Debt and Credit Cards for Your Business Growth with Jack McColl

Debt and Credit Cards

In this episode Jack McColl and I discuss debt and credit cards along with business growth.

By listening to this episode you will learn how to effectively manage debt and credit cards for your business.

0:01
Okay, today I am here with jack and jack is known as the King of debt on Instagram. He’s going to be talking with you guys today about how you can use credit cards, how you can work money to your favor and your business. If you felt in the past that you don’t have the resources that you want to be able to do, the things you want to do, and some smart, actionable steps to be smarter with your money. So thanks so much for coming today, jack and tell us your first and last name because I don’t want to mispronounce your last name, and also how you got into what you do today and what you do.

Actionable and Tangible

Yes, yes. Well, thank you so much, Hailey, I’m really excited to be on the show today, I have a lot of free value to share with everyone today, I want to make sure it’s as actionable and tangible as possible. So you can walk away from this podcast with things to do to build your credit and get access to low interest, capital. All the things that I have used to scale multiple six figure and one seven figure business in the last few years.

Equity

1:03
I think how I got into credit, I’ve been an entrepreneur for maybe six years now scaled multiple different companies, a product company, or two product companies, a travel company, and then to be commerce companies as well. One thing that I’ve really realized looking back is my access to low interest capital. So I’ve really realized the more money, the more access, you have to low interest capital, the faster you can scale a business. And so when you’re financing a business, you know, you have a couple different options, there’s

1:33
using your own personal savings, there’s giving equity away and bringing bringing in a money partner, there’s a business loan, which will cost you very high interest rate. Or the fourth option is to use 0% interest, business credit cards. And so I became incredibly fascinated with zero percentages, business credit cards, because it’s borrowing money for free, all you need is good credit.

Good Credit and Business Credit

So I teach people on how to get good credit and leverage it into business credit. Just in 2020, I’ve been approved for over 300 k in credit card limits. And so I teach people these exact same strategies. And so I’m here today with you guys to to give you some of those strategies. Wow. Okay, we definitely want to dive into the tips about improving your credit score, and why you know, the pros and cons of each of those options and things like that. But I’d love to hear the story about what kind of businesses were you trying to scale?

Consider Your Goals

What were you trying to do? What did you want to buy? And how did you come across finding this option? Yeah, so I mean, so my two first six figure companies was one, we sold hoverboards. So we were one of the first companies to sell hoverboards in the States, it was a brand new super hot product, we were importing them from China. And when you’re doing something like that, it takes a lot of upfront capital to you know, buy the inventory. And then the set. The second venture was very similar.

It was inflatable loungers that you see at music festivals, but very similar, you need a lot of money upfront to purchase the inventory, then you get it and then you sell it right. So you need somewhere to essentially front the money. And so for us, if we have, you know, big, high credit card limits, we would just put, you know, the inventory spend on these credit cards, while keeping our personal savings into long term investments, like the stock market like cryptocurrency and real estate. So that’s why I’m the biggest advocate. If you can borrow 0% interest money through credit cards, you can put your personal savings in long term investments, and at that point, you have more money working for you, therefore making you more money.

Money Management and Investing

3:33
Yes, okay. So yes, when it comes to having a business part of your job is obviously doing your work and doing your marketing and all the things but I think a lot of people forget or don’t realize that also part of your job is managing your money and your investing and and making sure that you’re being responsible, as far as

3:56
you know, taking care of that part so that you can be building wealth. Yeah, exactly. Exactly. And some of my favorite people to listen to about all this and sorry for the background noise is I love like Robert Kiyosaki. I love

Mutual Funds

4:13
it. I think Peter Schiff has some interesting things to say about money and all that. And so I’d love to hear from you personally, because I’ve always thought and I think a lot of people like when we listen to what’s the guy’s name, who talks about mutual funds all the time. And, and Dave Ramsey, yes. Dave Ramsey, so Dave Ramsey’s, like, never ever go into debt, like you want to get out of debt.

And so, what’s your thought on? I’ve been brainwashed to be fear debt, always like I just I’ve been brainwashed to be like, I never want to go into debt. So tell me how, how can we start to see debt differently if we’re brainwashed? Yeah, I mean, so there’s two kinds of debt. There’s good debt and bad debt. Good debt is when you’re investing or spending money into things that’s going to appreciate

Debt in Business

5:00
Or make you money. So using debt in business is an incredible tool. And I feel like if people are not using debt, they’re scaling much slower than they otherwise could. And they’re leaving a lot of money on the table. So on one side, you have Robert Kiyosaki, author of Rich Dad, Poor Dad, who the biggest advocate of debt ever, you know, don’t be like Donald Trump biggest advocate of debt ever, you know, look how successful people like that are right. And then there’s the Dave Ramsey, who is anti debt, right, he’s just, you know, get out of debt. Keep it at that. And I think I think that model is the no debt model is is good for, you know, more of a civilian type, someone that’s not really looking to be in that, you know, top 10% range.

But I think if you really want to be successful in business, you have to use debt, at least from my personal experience and experience of with my mentors and things like that, you have to use debt. And you want to use debt in the best way possible. So you want to use debt, when you’re when you’re have low interest rates. So whether that be on 0% interest business cards, or other low interest loans, but basically, on 0% interest business cards, which by the way, these are all my cards right here.

Interest and ROI

6:10
But you leverage your good credit to get these cards. And so it’s 0% interest for the introductory period. And so that can be anywhere between six months, up to 18 months. So the big goal with these cards is, say, for example, you have an 18 month 0% interest business card for $20,000. Now you want to find a business, or an idea that you can spend that $20,000 in, where you’re going to make an ROI before that 18 months is over. Because if you you know, make your ROI, you don’t pay any interest whatsoever. So I think that’s the key, I think,

6:45
obviously, you want to be spending wisely into things that you believe it right. So if you have an idea, you want to be going all in on it, because I think if you go all in, you’re either going to succeed faster, or fail faster. And if you move quicker, I think it’s actually easier in business. Because you have overhead, right, you have overhead and you don’t scale quick, that overhead is going to make it so much harder to actually be successful.

So if you scale, you know that that overhead is a smaller percentage of what you’re making now, which makes it easier in the long run. And then you know, if your idea, you know, if it’s not a good one, you’re gonna fail faster, which can be a good thing, because then you’ll move on to the next business idea.

Business Moves

So I think when you want when you’re in business, you want to move quick, whether it be succeeding, or failing quick, and I’ve done both, and I think I’m reflecting I think you want to do both very quick. So that’s my, that’s my two cents right there. Okay, so before we get into how you improve your credit score, I want to ask you, cuz obviously, you shouldn’t just be reckless with your spending, obviously, you want to research like, is this going to be potentially good investment to I you know, and it’s the same thing with like, I listened to some what’s his name, Tom wheelwright about taxes and whatnot. He’s always like, you know, you He’s great. I love his.

Consider Your Purchases and Growth

He’s very, very educational. But anyways, he says, you don’t want to just Yes, you could write off certain things. But you don’t want to just buy it to buy it like you should, anything any purchase you get should be because you think it’s going to help you grow your business. And, you know, position you well and whatnot.

But so how do you decide what would be a good type of? And maybe this is outside of your scope? But like, how do you decide what’s a good business purchase or good investment? Yeah, I mean, you have to, you have to run the numbers. And you know, trust your gut, if the numbers look good, and you think it’s going to help increase the profitability in your company, then you got to make a decision and do it.

And I think when you have a decision where you think something’s good, you have the option to use, you know, a service and interest business card or your personal savings. So a 0% interest business card, one gives you more time, but it gives you more options.

So a lot of people ask me this, you know, what, if I can’t pay off the debt, after that introductory period, at that point, you can apply for another 0% interest business card, and transfer the debt from that card, first card to a second card. Now you have 0%, to about about three years, and you can do it to a to a third card as well gives you about five years of 0%. Then, you know, God forbid, you still can’t pay it off, it will go to collections. And then you can hire a credit repair specialist that can eventually remove that from your credit file.

Credit Card Use

And so when you look at the opportunity to use your personal savings, versus a 0% interest credit card, there is just there’s so much more options when you use a credit card because one, you have up to five years to pay it off. Two, it can go to collections. You know, that’s the worst case scenario. And through the Fair Credit Reporting activity that the US has, there are amazing laws that really protect consumers with debt. And so credit repair companies know these laws, and they can dispute this debt on your behalf to get it

10:00
wiped. And so like my, my team and I, not me personally, but my credit specialist has wiped 10s of 1000s of dollars of debt from people’s files all legally. So we know this is just the DX that the US government has. So my point here, I’ll just throw it in is, when you have an opportunity when a decision, you can either use your personal savings, or 0% interest credit. And I think 0% interest credit gives you so much more time and options than your personal saving. Because once you spend that personal savings, it’s gone.

Leverage

There’s no other options. Yeah, and I’m learning so much, because, to me, the word my word of the year is leverage. And I and what you’re saying is this can give you more time to pay off and whatnot. And how long do you feel like this is going to last? This opportunity to have 0%? interest credit cards is that I mean, that might be a dumb question. But tell me more? It’s a good question.

I really I don’t have an answer for it. But I think the US in general, you know, they love they love debt, they love printing money, allow people to borrow money at low interest. So I don’t see this ending anytime soon. But I think the sooner someone starts to take advantage of it, the more benefit they’re going to see. I think by not using it, there’s a massive opportunity cost.

Investing

11:18
Yeah, cuz Yeah. So the example I always like to give is, if you have $20,000. And you can either invest that into the into your business, or the stock market, and you also have the option to borrow 20% $20,000, excuse me, from a credit card, you now have $40,000 working for you. And so if each of that $20,000 made the same return, you’re now making more money in the grand scheme of things. So that’s on the biggest advocate ever have, the more money you can borrow, the more money you can make, assuming it’s low interest, and assuming it’s spent well.

11:54
Yeah, and there’s definitely an art to doing that. And that’s what you teach, because you could also get in a lot of trouble if you do it wrong. Right.

Research Beforehand

So

12:02
you definitely want to do your research beforehand. And when what events I’m just curious, over the last three to five years, what have been some of your best investments, either personal or business? I’m just just curious. Yes. So a few months ago, back in September, I invested into cryptocurrency hedge fund that’s managed by a friend managed by a friend of mine named Jeff second year.

And he the fund is called Orca capital. It’s basically a cryptocurrency hedge fund. So inside the fund, they’re doing trades back and forth between the alt coins and Bitcoin, based on different cycles of the coins and demand of studying the charts. So that investing into that cryptocurrency hedge fund has done very, very well for me, I think everyone should have a portion of their portfolio invested into bitcoin or cryptocurrency in general, I think that the upside potential is too high, to not be involved, at least at some level.

The Right Timing

And I think specifically right now is a really good time to get in, because we’re seeing, we’re at the start of a bull run right now. This is there’s gonna be seven to nine corrections in this bull run. And so we just saw the first correction.

So I think there’s a lot to gain. Second other investment that I was really happy about is Tesla, and relatively earlier investor on Tesla a few years ago. And so that’s been big as well. But I also think, you know, people should be investing in the stock market, I think stock market cryptocurrency, if you can get into real estate, that’s a little bit more challenging to get into. But, you know, I think if you’re diversified between the three of those, that’d be great as well. And then a fourth one real quick, I have a high cash value, life insurance policy.

Take it to the Bank

So this is a great way to essentially become your own bank. And so you’re able to put money into a life insurance policy, and one there is a death benefit. But if you structure it right, you can actually have access to 100% of the money that you put into this policy. And so it will grow out of basically guaranteed 6% every single year, and you still have access to it, and you can borrow money against that policy at 5%. So it’s still growing, but you still have access to it, then you can put that money into real estate. And then you could put it back into the policy, essentially, as your being your own bank. So it’s called a high cash value, life insurance policy.

Do Your Research

And if you structure it right, you’re essentially your own bank. Wow. Okay, this is blowing my mind. I mean, Bitcoin to me. And the other one, you said, are both so volatile, like it’s just so all over the place. But I hear you and I think this is obviously everybody needs to do their research and not take this as we’re giving you advice. I have to put that disclaimer in there. But this is really interesting to hear your thoughts and everybody has it. I’m enjoying it. So let’s talk now about credit score. How do you set yourself up to improve your credit score? Yes. So great.

15:00
Question, Hailey. So there are so many different factors on what creates a credit score. And your credit profile is so much more than a score. A lot of times people, they might have an 808 10, but only have one to two credit cards, which is a very, very thin file. And so in order to fully take advantage of your credit file, you want at least four to five primary accounts Reporting to Your personal credit, because this will add age, this will add on time payment history, which is which is really what you want, right.

Consider Your Accounts and Payments

So you want as many accounts reporting as possible, and the longest reporting history of on time payments. So payment history, and utilization are the two biggest sections of your personal credit. And so on every single card account that you have, you want to make sure you have an on time payment. So if you have five credit cards, you want to make sure you’re spending on all five credit cards, just so you get five on time payments every single month.

So it’s good for subscriptions for like a YouTube subscription, Dropbox, you know, put up, put a subscription on each of the accounts and just put it on auto pay, that will really help out the payment history, which is a very, very big portion of your credit file. The second big big portion is utilization. So this is basically saying how much of your credit

Ratio

Are you using, that’s being reported to your personal credit. And so the higher this ratio is, the more it’s going to affect your score. So the big reason why you want to do business credit as soon as possible is because the utilization on business cards aren’t reported to your personal credit. And so this means you can have a $20,000 balance on a personal card, and it won’t negatively affect your personal credit score whatsoever. But in comparison, if you had a $20,000 personal credit card, and you left a balance, that’s going to be 100% utilization and it is going to dramatically decrease your credit score.

17:02
Also, another factor of your personal credit is the amount of inquiries that you have. Basically, anytime you apply for a card or your credit checked, you’re going to get an inquiry. And if you have too many inquiries in a short period of time, you’re going to automatically get denied. So if you have over three inquiries, in the last six months, you’re going to want to hold off on applying for any cards at the moment. If you have 01, or two party inquiries on each of the bureaus, you’re in a better position to apply for cards.

Payment Schedule

So you want to make sure you have no more than one late payment, you want no collections, no charge offs, things like that, you want to make sure your utilization on every single account is under at least 30%. And no more than two part inquiries on each of the three bureaus, and different banks pull from different bureaus. So you want to make sure all the Bureau’s are, are low. And basically, if you have all that in place, you can then get approved for cards. So I always recommend you want to do one personal card every two to three months. Because it’s going to add more accounts to your personal credit file, which is going to add strength, it’s eventually going to increase your score.

Payment History

And it’s going to add more payment history over time. And so one thing that I didn’t know when I was in my upper teen years was you want to keep accounts open, right? So when you open up a credit card, you don’t want to close it, because once you close it, you’re just deleting that account from your credit file. And you’re just erasing all that payment history, which is extremely valuable. So yeah, that’s kind of the personal credit in a nutshell. But I’m sure you have a couple questions for me. And I would like to go from there. Yeah, that was a juicy response. So everybody listening can rewind, and listen again.

18:49
Yeah, please do. I know that was a lot of info.

Credit History

18:52
I love it. I really love it. So the other thing I didn’t know is that even if you’re not using the credit card, just keep the account open and let it sit there because it keeps adding to your history. Right. So when you say

19:06
okay, so we want to

19:10
there was something you mentioned, oh, man, now I’m gonna lose it. Oh, I do have a question. How do you find out what your credit score is? Is there a favorite place you’d like to go to look up? look that up? Yes, so really good question. So there’s a couple ways you can check your credit. You can check it for free on creditkarma.com, which will show you that score for two of the bureaus Equifax and TransUnion.

This isn’t actually your FICO score. It’s called a vantage score. And what the lenders look at, like Chase Bank, for example, they’re going to look at your FICO score. But anytime you look at your FICO score, it costs money. And so like for example, you can look at it at identity IQ comm which I do recommend my fico.com also recommend that gives you your your updated credit score once per month and they cost $30 a month.

Your Credit Score and History

20:00
But if you if you just want to check what accounts are reporting, what your utilization is, if you have a late payment, things like that, checking creditkarma.com, and experian.com, will allow you to check all three bureaus for free. So anytime you’re applying for a card, you always want to check your credit before. So you want to see, you know, as I kind of mentioned in that last facet value bomb, you want to see what’s your utilization at? How many art heart inquiries do you have in the last six months? do you have?

How many late payments do you have? Do you have any collections, things like that, if you have any collections, you have to take care of that first, hire a credit repair specialist get that taken care of late payment? One is sometimes Okay, if you have anything less than 99% on time payment history, you’re gonna have to take care of it. But then with your utilization, and the amount of current amount of primary accounts you have.

Credit Checks

20:52
Yeah, so you always want to check your credit, I highly recommend to do my fico.com. It costs $30 a month, and it updates once per month. That’s the best way to be aware. But I think that’s that’s key. I’m glad you asked the question is, you want to be aware of your credit, you want to know where you stand? And based on that you can determine a strategy of what to do next.

Credit Score Considerations

21:12
Yes, so somebody realizes, oh, no, my credit score is actually not that good. How do they start to find out? Well, obviously, late payments, they’ll know is a reason why. But maybe not having a long history record weight would be another like so how do they pinpoint what the actual problem is? Good question nearly Still, if you go into my FICO, or any of the credit monitoring services,

21:38
it will show you and so if you have a collection, it’s going to show you how much it’s costing you do you have a late payment that’s going to ding you pretty significantly. Pretty much if you don’t have a 700 or above, there’s something there’s something something wrong, and that wrongness could be either a late payment collection, even high utilization. So if you have 80% 100% utilization on each of your accounts, that’s going to dramatically bring your score down. Here’s a quick tip on how to report low utilization on personal cards. So even if you’re using all of that money on that account, make sure you just pay the balance down

Considering the Closing Date

22:15
prior to five days before the statement closing date, because a couple days before the statement closing date, that’s when it reports to the Bureau. And once it’s reporting to the Bureau, it’s gonna stay on there for 30 days. So say you have a $10,000 card, you spent $1,000 on a vacation, and you pay it off before that five day Mark before the statement close date, it’s not even going to report so you can use it, you just have to pay it off. But if you pay off less than five days before the statement closing date, then it’s going to report for the next 30 days.

Utilizing Your Resources

And if you do have utilization that’s high, you know, just pay it down, and then check your credit the next month, and it’s gonna, it’s going to update. Then once it updates, you know, check everything check utilization, late payment, hard inquiries, things like that. If it looks good, then you can apply for the cards. And so when it comes to applying for cards, I always like to focus on my favorite banks first. So it’s Chase Bank, and Amex number three, and four is going to be US Bank and Bank of America. But Chase has the strictest bank, by far, they have the most internal bank rules. It’s very hard for most people to get approved for cards.

Personal and Business Accounts

So I like to have my personal checking account at Chase, and a business checking account at chase as well. For anyone that is going to get a business credit card, I highly recommend to get a business checking account at that bank. First, I put some money in it, you know, show them your you want to build a relationship with them. But I highly recommend to do your personal banking. At Chase. They have the best platform, they have the best cards, you can send money extremely easy, best customer service. It’s incredible. And then Amex as well. They’re not a bank, but they have amazing credit cards, which are great.

Charge Cards

So if anyone is listening, in e commerce, they have something called a charge card. So the business gold and the business platinum. There’s something called spending power. So instead of a preset spending limit, it is called spending power. So as you spend more and paid off every month, that limit actually gets more and more every single month. It’s kind like a muscle, you know, the more activity on it, the bigger it’s going to get. So yeah, my favorite banks or card lenders is Chase, Amex US Bank, Bank of America.

And so if you’re banking at a bank that doesn’t have a 0% interest business card. My opinion is you’re kind of wasting your time building a relationship with that bank, because you have to ask her, what are you building that relationship for? For me, I’m only building relationships with banks that have a 0% interest business card because that relationship is going to help me get approved for that business card with specifically a high limit. So I would study your bank and see if they have good business.

Recommending Resources

25:00
cards if they have them, great if they don’t, my personal recommendation is go to chase or go to US Bank.

25:08
Got it? Now, with that said with those cards, do you have a favorite? Like, they have different rewards programs or things like that? Is there anything that stands out to you from that standpoint? Yes. So, um,

Consider the Card

25:25
Chase, and Amex, they have the best reward system. So, Chase is incredible because there’s so many different card products. And once you have a few of them, based on the transaction, you want to use a different card for each transaction. So like the chase, Sapphire reserve for dining and travel, freedom, unlimited for everything. And then if you’re running ads, to inc preferred, and so on the chase side, you you want to get the Chase Sapphire reserve, which is the top tier Travel Card of the industry, but you want to get it for a couple reasons.

Discussing the Benefits

One, it comes with these amazing travel benefits, like precheck, travel credit, priority pass, so you can go eat and eat and drink and all the airport lounges for free. But more specifically, when you redeem the chase points through travel, or the pay yourself back feature, you get a 50% bonus on the point redemption. So an example is, if you have 100,000 points, that is an equivalent of $1,000 at a one cent to one point ratio. But if you have this 50% bonus, because you have this card, that turns into 15 $100 in value, which gave you $500 in that example, which is great, because you can do that with travel, or just giving yourself a statement credit. On the Amex side. They also have incredible point redemption strategies. So a big tip I just gave someone this morning.

Debit Cards

26:48
The only debit card I recommend to someone is the Charles Schwab debit card. And I recommend this debit card for traveling because you can use it at any ATM in the world. And it won’t charge you the ATM fee,

27:04
which is amazing. So where I was going with that is, if you have the American Express, platinum Charles Schwab card, it allows you to put your points from Amex into your Charles Schwab account. And then because you have the Charles Schwab debit card, you can pull cash out anywhere in the world with no ATM fees, which is huge. Okay, good stuff. Now, how long do you need a history when you were saying before that you want to have multiple cards so you can have good, good payment showing that you’re paying off your credit cards.

Business Breakdown

27:37
For let’s break down different things for business, we wanted to get a loan or something like that, is there a particular time like they want to see that for three years you’ve been doing this or whatever. And same thing with real estate, and any other categories, if it’s different for each one, or if it’s kind of the same? across the board?

27:57
Yeah, so real estate I won’t speak on, because I’m not specifically the best with that. But with the 0% interest business cards, in general, they want to see at least a two year history on your personal credit. And a couple ways you can increase that average age is to be listed on someone’s card as an authorized user. Basically, if you’re added on to me to be a family members card, a card that has you know, 10 to $20,000, limit 10 to 20 years of age, it’s going to adopt all that strength onto your credit profile.

Purchase Points

So it’s going to it’s going to increase your average age, which is going to dramatically help you. But that’s also why you want to make a purchase on every credit card you have every single month. So even if you have 10 credit cards, are you only using one of them, you’re only getting one on time payment every single month. But if you had 10 credit cards, you had one purchase on each credit card, you’re getting 10 on time payments every single month, which is huge.

So payment history, it’s broken up into a couple different things. It’s like how many on time payments, what percentage? You know, how long have you had the cards, things like that. So it really helps out to have many accounts and getting those on time payments. But the authorized user trick is a game changer when it comes to age.

Business Loans

29:15
Okay, very good. So what about when it comes to you said loans is another option where you can do get low interest right in your business? So what are some examples of like a business loans? And do you do not recommend that just just rely on the credit cards? It was like kind of talk about loans a little bit? Yeah, I mean, so you can result to a resort to a line of credit.

And this you know, the rate you get will depend on what your credit score looks like. Right? So it always goes back on your on your personal credit, right. So you want to have the highest credit score possible because that’s going to either allow you to get 0% interest business cards or not. And then also will determine what interest rate you get on two lines of credit.

Credit Reports

30:00
So my first resort is always 0% interest business cards because they’re free, you know, they’re free. If you have good credit, you can get them, right. If you can’t get them, then you can resort to a line of credit, which will pay some interest, like five, maybe 10 12%.

Considering Your Business Entity

30:16
But it’s, you do want an LLC, or any any any business entity to get a business credit card, the more age on the LLC, the better. And the more revenue, the better. So even if you’re funding a brand new company, a new LLC, they just filed yesterday, but you have another company with four years of age and say, couple $100,000 in revenue, it’s more beneficial, it can be more beneficial to you to get the business credit cards for that older entity, because it has more age, and revenue.

And then once you get the cards, you can spend the money on whatever you’d like. But you want to be careful on which entity you’re you’re getting the cards for and you want to look at the age and the revenue. Okay, awesome. Awesome. So what how did you learn about all this? Did you just what are who are your favorite experts? How did you just like dive into all of this?

Pursuing Debt and Credit Cards

Because I think for some it’s going to be very overwhelming. And obviously they can go to you. But I’m curious, like, how does one just start being like, Alright, I want to really pursue debt, credit cards, you know? Yeah, I mean, it’s a lot of trial and error. It’s, you know, connecting with other entrepreneurs, where you trade different tips back and forth. Very successful mentors that I’ve had that are substantially or older than me, that have figured this out. Before I did. My dad is a small role, he had some tips for me, but most of it is just it’s trial and error.

Growth Strategies

And I think what what really made my, my strategies grow exponentially, is when I started my coaching program, just this less than a year ago. And so when I had more people to give recommendations to, I had more data points to work with. So I’d recommend someone to do this either worked, or it didn’t.

And because of that now and you know, I had some more data points to understand, that’s working or that’s not. And so coaching people over this last year has really been a needle mover and like understanding what exactly is working and what hasn’t been. Also, I have relationship managers at all the top banks, so like Amex I have to US Bank, Bank of America, Chase Bank.

And so, you know, I learned a lot of things through these are very high level bankers, because they, you know, their banks, they want to lend money, but they they need people that are attractive to lend money to, then so in my coaching program, I basically show people how to be attractive to banks, to lenders, right? If they’re attractive, they’re going to get money, right.

Optimizing Your Credit

And so optimizing your personal credit with multiple accounts, more age, higher score, that makes someone more attractive. And so, you know, I get I get some information from these relationship managers who, you know, help me make my clients more attractive so they can get approved for top cards. Yeah, absolutely. Yes. So that said, What about what’s been a really challenging thing you had to learn maybe the hard way? And how did you overcome that? It could be related to finances, or it could be different.

33:16
Something hard, I had to figure out.

33:21
I think getting over losing money.

33:25
I had a short term rental business back in Bali in 2019, which is doing very well, at first, and then COVID completely wiped it out. So I think, you know, just understanding that not everything works out. Some things do other things don’t. And just moving on. So you know, you have to it’s you’re in business, right? I think most people, you know, if they’re listening, they’re probably in business, right? And they want to be in business. So you have to be comfortable with either making a lot of money or losing everything invested. Right.

Comfort in Spending

That’s why you’re in business, because you’re taking the risk. So I think just over time, you know, I’ve been getting more comfortable of spending money on things that I believe in, and I think is going to be successful. So if you have something like that, you have to learn how to make decisions quick. And if it’s the wrong decision, you got to live with it and just learn from that and move on. I think you should embrace failure. And when you fail, you just become so much stronger for the next opportunity.

Absolutely. And like you said, when you fail fast, and you fail young, it’s sets you up for future success. And the one thing too, that I noticed is you’ve had multiple businesses. So it means that you haven’t put all your eggs in one basket. You weren’t just relying on the valley company, right. So again, going back to the word leverage. You have set yourself up to have options is that would you say that that’s been

34:48
something you’ve done in your on your career? I have done that a bit. I think having options is nice. But when you have something that’s doing really well you need to

Financial Resources

35:00
Make sure it has enough attention. And I think by having enough attention is attention financially. To make sure you have the financial resources to allow it to grow at a rate where it’s going to be successful, and to learning how to automate different parts of the business and delegate different tasks to people who you can train. I think I’m a big believer in like, you have to do it yourself first. But as you’re doing it, you’ll film the process. Make training videos make different slps standard operating procedures, so you can teach other people how to do it. And so right now I’m building, I’ve been the last three, four months, I’m building a Walmart automation company, where I’m building and managing fully automated e commerce stores for clients. And we’re growing super, super fast. I’m hiring different account managers, different virtual assistants. And you know, I have to do everything first. I’m just filming it.

Considering the Options

And, you know, teaching them these exact things that I’m doing. So I think options are good. And doing multiple things at once are good. But you need to make sure each has enough attention, like I said, financially, and the amount of talent. So by having more access to money, you can make sure each are taken care of. And by hiring, you can make sure that you know the man or woman power. Yeah. And I think that this goes in phases. Meaning you don’t just start off with, you know, a bunch of different projects, you start with one, you’re mastering it, you’re getting it out there, you’re optimizing it, and you’re you know, then you’re freed up to start other things, right.

Systems and Automation

So, yes, I’m making sure and I like what you said too. About when you’re creating systems and automating because, and like you said, the first step is to document yourself doing it. Second step is to give it to somebody but then the third step is is not over, you keep finding better ways to improve that system. And where’s the gaps? What do they not see that you saw? And all those things?

So that’s really useful, too. So is there anything as far as what you see for the near future? Like, but we’re in 2021? At the time of this episode, it’s around late January, what do you foresee for this year for yourself? Like where you going with your money and your time and your efforts? And what do you see the world? Where do you see the world and the economy and all of that going this year?

Financial Education and E-Commerce

37:19
Yeah, well, I think I might be biased. Two things I’m most focused on. And I think for a really good reason, is financial education, and e commerce. So I think when people are more educated with finance, specifically in credit, they can get a lot more done, because they have more money, right, everything we’ve been talking about. And so I’m scaling my coaching program very well, and putting a lot of resources into doing that. So I can help educate as many people as possible on how to get access to money for their companies.

Limits and Automation

And then, a little bit more recent, as I briefly mentioned, I’m have the Walmart automation company, where I’m building people, fully automated e commerce stores. So Walmart is brand new to third party selling on the e commerce side. We now build drop shipping stores on Walmart for clients, the only thing that client has to do is show up with good credit with high credit limits.

My team does rest of the work, we find the products, we list the products, we do all the fulfillment, literally everything. And I think because of COVID, there’s more and more people that are buying products online. So with this automated model, you know, we’ve never seen a spike in demand like this for online products.

And so we’re trying to get, you know, right in front of it on this brand new third party seller, which is Walmart. Then I teach people on how to get the credit, they come with the credit, my team does the work and we build them a fully automated e commerce store. And so I think e commerce is an incredible industry to be in right now. With the way COVID has recently shaped the world. And I think financial education is incredible as well. Because as we’ve been talking about, the more money you can borrow, the more money you can make.

Financial Education Continued

38:54
Yes, okay. Financial Education is so huge. And I love that you are creating value in the e commerce field and you adapted based on everything going on. And where can people learn more about you find you connect with you, all of that. Yeah, thanks for asking Hailey.

On my Instagram is the best place to find me. It is king of debt on Instagram. I also have a free course that is all around credits, 10 videos talking about the fundamentals of personal credit, how to get into business funding, really awesome, tangible things that you could take away and start building immediately. So if you want free access to that course, I’d be happy to give it to you.

Just DM me, close friends, and I’ll get you that access link. And then if anyone’s interested to learn about Walmart automation to see how they would be potentially qualified to be a partner of ours, just DM me income on my Instagram and we just have videos to kind of walk you through the process on what that looks like. Awesome. Well thank you so much for coming on the show today and I really appreciate it everybody. This

40:00
Jack the King of Debt, and definitely check him out. He posts valuable content. Thank you so much. Awesome. Thanks, guys.

About Jack McColl

Jack is an entrepreneur, investor, and one who travels the world. He has co-founded four 6-figure businesses. Jack ended up selling one of those businesses (a travel company) for 6-figures.
Jack now coaches hundreds of students on strategies to fast-track themselves to get approved for top cards with massive limits so they can start or scale the businesses of their own.

Resources

• Complimentary Business Consult
• Health Coach Nation: Marketing, Business, & Mindset for Health Coaches

You can find Jack on his website here.

Find Jack on Social Media: Instagram