I wish there was some magic wand I could waive and instantly be out of debt today.
Not gonna happen.
Things have stabilized quite a bit for me, and I think in another few weeks I’ll have a very good and pretty stable budget figured out both on the personal side (income from my new job), and with my business (of which I don’t have to pay myself out of any more).
But it’s still going to take time. Lots of time.
And that means I can’t continue to put my life on hold. I’ve really done that the last few years in terms of relationships. Not just romantically, but even friendships, I’ve very much pulled back. I’ve been trying to change that the last few months.
It’s going well. I’ve established a number of new guy friendships, and even had a few times with the ladies that could perhaps turn into something more. We’ll see. I’m at least open to it now.
I think the coolest thing about where I am at right now is that I can start really knocking down some of the debts. My IRS Debt is going to be a constant payment each month, $600. I sent the first $1000 check last week to begin the payment plan.
I currently have just over 6K in my debt destruction fund and I want to start utilizing that now that I feel a little more comfortable with my business cash flow.
How long do you think it will take me to get back to zero? Keep in mind, there is no option of “settling” any of the about 142K I owe my mum. Plus 30K or so in student loans (which are current now, been paying for a few months now). The other business debts are all way in collections, and that could be an option there. Plus investors I need to buy out of the business…oh dear (need about 70K for that….but doesn’t necessarily need to be done any time soon). That paragraph is depressing. Dear.
I’m still shooting for three years…
{ 8 comments… read them below or add one }
Progress is all that matters. Just think of the story about the tortoise and the hare. Slow and steady wins the race. Sure you have a long way to go. But just look back a year and see how far you’ve come. And you’ll be a better person for all you’ve learned. The best part about mistakes is that you can learn from them. Keep up the good work.
Well, how about another comprehensive update on the debt, so your faithful readers can help you figure out which ones to tackle first?
Cheers,
Alan
dk,
i’m unclear on the mood of this post, its obvious you’ve been making great progress as to how to handle your debt. you don’t need to get yourself down because you can’t make it all happen in two weeks, but need to keep reminding yourself as to how well you are setting yourself up to take care of the debt. i would be feeling really good about myself right now if I was you, good job.
chris
@ Alan – you’re right. I need to do that. I have it all strait in my head, and I’m pretty sure I know which ones I want to tackle first, but I should write it out here and get a clear strategy.
@ Chris – You’re right. I just get frustrated. I’m really making pretty good money now….but still so in the hole.
Three years is a good time frame to shoot for – it give you room to undershoot, but still make up for lost time. I am trying to knock off all debt within 2-3 years also.
I just can’t understand how you are operating under a FTL, have business “savings,” have business accounts in collection, and then you are working in an employee relationship for someone else. No wonder you’re having mood swings..simplify, simplify your life. This will make more sense to you as you age. It sounds as if you are swirling around in a big pot and at the same time, you’re trying to stir the pot and regulate the heat and add more ingredients.
@ the Wolf – “It sounds as if you are swirling around in a big pot and at the same time, you’re trying to stir the pot and regulate the heat and add more ingredients.”
Yeah, that’s a pretty good description. But really, at least right now it’s mostly good chaos. And I have a bed. And groceries. And I’m in a 10x better mental state overall than say 6 months ago, and especially a year ago.
OK, new spreadsheet up. That was fun:
http://www.debtkid.com/october-2008-balance-sheet-progress