How I Got Myself Into Debt

[arve url="https://www.youtube.com/watch?v=0lHQ-7LjR0w" mode="lazyload" align="center" /] How did I get into debt? What are the mistakes I made and the things that happened that led me into the not-so-great financial situation? Welcome to a super chirpy Quick Money Monday…not Book a Free Strategy Session - https://onproperty.com.au/session/ 0:00 - Introduction 0:55 - Knowing where you're at now is so important 1:40 - At 28 I achieved "pseudo" financial freedom through my businesses 3:44 - We were in a position to buy a property on the Gold Coast but we were unhappy 4:15 - We decided to purchase a van and renovate it 5:16 - Our van life journey didn't go to plan which cost us more than expected 6:31 - We then decided to move up to Noosa 7:29 - Spent the next 18 months of so exploring happiness and dealing with mental health issues 9:00 - Finding happiness was actually quite difficult for me 9:36 - Mid-2018 I started getting passionate about work again 10:06 - Invested in (and lost money) in Cryptocurrency 10:40 - We didn't live frugally like we should have 11:15 - I then had a marriage separation 12:15 - That exact same time business went backwards significantly 13:00 - The perfect storm that I wasn't prepared for 13:58 - We decided to move down to Sydney 14:56 - How I got into the debt situation 15:45 - I'm now actively working out of debt 15:53 - Why wasn't I focused on achieving long term financial freedom? 16:51 - It wasn't just one bad decision that led to this I Lost THOUSANDS in Cryptocurrency - https://www.youtube.com/watch?v=6msFDDC1mEo Recommended Videos How I Am Paying Off Debt - https://www.youtube.com/watch?v=TPuX7B6BPFY Exploring Financial Freedom (Financially Free at 28) - https://www.youtube.com/watch?v=U-nNqja8gRU Transcription: Something, a lot of people don't like. Talking about myself included is the financial mistakes that we make and how we got into the financial mess that we occasionally find ourselves in. So in today's episode, a quick money Mondays, I'm going to do the very difficult task of explaining how I got into debt. This is something that a few of you have been asking in the comment section. How do I run a property channel and end up finding myself in a situation where I am now currently in debt? What happened? How did I end up in this situation? Yeah. So we're going to talk about that because this year I will be focused on getting myself out of this, getting myself in a strong financial position, strong financial position to go ahead and invest. But it all starts with the mistakes that we make in the situation that we find ourselves in. When I did the free strategy session with Ben Everingham, one of the things that we've talked about is where you at now, it's really important to assess your current financial situation, which I have done. Um, and that's something that you guys will do if you go through a free strategy session. If you're looking to invest, you look at exactly where you now and you have to then assess the mistakes that you made in the past and the fact that you're not where you want to be. If you want to get a free strategy session to help you move towards financial freedom, got on property dot. Come to you and you can read more about it over there or I'll link out to the strategy session that Ben did with me, uh, down below. So without further ado, how did I get into debt? So to start us off by the age of 28, which is about three years ago now, I achieved what I call pseudo financial freedom. Now I've actually always called it that. I've never called myself financially free. I call myself sooner. We'll have pseudo financial freedoms to by using the word pseudo, I mean, not really. So not really financial freedom, but there's not really a better word for what I had. And that was the fact that I end businesses, online businesses in particular that generated me weekly or monthly revenue that exceeded my expenses without me needing to work on them. Now, if you go back to the video that I did at 28 around financial freedom and how I have it, you see that I didn't make many videos around that time. In fact, I didn't work on many of my websites. I've got a network of websites, not just on property, but I basically wasn't really working around that time. So around the age of 28, I achieved my ultimate goal in life that I'd had for so long, which was to achieve financial freedom. And when I achieved, uh, it was very disconcerting, I guess is the word you would use. So that was around November, 2016 so it's about two and a half years ago now. That's right. Yes. Two and a half years ago now that that happened and I didn't really know what to do with myself. I'd always had a goal that I was striving towards. I was always working really hard to wards a goal. And I was fully motivated by that and then as soon as I achieved that, I didn't know what to do with myself. I struggled to find the motivation to work because I didn't know what the point of working was. I earned enough money to get by. I wasn't super rich by any stretch of the imagination, but good income, decent income, and yes, I kind of went into this strange state, whereas just really unsure what to do. So around that time we were in a position where we could have purchased a property, so we're on the gold coast, so we were saving money towards a deposit. We had enough money that we could have purchased a property at the time, probably nothing comes from the business as well that we could have got a loan for that, but we were unhappy in the gold coast. Me and my wife Kelly at the time, we were unhappy there. So we decided that instead of investing in property in an area that we weren't sure we wanted to live for the next five years, we decided to do something crazy, which was to go ahead and purchase a camper van, which we did. And to then renovate that camp event so you can actually go on Instagram and go to all in the van and you can kind of look through our journey there from purchasing the van to renovating it. But basically the deposit that we had for a property, we decided to invest into a camper van, which we still own but don't use anymore. But we decided that we were unhappy doing what we were doing and we had the pull our daughter out of school because she was having issues at school. So we were homeschooling her, which was quite difficult on us as parents because there was a lot of commitment in terms of that. So we were having a very hard time emotionally and decided to go ahead and make that commitment to try the van, tried travelling in the van and we did in March of 2017 we had completed the van and we started our van life journey. Now that journey only lasted two months. We drove from the Gold Coast down to Sydney and we went from Sydney and made it up to Noosa and for two months straight, basically in range. I think we had about maybe a week or seven days within that two month period where it didn't rain. If you go to the Instagram all in the van, you will see how much rain there was. The freeway between Sydney and Brisbane got closed twice in that period. We nearly got stuck in some small little town on the way up the coast. Then we got trapped in Byron and couldn't get up to the gold coast because of flooding. So basically five people living in a van when it rains consistently for two months was not ideal and idea was we're starting in Sydney because my sister was having a baby. We'll work our way up and then we'll, we'll be in Queensland and north Queensland during dry season, but two months in the van with heaps of rain, you just cabin fever central. And so we did spend money on Air B and bs that we didn't anticipate just because living in a van in those conditions just didn't, didn't work for us. So the van trip didn't work out the way that it was meant to. So we spent a lot of time in airbnbs and eventually moved up to new. So we discovered on the van trip this thing called Montessori, which we had never heard about before. We were just in Nora heads on the central coast at the caravan park there. Go talking to a mom whose child went to Montessori, where like, what's that? She told us, we researched it, we found one in new south. We were heading up there anyway, so he stopped in, loved it and decided to stay. So that's where we stayed for the next, about 18 months or two years was in new south. So, yeah, I think we moved there in April and we left there in December the following year, so a bit under two years in that area, in that area, in that time. And I hardly worked during that period. Again, being financially free, really still unsure of what my motivation was, couldn't find the motivation that I needed to work to make money when I was already making enough money. So we just kind of living our life, getting by and spent 18 months or so trying to explore happiness. Now, something that I don't talk excessively about but I had talked about before is that this was a leading up to this, like leading up to the van as well as that time period in Noosa, um, was a time of great depression for me. So I went through depression, I went through anxiety code, went through some stuff as well. And so it was a time of real struggle in my life in terms of mental health and how how's was going. Again, I always had that goal that I worked towards and I don't know if it was the loss of that goal that caused the mental health problems. I had dealt with mental health issues on and off for about 10 years. Uh, dealt with depression, dealt with eating disorders and stuff like that as well. But during this time period it got quite, quite bad. Um, so yeah, it's something that I don't like to share a lot because obviously it's not, it's not something that you're proud of as a person that you went through that and that you couldn't be happy being financially free and having an awesome family. Um, but yeah,