Episode 581: “What advice can you give a young entrepreneur for finding funding options?”

Today’s episode was recorded from our new Film Studio at the Sunset Del Mar Resort in Costa Rica during a Titanium Mastermind, with Diamond member Natalie Nishi, who lives in Oregon in the USA. Natalie wants to know what advice I have to offer young entrepreneurs for finding funding sources.

I talk about the importance of becoming a fugal spender and an aggressive saver after sharing how I had saved every penny I could possibly save from the odd jobs I had been doing over the years before starting my online business.

I discuss how you will probably have periods of time when you will have to raise money for one purpose or another – and that means you will need to become comfortable with asking for money; and also point out that you need to be prepared to provide transparent information regarding your plan for returning the funds while offering a return on investment from your lending source.

I explain that credit cards are always an option; however I caution you that the interest rates on credit cards are very hight so you need to be laser focused on paying those advances back as soon as possible.

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