I met Lloyd a few years ago in a business meeting. He was just getting started and had huge goals, one being to make a lot of money.
A business opportunity fell into his lap and he was quickly making $10,000 to $20,000 per month.
Things were going really well.
So, Lloyd started spending money on himself with the logic that you only live once. He started buying computers, video games, a new car, everything he’s ever wanted.
Then one day his income started dropping and it continued to drop each month after. Until eventually, about a year later, his income fell to $0.
What did he have left? Little to no savings, and a bunch of depreciating toys. He quickly had to sell everything at a massive loss.
And now he’s stuck paycheck to paycheck trying to find his way out of the debt he created and find a way back to the top of the world making great money.
This is exactly how to get poor and stay poor.