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Episode 34: The Real Reason Debt Is Running Your Life (and How to Stop It)
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Are you living like a successful entrepreneur—or just looking like one? In this episode of Coaching Inc., Rich Lennon delivers one of the most dangerous habits entrepreneurs fall into: pretending they’re rich while sinking in debt. From luxury trucks to missed tax bills, Rich unpacks how appearances can deceive—and how debt can quietly strangle your business. It’s a candid, unfiltered look at the toxic financial patterns many business owners justify, and a wake-up call to flip the script. If you’ve ever felt the pressure to keep up, this episode is a dose of clarity.
You’ll Learn How To
- Avoid toxic business and personal debt that kills momentum
- Separate good debt from liabilities disguised as assets
- Build discipline with weekly financial habits
- Identify when appearances sabotage actual wealth
What You’ll Learn in This Episode
- (00:27–01:30) Why fancy trucks aren't worth the cost.
- (01:56-02:01) Debt for tax write-offs still costs money.
- (02:51–03:17) Using credit cards for expenses without repayment systems racks up compounding interest.
- (04:29–04:20) Pay business credit cards weekly—non-negotiable.
- (04:27–05:03) Missing tax bills = 10% penalty mistakes..
- (05:11-05:35) Good debt creates income, bad debt delays growth.
- ( 06:01–07:00) Rich criticizes lavish spending (like $30k golf carts) when there's no wealth base.
Who This Episode is For
- Entrepreneurs living paycheck to paycheck
- Business owners struggling with credit card debt
- Real estate investors making impulsive purchases
- Anyone seeking financial freedom through smart habits
Why You Should Listen
Because too many entrepreneurs mistake looking successful for actually being successful. If your cash flow is being drained by toys, credit card bills, and late tax payments, it’s time for a hard reset. Rich lays down a straightforward, no-fluff mindset shift to owning your finances—literally and figuratively.
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Website: https://richlennon.com/
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