.

My goal was to be a millionaire by the time I was 30, i'm 40 in July and i'm bankrupt and slowing eating myself to death every single day with my diet. Eating poorly to cheer myself up.

I don't look forward to anything other than eating and drinking. I drive my kids to school every day in the cold UK weather hating every single minute of it, wishing I was living in Spain in the Sun. I've become a negative, glass half empty type of person riddled with stress and anxiety. I know i'm killing myself slowly.

I'm 2 months behind on my car payments, my Dad isn't happy with me because i've borrowed money on this credit card and missed payments and my Wife made an off the cuff remark to my Son the other day how useless i am at making money.

I set goals and punish myself because i continually fail at them. All because i want instant gratification. I want that fast food now because i'm feeling stressed. I'm not getting up at 6am to do my workout because it's cold and i'd rather stay in bed.

I've thought i'd already had my F**K YOU moment but this feels different this time. I read a book last week called The Slight Edge which puts into perspective perfectly how the small decisions over time affect where you end up.

Today i'm creating a system to get me out of this shit both mentally, physically and financially and i'm going to stick with it through hell or high water. The system will work, what won't is if i decide i don't want to follow through it depending on how i'm feeling on any given day. To quote a passage from the slight edge book:

"Successful people do what unsuccessful people are not willing to do; they put the slight edge to work for them, rather than against them, every day. They refuse to let themselves be swayed by their feelings, moods or attitudes; they rule their lives by their philosophies and do whatever it takes to get the job done, whether they feel like it or not."
 

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Honestly what are you doing?

You're focus is wishy washy to the max. Seriously you've listed about 10 things you want to focus on, eating healthy, going to the gym, becoming a taxi driver, Facebook ads, e-commerce brand etc etc etc

Mate just pick one thing and do that. If it's selling Facebook ads then do that. Go get clients like you were.
 
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Paul David

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Honestly what are you doing?

You're focus is wishy washy to the max. Seriously you've listed about 10 things you want to focus on, eating healthy, going to the gym, becoming a taxi driver, Facebook ads, e-commerce brand etc etc etc

Mate just pick one thing and do that. If it's selling Facebook ads then do that. Go get clients like you were.
First things first, i do not want to become a taxi driver. That's more of a necessity to bring in some extra income whilst my agency grows.

My e-commerce towel brand I don't have any capital to grow it therefore it's something i've had to move on from.

My main focus is fixing my mindset, eating and becoming more healthy and growing my agency. Which all 3 work together.

You're right though, focusing on getting more clients is what i'm going with 80% of my time.
 

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Honestly what are you doing?

You're focus is wishy washy to the max. Seriously you've listed about 10 things you want to focus on, eating healthy, going to the gym, becoming a taxi driver, Facebook ads, e-commerce brand etc etc etc

Mate just pick one thing and do that. If it's selling Facebook ads then do that. Go get clients like you were.
This.

Have you ever had a job long-term? If not, I'd start there.

Get a job. Take a salary. See if you like it. Negotiate down your debts. Get your mind right.

From the sounds of it, you're not in the right state of mind to take on the stress of starting a new business. No offense, but you also don't have the track record to "push through it".

Man up and take care of your family first. Run your business evenings and weekends once your mind's right. Grow from there.
 

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Paul David

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This.

Have you ever had a job long-term? If not, I'd start there.

Get a job. Take a salary. See if you like it. Negotiate down your debts. Get your mind right.

From the sounds of it, you're not in the right state of mind to take on the stress of starting a new business. No offense, but you also don't have the track record to "push through it".

Man up and take care of your family first. Run your business evenings and weekends once your mind's right. Grow from there.
Thanks for your reply.

I've never had a job at all. I've had my own businesses since 1998. I'm starting as a taxi driver which means i can earn money to take care of my family and still be able to work on my business. I wouldn't last two minutes working for someone else and it goes against everything i believe in. Doing taxi work means I can work when i want, bring in regular income and work on my business without the added pressure of needing to earn money fast.

Regarding the debts, i'm filing for bankruptcy once i get started as a taxi driver and starting again. It's been hanging over me for 2 years now and I the stress is getting too much.
 
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Paul David

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So yesterday I eventually filed for bankruptcy with £329,000 worth of unsecured debts and today I've just received confirmation. I'm now officially bankrupt.

I never thought I'd say those words when I started out as an entrepreneur. 2/3 really bad years out of 18 and bang.

Anyway now that's all behind me it's time to concentrate on the future. All my Facebook Ads clients (3) have closed during lockdown but it's given me a chance to develop my partner program for them and set up a lot of automation to scale.

I've signed up 6 new clients in one week of launching my updated program. All ready to go once lockdown is over. In the UK this is looking at around July 4th. I think I should easily be able to sign up 20 new clients before lockdown. My partner program is fantastic for my clients and zero risk on their side.

On a worst-case scenario I estimate that 20 clients will bring me £6000 a month profit. However, this is more likely to be £18,000 a month profit.

With the automation I've set up, I think I could easily sign 50 clients and still work only 2/3 hours a day. The only new employees I would need would be freelancers from the Philippines to follow up with the extra leads I generate for the clients.

Here's to the future..........
 
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I have my bankruptcy interview on Thursday, and it's something I'm looking forward to getting out of the way.

I've finished my automation and SOP's now and I'm ready to spend every day doing what increases the bottom line - signing up more clients. My profit target is £20k a month.

All my clients are still currently closed with lockdown and i've not earned a single dollar/penny since this began 3 months ago. However If I can come out of lockdown (around July 4th for my clients) with 20-30 clients in total I'm confident that I'll have gone from bankruptcy to earning £20k a month within the space of a few weeks. The most I've ever been able to pay myself during the last 20 years is £3.5k a month so it's some turnaround.

I will post an update on here when I've signed more clients.
 

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I have my bankruptcy interview on Thursday, and it's something I'm looking forward to getting out of the way.

I've finished my automation and SOP's now and I'm ready to spend every day doing what increases the bottom line - signing up more clients. My profit target is £20k a month.

All my clients are still currently closed with lockdown and i've not earned a single dollar/penny since this began 3 months ago. However If I can come out of lockdown (around July 4th for my clients) with 20-30 clients in total I'm confident that I'll have gone from bankruptcy to earning £20k a month within the space of a few weeks. The most I've ever been able to pay myself during the last 20 years is £3.5k a month so it's some turnaround.

I will post an update on here when I've signed more clients.
Mate.... if you do pull it off, please don't pay yourself £20k/month. Continue to live on £3k/month and SAVE, SAVE, SAVE, SAVE, SAVE, SAVE....

You just never know. And I'm sure retirement age isn't too far off in the distant is it now?

Good job on pushing through the negativity - keep at it. Rooting for ya.
 
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Mate.... if you do pull it off, please don't pay yourself £20k/month. Continue to live on £3k/month and SAVE, SAVE, SAVE, SAVE, SAVE, SAVE....

You just never know. And I'm sure retirement age isn't too far off in the distant is it now?

Good job on pushing through the negativity - keep at it. Rooting for ya.
Absolutely correct. I wouldn't pay myself that much anyway because the chances are that anything I earn over £2.5-3k a month and I'd have to pay the rest back towards my creditors for a period of up to 3 years.
 

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Absolutely correct. I wouldn't pay myself that much anyway because the chances are that anything I earn over £2.5-3k a month and I'd have to pay the rest back towards my creditors for a period of up to 3 years.
Good progress! Everytime I See fellow business people facing massive difficulty and not losing belief in themselves it resonates with what everyone of us went through.

I sincerely wish you all the best!
 
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Good progress! Everytime I See fellow business people facing massive difficulty and not losing belief in themselves it resonates with what everyone of us went through.

I sincerely wish you all the best!
I think everyone I know has given up on me becoming a financial success........including my Wife.

However, I'll never give up on myself. There's been so many false dawns and broken promises over the last few years I can understand why. Now I'm using their doubts to fuel my fire making me more determined than ever to succeed.

My wife and one of my closest friend earn what (they call) great money, working for someone else. Their great money is around £4500 take home every month. I don't class that as great money at all. Earning £4500 a month for the next 30 years trading 5 days a week in exchange for 2 is my idea of hell. And I'm still saying that whilst having just filed for bankruptcy without any incoming coming in now.

My wife and friend have both worked their way up to £4500 by doing their jobs for nearly 20 years. 40 hours a week in my wife's case and my friend used to work weekends also just to get that amount. In two months time, I'll be earning more than both of them combined and possibly 4 times as much. It will have taken me 2 months (excluding lockdown time) of planning and execution to earn that.

OPTION 1: £4500 a month - 5 working days a week for the next 30 years after spending 20 years climbing the corporate ladder to get to this point

OR

OPTION 2 £20,000 a month - 2 hours work a day (and only if I choose to) with an unlimited ceiling over the coming years after spending 3 months to get this point.

I'll take my option 2 all day long. I've been through everything as an entrepreneur - anxiety, ridicule, physically assaulted (when i had a shop), insomnia, financial ruin, suicidal thoughts yet I still continue to push forward so when someone asks me how did I manage to earn so much money so quickly the answer will not be that it only took a few months planning, the answer will be the 20 years of shit I've gone through what people with these "great paying £4500 a month jobs" would never do.
 

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How is this working? Are you operating from a LTD? I thought you weren't allowed to be a director of an LTD for a set amount of time after going bankrupt...
 

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I think everyone I know has given up on me becoming a financial success........including my Wife.

However, I'll never give up on myself. There's been so many false dawns and broken promises over the last few years I can understand why. Now I'm using their doubts to fuel my fire making me more determined than ever to succeed.

My wife and one of my closest friend earn what (they call) great money, working for someone else. Their great money is around £4500 take home every month. I don't class that as great money at all. Earning £4500 a month for the next 30 years trading 5 days a week in exchange for 2 is my idea of hell. And I'm still saying that whilst having just filed for bankruptcy without any incoming coming in now.

My wife and friend have both worked their way up to £4500 by doing their jobs for nearly 20 years. 40 hours a week in my wife's case and my friend used to work weekends also just to get that amount. In two months time, I'll be earning more than both of them combined and possibly 4 times as much. It will have taken me 2 months (excluding lockdown time) of planning and execution to earn that.

OPTION 1: £4500 a month - 5 working days a week for the next 30 years after spending 20 years climbing the corporate ladder to get to this point

OR

OPTION 2 £20,000 a month - 2 hours work a day (and only if I choose to) with an unlimited ceiling over the coming years after spending 3 months to get this point.

I'll take my option 2 all day long. I've been through everything as an entrepreneur - anxiety, ridicule, physically assaulted (when i had a shop), insomnia, financial ruin, suicidal thoughts yet I still continue to push forward so when someone asks me how did I manage to earn so much money so quickly the answer will not be that it only took a few months planning, the answer will be the 20 years of shit I've gone through what people with these "great paying £4500 a month jobs" would never do.
In the early days 1990s..other business men ridiculed Jack Ma as a con artist who talked about changing the world with “some links in the calculator box” (internet).

I am a free thinker but over the years I believe that there Seems to be a spiritual dimension related hard work and persistence. People who were hardworking are more likely to be successful not just because of the mathematical laws of trying harder and cumulative compounded power of efforts, but things will seem to be easier somehow. There seems always be a mini breakthrough immediately after giving a maximum effort towards What seems to be An impossible obstacle.
 

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