Why Your Personal Credit Score Can Hinder Your Business Growth: One Money Mentor’S "True Confessio
Many of us on here are spiritual solopreneurs, whether we provide coaching, writing, editing, tarot readings, Reiki energy or some combination of creative and healing services. I can only tell my own story, but I do want people out there to know that your personal credit score - or lack thereof - really can hinder your business growth.
I've been an undisputed credit scoring expert for many years, writing about these topics for a plethora of print and online publications. Yet even those of us who know a lot often do not follow our own advice. I used to be one of those people who believed that I could still be a successful person even without a wonderful credit rating. Unfortunately, I'm here to tell you that your personal credit score really can hinder your business growth. Maybe not now, but some day.
I'm not telling you to avoid debt at all costs. In fact, some people such as Ali Brown of Secret Millionaire fame openly admit that without credit cards they would not be successful entrepreneurs. However, I am pleading with you to consider the consequences of ignoring your credit rating.
Most of us need assistants, mentoring, coaching, and copy writing. Some of us rely on full-time jobs to help fund our personal and professional dreams. But every full-time job has a €glass ceiling€ where you can only earn so much money. There are only so many hours in the day. Believe me, I know.
Every trip I have taken in the last two years I've paid for in cash. Out of necessity. Five years ago, I made a conscious decision to literally run away from an abusive man and not worry about my credit score. I was too proud to ask many people for help and the credit rating I had worked so hard to gain quickly plummeted. I was too ashamed to file for bankruptcy - now I realize if I had filed bankruptcy five years ago I would probably have a much better credit score.
Despite my expertise in the personal finance arena, I told myself that my credit rating was not that darn important. I had always found a decent place to live and was past the point in my life when I wanted to buy books just for the sake of buying them. Now, I wish I had taken on an additional client or found some way to even slightly cut expenses then. Or even taken that step I always tell clients is a €last resort€ - bankruptcy.
But now I truly realize your personal credit score is directly related to the time and financial freedom you can have in your business and life.
I recently just knew I belonged in a specific mastermind group. I still know it more than anything I've ever felt or experienced in my entire life. The camaraderie I felt with not just the €leader€ but everyone I met was completely unparalleled. I did not fall for a €sales pitch.€ To my core, I still know that this group would have held me up even when things are exhausting and that I would have been truly able to give and receive. So, I counted on my 401k to fund this - after all, I had been following David Bach's €Smart Women Finish Rich€ like it was a religion.
It's not easy at all to get a 401k out and retain the full-time job that pays for your basic living expenses and things like occasional coaching and technical assistance. And with my credit score below today's going standard of 720, I couldn't get a loan.
I tried every legal avenue in my mind. I begged family members and friends. I cried. I admittedly threw a few tantrums. I bought several lottery tickets, believing it would happen.
A few people did not understand the return on investment I would get ($18,000 for a year of hard-core business training and support that virtually builds the foundation for a six-figure business. Less than a year of college and a lot more spiritually fulfilling in my opinion.) and thought I €drank the Kool Aid.€
I don't want to say that my challenged credit score means I will never be as successful as I would like. But without your personal credit score in great shape, your efforts at growing a business especially when you have other responsibilities will be stalled. I learned this the hard way. I'm a stubborn Leo as well as a €ruler€ under Kendall Summerhawk's Sacred Money Archetypes, so you won't catch me giving up any time soon. But life right now would be a hell of a lot easier if I really had always practiced what I preached. Losing or delaying this mastermind opportunity hurts almost as badly as losing a loved one.
Whether you think I €drank the Kool Aid€ or not, please take away one thing from this revealing account. Caring about your credit score does not mean you're not €spiritual.€ In fact, you're more likely to travel your spiritual path with less heartache if you have a good personal credit score.
I've been an undisputed credit scoring expert for many years, writing about these topics for a plethora of print and online publications. Yet even those of us who know a lot often do not follow our own advice. I used to be one of those people who believed that I could still be a successful person even without a wonderful credit rating. Unfortunately, I'm here to tell you that your personal credit score really can hinder your business growth. Maybe not now, but some day.
I'm not telling you to avoid debt at all costs. In fact, some people such as Ali Brown of Secret Millionaire fame openly admit that without credit cards they would not be successful entrepreneurs. However, I am pleading with you to consider the consequences of ignoring your credit rating.
Most of us need assistants, mentoring, coaching, and copy writing. Some of us rely on full-time jobs to help fund our personal and professional dreams. But every full-time job has a €glass ceiling€ where you can only earn so much money. There are only so many hours in the day. Believe me, I know.
Every trip I have taken in the last two years I've paid for in cash. Out of necessity. Five years ago, I made a conscious decision to literally run away from an abusive man and not worry about my credit score. I was too proud to ask many people for help and the credit rating I had worked so hard to gain quickly plummeted. I was too ashamed to file for bankruptcy - now I realize if I had filed bankruptcy five years ago I would probably have a much better credit score.
Despite my expertise in the personal finance arena, I told myself that my credit rating was not that darn important. I had always found a decent place to live and was past the point in my life when I wanted to buy books just for the sake of buying them. Now, I wish I had taken on an additional client or found some way to even slightly cut expenses then. Or even taken that step I always tell clients is a €last resort€ - bankruptcy.
But now I truly realize your personal credit score is directly related to the time and financial freedom you can have in your business and life.
I recently just knew I belonged in a specific mastermind group. I still know it more than anything I've ever felt or experienced in my entire life. The camaraderie I felt with not just the €leader€ but everyone I met was completely unparalleled. I did not fall for a €sales pitch.€ To my core, I still know that this group would have held me up even when things are exhausting and that I would have been truly able to give and receive. So, I counted on my 401k to fund this - after all, I had been following David Bach's €Smart Women Finish Rich€ like it was a religion.
It's not easy at all to get a 401k out and retain the full-time job that pays for your basic living expenses and things like occasional coaching and technical assistance. And with my credit score below today's going standard of 720, I couldn't get a loan.
I tried every legal avenue in my mind. I begged family members and friends. I cried. I admittedly threw a few tantrums. I bought several lottery tickets, believing it would happen.
A few people did not understand the return on investment I would get ($18,000 for a year of hard-core business training and support that virtually builds the foundation for a six-figure business. Less than a year of college and a lot more spiritually fulfilling in my opinion.) and thought I €drank the Kool Aid.€
I don't want to say that my challenged credit score means I will never be as successful as I would like. But without your personal credit score in great shape, your efforts at growing a business especially when you have other responsibilities will be stalled. I learned this the hard way. I'm a stubborn Leo as well as a €ruler€ under Kendall Summerhawk's Sacred Money Archetypes, so you won't catch me giving up any time soon. But life right now would be a hell of a lot easier if I really had always practiced what I preached. Losing or delaying this mastermind opportunity hurts almost as badly as losing a loved one.
Whether you think I €drank the Kool Aid€ or not, please take away one thing from this revealing account. Caring about your credit score does not mean you're not €spiritual.€ In fact, you're more likely to travel your spiritual path with less heartache if you have a good personal credit score.
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