Money Psychology - Just 1 Question!

[Falk]

Hey @Leo Gura , Hey everyone  

Cutting right to the case, i have the option of becoming the boss of the business i´m working in right now for a one-off payment (mid 6figures) which will put me into dept for about 7-10 years (depending on how much i plan to payback each year ofc), so it is the most long-term decision i ever had to make ... the business is quite stable for over 30years and i´m positive i can increase the turnover/revenue in the next years even more (i plan to go 7 figures revenue 2018), but still i heard from some business-people to never, NEVER!! NEVER THAT IS!! go into dept ...as if it was a deadly sin or something ... is it a fear / limiting belief that going into dept for a certain period of time is bad? i´m actually a bit afraid if i make an emotional mistake here ... what do you think?

Thank you

 

Also what Books can anyone recommend on money?

Right now i´m reading Tony Robbins "Money Maste the Game" and "E-Myth" on how people mistake themselves to be enterpreneurs and how to actually become one ...  more suggesitons?

Edited November 13, 2016 by Falk

[AxelK]

Just curious, why would you have to pay a fee to become a boss at the firm you are working for?

[Falk]

1 minute ago, AxelK said:

Just curious, why would you have to pay a fee to become a boss at the firm you are working for?

I dont pay for becoming boss...i maybe put this wrong ...i pay a fee and 98% of it is the worth of the wares in stock

 

[poimandres]

Sounds like you are going to buy your business partner's share of the company, which would allow you to make all the decisions?  All you need to purchase is 51% of the company to do that, not 98%, unless you want to own 98% of the company.

Also, you said you would be in DEBT for 7-10 years?  I would run as far away from this as possible. Anything that puts you in debt, I am STRONGLY opposed to.

Edited November 14, 2016 by agnosis

[Schulzy]

I dont know how smart it is to put yourself in debt for the next 7-10.  
Also it would help to know which business you are talking about, because the world is changing quite faster than 30 years ago, so think carefully before making this decision.

[Frayman]

I think it is too big of a risk. If you would be rich and don't had to worry about the money then sure go for it, but in this case I wouldn't recommend it.

[GrowthPilgrim]

@Falk how did it go?