Daymond John has recently partnered with National Debt Relief to help people struggling with overwhelming debt. This new partnership aims to provide support and education for those who want to regain control of their finances.
Daymond, a well-known entrepreneur and star of Shark Tank, knows the weight of debt firsthand. He has experienced it early in his career.
His decision to work with National Debt Relief comes from a deep desire to help others navigate their way out of debt, just as he did.
But how did Daymond go from being buried in debt to becoming a successful entrepreneur and advocate for financial freedom? Let’s explore his journey, which started with humble beginnings and led to his current mission to help others.
Daymond John’s Early Struggles with Debt
Daymond John’s story starts in Hollis, Queens, New York. He grew up in a lower-middle-class neighborhood, raised by his single mother after his father left when he was just ten years old.
“I grew up in a lower middle-class area of New York City, Hollis Queens. My parents always instilled in me the fact that I had to work hard for everything that I wanted out of life,” Daymond recalls.
His upbringing taught him the value of hard work, but it also exposed him to the harsh realities of financial instability.
Determined to create something of his own, Daymond started his clothing brand, FUBU, right in his mother’s living room. “John started off by sewing sweatshirts and hats in the living room of the house where he was raised by his single mom.”
With little money and no initial funding, his path as an entrepreneur was filled with financial challenges. He constantly had to figure out how to fund his growing business.
“The next step could be how do I finance all of this? Do I sell one or two hats and then re-up? Do I take out a loan from a bank or do I get an angel investor? Do I just chug along at $50,000 a year, $100,000 a year? When do I go balls out? Quit the job. Mortgage the house. Sell the car. Do I do this at all?” Daymond wondered.
To keep FUBU alive, Daymond found himself deeply in debt. He used personal credit cards to cover costs and even considered mortgaging his mother’s house.
He faced the very real possibility of financial ruin. “In the early days of FUBU, I relied on personal credit cards and was on the verge of losing my home and my company because of my debt,” Daymond admitted, reflecting on the precarious position he was in during those early years.
Taking Big Risks to Build a Brand
In the early days of FUBU, Daymond often found himself close to financial ruin. Despite the risks, he decided to take bold steps to keep his dream alive.
He mortgaged his mother’s house to finance more clothing production. It was a risky move that could have resulted in financial disaster if things hadn’t gone well.
His mother also placed an ad in The New York Times that said, “Million Dollars in Orders. Need financing.”
This ad attracted many responses, but most were from loan sharks. “33 people called and 30 of them were loan sharks and one of them [ended up being] my partners Bruce and Norman Weisfeld,” Daymond shared, showing the difficulty of finding reliable financial partners.
Even after taking these risks, Daymond faced setbacks. He had to close down FUBU three times between 1989 and 1992 due to financial problems.
“Even when I started FUBU, I closed it down three times, from ’89 to ’92.”
Despite these challenges, he didn’t give up. He used creative marketing tactics, like featuring a limited number of shirts in music videos to create the illusion of a larger brand.
“We took the same 10 shirts and placed them in videos. For two years, we’d take them to an artist and then take them back and put them on other artists and became known as a huge clothing company with 10 shirts.”
Achieving Success and Finding a New Purpose
After years of hard work and persistence, Daymond’s efforts finally paid off. FUBU landed a major partnership with Samsung’s textile division, which allowed the brand to expand significantly.
“Norman was the president of Samsung’s textile division and Norman said, you know what? We’ll give you a distribution deal.”
This partnership was a turning point that enabled FUBU to reach a wider audience and become a multimillion-dollar brand. Daymond’s dream of making FUBU a cultural icon came true, and he became a recognized business leader, even earning the title of “Global Ambassador of Entrepreneurship” from President Obama.
However, Daymond’s journey also gave him a new perspective. Remembering the stress and anxiety of being deep in debt, he felt a strong need to help others avoid the same struggles.
“I remember that feeling of debt weighing on me night and day, which is why I want to support helping more people learn about National Debt Relief and their life-changing program,” he explained.
A New Mission – Helping Others Break Free from Debt
With this new sense of purpose, Daymond decided to take action. He partnered with National Debt Relief to launch the “Break Free from Debt” initiative, a program designed to help people manage their debt and achieve financial stability.
“While my fashion brand’s success saved me, I know not everyone is as fortunate,” he said, acknowledging that not everyone has the same resources or opportunities.
National Debt Relief offers a program for people with more than $7,500 in unsecured debt, like credit card debt, medical bills, or personal loans. The program provides a clear plan to help people get out of debt faster, avoid bankruptcy, and save money.
By teaming up with National Debt Relief, Daymond wants to offer not just financial help but also education and support to empower people to take control of their finances.
Making a Difference and Building a Lasting Legacy
Since partnering with National Debt Relief, Daymond has become a strong advocate for financial education and debt relief. His journey from struggling with debt to building a successful business, and now to helping others find financial freedom, shows his growth as both an entrepreneur and a leader who cares about making a positive impact.
By sharing his story and using his platform to raise awareness, Daymond hopes to inspire others to start their journey to financial freedom. “In the early days of FUBU, I relied on personal credit cards and was on the verge of losing my home and my company because of my debt,” he shares, emphasizing his understanding of what it feels like to struggle with debt.
Featured Image Credit @ Daymondjohn.com