Today was a pretty eventful day.
- I had the sit down with the roommates
- I had two of my closest friends move out of state
- I told my last close friend about my whole mess of a situation
The Sitdown
One of the roommates decided to tell me on Friday he was leaving. So, most of his stuff is gone now (the 3-day notice was nice…not). The other two look like will be gone by the end of the week. So the good news is there shouldn’t be much rush or drama with them anymore. Bad news, no rent income for May, or at least very little.
Since they won’t be paying rent or very little in May, it looks like I won’t have to come up with the entirety of the heating bill, as is sounds like they will now pay their portion. So, all things considered, I’m short money, but at least can move on.
Sharing Time
I told my last close friend here about everything. It went well, it was hard, but its good that I don’t have to hide and cover crap up anymore. It’s really quite exhausting, and since I spend a significant amount of social time with this friend, its a big relief. There will still be some issues to work out here (ie…why didn’t you tell me earlier type stuff), but I think it’s going to be OK.
Down to Business
This next month is all about transition and stabilization. I need to transition into a new and still somewhat up in the air living situation (my office and beyond). I also need to continue to stabilize and grow my business this next month. I can’t get too caught up in my living situation and the house and everything and lose sight of the only income stream I’ve got.
I have to get my business revenue up to the 10K range.
Let’s say that again. I have to get to 10K. And soon. 7K just isn’t going to cut it.
Everything must go sale
My brother has offered to help me take pics of all my “stuff”. I’m going to sell it all. Save a few pictures and some books…everything I own is going to be sold this next month. I have to keep my car, computer, and business/office stuff, but everything else is going. I don’t need it….and I can’t afford to not have the cash.
My budget is still short, payroll is tomorrow, and I’m still about $100 short of what I need to cover just that.
I felt sick almost all of last week, and laid low a bit. Fair enough. I had been going non-stop for 3 months. Now it’s time to get my rear back into it. No excuses. I have no room for error in the next 2 months. No excuses.
{ 8 comments… read them below or add one }
I guess this is why landlords take bonds and rent in advance… if you decide to move out with no notice you lose it! Anyways it sounds like you’re moving on ok.
sounds like you’re on the right track buddy
we’re rooting for you-
Well, I have finally found something to keep me occupied since Casey Serin’s blog is about as exciting as watching my dog take a dump.
Unlike him, I am actually routing for you. As someone who is paying off $25k in gambling/credit card that I had hidden from my wife(long story, but I told her), instead of complaining you are hustling and busting your butt instead of expecting it to change on its own, or even worse continuing to do what got you there. Oh yeah, you have a job also.
Keep up the good work, I will keep praying for you.
Hi debtkid!
Way to go! I feel you really deserve some good comments as you are on the right track to getting things straightened out. Please post a link to your ebay items as it could up your bids since your fans can help you out personally. Keep it up!
Cake Lady
i think a big thing is that he’s not whining about not being a “details and execution” guy and why he can’t just be the “Ideas Guy”.
I’m sure 1 week after getting kicked out of the Garden of Eden, As Adam was figuring out where to hunt next, I bet he thought to himself “Why can’t I just be the guy that knows where to hunt, I really need to task someone else with this”
Then hunger got to him and Eve told him to get to it, so he snapped out of it.
I don’t mean to be pessimistic but… why aren’t you considering filing a Chapter 7 bankruptcy? The only reason people generally don’t do this is because they do not want to lose their homes and believe they can hold on to them. You obviously are not in that category.
I research in bankruptcy law, and the biggest trend we see is that people generally resist filing until they are in over their heads way way more than they had ever intended.
Bankruptcy is not as horrible as you think. Yes, you will ruin your credit, but this doesn’t mean you won’t have access to credit cards (Credit card companies actually love bankruptcy filers, because they know that you are vulnerable and cannot file again for another 8 years.) Plus, your Fico score will rebound. And a lot sooner if you file for bankruptcy NOW than if you struggle with this, miss more payments and file later.
Hopefully, you’ve realized you can’t buy another house any time soon, anyway. This will give you a chance to wipe your record clean before you are ready to settle down with the girl of your dreams.
Plus, there’s a huge advantage if you file. All of your unsecured debt would disappear. You might even get to keep a few things, assuming your state allows for exemptions.
I would seriously consider going this route, and fast. I also wouldn’t feel bad for the credit card companies. Goodness knows, they make plenty of money off the rest of American society by charging interest rates that should be criminal. (If you don’t believe me, read their SEC filings.) And — and I mean no offense here — who would give a kid as young as you a mortgage on such an expensive home? I feel very little sympathy for Greenpoint.
I believe if you told the judge how much you have learned from this experience, he or she would look very favorably upon you. Then, you’d have to practice what you preach, and live within your means!
Law Girl,
Thanks for the comment! I actually do need to sit down with a BK lawyer eventually, just to see if that is an option. Here are the problems I think I have:
Only about 60K of my debt is personal. The rest is business loans and business credit cards. Also, I am not the sole owner of my business (more complications). My business is bringing in about 7K a month in revenue.
I don’t if those facts change anything, and you are right about the credit card companies. I don’t feel any sympathy for them, they make a ton of money. I’m really up in the air on this. Like I said though, I should get a free consult with a BK lawyer…it’s on my long list of things to get done…Thanks for reminding me.
It’s very tempting to think increasing gross sales as the solution. But really, cash flow and profit are the ONLY things that are important. If you only brought in $6,000 a month, but expenses were running $5,000, you’d actually be better off. You have to look at the bottom line, not the top. Be careful, it’s very common when running a business at a loss, increasing sales just increases the loss.