Sunday, November 4, 2007
SEARCHING FOR THE GOOD
My father used to tell me, "If you haven't got anything nice to say, don't say anything at all." so, I haven't written lately.
After my fourth financial meeting with my husband, I was feeling pretty worn out. I see my finances and I can't believe I've managed to get myself into this mess. I currently have $74,000 in credit card, student loans, and construction loans and another $460,000 in mortgage debt. So, the good news is that my husband read Dave Ramsey's, "Total Money Makeover" and has agreed to come on board with me. Additionally I have seen my husband make a complete turn around in his financial thought process and I believe because of this we are now in a position to overcome our debts.
I'm concerned because my business has dropped off more than 90%, and I have health problems that cause me to be fatigued and unable to work at my normal capacity. Right now I'm scheduled for surgery November 22nd, but may have to delay it because I don't have enough money set aside to pay my mortgages. I also may be forced to delay it because my iron levels are too low for surgery. The surgery requires that I take six to eight weeks off of work. So, the good news is that I can see the problem, have the awareness that I need to build my emergency fund right now.
I had planned on going to grad school and realize that financially I'm not in a position to. The tuition is $7,000 per semester and I, of course, was planning to pay for this with student loans. So. the good news is I'm not creating $14,000 of additional debt this year.
I'm needing a new action plan and I'm not sure which way to go. I feel in a bit of a catch 22 because I don't want to build a business, one, that I don't really like anymore, and, two, when I'm too ill to follow through. So, the good news is I'm taking a bit of a siesta, praying and waiting for God to show me the way.
I've been listing items for sale on craigslist, attempting to sell some of my art collection, and communicating with a furniture store to purchase lighting fixtures. So the good news is, I have valuable things to sell.
I did sell a set of tires my son had left in my garage and I split the money with him, the artwork is in limbo and, actually, so are the light fixtures. The furniture store owner indicated he wanted them and then hasn't done anything to follow up. Well, the good news is, I still have the fixtures and if the original person who said he wants them doesn't want them any longer - I'll sell them to someone else.
I've contacted a rental company to have him look at both of our homes. Both would rent WAY under the amount that we currently pay for them. The good news is, both houses are beautiful, I can schedule a photographer to take pictures, and can submit those pictures to national magazines for consideration.
This month I have very little receivables out there and am again afraid I won't be able to pay this months bills. My clients are cutting back on purchases and its been affecting my income greatly. Oh well, I didn't mention that last month my income was $7500. Who knows what it will be this month. Hmmm, the good news could be that all income is a bit of a surprise and I am EXTREMELY grateful each time it comes in.
I do have debt through my business that I must pay off, while at the same time paying myself a salary. I can no longer ignore my business though and use the money from it to just pay my bills. I need to pay my clients bills first, since it is their money for their product. So, the good news here is that I WILL be out of debt at my office since I'm putting a portion of all my business income towards past debt. The even better news is that I do not have a lot of past due debts at my office and the debts that I do have have varying due dates, ie. deposit first - four months later the balance is due. I can get the orders going, since my clients already paid me, and prepare to pay off the balances.
Finally, I live on a 1/2 acre of land, in Michigan, and there are loads of leaves that need to be raked up and taken to the roadside. I let the lawn service go to save money. So, the good news is, I have a heck of a workout ahead of me. :)