Identify the problem. What can’t be cut? If you are tied into contracts that you simply can’t afford – possibly reckless lending on the part of your creditors – then it might be time to call for professional help. Consider debt counselling, where an expert will look at your finances and help you restructure where possible, in consultation with your creditors. This will cost you money and might not be as comfortable as doing it yourself using the pointers set out above. But it might be the only way to get you to the point where your income can cover your expenses.
As a last resort, you may have to consider declaring bankruptcy. This means that your debt will be wiped out, after you pay off as much as you can afford, and you get to start again. Except that you may have trouble buying on credit for a while, and any assets you had could be repossessed or sold to repay as much debt as possible. This is not the ideal solution, but sometimes it’s the only solution. Try to avoid it, but don’t panic if it happens. You’ll be in good company.
Abraham Lincoln filed for bankruptcy twice. But under the laws of the time, he was taken to court and had to carry on repaying his debts for years.
Despite this, we could probably use a few more people like Abraham Lincoln.
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Join me at the last book fair for 2022, on 3/12/22 in Edenvale.
I’ll be selling my books, Shorty’s books, and some Marvel/DC/other graphic novels.
www.facebook.com/BurningRosesNovel/events
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Stop living from salary to salary. Achieve Financial Independence. Retire Early. Join the FIRE movement igniting the world.
Follow these weekly posts for solid advice on how to escape the rat race, covering material contained in Hard Money.
This is no get-rich-quick scheme. It won’t be easy. That’s why it’s called Hard Money.
Work while they sleep. Learn while they party. Save while they spend. Then live like they dream.
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Anyone in Johannesburg who would like a signed copy (of any of my books, or Shorty’s Poems) can have one delivered to their door by Big Bad Wolf Motorcycle Maniac Deliveries. No charge for delivery.
Or have them delivered anywhere in South Africa via Bakgat Books. https://bakgatbooks.co.za/all-stores/burning-books/
Also available in Edenvale from Inner Journeys bookstore.
www.facebook.com/InnerJourneysdnr
Or from Profound Books in Bramley.
www.facebook.com/Profoundbooks
And they’ll always be available on Amazon.
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