While I’ve gotten into a good routine living @ my office, it’s still obviously not the best situation. I’m hoping to save up $4K in cash this month to put down on a place and consolidate my office into a home office.
business update
I’m essentially running two new start-up companies now. Plan A and Plan B!
And managing my current business as well.
If I only were focusing on one of these I would be fine. There are all exciting, but I have never ending lists of work items to get done. Plan A business should start producing income in Oct. and I will be splitting my work time 50/50 with that project and my Plan B business through the end of the year.
biz goals:
current business: 7K/monthly revenue GOAL: 10K by EOY
Plan A business: $0 current GOAL: 15K/mo by EOY
Plan B business: $1000/mo current GOAL: 5K/mo by EOM (yep, end of month I need to get 4 more clients. I have two almost for sure sales from my Cali trip that I should lock up by the end of the week). EOY Goal: 30K/mo
Are these lofty goals? Yes. Are they achievable? Yes. Am I going to work my butt off through the end of the year trying to get to them? Yes. My chances of hitting all those goals? I’d probably say 10% or less. But that’s why they are goals!
{ 14 comments… read them below or add one }
Good luck man. I’m still curious about what exactly you are doing, but I know you don’t want to end up like Casey with tons of people invading your life.
Hope your trip was fun!
He will end up like casey, this joker has not learned a thing from his experience, he just keeps blogging and praying for sympathy. Get a job already.
Good Point. I have 8K in revenue coming in my business at the moment and a piece of software that just finished that is worth who knows how much. I should just leave that all and go work for 40K/year. That will really give me the chance to pay down my debt!
Some people. Wow.
Hahah, good reply debt kid. I’m a slave to my current job, but have plenty of free time and good skills. I just need to learn to focus on my alternative streams of income. I hope your software takes off man. I hope one day you can talk in more detail about it. Of course, get a patent first
I’ll second Eric’s reply. You are doing great. It takes alot of maturity to admit to mistakes, and alot of discipline to force yourself to live simply and in your office. From what you have posted on your blog, your discipline will be your key to success.
In regards to the home/office you might be one of the few who has the discipline to make it work. Most people need a more defining line between work and home that a home office does not allow – sort of makes you feel like you are always at work. On the flip side, since you are always at work, you feel like you can do home things at work, and pretty soon you are no longer as productive. For that reason I would recommend you try to keep your office, and try to sublet a room somewhere. Then as your income increases, you can increase your standard of living to 1/2 house, your own apartment, etc. However, you just might have the discipline to make the home/office work.
Please keep blogging as your sincerity is an inspiration!
How’s the cash flow situation? It sounds like you’re still at $7K/mo; which, a few months back, you didn’t think would be enough.
It’s nice to hear that someone trying everything to get out from debts. But debt is something like a magnet. More you want to debt free it will magnetize you.
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Concerned Citizen needs to learn a thing or two about some basics – for example reading. Or perhaps being a pompous, judgemental, self-deifying/self-deluding idiot who looks down upon others from a higher plane of existence gives him the right to do so.
Only the really intelligent will realise that this is a real genuine blog.
Even if it wasn’t, I tip my hat to a higher intelligence who can keep up such a well-crafted deception that duped us all.
I vehemently suspect it aint. If it was, I’d still admire the guy.
Keep it up Debtkid. We’re all rooting for you!
First off, Serin NEVER was a ‘businessman’… he was just a kid with a murse who liked to parade around and play MR. Businessman and spend other peoples money with all the intent to pay it back but none of the means. Intent means crap in that regard. His business was his failure.
Debtkid on the other hand, HAS a business that produces income… obviously he makes a product people want to spend scrilla on, AND he is willing to burn shoe leather trying to drum up business… Casey could barely be bothered to travel an hour to take care of a health hazard of a pool.
It seems to be that they have alot in common, I wish no one failure, but it is obvious what he is doing is NOT working, get real. All I am trying to say that maybe employment as chris in boston suggests would be more realistic. Would you continue this path if you were getting no where?
To be fair, I think that Concerned Citizen has just joined us, and rather than getting caught up on everything that is happening, he made a couple of erroneous assumptions. I don’t think he realizes that your debts are a result of a gambling addiction (DebtKid: I know you were “trading” but high class gambling is still gambling) and not a result of your business.
If concerned citizen had known the whole story than he would have nothing but respect and admiration for you.
Now, as far as your trading. Do you think that once you have your debts paid off, will you ever begin trading again?
Your President,
I think, if I ever get my debts paid off, I would “invest” money. I would not “trade” like I used to, and I certainly would never touch the currency markets again. But, yes, someday I would like to be a buy-and-hold investor.
How can he get a decent job with a poor credit report? Some people should engage the brain before spouting the knee jerk “Get a real job.” I think Debt Kid is working hard and sacrificing. I hope he is making progress on the nut he is cracking. Are you under 300k yet?
Debt Kid,
Since you’ve moved in to your office, have you paid anything towards your outstanding debts? If plans A, B and C all work out in a best case scenario, how much of that would you be able to put towards your debts? It sounds like you have pretty much decided on declaring bankruptcy, but if you were to try to pay off the debt without bankruptcy how long do you think it would take you?
I am sure that these are all things that you have considered, and I know that you don’t want too many of your personal details to be public record, but I’m trying to get a little perspective on your situation.