Turning A $20,000 Debt Into A $20,000 Savings Account
When it comes to getting rich, most people from around the world want it but they have no idea what has to be done. There are so many interesting stories about how people turned $1 into a huge financial empire and we tend to believe that we can succeed even if we do not know anything about making money.
Just search for the term “make money online” and you will see so many blog posts with tips and tricks. The problem is that many of those tips are only helpful in the event that you actually know much about finances. No matter what you may believe at the moment, if you have no financial training (regular education or self taught), it is practically impossible to make correct decisions.
When I was young I bought every ebook that promised to make me rich. At one point in time I thought that I knew everything I needed to know and I borrowed $20,000 to invest it in an online business. I took the money from some shady people that were really serious about their money. As you can imagine, the interests were very high.
I did start to make money but the interest was killing me. Eventually I actually ran from home in order to protect myself from those people. That was when I realized that I did not actually know that much about getting rich as I thought. Unfortunately, there are more people in the same position I was in than we want to see. They might not borrow from loan sharks. They borrow from banks but we still end up with the same thing: debt.
How Did I Get Out Of It?
As I was alone, I had a lot of time to read and figure out where everything went wrong. I did not actually know what I was doing. Eventually I took a job to make some money. I was selling groceries and made just enough to put myself a little on track. Then, I started to save some money, opened my first website and I never looked back.
As time passed I remained on the lookout for investment opportunities. Slowly but surely I opened a savings account, made some smart investments and I built 10 websites. When the time was right I got in contact with the loan sharks. I had to repay a lot more than I should have initially but I got them off my back. I was close to zero, with only my sites (I did clear that savings account to cover everything).
I actually got out of the situation I was in by learning all that I could about the options that were available for me. Tutorials are all around and you can learn a lot about anything finance related. Information is the real key to success in business.
At the moment I write these lines, my savings account has $20,000 in it and I run 15 sites in various niches. What I learned from all this is that you can always get out of debt. There are many options that are available and various ways in which we can make money. However, information is something that counts. We need to read financial advice blogs, articles written by professionals and books that showcase money making methods based on the success stories of others that were in a similar situation as we are in right now.