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Eleven years ago, Billy Hofacker answered a knock at his door, only to find his brand-new, cherished Honda Accord being towed away by the repo man. When he faced the mountain of unpaid bills and did the math, the total came to a staggering $130,000 of consumer debt.

Today, Hofacker — a personal trainer of 20 years — is the owner and CEO of Total Body Boot Camp and Performance Center, with two successful locations in the hyper-competitive market of Long Island, New York. And he uses the tools and expertise he gained digging out of his own debt and building a platform of wealth to help other fitness pros do the same.

Here, he and Chris Cooper talk about how gym owners can win with money.

Links:

Your Fitness Money Coach
"Fitness Profits"
Your Fitness Coach Money Podcast
Drink O2
Beyond the Whiteboard
Gym Owners United

Timeline:

1:47 – Becoming a fitpro. 

4:09 – Hitting financial rock bottom.

6:33 – Becoming the Fit Money Coach.

8:29 – The most common money problems fitpros face. 

10:01 – How to stop feeling guilty about charging what you’re worth.

13:34 – How Billy paid off $130,000 of personal debt in five years.

18:13 – How paying off that debt made Billy a better business owner. 

20:34 – What Billy does for fitpros.

21:37 – Staying motivated after you’ve made the money.

25:13 – What to do with the money you’ve made.