I recently listened to Sarah Lacy interview Chris Sacca who (click here) has an amazing story of triumph, failure and recovery to become a venture capitalist that has had some great wins (Instagram, Twitter, Kickstarter, and Uber to name a few). Chris was someone who did owe more than $2,000,000 personally and opted to not claim personal bankruptcy and chose instead work through the problem. Listen to the interview and not only will you be entertained but you will learn a lot (I apologize in advance for some of the language).
I personally know of other individuals that have made the decision to do the same thing – not walk away from a problem but use the problem as a catalyst for solving the problem. This is a hard decision to make and I know of many others that did not make the same decision and have suffered missed opportunities because they chose to fold and walk away. So what makes some people use a problem to their advantage while others use it as an excuse to not perform? I don’t know. I imagine there are many factors and variables and everyone’s story is unique. Chris made an interesting statement in the interview which I think is appropriate for both individuals and businesses to consider:
1. When things are going well it is usually because of luck (which is another word for hard work)
2. When things are going bad it is usually because of bad decisions
Most times you hear that the good results are because of someone’s smart moves and that poor results are a result of bad luck, timing, etc. I happen to concur with Chris’s position that we are not as smart as we think we are and that we are responsible for our bad decisions. When it comes to borrowing money I can confirm that when someone cannot pay it back it is usually because of series of poor decisions that lead to the result.
So if you are in a situation now where you are having to face some difficult financial decisions take a moment to plan for resolution. It may not be easy but it is not the end of the world and you always have options.
Every choice you make has an end result. – Zig Ziglar
Get prepared for your next mortgage or loan.
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