Damus Smith wanted to be the next Sean John, FUBU, or what have you. He has a gift for entrepreneurship and and eye for fashion. Why not start a clothing line.
He was rubbing shoulders with Russel Simmons – chasing his dream.
He was also over $100,000 in debt.
Just like a good ‘ole overcoming obstacles tale, what could go wrong did.
Is your financial world tightening around you? Damus was there. But he didn’t stay there long. He made conscious decisions to change his mindset. Here are a few things he had to do in order to dig out of that much debt so quickly:
- Not let past mistakes define him.
- Not let society define his self image
- Not overlook his current assets and abilities.
Most of all he looked for ways to position himself to prosper.
What we can’t do is compare ourselves and our journey to other people. Damus has a remarkable story. There is no doubt about it.
However, if you are making traction in the same manner, don’t let his story discourage you. These podcast aren’t shared to create debt dumping super heroes. Rather, we hope that you gain encouragement for the possibility.
Everyone story, path and experience will be very different. All that matters in the end is that you do not give up!
We first recorded this podcast with Damus in 2011, but it’s still relevant and just as encouraging today. If you’re struggling with a mountain of debt, take heed to some of the strategies that our guest tackled to right his financial ship. Tune in and be inspired!
Topics Covered In This Episode:
- Dealing with creditors when dealing with a cash shortfall. Focusing on the basics and not letting creditors bully you into prioritization creditors.
- How Damus paid off $125,000+ in one year using a M.A.P.S. (Master, Affirmation, Pictures, Scriptures) concept.
- The average millionaire reads 1 nonfiction book a month. Damus talks about his book which is currently available on Amazon, Discover Your Dynamics (there was actually a name change before the book was released).
- Why you don’t want to be B.U.S.Y. yet purposeful.
- How his health and personal relationships were impacted during this time of massive debt.
- Damus describes why he didn’t proceed with bankruptcy.
“There is no feeling in the world [like] being in the position to not have to depend on anybody.” ~ Damus Smith
Resources Mentioned in this Episode
- Damus has taught Dave Ramsey’s Financial Peace University classes at his church, Triumph Church, a number of times.
- His book, Discover Your Dynamics: 7 Forces That Will Elevate Your Life to the Next Level, is available on Amazon.
- Learn more about our guest on his website: DamusSmith.com.
Are you looking for help to right your financial ship? If you’d like to join an accountability team to energize your debt free journey, start by taking the $200/month extra cash in your budget challenge. I’ll help you. Start here.
Before you go, get your FREE copy of our tips to save more money!