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We’ve all been programmed from an early age to avoid using credit so we don’t get into debt. That may be great personal finance advice, but it can destroy your business.

In fact, the world’s wealthiest people and businesses love using credit.

In this episode, I discuss why you shouldn’t fear using credit, why your view of cash is holding you back, and how to never pay interest on credit again.

Highlights from this episode include:

  • Why mixing up credit and debt keeps you stuck in a mediocre business (1:34)
  • How leveraging credit built turned Walmart into a market-dominating behemoth (1:51)
  • Secrets the wealthiest people in the world won’t tell you about cash (and why it keeps you from becoming wealthy) (2:16)
  • The business mogul’s secret for getting credit without paying interest (2:35)

If you want to know how to get 50-100 leads for your coaching business every single day, head over to getdailyclients.com to grab our free Paid Ad Playbook, as well as some other great bonuses.

Read Full Transcript

You're listening to “The School of Client Attraction.” Marquel Russell is the founder of Client Attraction University, a marketing consultancy helping you attract clients on autopilot and scale your business while working 50% less.

Quick disclaimer: a side effect of listening to the show is more clients, more profits, more freedom, and it's more impact in your business. Now, here's your host, Marquel Russell.

Marquel: Hey, what’s up, my friend? It’s Marquel Russell here, and welcome to this brand new episode of the School of Client Attraction, and today we're going to talk about credit. We're going to talk about cash. We're going to talk about credit specifically, and most importantly, the beliefs we have about credit, because what I’ve found is that people's beliefs about credit hinder them in a big, big way.

Let me explain. Depending on where you grew up or how you grew up, or the people you grew up around, I know for me, a lot of times we grow up thinking that credit is a bad thing. I'm going to give you an example. [01:01.2]

Sometimes we talk to clients and they want to get started. However, they don't necessarily have the actual cash on their credit, I mean, on their debit card, or in savings or something like that. However, they do have access to credit or they can get credit, but they say things like, I don't want to use credit. I just paid my credit off and got it back, so I don't want to really use any credit or to go into debt. Right?

Why is that a flawed way of thinking? And why does that keep most people stuck? Because massively successful businesses, and with me studying some of the most successful businesses on the planet, most of them got there via debt. One book off the top of my head that I just finished reading, Sam Walton's book about how he built the Walmart dynasty and how they did it was leveraging credit, and that's on a larger scale.

A lot of individuals who you see online who are running ads, and the influencers and things of that nature, or maybe some coaches you've worked with, they leverage credit from growing their business all the way to what they use to pay for advertising. All those different things, they're leveraging credit. [02:03.9]

Why? Because the wealthy leverage their [credit]. They have been using this for years. It's called OPM. What is OPM? Other people's money. They’re like, Okay, why would I use my cash when I can leverage credit? Most people say, I don't want to pay back the interest. In reality, if you're using that credit to invest into a business and make a business decision, guess what? The ROI is going to greatly exceed the interest that you would pay on his credit card.

I’m going to give you an example. I was speaking with a lady one time and she was like, I got access. I got it in my 401(k), or it was some kind of retirement account, but she was like, If I pull it out, I'm going to have to pay a penalty. But then she was like, You know what? The ROI I'm going to get on this and the money that I'm pulling out are going to be greater than the penalty that I'm going to pay for pulling this money out of this retirement too early. And I was like, Now that's abundance thinking and that's why you're winning and going to continue to win. [03:00.8]

And guess what? That investment she went into, quadrupled it multiple, multiple times over, because she had the right mentality around it. But because of our previous programing about credit, we don't want to go. We don't want to go into debt, even if there’s going to be ROI, and it's crazy. Here's the crazy thing. Some people go into debt to get a car or to get a home, or to get a TV or to go on a trip, right? All things that typically won't make them any money, but they won't go into debt to actually grow their business. Very interesting, wouldn’t you say?

So, that's the biggest thing. They're like, Okay, I don't want to use credit because this, this and the third, or I don't want to use, but not realizing that if you want to be wealthy, you want to build massively successful businesses, one of the best ways to do it is to do what the massively wealthy and the massively successful are already doing and they're leveraging OPM.

For me, I didn't have the luxury of leveraging credit as I was coming up, growing a business, because I wasn't thinking about credit growing up, so I just messed my credit up. But now I'm at a point where we're fixing it and things of that nature because I'm thinking different, but if you were in this place where you actually have access to a credit or you can get credit, that's one of “the” number one ways or number one forms of leverage to actually grow your business and get massive traction at a rapid pace. [04:15.7]

Okay, so just wanted to share that real quickly in today's episode and, of course, you can use that credit to invest into your advertising and scale even faster, so now you can get more leads. You can get more clients and you can grow your business even faster.

That’s it for today's quick episode, and until the next one have a phenomenal day because you absolutely deserve it. Talk to you soon.

What's the difference between you and mega-successful coaches and consultants with a dream business? Simple. They're getting more leads than you are. What if there was a way to get 50 to 100 leads every single day like clockwork? Would you want it? Then go to www.GetDailyClients.com to access our Paid Ad Playbook that has brought in millions of leads for our clients over the years on complete autopilot.

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