My Worst Investment Ever Podcast Jack McColl – Access Debt to Grow Your Business
BIO: Jack McColl, the founder of Credit Stacking, has the knowledge and in-depth understanding of the credit stacking strategy. He has mentored thousands of entrepreneurs and been a part of growing multiple 7-figure businesses.
STORY: Jack lived in Bali for three months when he was 26. He saw an opportunity to create an Airbnb business there, got a few houses, and hired locals to help manage day-to-day business activities. He paid rent and wages in cash, but problems from the landlords and his staff were all he got. Jack barely made any returns from the venture.
LEARNING: Do a lot of market research before you venture into any business. Finance your deals with 0% interest business credit.
“The more you can borrow, the more you can make, and the higher chance of success you’re going to see in any business venture.”
Jack McColl
Guest profile
Jack McColl, the founder of Credit Stacking, has been featured on MarketWatch, Disrupt Magazine, Yahoo Finance, and many other publications and podcasts for his knowledge and in-depth understanding of the credit stacking strategy. Jack has mentored thousands of entrepreneurs and been a part of growing multiple 7-figure businesses. He has accessed multiple six figures in credit lines. He’s funded multiple business startups with this money, and he’s shown thousands of other entrepreneurs how to do the same thing. You can trust that the Credit Stacking education and mentorship are in a class of their own, taught by industry experts.
Check out Jack’s case study that shows the exact steps he used to get approved for a half-million dollars.
Worst investment ever
When Jack was 26, he moved to Bali, Indonesia, and lived there for three months. During that period, he saw an opportunity to create an Airbnb arbitrage business with his brother. They hired locals to help them with the day-to-day management of the venture.
The brothers financed the business venture with their cash and paid all payments, including paying the workers, using that cash. Unfortunately, these people didn’t deliver on what they were supposed to. The business was suffering from poor reviews and ratings on AirBnB, and the brothers were having issues with landlords who refused to rectify the problems with the houses, yet they had already paid rent in full.
It turns out, running a business abroad from home is not a walk in the park. Jack regretted not doing more research before embarking on this venture.
Lessons learned
- Do a lot of market research before you venture into any business.
- Vet and hire high-quality talent to help manage the business.
- Finance your deals with 0% interest business credit. It’s safer because you can charge it back if the service providers don’t deliver. It also gives you more time because you’re not paying interest.
Andrew’s takeaways
- Setting up a business in a foreign land is hard, so don’t be overconfident and overlook the challenges.
- Anytime you can protect your purchase. Do it.
Actionable advice
Have as much access to capital as you can because the more access you have, the stronger you will be in any business negotiation or business venture. You don’t even have to have money. You just need to have access to cash.
No. 1 goal for the next 12 months
Jack went from zero to getting approved for half a million dollars in credit. And so, over the next 12 months, his goal is to get approved for another half a million dollars because he wants a total of a million dollars of approved credit.
Parting words
“Build your credit.”
Jack McColl
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Connect with Jack McColl
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