The BIGG Successs Show
Tips For Starting Over: How To Turn Misfortune Into Fortune
Last time, we talked about Todd, a young real estate entrepreneur, whose triumph turned to tragedy. Today, we want to go beyond the lessons and offer some advice on how to recover from a devastating turn of events...Listen to the show and read the summary here.
Welcome to our 20th big success show today. We'll talk about starting over how to turn misfortune into fortune The big success show with George and Mary Lynn Last show we talked about a young real estate entrepreneur named Todd and Todd was living the dream life Million-dollar home fancy cars and all of that, but it turned into a nightmare He doesn't have any of it anymore lost everything and so that leads us to today We want to talk about recovering from a disaster We want to talk about how to keep hope alive and and I guess that's the first thing How do you keep that dream going when you've suffered such a loss? Well, I'd say the first thing Mary Lynn is just no matter what stay positive keep a positive attitude now That can be hard to do you want to reach out to friends reach out to people You know people love to help and if you just get out of yourself and start talking to people You'll find that you'll get through it much easier Second thing I'd say is keep going keep that dream alive be thankful for your failure now That's really hard to do isn't it? Well, but you know we do talk about failing forward And and how you sometimes failure does help you find those answers to succeed even bigger than you ever imagined That's right, and I think history is ripe with examples in fact I'd say you'd probably find it's it's almost hard to find someone who didn't fail before they succeeded big So don't get so down on yourself. It's not over. That's right Okay, but how do you start over because you either started with no money like Todd did he started with no money or you've got a nest egg But now we're talking about debt because in the article. It says that he's got about six million dollars in debt So I mean you're in the hole. How do you start over? Well, I think one key is to you do want to learn from the past So assess your strengths and weaknesses, you know, and so let's use Todd as an example It's obvious. I mean guys got a dynamic personality. He's a go-getter Banker friend, you know who actually probably is going through some legal issues with him right now Actually, it's quoted as saying that Todd performs. He's got a lot going for him. He's good with operations. He's good with sales That's obvious from the article now. He's obviously got a weakness with management and more specifically financial management So once you assess your situation now we can do something about it, right? Mm-hmm. What can you do about it build on your strengths and then find a way to get past your weaknesses Let it probably be good if you partnered up with somebody to handle the financial side Absolutely next business venture. Yep. Yep find someone who complements your strengths So that the two of you can create something bigger than either one of you might create a loan Well, what if you've had to declare bankruptcy? I don't know if Todd has, you know, whether it's six million in debt Whether you're ten thousand in debt for whatever reason you had to declare bankruptcy I mean, that's the B word. Does that mean is that the B word? Yeah in business It is I mean does that mean you're done and you know, Maryland. We're not lawyers We're not you know, we can't give you that kind of advice, but in general here's something kind interesting a friend of mine Had a friend who tried to get a loan the bank turned him down because he declared bankruptcy My friend went to the banker because he knew him too and said wait a minute. You shouldn't turn him down You should turn someone like me down. This guy had stellar credit Well, why is that that's what the banker said? He's like what are you talking about and he said well because he can't declare bankruptcy for seven years if you give him a loan He's got to pay it back if you give me a loan I can declare bankruptcy tomorrow Hmm, and so the point is to try to find ways of turning what's a liability into an asset. Okay now the other thing I'd say is something Todd's doing. This is genius. It's great. He's gone from being a merchant He'd buy property and then he'd sell it to being a broker. He never even touched I mean he basically just refers to property. So he's making money without having to take the risk He doesn't even need the loan. That's fantastic. Learn from your mistakes and come up with your plan B, right? Right. All right, so let's review Today we discussed how to turn misfortune into fortune and you know Marilyn, I've never met misfortune I'm not sure who she is driving misfortune Hopefully you won't either the key thing is to keep your dream alive keep going find ways to keep going Start over by assessing yourself and no matter what the situation even bankruptcy Try to find a way to turn the liability into an asset and rework your model You can find a written summary of today's show on our blog at big success. That's big with 2g's Success.com. Let's get our big quote for the day. Our quote comes from Dag Hemerskold. I don't know if I said that right, Marilyn Can you spell that? Can you say that in three languages? I can't but I can't say Dag Okay, so Dag was the Secretary General of the United Nations in fact the second one ever Okay, and I love this quote never measure the height of a mountain until you have reached the top Then you will see how low it was so keep climbing you'll find that many of your mountains We're just really molehills and next show Marilyn We're going to talk about a recent study about what people regret the most what their top regrets are Yes, I've had a few But not too many and until then here's to your big success. The big success show at BIGG success.com You (music) (gentle music)