This week's question from my portal “The Neagle Code: Directions for Life” comes from someone who wishes to remain anonymous.
Is it OK to go into debt to build your business and invest in business growth strategies?
Hi, and thanks for your question.
This question is the perfect example of my teachings on using debt as a tool.
I truly believe that the best use of debt is in the investment in your own growth, whether it’s personal, spiritual or business.
If you talk to any successful business owner, you will see that they have used debt to propel their business.
However, there are parameters around using debt to grow your business.
First, before considering taking out a loan, you MUST have a plan. You must have an actionable strategy with clear-cut goals and benchmarks or be investing in a program that’s going to give you that clear-cut plan.
Taking out a loan and not having a plan in place that allows for you to pay it back is financially irresponsible and only serves as a Band-Aid.
Second, you must be WILLING do what it takes to get a return on investment. This means you have to take action on your plan, and allow nothing to stop you.
A plan and goals are only as good as the paper they are written on. You must be WILLING to take action.
I see entrepreneurs EVERYDAY who spend money on building their business or getting the information they need to build their business, but they never take the action they need to take to grow, and life becomes very hard.
The debt piles up and stress, worry, fear and doubt take hold.
Suddenly they find themselves wondering what happened and why things aren’t working and why things are so hard.
You see…success is EASY if you are willing.
I’m doing a free mini-course on this exact topic at 2:00 pm ET on September 1st. I even titled it, “Stop Making Things HARD.” Click here to join me: www.DavidNeagle.com/hard-enough
PS: The Neagle Code: Directions for Life is a weekly no-cost program that is open to everyone! Each week, I'll select and personally respond to one question received via the above “The Neagle Code” page that I feel in my heart will help the most people. (You may choose to remain anonymous if you wish, with our full support.) It is my deep, heartfelt intention that ~ in answering your questions ~ I may provide you with the Universal Truths that in committed application, will set you free. Simply submit YOUR burning question at: www.DavidNeagle.com/ask-david to participate.