Friends Don't Let Friends Go Broke - David & Donni (clip from #294)

Social Proof Podcast

Social Proof Network

Entrepreneurship, Business

5 • 2K Ratings

🗓️ 11 October 2022

⏱️ 3 minutes

🔗️ Recording | iTunes | RSS

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Summary

#entrepreneur #smallbusiness #podcast #howto

David & Donni talks about the power of leveraging "good debt". In many cases, there isn't capital available after spending cash on an asset. Even if there is cash available there would be even more cash available with a solid leverage play.

What are some reasons that leveraging OPM(Other Peoples Money) is a good thing, with proper management?

-Example 1: You borrow $100,000. Then you purchase the asset for $100,000(assuming all taxes are covered). Well, now you are using your personal money to do all the other work.. You may be subject to the rate at which you are generate this money. Which could require more time, etc.

-Example 2: You borrow $100,000 but work out a payment plan for the asset. (Keep the down payment in mind). Let's say your payment is $1,500. Well, now you still have money to use in order enhance the asset(Increase the equity). The plan is to leverage what you have available to you.

- Paying the money back as you leverage will increase business credit

- If you're using a credit card with a significant spending limit (again with the correct plan of action)

you will increase in points as you are paying it back which, in many cases increases your spending limit if managed properly.

- If something unfortunate happens, at least wouldn't have lost all the money.

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David on IG : http://www.instagram.com/sleepis4suckers

Show notes:

00:00 Podcast Preview And Sponsored By

04:40 Welcome To The Show

06:36 Weekly Review

10:40 Entitlement And Flipping Off People

15:21 You Can't Support People With Expectations

22:36 Commercial Break

23:16 Women Are The Neck

26:57 Money Formula

36:40 Being A Good Steward Of Your Money

43:13 Commercial Break

44:13 Leveraging Other People's Money

54:21 Have A Goal

1:01:48 Recharged Strategies

1:14:52 The Harder You Work, The Easier It Is To Find A Mentor

1:17:46 Sponsored By

Timestamped By: @theyouniversitylive

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Transcript

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0:00.0	Yeah, I wanted to ask you a question.
0:02.0	Donnie, what do you do with your money?
0:06.7	I do a copy of it.
0:07.4	Like, will you make money?
0:08.2	Is there like a thing that you do?
0:11.4	Is there a thing like a specific formula?
0:14.8	Yeah.
0:15.6	So when I make money and I have my formula,
0:18.3	because I have to look at this every single month,
0:20.0	but I'll tell you exactly what I do.
0:21.6	Yep, because I never remember it.
0:23.6	First of all, 15%.
0:24.9	I pay myself.
0:25.7	So I do know that part on the first in the 15.
0:29.5	So your income change every month or every week almost,
0:34.4	like, if you get paid, you get paid every day.
0:36.2	I pay myself on the first in 15.
0:39.2	So from the first to 15, whatever you make,
0:42.0	you take 15% of that, you pay yourself gross.
0:45.1	I pay myself off revenue.
0:47.2	Oh, gross.
0:49.5	Hmm.
	...

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