Good Debt, Bad Debt + Property Success - with Sarah Poynton-Ryan

The Property Nomads Podcast

Rob and special guest, guest Sarah Poynton-Ryan discuss debt reduction, debt management, and Sarah's personal journey from financial struggles to becoming a successful entrepreneur in the property industry.

Sarah shares her experiences of starting a photo booth business, facing debt and business challenges, and ultimately finding success through property investment. She emphasises the importance of understanding money mechanics and differentiating between good and bad debt. Sarah also highlights the need for operational business practices and the importance of enjoying the journey while preparing for a secure financial future.

KEY TAKEAWAYS

• Debt can be categorised as either good debt or bad debt. Good debt is debt that adds to your personal resources, while bad debt is debt that drains your personal resources.
• It is important to understand the fundamentals of money and how it works in both personal and business finances. This includes understanding the difference between gross profit and net profit, as well as the difference between turnover and net profit.
• Rent-to-rent and sourcing can be effective strategies for generating cash flow, but it is crucial to build a business rather than just a job. Running a business requires operational best practices and the ability to implement theory into practice.
• Clearing debt is an important milestone, but it is also important to enjoy the fruits of your labor. However, it is equally important to prepare for the future and lay the foundations for a simple and secure financial future.

BEST MOMENTS

"I was in loads of debt, my business was failing, I was subsidising the company with personal money."

"I had to learn about money... how you can clear debt in the most efficient ways."

"I love a buy to let."

"Don't worry about becoming a millionaire. That will be a consequence. If you're doing one deal, then the next one, then the next one."

VALUABLE RESOURCES

GET YOUR DEVELOPMENT FINANCE HERE:

https://propertyfundingplatform.com/WharfFinancial#!/borrowerinitialregistration

SOVEREIGN MAN PREMIUM INTELLIGENCE MEMBERSHIP https://dash.sovereignman.com/a/smc12m995/tpnpodcast

SOVEREIGN MAN 4th PILLAR https://dash.sovereignman.com/a/4pmain/tpnpodcast

ABOUT THE HOST

Rob Smallbone is the author of the Amazon best-seller Buy-To-Let: How To Get Started as well as 101 Top Property Tips and Property FAQ’s.

BOOKS

Property FAQs = https://amzn.to/3MWfcL4

Buy To Let: How To Get Started = https://amzn.to/3genjle

101 Top Property Tips = https://amzn.to/2NxuAQL

WHERE TO FIND US

https://linktr.ee/thepropertynomadspodcast

uk property, Investment, Property, Rent, Buy to let, Investing for beginners, Money, Tax, Renting, Landlords, strategies, invest, housing, properties, portfolio, estate agents, lettings, letting, business: https://patreon.com/tpnpodcast