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ONLINE STATISTICS REPORT THAT THE AVERAGE MILLIONAIRE GOES BANKRUPT ATLEAST 3.5 TIMES!
Filing Bankruptcy…this isn’t something people really like to talk about. Especially people who have been through it. However, it isn’t quite as uncommon as you may think.
Today I discuss some tips (from experience!) to help you succeed after a bankruptcy filing.
AND, if you missed my first video on this topic, please be sure to check it out here:
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All right you all bankruptcy part two if You haven’t watched the first bankruptcy Video you’re welcome to watch it on my Page get service at a real estate fit With Shayla twitt well you know the page Because you’re on it so this is part two Of my bankruptcy story so stay tuned all Right gang if you’re new to the channel Again please watch the bankruptcy part One video if you’re curious Um I know a lot of successful people That have gone through bankruptcy so Please watch that first and then come Back to this one so in a nutshell you Can learn from someone who’s experienced It and hopefully avoid it for yourself But in summary that video kind of talked About how I got there which was Basically over leveraging zero down on On houses and not necessarily trying to Keep up with the Joneses but you know I Thought more long term and at keeping an Investment for retirement and so I Wasn’t thinking Fix and Flip and and Churn and burn I was just I was young Yeah million dumb so part two is about Strategizing on what you do Post Bankruptcy I’m big on checklists mindset Motivation Goals that sort of thing I think what for me to climb out of it Was waking up early getting a second job You know some people like vision boards I think those are all great looking at
Your goals daily talking to someone who Really cares about you and loves you and Wants the best for you genuinely I know That can be hard to find sometimes hang On to those people Um and so when you’re going through a Hard time have those people surrounding You and loving on you to help you Through it because it is a really hard Time and it took me a really long time To talk about it because I was Embarrassed you know and and so again so Many people that are very successful Today Well well beyond me okay that have gone Through the same thing and so it’s Humbling but again hopefully you learn From it so I think that you know talking To people that have been through it Helps and it’s kind of like you it’s Almost like a support group You know an organic support group at Some level I would say one of the first Places to start would be to pull out Your credit card statements your Checkbook I still have a checkbook don’t Tell anybody I’m really old school but I Also have like spreadsheets of you know How because you have to have so many Passwords for all the things like all The places you spend money and bills and Things like that and have a spreadsheet That you can add it all uh figure out How much you’re bringing home on average
I mean I’m commission based in real Estate so like figuring out your average And then giving yourself a big buffer Um and and figuring out where your money Goes I like to go through line by line By line and take out all this the crap That you don’t like subscriptions you’re Not using I mean like you guys if you’re Coming out of bankruptcy take that Instacart away Take out Hulu show time Netflix like you Know these are things that are luxury Things that even if though it’s ten Dollars or five dot like all of this Stuff adds up and I’ve talked to people About this and uh I won’t say any names But they’re like oh it’s just five Dollars oh it’s ten dollars well if you Add that up over the course of a year You could use that ten dollars over the Course of a year and put that into Retirement or put that toward your Mortgage or put it into savings or a Buffer You know the thing is like over Leveraging is not a good feeling and if You have a budget okay the b word if you Have a budget and you adhere to it You’re strict about it and this is like Climbing out of bankruptcy okay this is Maybe not down the road but climbing out Of it you really have to be really Mindful of where you’re spending your Money I even did like the cash out
Advances on my credit card and it was Like the worst feeling because interest Rates have gone up so much And that can absolutely kill you and They’ll send you a note in the mail or An email and you just don’t bother to Read it and in that mail the mailer Might have said that your rate went up Five to ten percent and you’re just Still paying on a belt that’s a hundred Times more than what it should have been And so things like that are really silly My bit like I’m a big proponent too of Um and if you can do this please do it I have a credit card that I use it’s my American Express credit card and I pay It every single week so before even the Bill is due I use it for points to Travel so when I do travel it’s mostly Free on my points and I like to fly for Free when I do go on vacation or travel Forward So um try not to pay any interest I mean That that’s where people really get Caught up in it so if you can’t afford It don’t buy it put it on the card Knowing that you can buy that with cash I think that’s that is a simple Principle and it takes discipline You know it really does and you just Have to set your mindset to sticking to That budget putting on the credit card You know cutting up old credit cards and Not necessarily closing old accounts
Because that can hurt your credit score By the way Um another cool thing it’s not Necessarily directly related to budget But you can’t because now your credit Scores really damage when you go through Bankruptcy and it really takes a while Like 10 years to really really climb out Of it You can call every single one of your Credit card companies and I think it’s Like every six months you can ask them For a credit increase that will help Increase your credit unfortunately the World revolves around credit right your Credit score So unless you’re paying cash for it Doesn’t matter but you know you can Increase your credit score that way as Well and I like to do that just because I I do it and still and it’s kind of a Good feeling in case I have an emergency I have all this credit that I can just Tap into God forbid something happens You have an emergency fund and it’s Really scary in America that people Don’t some people don’t have 500 or Thousand dollars for an emergency Especially if you’re a homeowner That can go very quickly and very easily So Um you know having Financial Peace of Mind and going through this is a bit of A struggle so I would say start with
That budget and adhere to it Get a side hustle right we have the Internet you guys the internet is a Powerful tool you can create a side Hustle I know people that make jewelry Uh they do personal training online you Can create a business online as Supplementary income to your W-2 job or Your 1099 job hell I waited tables I I Went to State Farm and created a job I Kept going to the State Farm and I said Hey hire me part-time you said no I’m Not hiring a part-time I’ll hire I need To hire someone full time I went back And I went back well he made me a job Part-time so that helped me get out of The situation I was because you need Income coming in if you’re you know in That situation so you can’t be lazy You’ve got to climb your way out of this So the income matters Um so there’s a lot of ideas that you Can do there’s some there’s vitamin Supplement companies I mean I don’t know Whatever your Forte is I would also say Don’t Force It And what I mean by that Is What are you naturally gifted at what do You naturally enjoy on the type of People you want to be around like like Your job’s not going to be glamorous and Glorious all the time right but Gravitate towards something that you’re Knowledgeable about and that you think
You could have fun with and enjoy and in That process money comes so even if it’s A main job a side hustle whatever it Doesn’t matter I would say Um you know and again surrounding Yourself with people that support you And understand your your situation even If it’s just family or close friends Um and so yeah I would say you know and Reach out to the people that have been Through it and and talk through it I Think you’ll feel better watching videos Like this I know that I wake up I love To listen to podcasts you know just Positive mindset positive in positive Out garbage in garbage out so I do talk A lot on my social media too so you’re Welcome to follow me on Instagram it’s At realshayla twit And the same with my Facebook sometimes I’ll go live on there and have a thought And go on with it and try to motivate Someone to work out or get out and do Something different or you know Something about real estate I don’t know It doesn’t even matter so I’d love for You to follow me there as well sometimes I share the podcast I listen to two that I think might Inspire other people and Thank you for watching this is a this is A topic that I think more people should Talk about and try to help people Prevent you know the biggest thing is I Would love to help someone be prevented
From going through bankruptcy and nip it Where they think they might be going in That direction that’d be a great feeling So Um all things real estate bringing it Back home to the topic of the channel we Sell real estate and if you know anyone In your neighborhood that might be Selling in the manatee Sarasota or Charlotte counties I love what I do I Love selling Sunny Sarasota area real Estate please click that link below Shayla twit.com
