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EXECUTION My Journey to beat 36K Debt/Liabilities + $2200 Monthly Bills.

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prady

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Story so far:

Debt/Liabilities Situation:
$36000 Total Debt
$2200 Minimum Monthly Bills, Unavoidable
Revenue as of now: $0

Debt was accumulated over the last 10 years. A combination of poor Credit Card & loan management, wrong choice in terms of financial investments, business (on & off over the years) & career decisions (joining the wrong companies again and again - either out of ignorance or lack of any other opportunities).

Work Background:
Quit my Job December end last year due to a combination of frustration, mounting debts, lack of recognition/growth opportunities, politics, personal setbacks etc.

Had about enough funds in the bank account to last till end of may 2019

Full time into self employment/entrepreneurship mode since Jan 2019.

All projects tried since then have failed, 24 in total. Some failed in the execution stage, others were discarded due to non-viability during the planning stage itself.

I don't have any partner or coworker etc. I work by myself.


Current status:
I now only have enough bank balance to get me through May. The banks starts auto-debiting EMI's from my Bank account the 1st of every month. So I have got to do something this month.

This is also the motivation for starting this thread. This being the most crucial month - I need to give my best. And daily accountability by documenting my journey in this thread would be a good check.


Goals:

First goal is to start generating enough revenue to pay the minimum due monthly bills. ($2200)

Secondary goal is to pay off the entire 36k debt/loans/credit card outstanding.

Ultimate goal is to generate enough funds to develop a couple of App ideas that I have.


The Plan:
Based on the lessons learned from the 24 failed projects mentioned above, I have shortlisted 3 new projects. Without going into much detail, two are offers from a well known affiliate network, whereas the last one is again an offer to promote another very well known website - who have their own affiliate program in place.

3 is a good number. I gives good focus, while also allowing me to not to put all my eggs in one basket.

So far, May results have been as follows:

1st May: Drew up this plan listed above

2nd May (Today): Started working on one of the affiliate offer by setting up the website.



Happy to have found this forum at just the right time, really needed something like this.

Good luck everyone.
 

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Twiizlar

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Honestly, you have mentioned that "bad decisions" led you down this hole of $36k in debt. Well in my opinion this is another bad decision.

Go get a job and work after hours. That way you can support yourself, slowly work on your businesses and slowly pay off debt.

You did not have "savings to last you through May". Since you have debt that money should have went to contributing towards that while you had a job. By quitting your job without revenue you just went more into debt by using all of your savings.

Also, it seems like you're action faking. You can't run 24 businesses in 4 months. You have to choose one and commit.

Starting an affiliate website takes months to get ranking and most take years to generate good enough profit. The fact that you spent a whole day "planning" says a lot. If my back was against a wall like this and I only had a month, I wouldn't waste a whole day "planning".

Trying to be truthful and help you out. I see a lot wrong here.
 

bingnanxu

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Mar 16, 2019
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Hey @prady, best advice i can give to you at this point, is find a job, read lots of books and pay the debt off first... and use your side time to build a business, it will require laser focus and determination, best of luck, but remember once you learn about the past mistakes, forget it about it, your past does not determine your future, your decision does
 

The-J

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What makes this time different? After all that failure, what are you doing different to get yourself out of the hole?

In your position, I'd be looking for freelance work plus a part time job to at least pay the bills. That's always your first consideration. The ideal situation is to have your nut paid while you have enough free time to contemplate projects.

24 projects in 5 months is unusual. Why so many? Do you come up with an idea, plan it for an hour, then trash it & cont that as a 'project'? How far do you usually get into your projects before you scrap them?

Now you want to split focus into 3 projects. That makes no sense.

Don't drive yourself further into debt just because you want to remain self employed. Get a job that pays your bills while giving you enough time to work on ONE project (not three!) Take freelance work to fill whatever gap you have.

And please work on your decision making process. That's really the cause of all your problems and it's going to cause more until you address it.
 

Tubs

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Debt/Liabilities Situation:
$36000 Total Debt
$2200 Minimum Monthly Bills, Unavoidable
Revenue as of now: $0
For monthly bills is there no way to lower them from $2200, for example getting a roommate, lowing your food expenses by buying cheap and healthy food in bulk(i.e chicken, potatos, rice.) Downgrading your car/selling it all together and bicycling everywhere, etc. I managed to get down to about $650 a month by doing all of the above. Suddenly that $2200 that would've lasted you 1 month would sustain you for nearly 3.5 months.

Of course you might be living in a different area and have a higher cost of living then me, but I'm sure you could find a way to cut back your monthly expenses a fairly reasonable amount.

Good video that might help you with it

Quit my Job December end last year due to a combination of frustration, mounting debts, lack of recognition/growth opportunities, politics, personal setbacks etc.
That's great and all but it seems you don't have a clear idea of what you're doing. Quitting a job cuts you off from a stable revenue and makes it so you have to get focused or you'll run out of money quick. It'd probably be best to at least get a part time job till you figure out a viable business model....

Speaking of which

Based on the lessons learned from the 24 failed projects mentioned above, I have shortlisted 3 new projects. Without going into much detail, two are offers from a well known affiliate network, whereas the last one is again an offer to promote another very well known website - who have their own affiliate program in place.
24 failures since January!?! Dude it's clear that you are money chasing. If you go from one idea to the next without ever committing and instead looking to trade up a week later when its not bringing in any money it'll never work out.

Also judging from the 3 new projects you're choosing from being affiliate marketing and promotions it looks like you haven't even read TMF or unSCRIPTED.

Don't be a money chaser who goes from one business venture to the next and never makes any money off of them. Instead Read MJ's books, learn from the lessons he's written down for us and start a business that provides VALUE to others. When you provide VALUE to others and can successfully convey that VALUE that's when you'll start making money.(Sorry if I'm ranting here, but I literally did the same money chasing bs for a few months and wasted so much time making no money till I read MJ's books. The definition of insanity is doing the same thing over and over all while expecting a different result.)

3 is a good number. I gives good focus, while also allowing me to not to put all my eggs in one basket.
If you focus on starting more than one business venture at a time you will fail every time.


Happy to have found this forum at just the right time, really needed something like this.

Good luck everyone.
You really did find this forum at the right time, you can still fix your situation. Read MJ's books, read the posts of other forum members(Start with the gold and notable ones,) learn from them and come up with a business idea that provides VALUE, and follows common CENTS. You can make it if you have an open mind. I'm rooting for you bro.

Peace out.
 
OP
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prady

prady

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Read Millionaire Fastlane
Apr 11, 2019
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Go get a job and work after hours. That way you can support yourself, slowly work on your businesses and slowly pay off debt.
Not an option, as "slowly" just won't work anymore. Although this should have been the right approach when I first started out doing full time job though.

You did not have "savings to last you through May". Since you have debt that money should have went to contributing towards that while you had a job. By quitting your job without revenue you just went more into debt by using all of your savings.
Agreed. If this doesn't work out, then I have gotten myself into an even bigger hole.

Also, it seems like you're action faking. You can't run 24 businesses in 4 months. You have to choose one and commit.
So as I had written, they were more like projects or even ideas - none of them developed enough to be called a business. I would run test campaigns, get sufficient data to at-least verify whether it would work or not, and then move on if as they didn't. Or is some cases, the results looked promising but the timing or the required investment wasn't there.


Trying to be truthful and help you out. I see a lot wrong here.
I appreciate you being straightforward. Usually with me, its either people playing nice & then ask for favors, or trying to lie & manipulate me for their personal gain. I wish I had more feedback's like yours from the start.
 
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prady

prady

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Apr 11, 2019
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Hey @prady, best advice i can give to you at this point, is find a job, read lots of books and pay the debt off first... and use your side time to build a business, it will require laser focus and determination, best of luck, but remember once you learn about the past mistakes, forget it about it, your past does not determine your future, your decision does
I am actually considering looking for a job now after the recommendations by you guys in this thread. I have noted "remote job" in my to-do list today and would start searching for one.

The thing is, in my Country, the chances of me getting a job which would pay me enough to cover my monthly bills is pretty much impossible. But it could work out with a remote job with a firm based overseas, with the currency difference and all.
 
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prady

prady

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Apr 11, 2019
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What makes this time different? After all that failure, what are you doing different to get yourself out of the hole?
I feel the main reason for all those failures was that I didn't really find any traction, so couldn't really get going. This time around, even if there is a small window of opportunity - I would capitalise on it.

24 projects in 5 months is unusual. Why so many? Do you come up with an idea, plan it for an hour, then trash it & cont that as a 'project'? How far do you usually get into your projects before you scrap them?
Most of them were discarded after I have ran few test marketing campaigns on them. Rest were discarded after the whole planning stage was done (ideation, audience research, marketing plan etc.)

Now you want to split focus into 3 projects. That makes no sense.
The way I looked at it is me being on the safer side by not putting all my eggs in one basket. Since these are affilaite offers and not real business, the chances of things going wrong are comparatively higher.

And please work on your decision making process. That's really the cause of all your problems and it's going to cause more until you address it.
Agreed. Can't believe some of the decisions I had taken in the past myself.
 

SamRussell

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Are there any insolvency options you can use? Bankruptcy, payment agreements etc?


What about your personality has caused those bad decisions?
 
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prady

prady

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Apr 11, 2019
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For monthly bills is there no way to lower them from $2200, for example getting a roommate, lowing your food expenses by buying cheap and healthy food in bulk(i.e chicken, potatos, rice.) Downgrading your car/selling it all together and bicycling everywhere, etc. I managed to get down to about $650 a month by doing all of the above. Suddenly that $2200 that would've lasted you 1 month would sustain you for nearly 3.5 months.

Of course you might be living in a different area and have a higher cost of living then me, but I'm sure you could find a way to cut back your monthly expenses a fairly reasonable amount.

Good video that might help you with it
Thanks a lot for your suggestions. The thing is when I say bills, I am also including the EMI's and Credit Card payments in them. The actual utility & food bill expense for me is only about $430 a month.

Hence the minimum monthly bills can't be reduced, or would hardly make any difference.

Also judging from the 3 new projects you're choosing from being affiliate marketing and promotions it looks like you haven't even read TMF or unSCRIPTED.
You are right, I haven't although I plan to read them pretty soon.

And although it may not look like it, I was actually focusing on value based business since January. But of-course, the intended users has to see the value for themselves which didn't happened so far.
 

MTEE1985

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The way I looked at it is me being on the safer side by not putting all my eggs in one basket. Since these are affilaite offers and not real business, the chances of things going wrong are comparatively higher.
If they aren’t real businesses then get them off your list.

“Diversification is protection against ignorance” -Warren Buffet

“Diversification is for idiots”-Mark Cuban

“Put all your eggs in one basket and watch that basket grow” -Andrew Carnegie

You can not afford at this stage to diversify and play it “safe. The literal definition of entrepreneurship is risking your own capital in hopes of making a profit.

I agree with those who said you need to get a job first and foremost regardless of its pay. Then, take your single best idea and go all in on it. You cannot diversify businesses like you would a financial portfolio.
 

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The-J

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The way I looked at it is me being on the safer side by not putting all my eggs in one basket. Since these are affilaite offers and not real business, the chances of things going wrong are comparatively higher.
This is part of the faulty decision making process that you need to address.

Your downside is relatively low, and diversifying it away makes no sense. You're not betting the farm on maketing tests, you're spending probably in the hundreds of dollars, all of which could be lost. Why would you lower potential upside so much in favor of lowering such a limited downside? Your downside is limited to your available investment.

As someone who has run quite a few marketing tests myself, learnings from marketing tests are the source of forward progression. As a result, you find that each subsequent dollar you spend, although it may be lost, brings you closer to profitability.

If you have $1000 to spend, spending $333 on each offer is a worse idea than spending $1000 on one. Why? Because your first $333 could go into one test, which informs tests that you spend the next $666 on. Even if that money doesn't bring you closer to profitability, it brings you closer to understanding your market and your marketing.

"But what if I choose the offer that doesn't work?" What's more likely: you being able to take one offer closer to profitability with your spend (but still be unprofitable), or you being profitable out of the gate from one of three? If the first was more likely, then it makes more sense to just choose your favorite one and focus on it.

If the second was more likely, then what would you have to know about an offer to know if it's likely to be profitable out of the gate? Broad appeal, maybe? Effective landing page? High perceived value from the audience? These are all things you can spend money to test and find out! Therefore, it STILL makes more sense to choose one of 3, except now it requires a bit more investigating (and testing).

You're not a lottery ticket (Peter Thiel). Stop treating yourself like one. I don't know you, but judging from what I know about myself, it seems you're more afraid than ever to take the calculated risk. You were less afraid in January, because you had a few months of expenses saved up and you didn't need a job. Now you're on thin ice, and you're thinking about ways to reduce likelihood of failure rather than increasing likelihood of success. That wouldn't be a bad thing... if the stakes were closer to the potential upside.

But they're not. At the end of this, you're probably still gonna need to get a job, you're still in debt, and you're still broke. Despite all of these things, you can still succeed.
 

AndreiRx

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And although it may not look like it, I was actually focusing on value based business since January. But of-course, the intended users has to see the value for themselves which didn't happened so far.
I will focus on another thing that you say here, which is "the intended users have to see the value for themselves" which realistically never happens with anything.

To give you a glimpse of what you are going to read in the fastlane for example, chapter 21 will lay down the law of effection, which, in short, says "the more lives you affect in an entity you control, in scale and/or magnitude, the richer you will become". There is a lot to unpack here, from the math (PROFIT = units sold (scale) X unit profit (magnitude)), to the very important concept of CONTROL.

Which brings me to your idea that users have to see value for themselves -- and really now -- are you saying that your marketing strategy is hope? That will never work no matter what you do.

To give you another glimpse from the book, giving up control over your financial plan is to ultimately make someone else rich.

So I believe you'd better stop everything and start reading the fastlane -- the big takeaway for you would be ORIENTATION, without which you will never go anywhere with any of your ideas. Sorry to say this...
 

Cvince

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I'd highly suggest not banking on an affiliate website to make you this money with $0 capital.

You need to be in the trenches working your a$$ off right now. Is there anyway you can lower your monthly expenses?

You could always start a landscaping company. Go door to door offering the services and then outsource the work locally until you can get your own equipment. I used to work door to door sales for an asphalt sealing company on straight commission. The daily take home was always north of $300.
 
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jakeG

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Thanks a lot for your suggestions. The thing is when I say bills, I am also including the EMI's and Credit Card payments in them. The actual utility & food bill expense for me is only about $430 a month.

Hence the minimum monthly bills can't be reduced, or would hardly make any difference.



You are right, I haven't although I plan to read them pretty soon.

And although it may not look like it, I was actually focusing on value based business since January. But of-course, the intended users has to see the value for themselves which didn't happened so far.
Bro you need to gtfo this board and go get a job unless you wanna be homeless. Fix your habits then your income.
 

ShamanKing

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For monthly bills is there no way to lower them from $2200, for example getting a roommate, lowing your food expenses by buying cheap and healthy food in bulk(i.e chicken, potatos, rice.) Downgrading your car/selling it all together and bicycling everywhere, etc. I managed to get down to about $650 a month by doing all of the above. Suddenly that $2200 that would've lasted you 1 month would sustain you for nearly 3.5 months.

Of course you might be living in a different area and have a higher cost of living then me, but I'm sure you could find a way to cut back your monthly expenses a fairly reasonable amount.

Good video that might help you with it



That's great and all but it seems you don't have a clear idea of what you're doing. Quitting a job cuts you off from a stable revenue and makes it so you have to get focused or you'll run out of money quick. It'd probably be best to at least get a part time job till you figure out a viable business model....

Speaking of which



24 failures since January!?! Dude it's clear that you are money chasing. If you go from one idea to the next without ever committing and instead looking to trade up a week later when its not bringing in any money it'll never work out.

Also judging from the 3 new projects you're choosing from being affiliate marketing and promotions it looks like you haven't even read TMF or unSCRIPTED.

Don't be a money chaser who goes from one business venture to the next and never makes any money off of them. Instead Read MJ's books, learn from the lessons he's written down for us and start a business that provides VALUE to others. When you provide VALUE to others and can successfully convey that VALUE that's when you'll start making money.(Sorry if I'm ranting here, but I literally did the same money chasing bs for a few months and wasted so much time making no money till I read MJ's books. The definition of insanity is doing the same thing over and over all while expecting a different result.)

If you focus on starting more than one business venture at a time you will fail every time.




You really did find this forum at the right time, you can still fix your situation. Read MJ's books, read the posts of other forum members(Start with the gold and notable ones,) learn from them and come up with a business idea that provides VALUE, and follows common CENTS. You can make it if you have an open mind. I'm rooting for you bro.

Peace out.


Surprisingly this guy was how I discovered TMF. I still watch his videos but super slow lane.
 
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prady

prady

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Apr 11, 2019
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Updates:

Key developments in the past week since my last posts were as follows:

1. Read "The Millionaire Fastlane" book.

Bought the Kindle version from Amazon and finished it in one sitting.

My review of the book:

-The author has a good sense of humor.
-Has very good story telling skills.
-Too many takeaways, I had a sheet full of notes by the time I was done reading.
(Responsibility & Accountability, focusing on the process, the math behind the fast lane, the value of time, the true cost of credit, the 5 commandments etc.)

Also I think even though it was not specifically mentioned in the book, the author was also advocating some degree of fearlessness & risk taking, and MJ himself wasn't afraid of spending money when the need arose. I think I relate to that :p

Also read the book "The war of art" as suggested by members in some other thread here. It was also extremely useful, especially considering where I am right now.

2. Dropped all projects but just one.

This was a tricky one. The suggestions in this thread above were all for focusing on one project at a time, whereas I didn't quite agree with it.

So I reached out to the "Super intelligence" on this one. And the super intelligence confirmed that I should indeed focus on one project only :smile2: The premises made in support of this argument were as follows:
Luke 10: 41-42
Matthew 6:28
Exodus 16:4
Ecclesiastes 4:6
Proverbs 21:5
James 1:8

So I dropped the two affiliate offers joined through the network, and shortlisted the 3rd one where I am working directly with the company.

3. Website Setup
Set-up the website for the shortlisted offer.

-It's a static website with Wordpress as the CMS.
-Drew up the marketing plan.
-Prepared content for all the offer pages.

So I am all set for launching marketing activities now.

Would try and update this thread daily.

Thanks guys.
 
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prady

prady

New Contributor
Read Millionaire Fastlane
Apr 11, 2019
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Are there any insolvency options you can use? Bankruptcy, payment agreements etc?
So in my country the insolvency laws are only for companies, the ones for individuals are not very feasible. But I have still started looking for lawyers to explore my options.

Payment agreements here is called "defaulting" and then "settling" the principle amount only. But this happens only after lengthy process with the bank's collection agencies etc. Also my credit report would be useless if I choose this option, so I would only consider this if all other options fail. (or maybe I won't have any other option left but this)

What about your personality has caused those bad decisions?
We are what our environment makes of us, a product of our environment.
 
OP
OP
prady

prady

New Contributor
Read Millionaire Fastlane
Apr 11, 2019
25
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35
If they aren’t real businesses then get them off your list.

“Diversification is protection against ignorance” -Warren Buffet

“Diversification is for idiots”-Mark Cuban

“Put all your eggs in one basket and watch that basket grow” -Andrew Carnegie

You can not afford at this stage to diversify and play it “safe. The literal definition of entrepreneurship is risking your own capital in hopes of making a profit.

I agree with those who said you need to get a job first and foremost regardless of its pay. Then, take your single best idea and go all in on it. You cannot diversify businesses like you would a financial portfolio.
Thanks for the suggestions, that's what I have come to conclude also.
 
OP
OP
prady

prady

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Read Millionaire Fastlane
Apr 11, 2019
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This is part of the faulty decision making process that you need to address.

Your downside is relatively low, and diversifying it away makes no sense. You're not betting the farm on maketing tests, you're spending probably in the hundreds of dollars, all of which could be lost. Why would you lower potential upside so much in favor of lowering such a limited downside? Your downside is limited to your available investment.

As someone who has run quite a few marketing tests myself, learnings from marketing tests are the source of forward progression. As a result, you find that each subsequent dollar you spend, although it may be lost, brings you closer to profitability.

If you have $1000 to spend, spending $333 on each offer is a worse idea than spending $1000 on one. Why? Because your first $333 could go into one test, which informs tests that you spend the next $666 on. Even if that money doesn't bring you closer to profitability, it brings you closer to understanding your market and your marketing.

"But what if I choose the offer that doesn't work?" What's more likely: you being able to take one offer closer to profitability with your spend (but still be unprofitable), or you being profitable out of the gate from one of three? If the first was more likely, then it makes more sense to just choose your favorite one and focus on it.

If the second was more likely, then what would you have to know about an offer to know if it's likely to be profitable out of the gate? Broad appeal, maybe? Effective landing page? High perceived value from the audience? These are all things you can spend money to test and find out! Therefore, it STILL makes more sense to choose one of 3, except now it requires a bit more investigating (and testing).

You're not a lottery ticket (Peter Thiel). Stop treating yourself like one. I don't know you, but judging from what I know about myself, it seems you're more afraid than ever to take the calculated risk. You were less afraid in January, because you had a few months of expenses saved up and you didn't need a job. Now you're on thin ice, and you're thinking about ways to reduce likelihood of failure rather than increasing likelihood of success. That wouldn't be a bad thing... if the stakes were closer to the potential upside.

But they're not. At the end of this, you're probably still gonna need to get a job, you're still in debt, and you're still broke. Despite all of these things, you can still succeed.
Thanks again, I have zeroed-in on only a single project now.
 

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prady

prady

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Which brings me to your idea that users have to see value for themselves -- and really now -- are you saying that your marketing strategy is hope? That will never work no matter what you do.
Yes I read the book and orientation is the key.

However, coming back to what you posted here, I would like to add that there is an alternate movement or trend happening in the marketing circles these days. The argument is that at the end of the day, marketing is only as good as the product. Or, great marketing takes the story of the business, the product or service and shares it with the prospects.

If it does not work, it could well be a product thing. And keep trying to sell the product based solely on marketing would be misleading or manipulating the buyers.

You can look up Seth Godin's or Bernadette Jiwa's recent works for a better clarification on this.
 
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prady

prady

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I'd highly suggest not banking on an affiliate website to make you this money with $0 capital.
Yes, aff marketing is risky.

You need to be in the trenches working your a$$ off right now. Is there anyway you can lower your monthly expenses?
Nope.

You could always start a landscaping company. Go door to door offering the services and then outsource the work locally until you can get your own equipment. I used to work door to door sales for an asphalt sealing company on straight commission. The daily take home was always north of $300.
That was amazing what you did there. I get the idea though, some food for thought.
 
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prady

prady

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Bro you need to gtfo this board and go get a job unless you wanna be homeless. Fix your habits then your income.
Yeah, I think I am going to stick around for a while. But YOU - feel free to gtfo this thread.
 

AndreiRx

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Apr 16, 2019
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Yes I read the book and orientation is the key.

However, coming back to what you posted here, I would like to add that there is an alternate movement or trend happening in the marketing circles these days. The argument is that at the end of the day, marketing is only as good as the product. Or, great marketing takes the story of the business, the product or service and shares it with the prospects.

If it does not work, it could well be a product thing. And keep trying to sell the product based solely on marketing would be misleading or manipulating the buyers.

You can look up Seth Godin's or Bernadette Jiwa's recent works for a better clarification on this.
If you would read my message again -- please see for yourself that I never said that marketing was everything, or that marketing alone is what counts. I only remarked that you are wrong for overlooking marketing, which is not the same thing.

Now I agree that people can get the wrong idea, especially when I try to over-emphasize something... so I'd like to thank you for calling this out, so I can clarify.

Marketing is an important cog in your business. You need more than that though: execution / operations, marketing, customer service, product, and yes people and ideas. (see the chess pieces chapter)
 
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prady

prady

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Finally setup the campaigns today, now waiting to collect sufficient data & also see how it goes.

Started with Adwords today, will expand to other networks next.
 

MJ DeMarco

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There's nothing wrong with getting a job, even if it doesn't pay all your bills. It's money that won't drain elsewhere. To say, "A job won't pay all my bills!" is an excuse. Think starting a business is hard? Try doing it on a street corner or in a homeless shelter.
 

LinorCG

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Just don't forget to also be fair with those who you owe money to.

Those debts are also your responsibility. At least negotiate the payments, I'm sure you can workout a plan with them.

As others said, getting a job isn't bad, its a tool you'll use to help you payoff those loads/debts. They won't be going nowhere, it's more of a pressure to see them mounting up due to interests than seeing them going down even for a dollar a time.
 
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prady

prady

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Apr 11, 2019
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Not much to report today.

Adwords campaign is collecting data at this stage, expanded the campaigns today by Geo.

The good part is that I can target worldwide, which means with more volume I can afford to pay lower per click and still generate decent traffic to the landing pages.

Also completed one month of joining this forum :p
 

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