Ep353: Transforming Debt into Your Ultimate Business Weapon with King of Debt Jack McColl
May 16, 2023
Debt has a stigma attached to it. It’s a tell-tale sign of a reckless spender or even a badge of failure. The anxiety of slipping into the dreaded ‘debt pit’ always comes with borrowing. Jack McColl’s entrepreneurial journey began with a hoverboard import company. The venture fell crippled by the inaccessibility of funding. As a result, he missed out on a staggering potential profit that reached the millions.
Undeterred, Jack then established a travel agency. He adopted a different strategy by borrowing funds to fuel his business’s growth. This approach paid off when he successfully sold the agency to a major industry player.
Business credit is an often overlooked and misunderstood aspect of entrepreneurship. But according to Jack, the founder of Credit Stacking, it’s a game-changer. Jack McColl proves that debt can become a potent weapon for building wealth. It helps drive economic progress. Over a year, his company has grown from $0 to $500,000 in approved business credit.
In this episode, he shared his unique framework for leveraging business credit. Here are some of the key lessons from that discussion:
Understand and Leverage Business Credit. Business credit is a practical way to finance a business. Jack studied ultra-wealthy entrepreneurs like Grant Cardone, Donald Trump, and John D. Rockefeller. These successful entrepreneurs all used massive amounts of debt to their advantage.
How to Start with Business Credit. Jack says the first step to leveraging is to start a business. It can be as simple as filing an LLC. After that, improve your credit score. When you apply for business credit, lenders look at your entire credit profile.
Business Credit Benefits. Jack was able to invest in more e-commerce stores, real estate deals, and other ventures. One of his students started a chiropractic clinic in Hawaii from zero. They used a $104,000 of 0% interest capital he secured with Jack’s help.
Avoid Common Mistakes. To Jack, applying for personal credit cards at top institutions with huge limits is essential. Store cards have low limitations and must look better on your credit profile. But, developing relationships with top banks can lead to higher limits.
Maintain a Growth Mindset. In every aspect of life, whether business, fitness, or personal development. Set clear goals as a “GPS” to guide decisions and actions.
Analyzing the economy, Jack predicts that short-term loans will become harder to secure. Learning about credit optimization and bank relationships is more critical now than ever. Ready to grow your credit score? This week’s special giveaway features Jack’s FREE BOOK: “Accelerate Financial Freedom with Business Credit.”