Would you like to know how I have made $1.6 million online from 2015 to go now into debt because this might be helpful for you?
The Second Jerry Banfield Show – Going into Debt!
I have made $1.6 million online since 2015, which is enough money with reasonable spending for me to be a millionaire right now. I could have spent $600,000 of that and I'd still have a million in the bank.
How much money do you think I have right now?
John is the closest.
I have in my business checking account about $3,000 and in my personal account I've gotten about the same. Not only that, but I ran up since 2018 when I sold that last cryptocurrency.
At that time, all of my bills were paid like all the credit cards were paid full statement. Every time I charged something, it was paid off completely automatically.
I was finishing my student loan payments. I'd paid a bunch down on my wife's student loans. I put a bunch into buying the house. In 2018, when I finished selling that cryptocurrency, I was in a real good spot financially in terms of my credit score that was over 800, I only had the student loans and the mortgage.
Now, who wants to guess what my credit score is now and how much debt I've racked up since then?
It was over 800 before and the beginning of 2019.
Well, let me tell you what I did.
I had such confidence in myself, I had done all of these things, I've made all this money online, I'll tell you a little more about that. I had this feeling of, "I can't fail that. I've got such a big following. I know so much that I can just, if I just borrow money and spend it, I will make more."
I borrowed over $200,000 last year and I spent all of it, and it did not go according to plan. The credit score is now under 700 and I have about $8,000 a month in minimum payments, including $2,000 a month for the mortgage.
I have about $6,000 in debt payments a month. Most of which I did not have in 2018, and that's not including Laura's student loans.
What happened?
How did I go from this complete abundance and prosperity mindset into that? I met with a bankruptcy lawyer last December. She's like, "You're borrowing money to make your minimum payments. You need to declare bankruptcy now."
I thought about that for a few days, and I said, "I don't want my story to look like that. I don't want to just get out of this because I can."
At the time, since I lost money, I've got some interesting tax returns.
In 2015, I made something like $70,000 in profit. In 2016, I made $200,000 and something in profit.
In 2017, I made over $100,000 in profit, plus almost that much in capital gains from cryptocurrencies.
In 2018, similar numbers.
In 2019, who wants to guess that one?
I negative $100,000 last year. I spent more than a hundred thousand than I made, and I made something like $80,000 or so.
I learned a very valuable lesson from that and I'm now grateful for that experience. Although, all of last year I was not. I was really annoyed with the whole thing.
I said, "This is so stupid. I've taught people how to make money online for years and now I can't make my own finances work. This is so stupid. I hate it."
I'm praying to God for guidance, and then I'm just going about trying to do what I know how to do. I met with the bankruptcy attorney and I said, "I don't want my story to look like this, that I just put myself in such a negative position."
I could have declared chapter 7 bankruptcy because I've got zero income, but I said, "No, I know that I can get out of this without declaring bankruptcy."
"I need to learn the lessons because I borrowed this money and I've made all the payments on it still. I need to really learn my lesson on this because clearly I figured out how to make lots of money, but I clearly didn't learn how to spend my money in a way that was both effective and considerate."
Effective means that I'm not just throwing money away on things I don't get joy from, and considerate means that if I'm buying something, is it doing some good?
There's a big difference in how we spend our money. If I spend $5 on sweet potatoes at Publix, that fills me up and gives me great nutrition, and that's relatively easy for somebody to do, for somebody to grow that picket, throw it in a truck and it gets to Publix.
If I spend $5 on a hamburger from fast food, what am I paying somebody to do?
It's the same $5, but I'm paying for somebody to raise a cow, kill it, cut it up, send it, put it in all this packaging, processing, send it off, then work at the fast food place, make that and give that to me.
That's causing a lot different things to happen in the world, than if I pay for the sweet potatoes. It's the same $5, but the actions that are resulting from my spending behavior, would I want to work in a meat slaughtering factory, killing cows all day?
I have a friend who was a vegan and he said that was not a very good experience.
Well, here's the thing, how many of us are willing to do jobs that we don't actually enjoy to make money that will just show up there because it pays us?
Or here's another question, would you do your job now if it didn't pay anything?
Would you go to work if you didn't get any money from it?
That's how you know you're in the right job, and ideally you want to do something that you would do for free, but people essentially demand to pay you money for it, so that you can survive and continue doing more of what you're doing.
I love you.
You’re awesome.
I appreciate the chance to serve you today and I will see you again soon.
Love,
Jerry Banfield
Edits from video transcript by Michel Gerard.
Posted from my blog with SteemPress : https://jerrybanfield.com/going-into-debt/