This is one financial mistake that can actually wipe you out.
You have to avoid making this financial mistake.
This one mistake put me hundred thousand dollars in debt.
And I’m going to share with you three solutions.
Do not make this financial mistake and it is going to save your life.
The third solution is the solution that is the easiest,
okay? And it is practical.
And I’m going to show you exactly how to do it in this video.
Now how do a lot of you start a business?
You borrow money
because of course you don’t have capital to start a business.
So what do you do? You borrow money,
you start a business and you keep things running.
That is what I did. I did a business.
The business worked very well.
So I went around, I took money from other people,
they lend the money to me.
I borrowed money directly from them and I put it in the business.
Now when the business field,
it means that I have lost people’s money.
I am the one who owes people.
It means that people have to follow me to get their money’s back.
That is a way you should not do.
You don’t go about it that way.
That is how people get up in depth.
That is how men’s Gold ended up owing people.
You don’t do that.
Instead, this is what you do.
I’m going to give you three solutions.
The first one, Is the hardest,
the last one is the easiest.
So the easiest, the first one,
the hardest one to do is to create a limited liability company.
A limited liability company means that if that company borrows money
and that company invest in something, when that thing fails,
okay, it is limited to the company’s money.
It means it doesn’t affect you,
the individual, you don’t owe anybody.
It means that the banks will lend money to that company.
Now this method is very difficult because very few people,
very few banks will lend money to a company that you know that is new,
that hasn’t done anything yet.
It is difficult. The second method,
and I’ve talked about this already,
is to be outside of depth and not inside depth.
Outside of depth means that the money that you are borrowing
is smaller than the money that you have.
So when you lose the money that you have borrowed,
at least you have your own money to pay for that debt.
But when you borrow more than the money that you have,
when you lose that money, it means
the money you have borrowed
is bigger than the money that you have owed,
you are going to be in a problem.
Even this one I don’t recommend,
but the last one is the best way to do it.
What you need to do is that you as an individual,
you identify a business, you see that the business is Good.
And then what you, what,
what do you do? You approach other people,
other investors, people who have more fans than you,
and you pitch the business idea to them.
Now they are not lending the money to you.
They are investing in that business that you have offered them.
So you let them understand the business.
This is the worst case scenario that could happen.
Let the investors understand there is a possibility,
like in any other business,
there is a possibility of losing your money.
And this is, in this case,
we are going to lose our money.
But it has to be a business that you understand.
This method for most of you is going to be very easy for you.
Most of you is going to be difficult,
is difficulty or is easiest
depends on your personal reputation.
Some of you around your family and friends,
you don’t have the best reputation.
This will only work if you have a good reputation.
It means that people around you should have seen you as a person who
in the past has not embarassed any fans
in the past. You are somebody that people can give their money to
and when they want it, they can have it back.
If you do not fix this reputation,
it is going to be very difficult for you to go from 0 to 1
because most of the time you don’t have the capital.
You need other people to invest.
In you. If you don’t have that confidence,
if people cannot have that confidence in you,
that you have ruined your own life
by being somebody people cannot count on.
It is important that you are somebody that people can count on.
You have to start by being a very ethical person.
I took people’s money. I invested in bad business.
I went down in depth.
I did everything possible to pay every single one of them.
Today, thankfully,
I don’t need investors. I don’t need people to invest in me.
But if I wanted to come up with hundred thousand dollars today,
I’ll be able to do it. Why would I be able to do it?
Because people give me their hundred thousand dollars
and when I failed, I give their,
their money back to them and say,
hey, listen,
things didn’t go well, but this is your money.
Because of that, today I am a working capital.
It means that I can, if I have to raise capital,
I can raise capital on, you know,
at any minute. So sometimes when they say you are ethical,
I don’t know, even religion follows that.
Business, being ethical and business is always going to save your life.
People around you should be able to trust you.
If you know people who have money and they are not,
it means that they do not trust you to be able to invest in you.
So you don’t have to borrow money to Start a business
but you can get other people to invest in your business idea
say that when that money that you have used to do the business
if that business eventually fails
because what happened to me is that I had a business
people invested money in those in that business
most of them across 3 2 years
they had more than double
the money that they invested in that business
but when the business failed
I had to pay them a loan
I was the only person who had to give them money
because the business has failed
even though they have had more than twice
thrice their money because what was the difference
I borrowed the money if you borrow people’s money
and it feels you have to pay it back to them
there’s no this but you have a good business idea
you pitch it to people
let the people understand what they are investing of course
it is a good you know it’s a good business when profits come
of course you you both have a part in that profit okay
and eventually when that business dies it is not you
you owe the people but of course
it doesn’t mean you should deceive people into dubious business
let them understand what they are investing in
let them understand the risk involving everything
that is the way you can start a business without capital
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