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Should Entrepreneurs Avoid Debt · Gym Business Coach Podcast

0:01
[SPEAKER_00]: All right, welcome back to the built-a-girl podcast and we're host him alliance joined again in studio by Randy Inks and what's all right are we doing good good guys listen up big changes on the way you guys are gonna start seeing some things from This podcast and new YouTube channel.
0:17
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0:24
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0:31
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0:36
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0:43
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0:43
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0:45
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0:47
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0:48
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0:49
[SPEAKER_00]: So anyways, this is just the transition period.
0:51
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0:53
[SPEAKER_00]: So in case you start seeing that stuff, you know what it is.
0:56
[SPEAKER_00]: Okay, cool.
0:58
[SPEAKER_00]: Let's, you know what, we got a good episode.
1:00
[SPEAKER_00]: This was a conversation we were having yesterday and our team call.
1:03
[SPEAKER_01]: Yeah.
1:04
[SPEAKER_00]: And we were talking about the differences between Jim owners who take risks, those that won't, those that refuse to take debt, some that are all about the debt, and we want to talk about the mindset between the two.
1:17
[SPEAKER_00]: So the first thing I want to mention is the definition of entrepreneur, okay?
1:22
[SPEAKER_00]: Everybody who is listening this show in some shape or form believes that they're an entrepreneur, okay?
1:30
[SPEAKER_00]: Have you ever looked up the definition of an entrepreneur?
1:32
[SPEAKER_01]: Like the dictionary, we've discussed it quite a bit.
1:36
[SPEAKER_00]: Obviously, it's ironic in a lot of ways, because in the definition, it's some of it runs a business that takes on greater than normal financial risk to do so.
1:50
[SPEAKER_00]: And that's the definition of an entrepreneur.
1:53
[SPEAKER_00]: However, there are many,
1:57
[SPEAKER_00]: business owners that refused to take on greater than normal financial risk to run their operations.
2:03
[SPEAKER_00]: It is just really interesting.
2:04
[SPEAKER_00]: So like, like, define what is greater than normal financial risk.
2:08
[SPEAKER_00]: I mean, that's a moving target.
2:10
[SPEAKER_00]: What's normal?
2:11
[SPEAKER_00]: What's greater than normal?
2:12
[SPEAKER_00]: What is financial risk?
2:14
[SPEAKER_00]: It's financial risk saying, Hey, I'm willing to not take a paycheck and leave my job.
2:19
[SPEAKER_00]: That's a steady 40 hour or whatever.
2:20
[SPEAKER_00]: Check.
2:21
[SPEAKER_00]: And that's financial.
2:22
[SPEAKER_00]: That's
2:24
[SPEAKER_00]: Is it hey, I've got opportunities in front of me, but I don't have the money so therefore I'm going to take on a debt or loan, you know, as financial risk that that is financial risk.
2:35
[SPEAKER_00]: There's a lot of different things.
2:38
[SPEAKER_00]: Being in business in general, I don't know if where we're going to make next month versus this month, there's, maybe that's life anyway, but like any business whatsoever is some type of risk.
2:50
[SPEAKER_00]: But it's interesting because this crown of entrepreneurship is like this word that's thrown around.
2:58
[SPEAKER_00]: But the behaviors behind those folks sometimes don't reflect the definition of an entrepreneur.
3:07
[SPEAKER_00]: So you go and look around and you start looking at behaviors and people who teach things.
3:13
[SPEAKER_00]: And there's really two,
3:14
[SPEAKER_00]: financial coaches that live.
3:16
[SPEAKER_00]: I mean, there's many, but there's two that kind of like are in vast opposites of the spectrum.
3:22
[SPEAKER_00]: And one of them is Dave Ramsey and the other side of the entire opposite.
3:27
[SPEAKER_00]: And there I think they're friends, which is cool.
3:28
[SPEAKER_00]: I think they are friends.
3:30
[SPEAKER_00]: The other side of the spectrum is Robert Kiosaki, right?
3:33
[SPEAKER_00]: So you got Dave Ramsey, Robert Kiosaki.
3:36
[SPEAKER_00]: And so if you guys haven't ever
3:39
[SPEAKER_00]: heard these names before, I'll just give you a quick background in each one.
3:43
[SPEAKER_00]: So Dave Ramsey is, I think he's got a tenancy and he's got a show and he's got books and and really what his his whole philosophy is getting out of debt.
3:56
[SPEAKER_00]: Yep.
3:57
[SPEAKER_00]: It's you're in debt.
3:58
[SPEAKER_00]: Get out.
3:58
[SPEAKER_00]: Here's how to get out of it.
3:59
[SPEAKER_00]: That's snowball.
4:01
[SPEAKER_00]: He has a motto, it's like, live today like nobody else so that you can live tomorrow like nobody else.
4:09
[SPEAKER_00]: Meaning like live on beans and rice and drive a beater car until you can truly afford to buy something cash.
4:17
[SPEAKER_00]: Cash, yeah, that's a big deal.
4:20
[SPEAKER_00]: And not being debt, where on the other side is a guy named Robert Kiosaki.
4:25
[SPEAKER_00]: He's actually out of Scottsdale.
4:27
[SPEAKER_00]: He's out of this, he's down the road here.
4:30
[SPEAKER_00]: And his whole thing is getting as much debt as possible, but have that debt create cash flow.
4:38
[SPEAKER_00]: Yes.
4:39
[SPEAKER_00]: Okay.
4:40
[SPEAKER_00]: So leverage it to where it's your buying assets, not liabilities.
4:46
[SPEAKER_00]: And basically, his definition of asset versus liability is an asset pays you a liability you pay for.
4:51
[SPEAKER_00]: So like, got it, make sure.
4:53
[SPEAKER_00]: Now,
4:55
[SPEAKER_00]: You know, Kiosaki will brag that he's in a billion dollars in debt and he's happy.
5:00
[SPEAKER_00]: He would rather use other people's money to create more wealth, whereas Ramsey, that would put him in the grave.
5:07
[SPEAKER_00]: Like just a mindset theory and there's, and there's people that that subscribe to,
5:14
[SPEAKER_00]: one or the other camp and the way that they live their lives are completely reflected on the what they've been taught and told and what they believe and is that good is that bad and then you bring in the the upbringing of maybe their family life and maybe maybe they got into debt and trouble when they were younger and it's like, oh man, I can't, you know, they're adverse and then you have the others.
5:36
[SPEAKER_00]: that look at dead as a vehicle or a lever that they can pull to generate even more wealth, more cash flow, more freedom.
5:47
[SPEAKER_00]: And so it's really, as opposite as you can get.
5:53
[SPEAKER_01]: Yeah, I mean, to your point, they're the far ends of the spectrum, you know, and everyone probably falls somewhere in the middle.
5:58
[SPEAKER_01]: I mean, there's certain things that people are willing to leverage or take certain risks on, probably based upon their personal risk.
6:05
[SPEAKER_01]: Teller and teller and teller and teller and teller and teller and teller and teller and teller and teller and teller and teller and teller and teller and teller and teller and teller and teller and teller and teller and teller and teller and teller and teller and teller and teller and teller and teller and teller and teller and teller and teller and teller and teller and teller and teller and teller and teller and teller and teller and teller and teller and teller and teller and teller and teller and teller and teller and teller and teller and teller and teller
6:23
[SPEAKER_01]: You know, the reason that we're talking about it is because the beliefs and the mindset around you as an entrepreneur you owning your gym, where do you fall?
6:32
[SPEAKER_01]: What are you willing to, are you willing to bet on yourself and leverage them debt to further, you know, drive the business forward?
6:41
[SPEAKER_01]: doesn't have to be paid for free and clear before you make that kind of decisions.
6:46
[SPEAKER_00]: And it really comes down to the person, you believe in yourself.
6:50
[SPEAKER_00]: And I remember early on when I was opening the gym, I had many conversations with friends and family and a lot of them were not business owners.
7:00
[SPEAKER_00]: They were just, you know, working and just kind of decoded not see my vision.
7:07
[SPEAKER_00]: And my vision was, you know, what if I fail?
7:10
[SPEAKER_00]: I'll be back in the same position in six, eight months from now.
7:13
[SPEAKER_00]: I'll be just fine.
7:14
[SPEAKER_00]: I bet on myself.
7:15
[SPEAKER_00]: I said, I'm smart, I'm healthy, I've degree, I'm, you know, I can take risk.
7:20
[SPEAKER_00]: I'm fine with that.
7:22
[SPEAKER_00]: I believe that I'm going to win.
7:24
[SPEAKER_00]: And therefore, I'm willing to take these risks.
7:26
[SPEAKER_00]: But if you don't believe in yourself, all that other stuff comes into question.
7:31
[SPEAKER_00]: I don't know if I'm gonna make
7:33
[SPEAKER_00]: Look, there's, there's many to, I still don't know if I'm going to make it, you know what I mean?
7:36
[SPEAKER_00]: I may not make, you know, whatever, but I'm, there's many times you lay up at night like man, is this going to work?
7:42
[SPEAKER_00]: And if you don't believe in yourself, then you might as well not be ever become a business owner.
7:48
[SPEAKER_00]: I would agree.
7:49
[SPEAKER_00]: because it's gonna come down to you get making it work because I will tell you this I've been in many investments and if we have a good friend of ours that'll speak about here in a second I've invested in many things and I don't know of one that I just one that that I've
8:11
[SPEAKER_00]: bet on somebody else, making the business work, IE, I invested in somebody else's business, idea, whatever, and had it work out.
8:21
[SPEAKER_00]: I just, it just hasn't, and any time I bet on myself, it typically does.
8:26
[SPEAKER_00]: Now I've had failures just to get everybody else.
8:29
[SPEAKER_00]: But I'm usually going to win because it's me.
8:33
[SPEAKER_00]: I can control that.
8:34
[SPEAKER_00]: And it's just really interesting when you get to a certain level, you start getting pitched on, hey, you know, this new Zen pouch is coming out.
8:45
[SPEAKER_00]: You shouldn't invest in it.
8:46
[SPEAKER_00]: It's like, I'm done with all that.
8:50
[SPEAKER_00]: I'll do institutional stuff, but if it's like a dude that's got an idea, I'm out.
8:55
[SPEAKER_00]: Sure.
8:55
[SPEAKER_01]: You know, but that speaks to your your risk tolerance, right?
8:59
[SPEAKER_01]: Going back to the fact that you're willing to bet on yourself and any of those options that I just don't trust the other person anymore when it's another.
9:08
[SPEAKER_00]: but a friend, a family, a friend, a friend, it just never works.
9:12
[SPEAKER_00]: I mean, I'm in one, I'm in three right now, that once, I think I've got a little more control than the other ones, but this one is probably gonna work out.
9:24
[SPEAKER_00]: It already is on paper, but like the other two, I have no idea if I'll ever get my money back.
9:28
[SPEAKER_00]: I don't know, I think it's gone.
9:30
[SPEAKER_00]: I'm just, I wrote it off.
9:32
[SPEAKER_00]: Okay, moving on now.
9:34
[SPEAKER_00]: And we have a friend of ours in the industry, but every is in more of a sales guy.
9:39
[SPEAKER_00]: Ryan Stume is a good friend of ours.
9:41
[SPEAKER_00]: And he's talking about how he's never had an investment go to zero until he started investing in other people.
9:49
[SPEAKER_00]: But yeah, he's in court right now because of the scams and things that you you're reading about from other people where he invested into funds.
9:58
[SPEAKER_00]: And they just, they were all, I don't know, smoking mirrors.
10:02
[SPEAKER_00]: Mm-hmm.
10:02
[SPEAKER_00]: And so again, coming back full circle to yourself, you, you took a risk when you open Eugene, okay?
10:09
[SPEAKER_00]: So at some point you had some type of confidence.
10:11
[SPEAKER_00]: I'm going to make this work.
10:14
[SPEAKER_00]: And then the time comes where it's like, yo, I've got an opportunity.
10:19
[SPEAKER_00]: It's going to take more money than I have.
10:22
[SPEAKER_00]: Am I willing to take on debt to then leverage and grow my business?
10:28
[SPEAKER_00]: I will be super transparent with everybody here.
10:32
[SPEAKER_00]: I wouldn't be where I'm at without that.
10:34
[SPEAKER_00]: Sure.
10:36
[SPEAKER_00]: I did land deals in real estate deals.
10:37
[SPEAKER_00]: I've been through four or five SBA loans within the businesses.
10:43
[SPEAKER_00]: And without doing that, I wouldn't be here.
10:44
[SPEAKER_00]: They just is what it is.
10:46
[SPEAKER_00]: Because in the game of business, there's waves.
10:49
[SPEAKER_00]: There's ups, there's downs.
10:51
[SPEAKER_00]: And if you don't have a big enough bank roll,
10:53
[SPEAKER_00]: to to weather the storms because they eventually turns around like this there's averages there's a bad season there's there's climate issues and not like like weather but like the the physical market issues COVID happens like there there's a really good example of
11:13
[SPEAKER_00]: of the Warren Buffett quote you never know who's been swimming without clothes on until the tide goes out.
11:20
[SPEAKER_00]: And all of a sudden all these gyms close overnight.
11:23
[SPEAKER_00]: Like, you know, it was already struggling.
11:25
[SPEAKER_00]: They were early weren't because there was a point time where the government was giving out of these loans to keep you in business.
11:32
[SPEAKER_00]: And any of those people, that's literally the line in the sand.
11:36
[SPEAKER_00]: The people that that didn't want to take the loans, they shut their doors and the ones that did take on the debt, they're still here.
11:42
[SPEAKER_00]: Sure, they owe the money, but they're probably, at least we are way further down the road.
11:47
[SPEAKER_00]: And I had, then we would ever have been without having taken on a debt, because we were making zero dollars a month, right?
11:53
[SPEAKER_00]: Like during COVID, everybody was, what are you going to do?
11:56
[SPEAKER_00]: Just sit there and eat it.
11:59
[SPEAKER_00]: You know what I mean?
12:00
[SPEAKER_00]: So anyways, the EIDL, that's what it was.
12:03
[SPEAKER_00]: EIDL loans, economic injury disaster loans for businesses,
12:11
[SPEAKER_01]: a lot of people I I would love to Nick can you look up the the default rate on that I bet you there's some heavy defaults on that all that because I mean people think it's like free money to would in a situation like that versus them walking and taking the loan or applying for something that.
12:27
[SPEAKER_01]: you know, they want to go leverage.
12:29
[SPEAKER_01]: This was kind of presented to everybody in a different manner where it seemed like this evening grace and of course with anything else when you're taking financial risk you have to you still have to have a game plan.
12:39
[SPEAKER_00]: I think most of the gyms that I know or work with took some type of the EID alone, some some are making a conscious effort to pay it off, some are like who cares it's going to be there whether or not I pay it down now or later.
12:51
[SPEAKER_00]: And so anyways, here's the scoop.
12:54
[SPEAKER_00]: If you don't believe and you don't believe that you are going to win, you don't bet on yourself, then you're never, you're just, you're done.
13:03
[SPEAKER_00]: You have to have some type of belief in yourself.
13:07
[SPEAKER_00]: And some people start with it and they lose it, I guess, because along the way, we work with tons of gender, but it knows this.
13:14
[SPEAKER_00]: And you can start to hear it in their voice and the decisions that they're making, they're playing small versus hey, you know what?
13:22
[SPEAKER_00]: I could go to the bank and get an SB loan and have, you know, some more run way where I can kind of scale and get this equipment that I need and buy the coaching program and run the ads and kind of get the automation in place, but I'm not willing to do that.
13:35
[SPEAKER_01]: Yeah.
13:35
[SPEAKER_01]: What do we talk about that?
13:36
[SPEAKER_01]: What do we talk about a couple of options Jim owners have?
13:38
[SPEAKER_01]: They're in a position.
13:40
[SPEAKER_00]: Banks want to hand you money, guys.
13:42
[SPEAKER_00]: That's the whole point of a bank.
13:43
[SPEAKER_00]: They make money.
13:44
[SPEAKER_00]: win the land because they're they're using their leveraging the deposits and they landed out on a margin and all these things fees and everything else.
13:52
[SPEAKER_00]: So SBAs got that that's small business association.
13:55
[SPEAKER_00]: At least in the United States, I'm sure in other countries they've got the same or similar type programs.
14:01
[SPEAKER_00]: It's as easy to get money today than it ever has been.
14:06
[SPEAKER_00]: You know, the interest rates are a little elevated, but the pain, you can make the payments wherever you want.
14:13
[SPEAKER_00]: Like you can spread it out, you can take less, you can take more.
14:18
[SPEAKER_00]: The thing I like to think about is like, hey, get a line of credit for the waves.
14:23
[SPEAKER_00]: The up turns in the downturns, get a line of credit, or get an SBA loan for a capital improvement, it's a second location buying equipment, even op-ax, like you can get loans for operational expenses, you just have to prove it, okay, you know, what are you doing this for?
14:40
[SPEAKER_00]: Well, it's, you know, we're tied on payroll and we got these big, you know, whatever.
14:45
[SPEAKER_00]: That's the first thing I do.
14:46
[SPEAKER_00]: You're all banking somewhere because that's where you get your deposits, right?
14:49
[SPEAKER_00]: So go to that bank, hey, I'm a business owner in the area.
14:52
[SPEAKER_00]: I'm right down on a main street.
14:54
[SPEAKER_00]: I've been there for six years.
14:56
[SPEAKER_00]: Looking at my options for SBA loans, can you help me?
15:01
[SPEAKER_00]: Yeah, come on in and sit down.
15:02
[SPEAKER_00]: We'll tell me about what's going on.
15:03
[SPEAKER_00]: Blah, blah, blah, get the loan.
15:05
[SPEAKER_00]: You're done.
15:06
[SPEAKER_00]: I don't know another or easier way.
15:09
[SPEAKER_00]: Another way is a credit card, okay?
15:12
[SPEAKER_00]: Credit cards are literally the same thing as an SBA loan, but just different interest rates in terms.
15:17
[SPEAKER_00]: So it's like you're going to have a line of credit or you're going to get a lump sum or you're going to have a credit card that's a revolving line of credit, right?
15:24
[SPEAKER_00]: So there's two different things.
15:27
[SPEAKER_00]: Three different things.
15:29
[SPEAKER_00]: But there is no excuse not to go look.
15:31
[SPEAKER_00]: Yeah.
15:32
[SPEAKER_00]: You have so many options, guys.
15:34
[SPEAKER_00]: I'm very surprised to hear
15:38
[SPEAKER_00]: when a gym is struggling because eventually every gym struggles goes ups and downs like this isn't abnormal to struggle a little bit.
15:46
[SPEAKER_00]: We've struggled many times.
15:47
[SPEAKER_00]: Like I said, I've cycle through at least five SBA loans that I can think of.
15:53
[SPEAKER_00]: Obviously when we opened one when we moved and then we did a remodel, like stuff like that, we just got the money, you know what I mean?
16:02
[SPEAKER_00]: So,
16:04
[SPEAKER_00]: You're going, so it's not abnormal to go through down cycles, but if you don't have runway, then you're kind of like stuck and you'd be paralyzed a lot of times.
16:14
[SPEAKER_01]: Well, and then unfortunately, if you're not, if you don't have some form of cash flow or access to funds, and the trend is downward, and it's going to take capital to make that
16:27
[SPEAKER_01]: change of direction and you do nothing, you're literally predetermining the direction of your business.
16:34
[SPEAKER_01]: And then you're on willing to do anything in everything in order to get back and write the ship, right?
16:40
[SPEAKER_01]: Get back into a better position.
16:43
[SPEAKER_01]: That's the thing that's, that's
16:45
[SPEAKER_01]: I would say confusing, sometimes frustrating, is where Jim owners are just, they're just hellbent.
16:49
[SPEAKER_01]: If I don't have the cash, I can't do it, right?
16:51
[SPEAKER_01]: Marketing is a big thing.
16:53
[SPEAKER_01]: When you, if you're not getting people through the door, if you're not investing in the growth of your business, and you're literally just hoping that people, all of the sudden, walk through your front door, and that's what's going to change your business.
17:05
[SPEAKER_01]: I just need more leads mentality.
17:08
[SPEAKER_01]: Well, can you even afford those lists?
17:09
[SPEAKER_01]: Are you even paying for those leads?
17:11
[SPEAKER_01]: Like, people don't just gonna magically decide one day that your business is the place to go, right?
17:18
[SPEAKER_01]: Unless your new business is directly proportional to the eyes that you're putting on it.
17:23
[SPEAKER_01]: And if you're not paying to accelerate that,
17:26
[SPEAKER_01]: or even just sustain it.
17:27
[SPEAKER_01]: I mean, again, we know a lot of business models that are getting harder and harder to run.
17:33
[SPEAKER_01]: People aren't looking for the same things that they were in the years past.
17:36
[SPEAKER_01]: And if you're one of those gym owners and you're doing nothing to make that change and you're allowing cash flow to be the reason that you're not making any of those changes, you have options.
17:47
[SPEAKER_01]: That's the biggest thing.
17:48
[SPEAKER_01]: What options are you willing to?
17:49
[SPEAKER_00]: Here's one way to look at it and this might change somebody's mind.
17:54
[SPEAKER_00]: if if the worst thing that can happen is bankruptcy okay we'd probably define that's the worst thing that can happen and you can go bankrupt over 100,000 or 100 million it makes no difference because the bankruptcy is bankruptcy why would you go for the 100 million if that's the worst thing that can happen and and like Tim I would never like
18:20
[SPEAKER_00]: Bankruptcy is a get out of jail free card for Americans.
18:26
[SPEAKER_00]: They want to reward the risk takers.
18:31
[SPEAKER_00]: And if you take a risk and you just doesn't work out, there's no way out.
18:38
[SPEAKER_00]: They have a bankruptcy.
18:40
[SPEAKER_00]: Sure, you can't get credit and all this stuff.
18:42
[SPEAKER_00]: You're not going into jail.
18:43
[SPEAKER_00]: In other countries, you go to jail.
18:45
[SPEAKER_00]: Sure.
18:45
[SPEAKER_00]: You can't pay debts, you go to jail.
18:48
[SPEAKER_00]: The the United States is a bankruptcy.
18:51
[SPEAKER_00]: Okay.
18:51
[SPEAKER_00]: Well, he's insolvent can't, you know, sure you're going to be struggling for another seven years after that.
18:56
[SPEAKER_00]: But like at the end of the day, you're not going to jail.
18:58
[SPEAKER_00]: You're still healthy.
19:00
[SPEAKER_00]: All these things that are positive and you can turn it all around.
19:04
[SPEAKER_00]: I want to say like again, Nick, do me a favor.
19:07
[SPEAKER_00]: It's Trump and bankrupt like more than three or four times.
19:10
[SPEAKER_00]: I think probably.
19:11
[SPEAKER_00]: If multi-billionaires are present in a statesman bankrupt many many times.
19:16
[SPEAKER_00]: What are you afraid of?
19:18
[SPEAKER_00]: Really what are you or what are you afraid of like the guilt of not paying the creditor back?
19:24
[SPEAKER_00]: That down but you got you mean what are you?
19:29
[SPEAKER_00]: He's been bankrupt six times.
19:31
[SPEAKER_00]: What case in point the guys that love are more hate.
19:35
[SPEAKER_00]: Yeah, love them ran.
19:36
[SPEAKER_00]: This doesn't about politics This is like about a guy who took a bazillion risks for hundreds and probably billions of dollars It's now the president of the United States with net worth of Probably four billion It's it's a it's a Get out of jail for equal to safety net for those that are taking the risk it's it's it's to reward
20:01
[SPEAKER_00]: a billion seven point three billion and the guys in bankrupt six times what what do you worry about for a hundred grand you know what I mean it's like just put things in perspective here yeah what is happening what are we
20:14
[SPEAKER_00]: If you what did you open a gym for let's talk about that for say help people yeah it's to make a living to to have the financial freedom the time freedom spend time with your family but yet you're in the weeds now and everything is the opposite of what you want right now you're worth your missing the kids soccer games you don't take vacations for ten years you're struggling you're stressed out you don't even work out yourself
20:36
[SPEAKER_00]: you don't pay yourself.
20:37
[SPEAKER_00]: All of these things are the opposite of the reason why you started a gym.
20:42
[SPEAKER_00]: And the difference between the bridge between where you're at now in success is typically a lump sum of some cash to get you some breathing room and then to go off and create the programs and do the marketing and all this stuff.
20:54
[SPEAKER_00]: But you're not willing to do that.
20:56
[SPEAKER_00]: You're willing to struggle and live in the horrible times that you're in now, but you're not willing
21:02
[SPEAKER_00]: to take on debt or some type of cash as a loan or whatever it is to get out of it.
21:10
[SPEAKER_00]: Then you deserve to stay there.
21:11
[SPEAKER_00]: You deserve to stay where you're at, stock.
21:15
[SPEAKER_00]: And so that's the point I'm trying to make.
21:16
[SPEAKER_00]: It's like, what are you worried about?
21:20
[SPEAKER_00]: Are you worried about not being able to pay the loan off?
21:22
[SPEAKER_00]: I mean, there's all kinds of ways to do this.
21:24
[SPEAKER_00]: I don't know.
21:26
[SPEAKER_00]: It's just a mindset thing.
21:27
[SPEAKER_00]: And if you're over there, that's a day, that's a day of rams.
21:32
[SPEAKER_00]: and then you got the barbecue sake side where he's got a billion dollars in debt and he's making three billion dollars he whatever this right so
21:41
[SPEAKER_00]: I don't know, something to think about now in a perfect scenario, you've got a ton of cash coming in, you don't need to take on debt, you're definitely not, you're not going broke and everything's fine and you can self-fun things in a perfect world, but if you look at your business and you're not cash flowing, you're struggling and all these things and it really is like, hey, if I just had a hundred grand in the bank, I could make these moves, go get the hundred grand.
22:07
[SPEAKER_01]: Yeah, big time.
22:08
[SPEAKER_01]: And to your point and I think this is important to say, it's when you have that line of credit or you have access to capital, it's spending it wisely to mitigate that risk in ways are going to continue to the growth of your business.
22:20
[SPEAKER_01]: Right.
22:21
[SPEAKER_01]: It's not going and buying the fancy things and the new equipment that I mean, you maybe you need updates, but not.
22:28
[SPEAKER_01]: you know, throwing things out there simply because you now have cash, and what are the things that are going to move the needle of your business?
22:36
[SPEAKER_01]: Yes, spend things with our allies.
22:38
[SPEAKER_01]: Yeah.
22:38
[SPEAKER_00]: That's terrific.
22:39
[SPEAKER_00]: Spend things that have a return on investment, that's tangible.
22:43
[SPEAKER_00]: Yep.
22:43
[SPEAKER_00]: Not just like, hey, the kettlebells are new, and the return on investment is happy clients.
22:50
[SPEAKER_00]: That's not it.
22:52
[SPEAKER_00]: it's to the bottom like that's hopefully this helps you hopefully your mindset you kind of in case you ever wanted to know i'm on with kiosaki okay that's where i'm asked where i live and i know guys that are with ramsi that are in a different you know kind of different mindset and i'm gonna take a while guess uh who's gonna be in what position and many many years from now i don't know whatever think what you want do what you want
23:17
[SPEAKER_00]: But you took the risk, bet on yourself, find the capital.
23:21
[SPEAKER_00]: There's a million ways to get it and take the damn risk, guys.
23:24
[SPEAKER_00]: You bet on yourself when you open your gym, bet on yourself now to get out of this whole guys.
23:28
[SPEAKER_00]: Hopefully that helps you.
23:29
[SPEAKER_00]: Until next time, keep changing lives.
23:31
[SPEAKER_00]: We'll see you on the next show, bye.
23:33
[SPEAKER_00]: All right, thanks for listening to another episode of the Bill's Grow podcast.
23:36
[SPEAKER_00]: If you want more help growing your business, join our free Facebook group, profit accelerator, helping training gyms grow to $30,000 a month and beyond.
23:46
[SPEAKER_00]: We'd love to see you there.
23:47
[SPEAKER_00]: Go check out the show notes for the link and keep building something great, and we'll see you in the next episode.