If you are starting a business to escape debt, watch this first.
Notes:
-bad debt needs to be paid off first
-banks won’t touch you
-too much pressure on you already with finances
-instead, help other businesses grow with high-income skills like sales and marketing
-learn how to grow businesses by reading books written by CEOs (not self-help/business “gurus”)
-Use money to pay off debt, especially the CC debt, then invest remainder into income-/dividend-producing assets, like stocks, index funds, and potentially real estate if you are renting now
-then, when stable, start your business, ideally as a service-based one to start, while you make money. lower up-front costs, and you can always invest in product development along the way.
-don’t depend on passive income or side hustles to get you out of a bind. Fix the bind before taking any more risk.