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Episode 108: Climbing Out From Rock Bottom: How to Overcome $1 Million in Debt

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My Guest on the Show…

Steve Valentine is a third generation real estate entrepreneur. From his start in the late 1990s, Steve created a real estate empire when the market was hot, everyone with a license could sell a home, and it almost felt like printing money.

Bill Gates was right when he said “Success is a Horrible Teacher” – this is exactly what happened to Steve. Things were going great, success seemed to be everywhere, and the business was becoming easier by the day.

That was until 2008.

In a blink of an eye, their business fell into shambles. They were way too far leveraged, couldn’t make their payments anymore, and lost everything.

Not only did they lose everything, but Steve was also facing over $1 million in debt – with a large majority of that debt owed to family, friends, and business partners.

He and his wife were completely broke, without an income, and had two young boys at home. They had become the example of “what not to do in business” and it was as transparent as can be – everyone was watching them and everyone knew what was happening to them.

Steve had a choice to make: do nothing or take massive levels of action.

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The Money Peach Podcast is brought to you by my #1 online program for showing you how to budget, how much to save, how to manage your debt payoff, when to save for retirement, what to teach your kids about money, and how to build a legacy to last beyond your lifetime.

If you find yourself continuing to live paycheck-to-paycheck and wondering where all the money went at the end of the month, it’s time to finally make a positive change. Welcome to the class they forgot to teach you about money – Awesome Money Course.

Mentioned in this Episode


Purpose Driven Real Estate Podcast

Episode 42: Morning Routines, Extreme Focus, and Non-Stop Learning with George Laughton

Valentine Group

Building a Story Brand by Donald Miller (Book) and one of my own favorites

UnFu*k Yourself by Gary John Bishop (Book)

 

Show Notes


How to hit rock bottom in real estate [3:21]

Going $300k a month in debt [6:00]

Outsourcing slowly [10:48]

Getting foreclosed on and the repo man [12:04]

How long did it take to get out of that hole [19:20]

Pivoting in real estate [23:21]

Steve on relationships [28:52]

Chris Peach Author 150x150

Chris Petrie

Chris (Peach) Petrie is a personal finance expert, money coach, speaker and podcaster.

In 2011, Chris and his family were exhausted from living paycheck-to-paycheck and facing a mountain of debt. They started going against the society standards of misbehaving with money and made the decision to take back control of their lives and money. Within seven months they paid off $52,000, started saving like crazy and began building real wealth.

The word spread fast and Chris started showing friends how to create a budget over dinner. Soon after he started showing their friends how to do the same and eventually Chris started teaching personal finance classes around the community. As the need for the classes grew, Chris launched Money Peach in 2015.

Money Peach was created to help everyday people remove the stress and fear of money by showing them how to save more, make more, and keep more of their money.

Chris Peach has been featured in places like Business Insider, The Huffington Post, Elite Daily, and CheddarTV.

When Chris isn’t at “work” he can be found at the Crossfit gym or riding on the fire truck — Chris is also a full-time firefighter in Phoenix, Arizona.

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