Shelton Marchman is author of Give Me Credit for Trying. He has been a business credit expert for the last two decades. Today we are going to chat into how to use debt to leverage your business correctly.
Consumer debt and business debt are two different worlds. You don't want consumer debt as this type of debt isn't useful. You definitely want to pay down consumer debt and get yourself out of that unfortunate situation.
When you want to start building wealth, your views on credit need to change. If you're going to wait on cash or plan to have cash on hand for everything, it's going to take you a lifetime to get results. As Shelton brings up in this article, he doesn't know of one business that's never had to leverage credit. When you use your credit, remember to learn to use it properly.
Entrepreneurship and Debt
Shelton's advice for entrepreneurs is to go into debt. "I don't know a single person who has successfully navigated entrepreneurship without taking out some debt. Honestly, if you make less than $200,000 personally, I don't know how you would navigate your entire life without having some debt. Whether it's a car, a home loan, or something like that, you know, some people think it's all cash. Debt is a tool. You don't want to be paying for that vacation you took to Cancun for the next five years. However, if you're buying something, that's going to help you to build credit, then that is a good move."
Listen in to find out:
For more information, visit the show notes at https://www.amandaabella.com/using-debt-to-leverage-your-company-with-shelton-marchman-part-1