Audio Only Version

Hey hey! Welcome to episode 143 of Life on Fire TV. Today we’re hearing from my good friend and previous visitor to the show, Mr. Cole Hatter.

Cole is a man living an incredible life, and he’s doing so because of his views on money. On this episode he shares how his entrepreneurial views on debt and making money matter have led him from being broke to a multi-millionaire who lives with purpose and passion.

The first topic he touches on is mindset and how we’ve all been raised to think about money. Specifically Cole shares the difference between good debt and bad debt.

Most of us have been raised to believe debt is bad, no exceptions. But Cole makes a clear distinction between the good and the bad: the good is debt we use for leverage to help us create assets and streams of income. Bad debt is used to buy possessions, expenses and consumer goods.

In this episode you’ll hear:

  • What Zig Ziglar’s wife can teach us about money. (10:30)
  • Is opposite ever better? (17:30)
  • What Shark Tank can teach us about good debt. (29:20)
  • The mindset shift that took Cole from broke to millionaire in 20 months. (56:30)
  • What is a for-purpose business? (1:02:05)
  • And so much more!

Cole hammers home one very important point: don’t use debt to buy things that cost you money, use it to create MORE money. The next time you get out your credit card to buy a brand new TV reconsider, Cold would tell you that’s an example of bad debt.

But if you’ve started a new business or want to get in on an investment deal and the only way you can is to use your credit card, go for it. That’s what good debt is all about: leveraging debt to make a successful business or create another income stream for yourself.

In short: if it makes you money it costs you nothing. Read that line again and let it sink in!

In this episode Cole also shares the different quadrants we can live our lives in financially. The one we’ve all been taught to go after is the earning quadrant. This is when we make a lot of money but have little to no purpose for our lives. Nearly everyone has been taught either directly or indirectly that the more we earn the happier we will be. That’s an example of the earning quadrant.

But Cole disagrees. He believes we can live in another quadrant: the thriving quadrant. This is when we make money and that money matters, it makes a difference in the world.

The thriving quadrant is when our purpose and our profits combine. We earn plenty of money and can be comfortable, while we can still give of our time and our dollars to worthy causes. Or we can even devote our businesses to worthy causes. We create for-profit businesses in this quadrant.

And finally Cole shares the three key points he wants each of us to take away from his talk. They are each important and incredibly valuable! Check it all out on episode 143 of Life on Fire TV!.Thanks for being here and we’ll see you next time.