Financial Mistakes You Don't Want To Make

$65,000 laying around. So guess what? I called my accountant in Australia. He said, well, here's this book. There's this guy that wrote this book, and he's really good at helping people with tax problems. Call him. I'm like, wow, that's it. So I called the guy, and the guy helped me, and he coached me. He had a coach. He had a coaching program, and he had all these books. I bought every book he had. It was like, 1600 bucks. Bought every book, every video, everything he had, right? Because this is the. I don't know what they expect. Like, I've never had a call from the irs. And so anyway, so then he had a coaching program where I paid him. I think it was, like, 1200 bucks. He would just coach me whenever I had a. Whenever I got a correspondence from the irs, I'd send it to him. He book. I'd book a call with him. He'd answer my call, answer my question in five minutes, and we're done. So it was twelve hundred dollars for, like, for the whole year. It was really, really, really unbelievably low. Hopefully he's raised his prices by now. But anyway.

And so he coached me through that whole situation, and I found out some really amazing things, but he coached me through that whole situation, and he said, myron, you got two choices. Okay? They've determined that you owe them a million $65,000. He said, you can go make. Go make $4 million. Right? Pay tax on the $4 million, which would be basically whatever 40% of that is, approximately. So we'll just call it pay tax on the $40 million. We'll call that $4 million. That'd be 1.6 million.

Okay. Dollars. And then you paid that.

So that'll leave you with 2.2.4. Yeah. $2.4 million. Is that right? Yeah, I'm doing that. Right. $2.4 million. And then you pay them the million 65, and you'll have a million dollars left over. Or he said, you can go broke.

And make.

A deal. So. Well, how do you do that? Right? He said, go broke and make a deal. I'm like, okay, so.

And we didn't have as much financial momentum as we used to have, but we still had some, right? And so go broke and make a deal. Okay. What's that look like? And so I opted to do the second one. If I had it to do over again, I would not have to do the second one. I would have done the first one, but, like, I had already Been hit by so many things. I was, I was emotionally wrung out. I was mentally exhausted.

I felt, I felt almost in a state of despair. I'm just keeping it, keep it real, right? Okay. So. So go broke and make a deal. So it took me a couple of years to go broke. Like, literally I'm sending them all the stuff they need. And literally when you go through this, it's like you have a part time job working for the IRS without pay. Like they're always telling you to send them something, send it to me right now, and then you send it to them and then they take three months to get back with you. It's just, it's insane. It's insane. So go broke and make a deal. How do you go broke and make a deal? So that's pretty much what we did. And then.

So that was 2010, 2011, my mom passed away. Back in 2008, we bought a million dollar home. We had, we already had a couple hundred thousand dollars worth of cars. And so 2012, like I sold my million dollar house on a short sale for like $630,000. This house I paid over a million dollars for. And then like I had a, I had, I had my Mercedes CLS 500, my wife's Cadillac Escalade and my S550, right? Mercedes S550. I had these three cars. They didn't repo the S550. I took it to them, right?

You don't have to come get it. I'm going to bring it to you. Right? And so, and so we had a repo on our credit. Now, now our credit's messed up. We had a short sell on our house. This is 2011, 2012. And then because I don't have any money, I borrowed money from my brother and my friends and whoever would loan me some money, borrowed money, rented a truck, like big old truck, because it's a big old house, right? Two big trailers, and we loaded them up and we moved to Tampa in 2013. And I'm going to tell you something like the feeling of demoralization that you have after you make millions of dollars and now you're broke and you're asking people who knew you were rich to borrow $1,000 here and $1,000 there so you can survive. It's so demoralizing, right? And I can remember, I can remember when we moved to Tampa, we moved to Orlando Lakes. And I can remember sitting on the back patio literally crying crocodile tears on my wife's shoulder.

Trying. It's not Working. And I'm like. Literally, I am just, like, all over the place. And she's doing her best to come. Oh, it's gonna be okay. And I tried. I do this, and it didn't seem to work. Do this, didn't seem to work. Do this. And I lost my momentum. And now I'm attempting to overcome this inertia, this financial inertia that I have. And I literally. I had a really good friend who I helped when he was in trouble, and then he helped me, and he loaned me, like, God is so good. This friend of mine is such a good friend. He loaned me $4,000 a month for two years. Who does that, right? So I can live. And then we finally got through that situation and made a deal with the IRS, closed out that deal for, like, $12,822, right? So. So my mom passed away 2011, 2012. And then 2013, I'm just like. I'm, like, stumbling around trying to figure out what to do. So I didn't know what to do, and I didn't even think of this until just now. So what did I do? I started a Bible study. I don't know. I'm not a teacher. Bible still. I could do that. That'll work. Like this entrepreneurial stuff. I got a good friend here now in Tampa. His name is Delator McNeil. He gave me an opportunity to speak at his Motivational Mondays. He used to have these seminars where 30, 40 people gathered. He invited me to come in and speak, and I made some sales and made a little bit of money. And then he invited me to speak at his ftx. And then I started slowly gaining a little bit of momentum, but not really. So 2013, just kind of struggling through living on borrowed money. 2014, struggling through living on borrowed money. 2015, I joined a coaching program.

It was Russell Brunson's inner circle. It was $25,000 then, but I wanted to bring my son and my daughter. And so he said, well, you can bring your son and your daughter, but if you're gonna bring two extra people, it's gonna cost you 30,000. Like, okay, cool. I don't have 30,000. Will you let me do it on payments? He said, I don't like doing payments, but okay, we'll let you do it on payments. Okay, cool. I'll do it. So I said, if you will let me pay you $5,000. I negotiated right. You let me pay you $5,000 every other month, I'll pay you, and I'll come to your Inner circle program. I came to this inner circle program and it changed my life forever. And I'm going to tell you something like being in a coaching program with other high level individuals can impact your life in so many ways that you, you think that when you join a coaching program that all you're getting is the coaching. I submit the coaching may not even be the most valuable thing you get. By the way, nothing. That's nothing against Russell. Russell is a brilliant, brilliant marketer, brilliant businessman. I learned a lot from him. I, I believe that Russell Brunson is the smartest marketer alive, maybe the smartest marketer ever lived. I've had a lot of like one on one conversations with him about like some amazingly crazy stuff. And you think about it like his business that he started has impacted the businesses of hundreds of thousands of entrepreneurs around the world. Like, who else has done that? Right? So anyway, so, so couple lessons I learned in that. And then 2015, we got a little bit of momentum. 2016, we got a little bit more. 2017, I want you to think about that. This is only five years ago now, 2017, we had our first million dollar year again since 2008.

Right. Is that, is that a little shocking? Like, wait, what? Yeah, yeah, for 2017. 2018 was better in 2017. 2019, way more better than 2018. 2020, better than that. And every year it gets better and better and better. Like we've already made way more money. We made almost like we made way more money already this year than we made all of last year. Right. So we have momentum again. Okay, but that's not the point. Here's the point. I learned some very valuable lessons that you can only learn if you get rich and then go broke. What's the first lesson? Don't do it. What? After you get rich, don't go broke.

I cannot emphasize strongly enough. Don't do it. And I'm gonna tell you something now. If you are good at making money, if you are good at making money, you're probably not good at accounting for it. So here's what you should do. You should hire somebody who's good at accounting for the money that you make. Make. Right. So that's one piece of advice. Another piece of advice like I would give, play far enough away from the edge so if something does go wrong, you don't fall over. Like, I stay so far away from the edge. Like, what's really cool is if I wanted to, I could just stop working. Like, I have no desire to retire. Like, I don't need to sell stuff and do seminars and do challenges and write books. I don't need to do that stuff. I do it because, like, I work because it gives me an opportunity to exercise my God likeness. Like God created the heaven and the earth because he is creative. And creating the heaven and earth was an expression of his creativity. And so for me to express my creativity, I do all the stuff I do. Like, I don't do it for the money. We make a lot of money, but I don't do it for the money anymore. The money is just part of what happens as a result. And so I learned the very valuable lesson, like, don't go broke after you get rich. Broke is hard when you grow up broke.

But if you get rich and then you go broke again, it's way more harder, right? And so just I would recommend not to do that. I would recommend that you manage your money very, very well. Play far away from the edge, right? A lot of times what people will do is they will, when they're broke, they will buy things that make them look rich, but it'll make those things that make you look rich will often make it take longer for you to get rich, right? And so my recommendation is. So some things I learned. One, it's really, really important to have good credit. And if you have bad credit, like, get it fixed because you can use other people's money to create wealth. Like, if you drive down the road in your town and you look at all the successful businesses, you'd be hard pressed to find one that started with money they had under the mattress, right? So like, develop and maintain good credit. Pay your bills early or on time, and like, play far away from the edge. Create wealth as fast as you can. Help as many people as you can. Put yourself in an environment that will empower you. So we joined Russell Brunson's inner circle and Russell taught us a lot of really cool stuff that we did and has helped us make a lot of money. But the most valuable thing that I got out of being in Russell's inner circle is we would have these mastermind sessions, right? And so when we had these mastermind sessions, people would get up and they would share what they're doing, what's working, and then they would ask for help on, like, this is what I need help with. And so when people would get up and share, like, I would know the answer to these people's problems. And these are, these are people every. By the way, when we first went to Russell Brunson's inner circle at Boise, Idaho. We were so broke. We were broke as a joke and ready to choke, right? So, I mean, like everybody else is staring. The events at the grove hotel, it's 200 something dollars a night. I'm like, I ain't paying 200 something dollars a night. So we stayed at the like the amerisuites inn, right? 79 a night. Had one room for me, one room for my son and my daughter. And we drove to the Grove every day and we went to the meeting and. But what happened was amazing. All these people making way more money than me. Like way more, like more money than I ever made even. They'd stand up and say, well, this is what I'm doing. This is what's not working. I'd say, well, I think you should probably do this, this, this and this. They say, oh, that's so good. They think my idea is good. I want you to notice what happens here. So somebody else stand up and say something. Somebody who's making at that time maybe like 400,000amonth, right? And I'm like, what I would do is I would do this, this. Myron, that is so good, dude. How do you know all this? And then Russell would make noise about what I'm saying. I'm like, all these people here are making more money than me and they think my ideas are great. And what happened was I got introduced to how valuable the knowledge I had and had been discounting was because these people who are all making more money than me, thought I was the smartest guy they'd ever listened to in their life. But they didn't follow me back to the Ameris Wheeze Inn, right? And so, so, so. And then I just stayed in contact with some of those people. And then some of those people started wanting to pay me. Hey, can I pay you to like come learn how to do what you do? Well, sure, right? And we got. And then people started paying me. And back then, you know, like we had a speaker training that was like $25,000. I don't do that anymore by itself, but $25,000. We have one guy that was in Russell's inner circle. This dude bought my speaker training for 20, $25,000. He went out and had a $5 million day. He did an event. He had a thousand people at the event. He did a five million dollar day.

And then he called me like, we got. He said, marin, I need to talk to you about some stuff, man. I said, okay, cool. So we could jump on a zoom. He's like, yeah, man, I want to learn. I want to learn how to tell stories like you tell stories. He said, how much do you charge for coaching? I said, well, charge 5,000 an hour. He said, okay, cool. I just PayPal'd you $40,000. I want eight hours. I was like, no, I hate PayPal. They're the devil. Right? Right. And besides not hating PayPal because they're the devil.

Like, I don't want to sell eight hours of my life. And literally he paid me. So y' all can all blame him, right? As soon as he sent me that money, said, I just sent you $40,000 in 18 hours. As soon as he said that, I decided in that moment I will never sell my time for $5,000 an hour again. And I raised my price to 25,000 an hour that day. Right.

And so I coached him through that whole thing. And then since then, we've had all these people having million dollar days and $100,000 days. We started giving people awards in our inner Circle for $100,000 days and million dollar days. And last year we probably gave 35 to 40 100k day awards out. And last year we gave, I don't know, 13 to 15 million dollar day awards out. And it's not because. It's not because, I mean, the people already had some skill. Obviously you're not going to go do a million dollars a day if you don't have any skill. They had skills, they had an audience. They just didn't. They were under monetizing the stuff they had. And so what I've learned is.

If you lose your money, like if you lose millions of dollars like I did, like I wasted years going broke and making a deal, years that I could have been making millions, I lost millions during those years. Right.

If you have skills and you have an audience, like there's just a couple of tweaks between you and the fortune you've been seeking. If you don't have skills and you don't have an audience, there's just a couple of skills and an audience away from you making your fortune. There's never been a time in human history where it's been easier for people to create wealth. Why do I talk to people about making money on my YouTube videos a lot? Because I remember how bad it felt to be broke and not know where your next next is coming from. And I just figured, you know what I'm going to do, I'm going to help as many people as I can along the way. And so as much information as I can put out on YouTube for free. I'm going to put it out on YouTube for free. The rest of the stuff, I'm going to sell it. So hopefully this video helps you on your journey even when you feel like things are hopeless. Like I felt like I was at the bottom of the bottom of the bottom I'm sitting on. I'm this. This beautiful girl that I've made all these promises to wr poems to. She thought I was the man. I'm sitting on the back porch patio crying on her shoulder like a three year old, right? Because I couldn't figure it out because I was exhausted and I felt like I was in despair. Thank God I had good friends who supported me. I had a wife that supported me, a son and a daughter who supported me and went along with me for the journey even when what I worked on was no longer working. I submit to you, if you ever find some people who truly believe in you and truly love you, do everything in your power to keep those people in your circle as long as you can. So hopefully this video helps you. If it does like it, comment.

Share and all that other YouTubey stuff. And we'll see you in the next video. Peace out, Cuba Scouts. All right, that's the video.