This man’s story from bankruptcy to millionaire in 10 years will inspire you

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Growing up in Belgium from Rwanda, Patrick Aime saw his future in the United States and was convinced that if he could make it, he would succeed in life. And to get there, he decided to work hard and play sports.

He became a collegiate athlete at the University of California, Santa Cruz. While hoping to turn professional, Aime got injured and he couldn’t play basketball anymore. He vowed to stay in the sport, but this time on the business side.

He moved to San Diego after college and started working in the sports industry. He was engaged in crafting travel packages that major corporations used to entertain their key accounts, he said. MKM Podcast. According to him, these packages organized the logistics of major events, such as the US Open and the Masters Tournament.

Over four years, Aime got to grips with the operational side of his industry and decided to start his own business. He had a very shaky first half in which the companies he hoped to become his clients didn’t show up.

“When I made my business plan, I counted a number of accounts that would come with me. And then no one showed up. So I had to dig deep and find new accounts to start my business. So it was tough the first six months, I thought I was going to be a bust,” he told the Madfientist Podcast.

After those first six months, Aime weathered the storm and started doing business with big companies like IBN and Coca Cola. Soon, other big business arrived. Eventually, it went from 0 to 5 million dollars in four years.

“I had a whole event planning team on site,” he said. “I had two event planners. I had an accounting team on site. So we had a bunch of accounts at that time and everything was rolling. And of course, with the money coming in and I hadn’t seen so much money in my life.

Aimé began to spend lavishly. He spent on a townhouse in a wealthy San Diego neighborhood and bought a Mercedes CLS500 that same month. “The car alone cost him over $1,000 a month,” he told MKM Podcast. He also got involved in real estate and bought four rental properties. He did all this without saving anything.

In 2008, it all came to a screeching halt when the recession hit, he told Madfientist Podcast. Lehman Brothers, which happens to be one of its biggest clients, went bankrupt and it affected its revenue stream. It ended the year without making any sales. In December of that year, he closed his business, foreclosed on his rental properties and filed for bankruptcy.

“We haven’t sold anything in three months (in 2008). In fact, we simply reimburse people. And at that moment, I knew, okay, it’s not going well. And in December 2008, I made the decision to close my shop,” he said.

Determined to reconnect with his success, Aimé knew his pitfalls. He’s committed to fiscal responsibility and has also listened to FI influencers like JL Collins and JD Roth. He started his recovery by investing in the stock market again because everyone was talking about investing in index funds.

“And so I started saving money, investing in the stock market. And then I also knew that I had to lower my expenses… You know, you have to find us a way to lower your expenses. So that’s what I did,” he said.

He founded a second company in the same industry he knew but on a smaller scale and pledged to save. According to MKM Podcast, it responded to a handful of accounts but provided such high-quality service that its rebooking percentage remained above 80%. In March 2019, he had become a millionaire.

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