548 | The mental and emotional benefits of running a debt-free business Part 1

Use the timestamps below to guide you better as a leader or individual:The importance of managing debt for business owners and leaders. 0:00Chris LoCurto and Joel Fortner discuss the importance of running a debt-free business, with Chris expressing the topic's difficulty and potential to hurt people, while Joel shares his perspective and invites Chris to share his as well.The hosts aim to provide valuable insights and advice on managing money and debt, with Joel interviewing Chris to draw out his perspective and share his own thoughts as well.Joel Fortner's financial struggles were a turn-off for Mary Beth, who had already paid off tens of thousands of dollars in debt.Mary Beth saw Joel's lack of financial stability as a risk to her security, but was hopeful when he finally made changes to his finances.Business debt risks and the importance of financial planning. 5:43Chris LoCurto highlights the risks of business debt, including the potential for financial insecurity and the consequences of convincing oneself that one is savvy with finances.Joel Fortner agrees, noting that the risks of business debt affect not just business owners but also team members and leadership, and can lead to serious consequences such as considering not existing.Chris LoCurto highlights the god factor as the biggest risk in financial planning, where clients often overestimate their abilities and ignore potential risks.The risks of debt and its impact on personal life. 9:53Chris LoCurto shares how God pivoted his clients during the COVID-19 pandemic, despite some facing industry shutdowns.Chris LoCurto highlights the risks of debt, including losing options and being under constant stress.Debt can lead to a different state of mind, causing individuals to approach their personal life and relationships differently, leading to negative impacts on their well-being.Risks of using debt for business growth. 13:39Chris LoCurto highlights the risks of taking on debt for business growth, including the potential for poor decision-making and loss of control.Chris LoCurto shares his experience of expanding his business to a second location, which led to financial difficulties and decreased focus on the original moneymaker.He advises against rushing into new opportunities without proper planning and financial stability, as it can lead to desperation and negative consequences for the original business.Taking calculated risks in business. 17:55Chris LoCurto advises a taco vendor to start with a rolling cart instead of a brick-and-mortar restaurant, citing the flexibility and lower financial risk of the former.The vendor expresses understanding and appreciation for Chris's advice, but Chris encourages them to test their concept first before investing in a brick-and-mortar location.Chris LoCurto emphasizes the importance of paying cash for business opportunities to avoid debt and maintain a healthy work-life balance.He shares his personal experience of...