Watch Out For Fake Mentors

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Today's episode is probably going to upset a lot of people. It's about fake mentors, which is a very strange phenomenon happening right now in the credit repair industry. So if you're in the credit repair industry, I think you need to see this.

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So the big question is this, how can we take our passion for helping people with their credit and turn it into a successful business without taking loans, without spending a fortune, by bootstrapping it from nothing, so we can help the most people and still become highly profitable? That is the question and this podcast will give you the answer. My name is Daniel Rosen and welcome to Credit Repair Business Secrets.

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A lot of people in our Facebook community are just getting started with their business, and they're feeling overwhelmed, and they start to think that they need a mentor. They think that's the "be-all, end-all" and that they're not going to succeed with launching their credit repair business if they don't have a mentor right now. Now I'm all for mentors. I think mentors are a great shortcut and I know a lot of fantastic mentors. In fact, many of the most successful people in our industry are also fantastic mentors. But if you're just getting your business started and you're not even making any money yet, you might want to slow down on spending. And by the way, I am not knocking mentors. Okay? I have mentors right now. I have two mentors, okay. But I didn't get these mentors until just a few years ago after my business was already successful.

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I have one mentor named Russell Brunson, and he teaches us marketing, and we have another mentor named Alex Charfen who teaches us how to grow our team, which is now over 60 people. So his program has really helped us to improve our company-wide communication and our goal setting and that's a lot to manage when you have a team of more than 60 people. See, I didn't go to college, I didn't get an MBA, I didn't even graduate high school. And at this point in my business, mistakes can be very, very expensive. So that's why I hired those two people because they've been in my shoes. These two mentors that I currently have are awesome. Okay. They are the two top people in the world for what they do, and they work with many, many successful people. I also had another mentor about 16 years ago during an earlier incarnation of my business, and I should probably tell you about that.

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I had a mentor who told me he could help me to sell my earlier software, the one that was just a little download, and he told me that to sell it, I should have commercials and billboards and make an infomercial, and he said be the Credit Doctor and wear a doctor's suit. And I didn't know anything about launching a business. So I took all of his advice and I told some of that story a few podcasts ago about how I spent $150,000 that I didn't actually have. And I spent it on TV commercials and an infomercial and all kinds of advertising. And, since I didn't even have that money, I had to borrow against my house and I borrowed on credit cards and I borrowed everything I could because I really believe this advice I was getting. And if you watched that earlier episode, you know that I lost all that money, no one bought the software and it was a huge disaster.

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And I didn't find out until later that that mentor who was giving me all that advice, he was just making this all up. He had never done anything like this. He had never helped anyone to do this. And there I was having made the biggest mistake of my life all based on nonsense from someone who was unqualified to give me that advice. He was just taking my money. And then I had another mentor who was an attorney, and he said, Oh, you're going to need an attorney for your business when you launch it. And I said, but I can't afford an attorney. I'm broke. And he said, I know. So here's what I'll do. I'll work for free and give you advice and you don't have to pay me anything until you start making money. And then when you do, just pay me 10% off the top.

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And since the business wasn't making any money yet, that sounded like a great deal and free legal advice. But then when it started to make a little bit of money, suddenly he was the only one making money and I hadn't anticipated what it would cost to actually run a business or what the monthly bills would be and soon when the business started to work just a little bit, I was sending all the profit to him and then I didn't even have enough to buy groceries. I couldn't pay my bills or my mortgage because the 10% off the top going to him, that was the only profit there was. So I was still broke and sending all the money to him and it was a really bad situation. Free legal advice turned into the one, one of the most expensive bad mentor deals I have ever gotten into.

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So here's why this is important to you. The reason I'm telling you this is because I don't want this to happen to you. If you're just getting your started and you don't have a lot of money, the last thing you need is a mentor, okay? You just need to learn your craft. You need to do the work. The problem is if you are in our Credit Repair Cloud Facebook community, you might get someone posting things about being a mentor and you might start to get solicitations for them to direct message you or for you to message them. And I want to tell you, we don't allow that stuff in our Facebook community. It's against our rules, but we don't have a way of knowing if they are private messaging you. So please, please, please be careful. Many people who are claiming to be mentors and having a lot of clients, they often turn out to not have any clients at all, and they're just fake mentors hustling you to make their rent.

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So please be careful. Now, real mentors, they're great, but they can be expensive. The two I have cost me $25,000 each per year, but what I get from them is amazing. Okay? But I didn't hire them until I really knew who they were. And I had studied them for a long time and I knew the other people who had gotten amazing results from them. So here's what you need to know. Learning your craft is the most important and that is going to cost close to nothing, okay? You can get books on Amazon and study them. If you do a search on Amazon for credit repair business, you're going to see a lot of books. You can get my book also, and we give it away for free. Don't be in a rush, okay? Don't be looking for shortcuts. They're not there, okay? There's no way around the work you have to put in the time and do the work.

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Then get your business to where it's profitable and then once it's profitable, then you'll have the extra money to hire a mentor. Now, last week I had Malik Greene here on the podcast, and he's got a fairly new business, okay? He's only been in business for eight months, but I had to have him on this podcast because of what he posted in our Credit Repair Cloud community and I want to read this to you, okay? Here's what he wrote. He wrote this. We have grown from a one-person operation to a full team. Here're some photos to show our growth over the last eight months, opened my business on May 15th, 2019 I've got this far with zero automation, zero email campaigns, zero mentors, and the same website that came with my CRC system. Now I'm adding the small things to scale my business to the next level.

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Customer service got me this far. I currently have 212 active clients at this year. I plan to double that amount. Anything is possible when you're hungry. So let's do the math. Okay. Malik Greene has 212 active clients, and they each pay him $89 a month. So that means he's making $226,000 in annual recurring revenue. So if he's hungry, that's going to buy a lot of burgers. And he did this in just eight months with no mentors. He just works hard. And as you can see, hard work and being hungry really pays off. No, I'm sure he's going to get a mentor soon to get to the next level. And that's okay because now he can afford it. So here's what I want to say. I saw this problem happening on our Facebook community with the fake mentors and thankfully people report them to us, and we try our best to throw them out when we hear about them, but it got me thinking, I wished there was a way that I could help the people who are just starting out, so they won't get taken advantage of like this.

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I mean, if you're just starting and you think you need a mentor, what is it that you're really looking for? Is it just to learn the basics? Is it to feel confident that your disputes will get results? Is it someone to teach you how to get clients? Is it someone to teach you how to use software? Someone to teach you systems? Is it someone to hold you by the hand and really help you to build a foundation to a really successful and profitable credit repair business? If this is what you're looking for, you should also ask yourself, are the people you are asking to mentor you... Have they helped others to get to where you want to go? Have they done it themselves successfully? Do they have the life you want? Do their students have the life you want? That's what you need to ask yourself.

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Okay. And for a long time over here, we've been talking about this problem with the fake mentors and I think we came up with a really cool solution. So for months I've been really building something special. I've been keeping it totally top secret, but I think this is the perfect time to tell you about it. I've been working on this secret project with Corey Gray, who's been in the credit repair industry for over 20 years. He has processed over 23,000 clients. He is the real deal. So Corey and I and our team of experts are going to give you a crash course so you'll have the perfect foundation to launch your business with confidence. And it's important. No, it's not a class. It's a challenge, a 14- day experience where we lead you by the hand as you build the foundation of your business and it's all online.

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Where else can you get the CEO of a company and his top coaches and executives to teach you how to start your business nowhere, right? And it's not expensive and when it launches tomorrow, it's going to cost you less than dinner with your family and McDonald's. Now, I don't know when you're listening to this podcast, so now that this is pretty costly for us to pay for all these trainers so the prices are probably not going to stay this low. So if you're interested in learning more, visit creditherochallenge.com to get on the waiting list for early access. Again, that's www.creditherochallenge.com. And I want to thank you for listening and I will see you on the next episode and until then, keep changing lives.

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Want more Credit Repair Business Secrets. Then get a copy of my book, The Ultimate Guide to Starting a Credit Repair Business. Get it free at creditrepaircloud.com/free-book. Inside this book, you'll find my top 35 secrets to removing items from credit reports and turning that into an amazing business that helps people, changes lives and makes you a great living in the process. Get it free at creditrepaircloud.com/free-book.