okay so how did I do how do I pay off
what was in effect a hundred thousand pounds worth of debt that is the kind of
debt where you can’t ring up your dad or a friend or a family member and say can
I have a lend even every month there was no way people could help me through that
I couldn’t even get a job to pay off that amount of debt I just couldn’t earn
enough I had to do it in different ways I’m gonna share with you what I did
actually so I’m gonna talk to you about how to
get out of debt specifically because it wasn’t that long ago that I was actually
in a hundred thousand pounds worth of debt now two caveats here number one I’m
not a financial adviser I’m gonna share with you how I got out of debt so you
have to obviously seek financial professional help
and the other caveat is you might be thinking wow you were in debt and I
meant to be taking business advice from you the reason I was in debt wasn’t
necessarily because of bad decisions I made it was because four or five years
ago it would’ve been july 2015 I woke up one day and I realized I hated my
life I had depression I had it for like six years and I’d built these two
businesses a marketing agency and a recruitment company and all I ever
wanted to do was coach people and teach people how to change their lives at the
time I was running a multiple six-figure business we were bringing in something
like 30 40 K every month in one business alone and we just been through this
massive growth spurt so I borrowed from the funding circle the banks had credit
cards we did this massive growth exercise and literally weeks after
borrowing and investing that money I woke up as the universe would have it
and I realized I hate my life I’ve made a massive mistake so I had a choice
stay in those companies keep building them payoff it wasn’t debt was like
borrowed money pay off the borrowed money continue to scale or take a punt
on my dreams walk away from it all and just pay off that money take it on his
personal debt so one day I wrote a blog called why happiness cost me 70 K
because i didnt know it 100 K at the time why happiness cost me 70 K I walked away
paid off the money myself and launched what is now daretogrow so a little bit
of daretogrow lisa bean personal history for you
there okay so how did I do that how did I pay off what was in effect a hundred
thousand pounds worth of debt that is the kind of debt where you can’t ring up
your dad or a friend or a family member and say can I have a lend even every
month there was no way people could help me through that I couldn’t even get a
job to pay off that amount of debt I just couldn’t earn enough I had to do it
in different ways I’m gonna share with you what I did to actually get out of
debt number one you’re gonna hate this bus
you’re gonna hate all these steps but they are essential if you’re in debt
okay number one is you’ve got a look at the debt you got to be prepared to face
it most people start accumulating debt and they don’t look at it they don’t
know exactly how much debt they’re in they’re avoiding those letters from HMRC
they’re ignoring those bounces or whatever is happening with their plan
cards or their credit cards and they won’t look at it they think it’s just
gonna magically go away but that’s not taking responsibility for your life and
if you do that the debt will grow light attracts light debt attracts debt okay so
first thing you’ve got to do is you’ve got to put on your big girl big boy pants
and it’s hard I did it you got to sit down you know open up your bank account
open up those statements get a spreadsheet and actually map out how
much do you owe it is brutal it is painful and it is essential if you
genuinely want to get out of debt and into wealth like hundreds of thousands
of pounds on your bank you need to know how much debt are you in so it was the
first thing I did when I calculated it I couldn’t believe I was in a hundred
thousand pounds that’s how much I had to find to pay off and it was scary and it
made me feel sick but it was just an essential part of the process second
thing I had to do it I hate it even more and rang all of my credditors
these are people who didn’t lend any money people I borrowed from sites a
room lit up and say see I bought 30 grand from you I can see that these are
my this is my payment plan is there anything we can do to extend the payment
plan make the payments less so that I can be sure I hit that every month
creditors want you to pay back the money and they would much rather you paid it
back at regular intervals then you pay one skip one pay one they have to get
debt collectors involved so actually if you do the kind of I want to say big girl
big boy big thing and actually ring the creditors you’ll find they want to help
you pay off the debt so I rang them all i rang the banks the funding circle the
credit card companies had a couple suppliers I paid them first I rang them
up I said what’s the account what do I owe brilliant I’m gonna pay you three
payments of three grand over the next three months and then it’ll be cleared
and then this is the best bit okay once I had that clarity and I had those
agreements in place I had this spreadsheet and I’ve still
got the spreadsheet to this day and I put at the top July 2015 total amount
owed whatever it was like 95 K I don’t know 96 K and then every month I started
counting down like yes now we only go 88 thousand can you imagine own 80,000 like
that’s the kind of amount of making it’s hard to say but when I got to 88 yes so
you got to celebrate paying off the debt it’s not a burden don’t look at it but
I hate being in debt it’s not fair it is fair you borrowed the money and you
spent the money and if someone borrowed it from you you’d want to make sure that
they paid you back too so you pay it back you make yes
thank universe that I was able to afford this amount I used to write up my
invoices paid with ease and I would try and generate feelings of abundance like paid
with ease money flows through with ease and abundance that’s what I used to say
and write it on my invoices my accountant
probably thought I was crackers when she got those at the end of the financial
year and all the invoices said paid with ease she’s probably like was it though
so go to my spreadsheet mark it off done and then I got down to 70k 60k 50k one
day I looked I was down to 17 K I was like oh my god I’m so close and you keep
going keep going to you down to 0 next thing I did was it kind of all happened
within the same week was I set a vision and I’m only laughing because in every
video on that set vision get back to vision but it’s massively important
whatever you want for your life whatever you ask for your life you will get so
you say please universe please God please whatever energy help me to pay
the rent this month help me to meet the wages help me to clear that amount they
are the kind of things that everybody especially business owners that’s what
they focus on I didn’t do that because if you focus on please let me just pay
the rent this month guess what you will just pay the rent but if instead you
wake up a new going universe show me ways to generate an extra 10,000 pounds
of revenue this month and I will act on the inspiration that comes through your
brain is like a computer it will find ways to solve the bigger problem so with
my vision I didn’t just say I want to be debt-free that’s negative I focused on
abundance with my vision even now I always focus on how much I want to earn
what I want to bring into my life the freedom I want the things I want to buy
i give my money a purpose and I set a big board compelling ridiculous vision
because even if I fall short of it it’s better than scraping by and just paying
the rent next thing I did brutal again just as painful but not as painful as
that spreadsheet in the beginning was I actually went through all of my bank
accounts went to business bank accounts a personal bank account and I had some
credit cards which I’d already paid off at this point and I started going
through them and looking at all of my expenditure and I asked myself genuinely
do I need that can I get by without it and I cut things like access to
Shutterstock access to online systems things that had crept up like money that
had just crept and money that was just hearing like Netflix and things I cut
everything we started shopping in Aldi and Lidl instead of Marks and Spencers
like we really tightened in our life because we knew that it would be better
to be in debt paid off aggressively than to let it last five six eight ten years
so go through your bank genuinely and ask is there a way I can take 20% of my
expenditure this week or this month and I’m bet you’ll find things in there you
didn’t even know you were paying for last one super-important do not put your
life on hold if you’re in debt loads of people are like I’m in debt I’m just
gonna have to work or I’m just gonna have to do the bare minimum and my life
is on hold we didn’t do that yes we cut our expenditure yes we sacrificed
Netflix but we didn’t put our life and hold in the meantime I started building
dare to grow and I started teaching people about mindset and how to get out
of depression how to get out of a funk how to set a vision for their lives how
to launch a business I taught people what I knew so by the time the debt
payments were winding up I only had a brand new business that wasn’t just a
startup it was growing and it was scaling so don’t put all of your time
and energy on paying off the debt and that be your life actually build what
you want to build make sure experiencing in life the kind of life you want to
experience for example me and Alice wanted to travel we wanted freedom to
live and work anywhere so we made a point of doing things like as a treat go
to the cinema in the middle of the day on a Monday to be like Oh feels amazing
to do this or we’d pack a picnic and we’d go to the park and we do yoga in
the park so it was frugal but it also gave us an
experience of our life growing and expanding and not hiding in the corner
and paying debt so again another financial advise that there’s more to it
than that but I just wanted to share with you some of the major things I did
that helped me get out of debt I hope help you