My Worst Investment Ever Podcast Justin Weeder – Only Go Into Debt to Buy Assets
BIO: Justin Mark Weeder is a psychology nerd turned sales coach. He’s the creator of the LISTEN Method for closing sales and the founder of The Covert Closer – a sales coaching and consulting agency based in Denver, Colorado.
STORY: Justin and his wife bought a new house and made the mistake of getting a bunch of credit cards to buy stuff for the home. They spent so much that before they knew it, they were so deep into credit card debt.
LEARNING: Use debt to buy assets, not to purchase shiny stuff. Cut your costs down and live below your income if you want to create wealth.
“The only happiness you can ever experience comes from inside you, not in shiny things.”
Justin Weeder
Guest profile
Justin Mark Weeder is a psychology nerd turned sales coach. He’s the creator of the LISTEN Method for closing sales and the founder of The Covert Closer – a sales coaching and consulting agency based in Denver, Colorado. Justin teaches his students how to collaborate with their prospects, ditching the high-pressure ‘sales terrorist’ techniques that are popular today.
Worst investment ever
Justin and his wife, then girlfriend, were looking for a house to buy when they came across brand new houses that were being built. They loved the places instantly and signed the paperwork that day.
The house was perfect, and they moved in as soon as it was done. At the time, the couple was doing well financially. In fact, they got all of their debt paid off before they moved in. One mistake, though; after they moved in, they got many credit cards and spent lots of money filling their new house with all the stuff they didn’t have. They bought furniture, dishes, light fixtures and even did a $25,000 landscape job in the backyard. They kept spending money, and the credit card bills got bigger and bigger, and before they knew it, they had dug themselves in a hole too deep to get out.
Lessons learned
- Use debt to buy assets, not shiny stuff.
- You have to be happy with yourself because you can’t ever be truly happy with something else.
Andrew’s takeaways
- The number one risk factor that any company faces is debt. Manage your debt well.
- Live deeply below your income by keeping your costs low, and you will create wealth every single month.
Actionable advice
Get educated on how money works, and do your best to understand compound interest.
No. 1 goal for the next 12 months
Justin’s number one goal for the next 12 months is to get entirely out of credit card debt and zero revolving debt.
Parting words
“Keep an eye on your spending, and don’t do credit cards.”
Justin Weeder
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Connect with Justin Weeder
Andrew’s books
- How to Start Building Your Wealth Investing in the Stock Market
- My Worst Investment Ever
- 9 Valuation Mistakes and How to Avoid Them
- Transform Your Business with Dr.Deming’s 14 Points
Andrew’s online programs
- Valuation Master Class
- How to Start Building Your Wealth Investing in the Stock Market
- Finance Made Ridiculously Simple
- Become a Great Presenter and Increase Your Influence
- Transform Your Business with Dr. Deming’s 14 Points
Connect with Andrew Stotz:
Further reading mentioned
- Gary Sutton (2001), The Six-Month Fix: Adventures in Rescuing Failing Companies.