Sir Richard Brandson is a great guy.
He went from being a young, middle-class English dude to being a huge entrepreneur, being knighted, changing industries, etc. I read his autobiography a few years back and the one thing that stuck with me was his philosophy on growing his business. I found it so intriguing that I use it for my own stock trading and business development. I think it'll help you too.
Dick was in a bit of a pickle. He had sold Virgin Music to concentrate on Virgin Atlantic, and British Airways was right on his back. His planes had become a bit older and he wanted to keep his superior experience advantage by adding the new flat TVs to each chair which British Airwaves didn't have. He went to the bank to try to get a huge loan to upgrade the planes and the bank said "computer says no."
We all know that Sir Richard Branson doesn't stop at anything or take no as an answer, and so he went back and asked for a loan for $1 billion to buy entirely new planes with the new flat TVs at each seat. At that point "computer says yes" and he is off and rolling.
My point is that we need to emulate the wealthy.
Instead of taking the traditional attitude to debt, we cut everything and pay it down living on cat food for 10 years. That is what all of the financial gurus will tell you. If you do it Richard's way you would ask yourself: how would I get those TVs and come out ahead again? How would I pay off my debt and still live my life? Here we go:
1. Do something that you love to make more money.
2. Ask for more money from your work.
3. Get a head hunter to get you a higher-paying job.
4. Learn to blog and sell advertising space like me!
5. Sell all of the crap you don't need and pay back your debt.
There are five examples that just streamed out of my tiny brain. Think about how many ideas would suit your situation perfectly. Grow your way out of your problems, win big and live your best life.
And, of course, keep loving your sweet money.
David C. Lester is a Professional Financial and Life Coach and author of the popular Canadian personal finance lifestyle blog, iheartmoney.ca. Throughout his career he’s gained his personal finance expertise from holding advisory positions within various financial institutions. David currently resides in Toronto, ON with his family dearest friends never far away. In his spare time Lester is an active equestrian and is passionate about art.