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From Professional Athlete to Entrepreneurship: Art Morrison III’s Journey

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As a former professional athlete, Morrison III has leveraged the wisdom he gained from basketball to pursue entrepreneurship.

Basketball gave Morrison III purpose and instilled the values he needed to transition into an entrepreneur who owns multiple businesses in real estate, business consulting and more.

Here are 5 values he embraced as an athlete and used to become a successful entrepreneur.

Adversity

“We don’t lose the vision or waver, because our eye is always on achieving the end goal.”

In his senior year of college, Morrison III experienced a knee injury that put him in a tough position as he had dreams to go pro. His injury made it near impossible for an agent to pick him up and help him sign with a professional basketball team. Yet, he still signed a professional basketball contract. How? With persistence.

Persistence

“If your WILL to succeed is strong enough, you WILL NOT fail!”

When no agent wanted to work with Morrison III after his knee injury, he took matters into his own hands. He pretended to be his own agent, sending emails to nearly 13,000 teams in the basketball world. He ended up receiving only 2 offers. One contract was for a basketball team in Portugal, which he took.

The same energy he put out to sign with a professional basketball team is the same energy he applies to his business ventures. No matter what your business is, sometimes you have to create the opportunities that others refuse to give you.

Consistency

“No matter how good you are, you’re not going to be able to compete with someone who is consistent, even if they’re less talented.”

Never as a kid did Morrison III think to stop playing basketball. It started as a hobby, and then became his passion, and then his livelihood. Getting up every day and practicing is what allowed him to go pro. Understanding that there are no positives without consistency is what continues to help him succeed as an entrepreneur.

Your WHY

“It’s amazing what Purpose combined with Passion can do.”

Morrison III was the first in his family to go to a 4-year college. His dream was to become a professional basketball player to make a lot of money and repay his mom for all the sacrifices she made for him during his childhood—and that’s what he did. This childhood dream is what pushed him to work hard, never give up and go after what he wanted.

Leadership

“A boss says ‘GO!’ A leader says ‘LET’S GO!!’ Ironically everyone wants to work for a leader. Team players know how to be leaders!”

In sports, whether you’re a team captain or not, you are part of a system of valuable parts. Athletes understand what it means to be a coach because they had one. They know the dynamics of a team and the important role that each member plays, including the coach and team captain. This helped Morrison III lead himself and others throughout his entrepreneurial ventures.

Get to Know Art Morrison III

Art Morrison III is a former basketball player and entrepreneur who owns multiple businesses. He is the author of the book “Overcome” and is passionate about giving back to his community through youth basketball training giant, “AboveMAX Basketball.”

He also provides small business solutions to corporations with twenty employees or less through Morrison Enterprise, LLC.

Learn more about Art Morrison III by visiting www.morrisonenterprisellc.com

Rosario is from New York and has worked with leading companies like Microsoft as a copy-writer in the past. Now he spends his time writing for readers of BigtimeDaily.com

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Business

What Is Debt Consolidation and How Does It Work? 

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Debt consolidation combines all debts of an individual, often high-interest ones like credit card bills, into one payment system. 

Suppose you can secure a reduced interest rate. In that case, debt consolidation may be an ideal option for you, assisting you in reducing your overall debt and restructuring to help you clear it quicker.

This guide will walk you through what debt consolidation is and how it works. 

What Is Debt Consolidation?

Debt consolidation is a debt relief alternative that helps consumers bind multiple financial obligations in to one that can be regularly paid with a consolidation loan or a debt management plan (DMP).

This approach lowers the charges on debts and reduces the monthly payment. Debt consolidation sorts out the challenges faced by consumers, especially those who find it hard to service their numerous bills on time.

How Debt Consolidation Works

To consolidate debts, a borrower may request their bank or other loan providers for a balance transfer credit card, a personal loan, or a similar debt consolidation instrument. 

In the event of a debt consolidation loan, the lender may instantly clear off the borrower’s outstanding bill, or the borrower may collect the money and pay their remaining sums. 

Similarly, most balance transfer credit cards feature a recommended method for combining a cardholder’s current credit cards.

Although debt consolidation frequently reduces the amount a debtor owes monthly, it prolongs the repayment term of the merged debts. 

However, consolidating debts simplifies the payments process, making it simpler to handle finances—this is particularly beneficial for borrowers who have problems managing their money. 

Once the debtor’s old liabilities have been sorted with cash from the new loan, they’ll make just one monthly payment plan on the new loan.

Is Debt Consolidation The Same As Debt Settlement? (50 words)

While these are debt-relief options, they have a distinct difference. 

Debt consolidation transfers the borrower’s loan from multiple creditors to a single creditor but does not reduce the initial amount. 

On the other hand, debt settlement targets to lower the consumer’s debt levels. Settlement firms do not give loans; instead, they negotiate with creditors on behalf of the debtors.

Types of Debt Consolidation 

1. Debt Consolidation Loan

Debt consolidation loans are personal loans used to reduce a debtor’s interest rate, simplify payments, and generally better loan terms. 

While personal loans are often accessible in credit unions and banks, many online loan providers also provide debt consolidation services. 

However, before picking an alternative, you need to seek debt advice to give you an insight into the hidden risks. Reputable FREE debt advice platforms, such as Reform Debt Solutions, could help you. 

2. Credit Card Balance Transfer

A credit balance transfer happens when a debtor applies for another credit card, often one with lower rates, and transfers their entire balance to the new credit card. 

Similar to other debt consolidation methods, this approach leads to a single repayment to manage, may cut on the debtor’s monthly payment, and can lower the general fee of the debt by reducing the interest rate. 

Before deciding to go for a credit card balance transfer option, you should consider the accessibility of interest rates, transfer charges, transfer deadlines, and the implications of defaulting payment. 

3. Student Loan Consolidation

Student loan consolidation refers to binding different student loans into one. 

Besides reducing and streamlining monthly payments, graduates can benefit from borrower protections such as Public Service Loan Forgiveness. 

This concept is frequently used in combination with student loan consolidation, which entails consolidating multiple governments or private student loans into one personal loan.

4. Home Equity Loan

A home equity loan is a debt consolidation approach that includes obtaining a loan guaranteed by the debtor’s home value. The cash is given to the debtor in a single payment, and they can use it for clearing off or consolidating previous obligations. 

After the money is disbursed, the borrower pays interest on the whole loan. Still, since their property secures the loan, they are likely eligible for a considerably lesser interest than a debt consolidation loan.

5. Cash-out Mortgage Refinance

A cash-out mortgage refinance happens when consumers refinance their mortgage for a sum more significant than the outstanding loan balance. The borrower can then withdraw the excess in cash and clear off other debts. 

This approach then allows the borrower to combine their other loan payments with the mortgage payment to make one payment. Additionally, when the loans are folded into a guaranteed mortgage, the rate is likely to be significantly less than the rate on the initial obligations.

Pros and Cons of Debt Consolidation 

Pros

  • Combines multiple loans into one and simplifies payment 
  • Can lower the borrower’s gross interest rate
  • May reduce a borrower’s gross monthly payment 

Cons

  • Providers can charge loan origination, balance transfer, or closing fees
  • Borrowers may lose their houses if they fail to pay off the consolidation loan
  • Some come with high rates

Bottom Line

Using debt consolidation as an option for debt relief comes with many shortcomings. And indeed, it’s not the ultimate solution to the debt issue. Unlike the debt settlement approach, which reduces your loan, debt consolidation only transfers you to another lender. Besides, most of its methods tend to extend the time for settling your debts, attracting more interest rates. 

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