Back from the Brink

"A day after the show, I called our mortgage company, and they told me, ‘Your property has been sold back to the bank,'" Greg recalls.

"I was just crushed, scared," Brandy says. "We moved out of the house four months ago. We were able to find a three-bedroom apartment. Things have improved in a lot of ways. I started working with Loral, started making money. I have four major accounts right now. Last month, I made about $6,000. Greg started making good money. Last month, after closing $3 million in volume and loan amount, he's just positive."

"Now that we do have the income coming in, we can get a grip on our debt," Greg says.

"Meeting Dr. Phil and the help he gave us unparalyzed us, kind of kicked us into action," Brandy says.

"We can get through this. We do have the momentum now, and it's going to work out," Greg says.

Loral Langmeier is a best-selling author, entrepreneur and self-made millionaire who helped Brandy and Greg. She explains how they turned it all around. "They got very focused. She started doing eBay as a hobby. She had a virtual assistant business, expanded her eBay business and really got into social networking for other entrepreneurs. And he got focused on mortgage in the right way, like, loan modifications, so he made a huge turnaround in six months."

[AD]"So she's working from home as a stay-at-home mom," Dr. Phil says.

"Four kids," Loral says.

"And generating $60- to $75,000 a year in income."

"Right," she says. Loral says Dr. Phil's guests, Jay and Erin, and Terry and Julie could do a lot more to put cash in their pocket, like tutoring, virtual assistant, online sales through eBay and Craigslist.

Dr. Phil reviews Loral's steps to create cash fast:

- Uncover the skills you have
- Come up with a money-making idea around your skills
- Test if that idea can make money fast
- Execute the idea immediately
- Perfect the idea later

Loral believes that anyone can make an extra $500 to $1,000 a month using what you already know how to do. For example, Erin could become a tutor. "I mean, Erin is already a teacher. Her clients are sitting right in her room. I mean, with the amount of cuts in the school, somebody's got to help these kids." She says people should look at their hobbies, their chores, whatever it is they already do well, and find a way to ask for cash for doing it.

"And you think, even the ghost-hunting type thing, if you can monetize it in some way, it could contribute something," Dr. Phil says, regarding his previous guest, Jay, and his unusual hobby.

[AD]"Stop doing it for free. All of you: Stop doing stuff for free! Ask for money," she says.

"You said come up with a money-making idea around your skills," Dr. Phil says. 

"The biggest thing, and women don't do it the most, they don't ask for the money. There are money-making ideas: garage sales, anything you can do, landscaping ..."

"And you say test if that idea can make money fast, and then perfect it later," Dr. Phil says.

"Absolutely. Google it," she says. "If somebody's already making money [doing] it, you can make money doing it."

Dr. Phil turns back to Tony Beshara. "You make a great point in your book that you've got to reinvent yourself. Don't think that just because you've been an engineer that that's all you can do. You can take those skills and remarket them somewhere else."

"You need to think about that. I think the most important thing is people just don't realize how many interviews they have to get in order to get hired and all of the effort that goes into it," he says. "Cold call if you have to, kiss every frog in the pond, and if you don't find a prince there, find another pond. You've got to just keep out there in front of people and keep the process going."

"Liz, a final question for you: There is a point at which you're so far in debt that you really need to consider bankruptcy as an option, true?" Dr. Phil asks. 

"It really is not the best option, but it might be the best of the bad options you've got," she says. "If you're in a situation where you're struggling to pay the minimums on your credit cards, or if you're thinking about dipping into your retirement to pay your debts, you really need to go talk to a bankruptcy attorney about what's available to you because it can give you a fresh start."

[AD]"And Loral, there's a point at which you simply do the math and, if you work this way for the next 40 years, you'd never be able to retire the debt."

"Absolutely, but every one of these have extraordinary skill sets, the women included," Loral says. "Brandy is living proof. It went from $200 in a month to $6,000 a month. Entrepreneurs are hiring, and entrepreneurialism has turned the country around in every recession. So, it's something to consider in reinventing yourself."