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5 MONEY LESSONS I LEARNED FROM WORKING IN PERSONAL AND CORPORATE BANKRUPTCY Since money is on everyone's mind today, today's thread will be about money.
These lessons won't make you rich but they will keep you from getting broke.
//THREAD//
1. Get your cashflow in order
#1 cause of bankruptcy that I saw was poor cashflow management.
Cash is the blood of your business.
If it's not flowing and powering your business, you will bleed out and end up having all your assets repossessed by your creditors.
#1 cause of bankruptcy that I saw was poor cashflow management.
Cash is the blood of your business.
If it's not flowing and powering your business, you will bleed out and end up having all your assets repossessed by your creditors.
2. Hire a good accountant
I handled a lot of businesses that racked up six figure debts with the tax office.
They spent years dodging the tax man which could have all been avoided had they hired a good accountant from the beginning.
A good accountant helps you keep your money.
I handled a lot of businesses that racked up six figure debts with the tax office.
They spent years dodging the tax man which could have all been avoided had they hired a good accountant from the beginning.
A good accountant helps you keep your money.
3. Credit card isn't your debit card
This seems like common sense until you work in bankruptcy and realise it's not very common.
I've seen people rack up $50k worth of credit card debt to pay for luxury travel they couldn't afford.
This seems like common sense until you work in bankruptcy and realise it's not very common.
I've seen people rack up $50k worth of credit card debt to pay for luxury travel they couldn't afford.
4. No such thing as fast money
Saddest case I worked on was this guru who SCAMMED millions of dollars of retirement money out of old people.
We busted him for fraud and he eventually went to jail for selling BS seminars.
Don't be a scammer.
Build a real business.
Saddest case I worked on was this guru who SCAMMED millions of dollars of retirement money out of old people.
We busted him for fraud and he eventually went to jail for selling BS seminars.
Don't be a scammer.
Build a real business.
5. Money may not buy happiness but a lack of it buys misery
I once took a call from a man crying for me to unfreeze his bank account so he could buy toilet paper for his daughter.
He even made me listen to his screaming baby.
Being broke ain't no joke fam.
Learn money.
I once took a call from a man crying for me to unfreeze his bank account so he could buy toilet paper for his daughter.
He even made me listen to his screaming baby.
Being broke ain't no joke fam.
Learn money.
//End//
Working in bankruptcy didn't make me want to be rich but it sure as hell scared me about the REALITIES of being broke AF.
Tl;dr
1) Make money
2) Learn to manage it
3) Spend responsibly
Working in bankruptcy didn't make me want to be rich but it sure as hell scared me about the REALITIES of being broke AF.
Tl;dr
1) Make money
2) Learn to manage it
3) Spend responsibly
