Financial Audit 52 Year Old Has $0 And Is Stuck In A Pyramid Scheme
Jun 8, 2023
David Henson, an Austin-based construction entrepreneur, shares his journey from financial success to facing $0 in assets. He opens up about the devastating personal losses that impacted his business and led him to a risky multi-level marketing venture in wellness. Discussing his struggles with significant debt and an alarming credit score, David reflects on his choices and the challenges of launching a new business while surviving eviction. He emphasizes his learning experience, despite the bleak financial outlook ahead.
AI Snips
Chapters
Transcript
Episode notes
From $1.5M Peak To No Income
- David built a construction company from 2009 and once did $1.5M in revenue but later income dropped after moving to Austin and personal tragedies.
- He lost steady income and faced months with no revenue while restarting businesses and coping with family losses.
Personal Loss Triggered Financial Decline
- David's wife of 17 years had muscular dystrophy and passed away, which disrupted income and life balance.
- He walked away from their house during grief and stopped bankruptcy proceedings, leaving him with little equity.
Check Accounts Before Big Moves
- Track exact cash in personal and business checking before making business decisions.
- Avoid assuming future project payments will replace missing emergency funds.