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$42,000 debt.

August 2, 2018

I think I have to be the most risky kid on the planet. 

Im not at the casino every weekend but i've got to be ranked up there. 

 

Nike friends and family weekend came up last week or maybe it was two weeks ago. 

Basically I have a friend that works at the Nike store so I go in and get a huge discount. 

Its cheap already but it goes even lower and I buy as much as I can. 

 

This trip was the biggest so far. I believe last time I bought 700 pairs of shoes. 

This time we bought 1200 or maybe 1300 I'm not sure to be honest. 

 

spent 42k but had a goal of spending 50,000.

 

Im not rich, I don't have 50k sitting around so I had to raise this capital. 

 

So I called my banker up and said listen, I need a line of credit. I got approved for $9,600 with 10.4% interest which is annually so if I took 9,600 out and waited 12 months then I would owe the bank 10,598.40 or about $1,000 interest. 

 

but lets say I pay that back in 3 months then I would owe $9,888 ( 288 dollars interest) 

 

Anyways see the game we are playing here?

 

Usually takes me 3-4 months to sell all my shoes so my mindset is that we should be able to flip it fast and pay it back quick. With back to school shopping right around the corner I figured I would bet everything I have.

 

I also called a few friends up, they all agreed to loan me some money. 

I thought about it and would be more comfortable borrowing from one person instead of 4 or etc. 

 

So an old friend of mine loaned me 15,000 with 9.4% interest. 

and then proceeded to ask me if I needed any more?

 

My question in my head was off topic but how can the bank only give me 10k for a business loan but these colleges/ banks are approving kids for 100k in student loan debt?

why is it easier to get loans for college and harder to get loans for a business? 

something isn't right here.... 

Even if you file for bankruptcy it will not clear your student loan debt lol... 

So we have all these young kids racking up the debt in college and dont get a job and end up in a 50ft hole. 

 

anyways....

Its an awesome feeling to have someone trust you. Its awesome to have someone believe in you and think you can do it, and they go all in as well. I know its all business but my friend is an old football coach I had. He has had my back for YEARS. Someone that took my side when no one else wanted to years back. 

You have to find these types of people. They are far and few, you won't find five in a lifetime. Your mom doesn't count. Find someone that isn't blood that believes fully in you. 

 

Because lets be honest, you're not just going to give a large amount of money to someone if you don't believe in them or the business. 

How many people believe in you?

How many people pick you out of a crowd, and say he's the best talent we have. 

How many people will stick with you through the ups and downs?

 

find that person and appreciate the friendship because most people will not find that. 

 

anyways back to business, wanted to document this process. 

 

15k from a friend

10k from the bank

9k on a credit card, interest and payment is not due until oct 5th.

doesn't matter where the rest came from. 

 

 

two days ago we sold 1500 bucks in shoes

and yesterday we sold 1100 bucks. 

today at 10am its only one pair for $90

 

Amazon paid me $3,500 a few days ago, and 1500 is going on the line of credit and 1700 is going to the credit card loan. leaving me with 300 bucks for two weeks. 

 

Everybody sees the success, and they see the volume but no one sees the struggle. My girlfriend is buying the dinner. My girlfriend is probably going to have to pay the rent. 

we are on a low budget right now.

we are all in on coupons right now. 

 

we have bills total out to around $700 a month

we have no drug use

we do not drink

we go out to eat usually twice a week ( lunch or dinner) 

+ I have to pay quarterly taxes because I'm self employed... its terrible to be honest lol. If you only knew what Uncle Sam was taking from you..

 

but no one sees the struggle or the late nights on shipping these shoes man. 

No one wants to risk everything they have. 

Its a very stressful week, in hoping everything goes smooth. 

Everything did go smooth and had a bunch of friends that helped!

couldn't have done it without them. 

 

Everyone wants to start a business but they won't even invest $500 in the business or themselves even. 

 

so this is my life right now... but theres more.

TJ max has been selling football cleats. 

Extremely nice, $130 retail nike, Under armor, and Adidas for $19.99

 

I went in there and bought 50 pairs. 

Im making around 26-30 dollars on each pair and i've sold 8 cleats in 4 days. 

but guess what?

I put it on my tj max credit card, which you have to pay back in 30 days. 

Im on great pace right now, 

we have to sell around 22 pairs to break even and pay that debt. 

 

pretty crazy huh?

I dont want to come off as bragging or boasting but my credit score is 778 and I'm trying to reach that 800. 

 

After this purchase I've gave it a lot of thought. I want to be known as one of the biggest resellers in the reseller community. 

But you have to earn it and thats what I'm currently working for. 

 

I debated on posting a picture with all these shoes but heres a sneak peak of a few. 

What a time to be alive....

 

-MC

 

 

 

 

 

 

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