The Money Podcast How I Got out of £50K Debt & Earned £100K in 1 Year
In this episode Rob answers questions about getting into and out of debt using his own experiences in his life. He discusses points such as how he stayed motivated to work smarter and harder and shares his knowledge on how you can also get change your financial status.
KEY TAKEAWAYS
- Can you tell us about the debt you initially built up? Around £50,000 of consumer debt built up when I started university. Managing money wasn’t taught at school so I was unaware of all of the different charges for loans or about managing money etc…
- What prompted you to make a change? I was in a lot of debt when my dad had a mental breakdown in his pub. I had been dependent on my parents a lot financially so felt terrible when his mental breakdown happened. It made me feel like such a disappointment, things had to change.
- Don’t wait for something to shock you in order for you to make a change, take control now.
- How did you clear all of your debt in one year? In 2006 I started to take things really seriously such as selling my paintings and art. I then went to a property event and met my business partner. I then got into property and built Progressive Property with my business partner and became millionaires in our early 30s.
- Were you also making money during the time of clearing debt? Yes, I earned a 6 figure salary and bought a Nissan 3850Z too.
- How did you change your money habits? I changed my mindset after 2005 to be more open-minded to listen to and learn from other people. It took a long time, it didn’t just happen over night.
- What sacrifices did I have to make in order to be debt free? I had to learn sales and marketing and not just the tings I wanted to learn about. I had to work harder and be more open to working with other people. I had to sacrifice a bit of the social aspect of life too such as dating.
- What are the biggest lessons you’ve learned about earning, saving money and avoiding debt? Never spend more than you earn. Preserve capital at all costs. Invest into assets using your capital which will produce income which you can then spend. Get your emotions out of the way of your spending and in any major purchases, don’t just buy there and then.
- What made you want to share your financial wisdom with others? I actually found that I enjoyed teaching a lot more and building my personal brand more than the actual tasks that go into looking after the properties etc…
BEST MOMENTS
‘Sometimes debt can creep up on you’
‘Don’t wait for the event, make the event’
‘If you work smart and hard you can make it’
VALUABLE RESOURCES
ABOUT THE HOST
Rob Moore is the host of the UK’s no. 1 business podcast “The Disruptive Entrepreneur,” and “The Money Podcast” as well as an entrepreneur, property investor, property educator, and holder of 3 world records for public speaking. He is also the author of 9 business books, 5 UK bestsellers, and the global bestseller, Life Leverage.
“If you don't risk anything, you risk everything”
CONTACT METHOD
Facebook - https://www.facebook.com/robmooreprogressive/?ref=br_rs
LinkedIn - https://uk.linkedin.com/in/robmoore1979