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The Sixth Key to Financial Success – Leverage
At 25 years of age I started a car rental agency! In order to fund this new business I borrowed money personally, and also, from a bank. My new business was highly leveraged with an excessive amount of debt.
Before long I discovered that every time the bank demanded something from me, I was expected to fulfill their request – immediately. They had money invested in my business and if I didn’t comply, I was at risk of losing my business!
In short, my excessive debt made my business short-lived.
Proverbs 22:7 says, “The rich rule over the poor, and the borrower is servant to the lender.”
The Sixth Key to Financial Success in my book, “Unconventional Business” is limiting your debt. Too much leverage puts your business at great risk.
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