6 Lessons learned from paying off $500,000 of debt

Dan Harrison

May '23 (edited) • 💎 Gems

Ever bought something with credit that you knew you could not afford?

Ever told yourself you would pay it off later but then never do?

Ever felt strangled by debt payments?

Ever felt confused about how money works in general?

Ever think of yourself as stupid or dumb for the way you manage your money?

Ever made decisions based from fear or greed that blew up in your face?

Cause I have.

When I was 21 I signed my first debt pledge for a $500,000 line of credit in 2007 (right before collapse of 2008 - what impeccable timing). At the time I was 21, making $8 an hour as a server plus tips and there is no way in hell I should have been approved… I would likely not even be approved for that type of loan now with good credit history and a healthy income.

This debt agreement was the beginning of my education about money, debt, entrepreneurship, sales, marketing, taxes, insurance, advertising, investing and the money game in general.

The debt was for a land development deal that never worked out and I was in the bank so much trying to avoid going bankrupt that they gave me a job as a traveling insurance salesman working on 100% commission… and this launched a 15 year career in finance.

I learned the system from the inside out, became a CFP, became a top producing insurance and investment advisor, worked for the largest asset managers in Canada, had hired and trained more than 100 other advisors on how to build their careers and eventually realized that the entire system is fucked and is stacked against the every day person.

Taxes = 43% of the Average Citizen pays income to taxes when you add them all together
Debt = 43% of the Average Citizens income goes towards debt payments to banks
Fees = 3% Average fees paid to institutions on investment returns regardless of performance
Inflation = Slowly eroding the value of your dollar caused by printing money
Interest = The way the government and banks control money supply

I could go on but simply put how free are you really when more than 80% of your hard earned income is going towards Taxes, Debts and fees?

Tony Robbins in his book Money: Master the Game reveals all of the shady secrets about this industry and I highly recommend reading this book or his simplified edition Unshakeable.

A few months after I read this book in 2015 I quit corporate finance, Dropped my CFP Designation, let go of my insurance and investment licenses and started a money coaching business… which was incredibly scary at the time. Letting go of the only way I had ever earned an income.

This was a tremendous moment of faith and luckily over that same period of time I had been cultivating a spiritual practice, using money, financial hardship, debt, client interactions ALL as invitations to learn about myself, life, energy and the intangible substance that I now know is the real source of abundance and prosperity.

Material Wealth is created and kept as a result of understanding and operating with Universal Law, Mathematical Law and sound principles of wealth creation.

Getting out of a half million dollar debt has been the biggest challenge of my professional career and it was also the container where I learned the most. Given the opportunity to choose this path again or take a different road… if this was the only way I could learn the lessons that are now mine and baked into my bones… I would choose the hard path again.

Because I now KNOW unequivocally why I was stuck in debt and poverty and more importantly HOW to get out and enjoy the benefits of …

Financial security and stability
Freedom and flexibility to pursue my passions and goals
Better relationships with loved ones and colleagues
More self-confidence and self-esteem
Greater peace of mind and a sense of well-being
Increased opportunities for personal and professional growth

The 6 primary challenges that kept me stuck in debt and in a poverty consciousness where…

🌀 Lack of knowledge or understanding: I didn’t know how to create or maintain wealth. My family was never good with money and no one ever taught me about it… other than there was “never enough” of it. I took the initiative to learn the money game, went to school, studied experts and even somehow passed an entire course and exam on taxes 🤮

🌀 Fear of failure: Fear of failing was a significant obstacle for me. After making a huge financial mistake at 21 I started to play from a place of fear and not wanting to do that again. This fear kept me from taking risks that I can see now cost me immensely. As Edison says… “I have not failed 10,000 times. I have not failed once. I have succeeded in proving that those 10,000 ways will not work. When I have eliminated the ways that will not work, I will find the way that will work.” - We must not fear the failure

🌀 Negative self-talk: Negative self-talk is a powerful force that can keep people stuck in a poverty prison. Many people, including myself have internalized negative beliefs and messages about themselves and their abilities, which limits our potential and prevents us from achieving their goals. The daily habit and practice of journaling helped me immensely to become aware of the negative thoughts and made choosing new and empowering ones much easier.

🌀 Lack of focus and discipline: Achieving prosperity and abundance requires focus, discipline, and hard work. If we lack discipline and focus we will struggle to create and maintain wealth.

🌀 Lack of resources and resourcefulness: Lack of resources, such as money, time, or knowledge, can be a significant obstacle to achieving prosperity. Most important for creating prosperity is the ability to be resourceful, to be able to solve problems and be creative in our thinking.

🌀 External factors: Finally, external factors, such as economic downturns, job loss, or health problems, had an impact on my ability to achieve prosperity and abundance. These external factors were difficult to overcome, but ultimately with the right mindset and approach over a period of time I was able to create my own economy regardless of what is going on in the world.

Flipping these 6 Challenges into opportunities and lessons changed everything. Imagine for a moment that you ….

Knew how the game of money worked
Took consistent action into the unknown despite feeling fear
Have a positive belief system and saw yourself as a powerful creator
Had enough discipline and focus to get shit done fast
Trusted in your ability to solve problems with your resourcefulness
Operate from an internal locus of control instead of reacting to external circumstances

What would be possible for you?

Which of these 6 challenges do you find most impedes your ability to create wealth for yourself?

These lessons are why I believe that pursuing the creation of wealth is a worthy ideal and as Earl Nightingale once said "Success is the progressive realization of a worthy ideal.”

Or as Henry David Thoreau says:

If one advances confidently in the direction of his dreams, and endeavours to live the life which he has imagined, he will meet with a success unexpected in common hours.

Success is not some sum of money…. it is who you became in the process.

Out of all the lessons learned on the journey of being $500,000 in debt to being able to generate $500,000 a year (and growing) is the unfolding truth of Who I Am and What I Am Capable of.

It is the belief in myself, my creative faculties and my connection with an infinite wisdom who loves and supports me and always has my back. My ability to create wealth is directly correlated to my willingness to surrender, allow and receive intuitive direction, new connections, insightful downloads, opportunities and guidance from what I would call universal source or God…. U.I. instead of A.I. (Unlimited Intelligence)

The paradigm of oneness and interconnectedness is plugging into a different kind of game, and is infinite in it’s nature. This is the true prosperity paradigm. from this space and awareness of connectedness to the infinite source, supply and substance even if you temporarily have no money there is a recognition that you never don’t have access to the abundance of substance… and herein lies the secret of true wealth creation.

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