Big D Debt

, ,

Did you know that even multi-billionaires like President Donald Trump have faced battles with debt? It’s a topic that resonates with many of us and holds valuable lessons for everyone. So, if you want to be inspired and educated, fasten your seatbelts as Igor takes you on a ride through the complexities of debt and the invaluable lessons it teaches us all.

[00:00] Donald Trump Introduces The Show!

[00:15] In this episode, Igor discusses the strategies to conquer debt and pave your way to financial freedom.

[01:51] Ending Up In Debt:

  • I’ll never forget the day my father got his first credit card after we moved from Ukraine to Israel. He splurged on a stereo system, a big-screen TV, and a vacuum cleaner, spending a fortune. We ended up paying off these items for the next five years, even though some didn’t even last that long.

  • This set us on a dangerous path of accumulating more debt as we struggled to make ends meet.

  • We reached a point where we were paying for groceries with money we didn’t have, breaking the bill into multiple payments. It was a cycle of financial strain, with no guarantee of income to cover these expenses in the future.

  • When my parents faced job losses and difficulties, we relied on relatives and friends for financial help, which was embarrassing and disheartening.

[03:28] Taking Debt To Get Out Of Debt:

  • To make matters worse, my dad took out a loan to cover the overdraft, but this only led to more loans to cover previous ones.

  • It seemed never-ending, and it wasn’t until I achieved success and made my first million that I could finally pay off my parents’ debts.

  • This experience taught me to be debt-averse, avoiding it at all costs. I was cautious about taking on a mortgage for my first home, as I associated financial independence with not having a massive mortgage burden.

[04:20] How To Stay Out Of Debt?

  • I believed in living cash-positive, accumulating savings, and avoiding unnecessary debt.

  • Even during times of financial struggle, my wife and I always set aside 10% of our income into a savings account.

  • We held onto this habit religiously, creating a cushion for any uncertainties that might arise.

  • The takeaway from these experiences is that having savings as a safety net can make a significant difference during tough times.

  • It’s essential to break the cycle of debt and focus on building a strong financial foundation for a more secure future.

[08:20] Igor’s Book On Email Marketing:

CLICK HERE TO READ THE FULL TRANSCRIPT

WHO IS
IGOR KHEIFETS

Igor Kheifets is an amazon best-selling author of the List Building Lifestyle: Confessions of an Email Millionaire.

He’s also the host of List Building Lifestyle, the podcast for anyone who wants to make more money and have more freedom by leveraging the power of an email list

He’s widely referred to as the go-to authority on building large responsive email lists in record time.

Igor’s passionate about showing people how to live the List Building Lifestyle.