Join The Money Conversation!
Ask Your Question and get it answered, just like Gregory did on #AskLoral September 2016!
QUESTION FROM GREGORY:
How do I approach my debt? I want to get rid of it quickly, but I also want to grow my business. Can I do both?
ANSWER FROM LORAL:
Gregory, so many of people are stuck, you’re completely paralyzed when it comes to debt because you’re minimizing instead of expanding.
Let me explain:
Too many people focus on paying off debt instead of trying to grow. This is the wrong approach.
In fact, I promise that if you spend the next year focused on getting your debt down to nothing, you will have exactly that at the end of the year—nothing.
If paying off debt is your goal, what happens when the debt’s gone? Nothing because you had no true goal. The goal cannot be to pay off debt. It can be a part of a goal, but it can’t be the main goal.
Your main goal when you're in debt should be to EXPAND, make more money and take control of your life.
Think about it this way:
The reason you have debt in the first place is because you had a fixed income, but you lived a *little* outside your means and had to put it on a credit card. So now you’re having to pay for what you spent outside of your lifestyle.
I don’t want you to do that. Instead of living within your means, I want you to expand your means so you can have a bigger life.
Many of you are putting too much of the money you earn toward your debt…vs. growing your money, putting it back in your business and into your asset account.
When you get out of debt in my style (and the way the wealthy do it), you do 3 things:
1) Grow a company
2) Invest back into your asset portfolio
3) And you’re going to pay off the debt
When you do this and the debt’s gone, you still have a business and investments that are growing – you have a growth model, not a restriction model.
Focusing on paying off debt is like dieting without exercise – It’s an endless cycle of starvation and deprivation with no lasting results.
If this is you…it’s time to shift all of this up because your pay-debt-first strategy may not be working.
But I’ve learned that YOU CAN DO LESS AND MAKE MORE.
Let me explain:
- You can do less work
- Do less of what you’re not good at doing
- Do less wasting time
- Do less worrying, and
- Do less “bad” in your life.
By doing this, you can:
- Make more money
- Make more time
- Make more happiness, and
- Make more good and love in your world.
The question isn’t whether there’s something out there waiting for you to discover it or waiting for you to build a business out of – the question is when are you going to bring out that attitude, that fire, that YES! energy inside you and rediscover the power to live and lead in extreme optimism and energy?
Funny you ask this question because I talk about it in depth in my book “Yes! Energy: The Equation to do Less, Make More.” Check it out & I’m sure you’ll pull more great messages out of it.