Six months ago I finally came clean with my father regarding the enormous amount of debt I had accumulated due to my trading addiction. The past six months have flown by, but I’m still here. I’m not yet the (debt free) man I want to be, but I’m working on it.
A quick 6 month recap:
- My first post: I didn’t realize how much emotion plays into debt. It really creeps into almost every part of your daily life when you don’t have it under control. I learned this very quickly once I manned up, and I imagine it will continue to be a struggle going forward.
- My first debt spreadsheet. Not very organized yet, but it was a start.
- I dealt with the IRS for a 2005 bill. This was recently paid off. My first debt down!
- In March I really started bearing down on my business. I also learned I could eat pretty cheap and survive!
- I got through my ex-roommates finding out about my debt and the foreclosure coming on the house.
- May was consumed with dealing with getting my house sold via a short sale.
- In June I had my first really great day in a long time. It seemed like a turning point of sorts. It’s not clear yet if this will turn out to be true, but it was a pretty darn good day and I got the house short sold!
- Now I’m focusing on growing my business and preparing for a new product launch next month (that I’ve been working on about 4 months now). And of course, I’m living in my office full time. It’s not a bad setup. I’m also preparing to file chapter 7 bankruptcy for my personal debts this month as well.
So, that’s it. 6 months. Wow. I’ve got a few announcements coming out the next few weeks, some contests/side jobs I’ve been working on late at night. I’m tired, but I’m still here!!! The next few weeks and month are going to be crazy business/personal/debt wise. But I like a little craziness. Keeps you on your toes.
{ 4 comments… read them below or add one }
You have a truly impressive amount of drive to be doing all this. I have watched your blog since March and you gave yourself a few weeks to fix things. Unlike Casey, your personal drive and work ethic to make your situation better is amazing. You’ll get yourself out of the situation you’re in quickly. If you continue to keep your drive up, I think you’ll be able to save and (safely) invest money again one day.
I just got out my car after listening to your situation on the radio… (forgive me I was just flipping through the station and I do not even what show it was.) To be honest I am an Anti-Capitalist but please understand I am not Anti-American and I do support a free market. Although I am against Corporate Law and Central Banking (such as the Federal Reserve-which is a IBC and the IRS which is LLC.)
You may think I must be a Communist but that is what Centralized Banking coupled with Hyper Capitalism is. And I assure I did not decide to write you so I could drill you about the God Mammon either.
I do have a few questions for you in hopes maybe there is a solution aside from working your life away to fix your debt problems. Now on the radio you mentioned that if you were to file personal bankruptcy it would only clear about $70,000 USD So, in essence you are about $250,000 USD in the hole, correct?
If you don’t mind me asking what kind of Corporate Tax structure do you have?(If you have one?)
Depending on what kind of structuring you have, would you be willing to utilize some creative methods of solving your debt?
Congrats on reaching this far, and you look like you’ll be cleaning up your situation pretty quickly.
You’re right, the emotional part of debt (not being able to make payments, etc.) can be almost paralyzing. But you’re doing a good job moving forward so far.
I’m 24 myself and I am actually rather curious about day trading and forex in particular although I have been on the sidelines because I’m a little worried about tax problems and the stories I’ve heard.
Have you heard of anyone who made money day trading? Do you think it’s possible? Do you think it’s a form of gambling or is there really a way to make money from it?