Can I Make $657,587 Debt Into a Blessing?

Is having $657,000 in debt a blessing?

I’m going to present you the realization I’ve come to this month in January 2020 as I’ve taken another inventory of exactly how much my debt is in an effort to get this all paid off and to document the journey for you as I take this to zero with the help of my wife and everything you are willing to do to help as well.

Can I Make $657,587 Debt Into a Blessing?

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Can I Make $657,587 Debt Into a Blessing?

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I appreciate you continuing on my journey from massive debt to freedom, to zero debt, not even having a mortgage, and then having just cash on hand, investments being prepared to help others.

I’ve been looking at the point of view a lot that this is a curse, that this is stupidity and that I have been an idiot for getting myself into this position, and I’ve seen some comments indicating the same.

I’ve been listening to books and I’m a big positive thinker. I see that the only real problem I’ve had was not to look at the positive side, but focus on what I don’t like and what I don’t want.

I’ve done a lot of focusing on “I don’t like this debt and I don’t want any more of it.”

And you know what I’ve got?

More of this.

In fact, this December, and this report is presented to you in January, it is the first month in all of 2019 where my debt did not increase. It actually went down.

Now, this is my family’s debt, including the mortgage with my wife and my wife’s student loans, plus all of my business debt and the rest of that besides the one student loan, that’s the big one and the mortgage.

All the rest of that on here is mine, but I present this as a family because my wife and I are a family. We are a business unit. We are the same. We’re all on one according to the IRS and according to how we work this, and we are working this together.

I’ve gone through this month thinking about declaring bankruptcy, which to me was the absolute worst case scenario. I looked at doing bankruptcy and it could only wipe out about $52,000 of this debt. I’d still need to pay the mortgage. My wife’s student loans would still be in play and all of this business debt would still be in play as well. If you’ll notice that’s the highest amount of payments.

Can I Make $657,587 Debt Into a Blessing?

If I declare business bankruptcy, I have to stop doing my business, which for all the haters out there, it’d be like, “Yes, thank you. Declare bankruptcy, surrender.”

Now, I could just start some new kind of business, which I’ve thought about. I’ve thought if I declared both kinds of bankruptcy, personal and business, I could wipe all that business debt out. I could wipe all the debt up here except for my wife’s student loans and mortgage.

My wife is currently freelancing online, and she could pay her student loans, which we are currently in forbearance on and the mortgage, and her share of the bills without me having to put it in anything.

Thus, I could essentially just with our low income, because of my excessive spending, we could essentially just clear it, declare chapter 7 on everything, shut it all down, keep one car and keep our house, and start over.

I would have to close my business, get rid of everything, my website, my YouTube channel, anything of any kind of value, I would have to get rid of and I couldn’t do that anymore.

I’ve thought about that and that to me does not meet my goals and does not feel good. That feels like the wrong approach to take with this. I thought about declaring bankruptcy and that felt dishonorable.

Thus, you might ask, “Well, why is this debt a blessing and what are you going to do about it?”

The way I got into this debt is from my success.

I’m grateful, this post on my website “Top 10 ideas from making money online in 2020,” this is currently the top posts on my website.

Can I Make $657,587 Debt Into a Blessing?

Hundreds of people are finding it every day for free in Google and it’s got 10 different ways, ideas for making money online in 2020 because I know a lot about making money online.

I make thousands of dollars every month even if I don’t do anything and I make thousands more dollars if I actually do things and continue contributing to my business.

I have a dream business online.

The only problem I’ve had is cashflow and one big blessing from this debt is adjusting what I’m teaching. I’ve been teaching people a lot about how to make money online, which a lot of other people do also, and I see what I am now teaching is cashflow because it doesn’t matter if you make $100,000 a year online if you spend $110,000 a year.

In fact, it’d be better to make $10,000 a year online and spend zero of it, then it would be to make $110,000 and spend $120,000 of it.

This is a situation I’ve gotten in, one thing that happens when you do really well. I’ve had this kind of God complex, like everything I do will work out, which I do believe that in the big picture.

However, when you get into details like money, you’ve got to have some kind of balance and it is not responsible to borrow, for me personally, any money at all.

I’ve come the realization just like with my drinking, taking the first loan for me is similar to taking a drink. Once I take that first drink, there’s no telling what’s going to happen after that. The first night might be fine, the next month might be fine, but given enough time and it’s not going to look good.

It’s the same thing with my debt. The first loan I took was this one. I’m still paying it off 17 years later, that’s the first loan I took.

Can I Make $657,587 Debt Into a Blessing?

I’m still paying it off 17 years later and I wouldn’t have taken any of these other loans if it wasn’t for that first one because up until that point I lived a debt-free lifestyle, did everything in cash and that’s the direction I’m going.

The blessing of this is that going forward for the rest of my life as a teacher, I am able to teach cash flow instead of making money, and that sets me apart a lot, and that’s a blessing that I can be set apart.

I teach people about cash flow because while I know a lot about making money online, I did not know very much about cash flow before, I was so focused on making money.

I racked this up trying to make more money than I’d ever made before. That’s how I borrowed so much because I was sure that it would help me make more money than I’d ever made online before.

In the short term that is not materialized, in the long term it is all going to work out, but in the short term it’s not and that’s a very valuable lesson, and a very valuable adjustment to my teaching.

I see that I have a responsibility to teach you the very most effective things for your life and if I’m just telling people all about how to make money and I’m not mentioning cash flow, which I have not done hardly at all before this, cash flow is the difference between the amount you have coming in and the amount you have going out.

The last two months I went to work on drastically reducing the amount of money I put out and opening my mind up to what I can do to make more money come in.

For example, I’ve started selling things that I’m not using, which I used to just give stuff away, and that was easy to do when I didn’t look at my debt.

I’ve given tens of thousands of dollars away.

Jerry Banfield's studio

Now, it’s good to give people money and help people out, but at the same time when you’re paying debt, you are giving people money and helping people out already.

I’m helping a lot of people make money with this debt and I’m selling things like my musical equipment, even though there’s a lot of resistance in my mind to it like “I love making music. I’m going to use this equipment.”

Well, why haven’t I used it in a few months?

I’ll sell it now, if I want to keep making music, I got everything I need to make music, and I can do that later. I’m going to sell my car. The Toyota Corolla I have, I’ll sell that for a few thousand and it will cut back on the car insurance.

I’ve cut my massages and my personal training, and just switched it with a gym membership. That’s how for the first time in a year the debt actually has dropped from one month to another.

That is doing the right thing with cashflow.

The amount we spent versus what we earned came out in this direction with the overall debt getting reduced, and now the name of the game is to keep reducing the debt every month as much as possible by making as much money as possible and spending just what’s needed.

Now, there’s another big opportunity that I’ve saved for now, for you that are really committed to this. There’s a very specific opportunity I’ve noticed that makes this clear. This is the opportunity I’ve been looking for, being in this debt is the exact opportunity I’ve been looking for. I’ve been searching so hard on YouTube this year.

I’ve been looking around “What can I do to bell my subscribers, what can I do to make more money on YouTube?”

And guess what?

There is a lot of money to be made on videos about finance on YouTube, and there are a lot of people to be helped with outstanding videos on finance on YouTube.

Let me show you some data.

These are the number of views and my earnings just from ads, not from anything else.

Can I Make $657,587 Debt Into a Blessing?

There are lots of other ways I can earn. For example, I’m getting my business together all in one place on Jerry I’ve got lots of other ways I can earn like selling courses, my membership partner program, selling sponsored videos.

But what you see here, there’s a lot of earning potential and ad revenue here. What you’ll notice is I’ve got videos that earn a lot of money on ads where I don’t need a whole bunch of views.

For example, this top video earned $117 last month for just 3,400 views.

Videos on finance are very good earning on YouTube because advertisers want to put their ads on those videos. Meanwhile, there’s not a lot of people that make those videos, and especially there are not a lot of people that make them and do a really good job on them.

For example, if you look at this PayPal business loan application I did, if you look up at that one, that one’s earning $36 CPM. I got 864 views on that video, fewer than a thousand views in one month all for free, and that made me $17 just on that one video and that was a very easy to create video.

I literally took screenshots of applying for my business loan and put it up there, and that video has a chance to earn ad revenue indefinitely.

Can I Make $657,587 Debt Into a Blessing?

This video at the top, in less than a year has made over a thousand dollars. Many of the top-earning videos on my channel, are business, and I see a huge opportunity to expand the financial videos I do.

For example, look at this one, this “Cabbage business line of credit application” video I did. It has $61 CPM with only 446 views. It made about $15 in one month, all for free, but that’s just the tip of the iceberg because that video also has a referral program and it has paid me $500 now for getting two people to sign up. I get $250 per business owner who’s kind enough to go use my Cabbage referral link and sign up, and gets approved.

I get $250, the business owner gets a gift card and Cabbage gets another customer who has a line of credit, which helps the businesses credit and it doesn’t cost anything unless you actually use it, and I’ve not actually used mine yet because it costs about 10% over six months.

That’s an emergency thing.

Thus, there’s a lot of potential for me to earn making more videos like this, especially when you’ve got things like all these credit cards.

I just saw an ad for Tally on TickTok last night, and I google “Tally tutorial” and I can’t even find one tutorial, not even one. I found several videos from a YouTuber who already is onto this. He realizes that these topics are very valuable and he’s made his whole channel about it. He’s taken the same basic strategy I have on my channel. He puts a video out that’s about 10 minutes long every single day.

Last year he said that his ad earnings were over $100,000 and that’s because he gets really good ad revenue like I’m getting on my best. These are my top earning videos.

Now most of the videos on my channel actually hardly make any money and that’s because I have so many videos on my channel on things like gaming or just inspirational topics. These don’t pay very well, but the financial ones do pay well and this debt is the perfect situation for me to test out a bunch of these different things that people are searching for and no one’s made a good tutorial on it.

It reminds me of cryptocurrencies. Four years ago I was looking for something hot and I started getting into cryptocurrencies and those blew up because the same thing, there were lots of people looking for these things and there weren’t very good tutorials on it.

Here I am in the middle of a situation that as soon as I started looking at the positive aspects, I realized, “Wow, all this has given me the perfect opportunity to make the most money I’ve ever made before.”

The trick is it’s not happening in the way I thought it would happen. I thought it would happen when I borrowed all this money.

I thought it would happen by building up and I borrowed all this money to pay to have courses made, pay to have people help me with my business, pay to build out, and pay to advertise it.

That’s not the direction and it looks like things are going now that we’re making that into a Private Label Rights marketplace.

But this debt is an asset. This is something that gives me a strong motivation to go through and try all these different debt consolidation apps to see which one’s the best and compare my rates, and go shopping for personal loans, then show the application process, show where I get the best rate.

I think I can crank out a bunch of very detailed specific tutorial videos that if I imagine having 50 more of these on my channel that makes $17 more a month, let’s round up to $20, and imagine by doing a lot more of them that I’ll get some more subscribers, which will help me rank even more.

That’s $1,000 more a month in ad revenue from 50 videos, which are taking me about a month and a half to do and no extra effort from what I’m already doing.

That’s $12,000 a year in ad revenue and not to mention all the subscribers, and not to mention all the other videos like this.

When you put that together with the rest of my business, for example, when companies start finding that I’ve done one debt consolidation app review and they come over to my website, then they go through my shop and look at my services, they’ll say: “Jerry, we’d like to sponsor a dedicated video with you.”

Sponsor a video

Then, I imagine getting a sponsored video, which I’ve already done this on a few videos. Companies pay me to sponsor a video, which then I get to keep all the ad revenue from that.

I’m literally on track to start getting paid to do reviews of personal loans, credit cards, debt consolidation apps, and it’s crazy what’s possible when I focus on the positive end of things because life really is neutral.

There’s a negative and a positive side of everything, and even if all I’ve seen for a long time has been the negative.

All I’ve seen is “You’re a big stupid idiot for getting in this situation” and now I’m looking at it like “My God, I’m a creative genius. I’ve put myself in a position to get into a really high-earning topic on YouTube that most you tubers don’t want to get into, and here I am. I’m willing to get into it.”

I’ll make all those videos.

Thank you very much for sticking with me through my journey here.

I appreciate you being here with me.

I appreciate all the help that you’ve offered, all the love and support that you’re putting through the Internet for me, and I’ll see you next month.

I do one of these debt reports every month, so I’ll see you in the February.

I love you.

You’re awesome.

Jerry Banfield

Edits from video transcript by Michel Gerard at