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My mounting debt (Update #1)

Posted by TheChosenOne , 03 February 2006 · 671 views

I have had a request to post an update on my attempt to pay down my debt. Unfortanately, the reason why its taken me so long to post it is that... well you're not going to like what I'm about to confess. Now before you get all disapointed in me, because yes my debt has increased by a significant amount, it is for a very good reason....

I used to frequent the credit forums and now I find myself a habitual lurker in the business forums because last year I decided to start my own brick and mortar LLC business aka a business with a commerical location as compared to my sole proprietorship that I ran out of my home. This was a very exciting and risky move on my part, driven mostly by the economy. And before you say "but TCO the economy is still in the toilet", yes I know, you are correct but thats exactly the reason why it helped me.

You see I do agree with all the people that preach taking advantage of the down market by buying now and I also agree that the difference between a successful person and somebody who fails is that they lack the wisdom to know the right time to act. I was able to get a great deal on a commercial property lease. I was also able to take advantage of other businesses going out of business and I purchased my equipment and funishings from that. I believe that last year , and still going into this year, is an excellent time to take advantage of other businesses misfortune. And while that might seem cold, it has helped me save a ton of money.

That being said, I DO feel bad that I have not cut down on the luxury expenses. That is my fault, and while anybody who has attempted to start a new biz can tell you that you need to treat yourself in such stressful times to avoid a mental breakdown, I do feel bad about it. A lot of the time I just dont have the time to cook for myself, or I am too tired, so I order out. I still get the starbucks a few times a week. I still own 3 vehicles despite not needing 3 and telling myself I would sell one to pay off debt. Ive sunk a lot of my resources into the business and instead of paying off debt ive paid something for the business. Im a littled ashamed to admit that my debt has increased. I have suffered AA from a credit card because of it, but only one in the last 6 months. While I have gained weight and debt from the stress of the new business, I am nowhere near BK, and am proud of that. I have made mistakes but none of which have cost me a lot of money.

Bottom line is, I couldnt do any of this without creditboards. I am very proud to be a blogger on here and part of the community and friends with a lot of you. All I can say is cheer for me because I am a child of creditboards, and the increased debt is for the greater good down the road, hopefully not that far away. So, stay tuned, I am not done working my magic, fueled by CB. I also want to thank everybody that takes the time and reads my blog. It keeps me posting. I will update again soon.




Nice story ..

I especially like this;

The difference between a successful person and somebody who fails is that they lack the wisdom to know the right time to act.


It takes money to make money, you wouldn't be the first to accumulate debt going into / expanding your business, this is how most 'honest' self-made wealthy people have made their fortunes. ;)

Best of luck and i wish ya much success in your adventures.


Edit ..
(Is this an old entry? or maybe the date is wrong whatever the deal it showed up as a recent blog) either way i'll stick with what i posted.
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