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Thread: How do you deal with debt?

  1. #16
    tightwad and proud of it! brunt's Avatar
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    Been there, done that.
    There are a number of decisions to be made, but the biggest one is this - is your current situation the result of some short term bad luck, or is it an issue with the irregular and too small paycheques?

    In my situation, there was some bad luck that made the crunch happen, but it was the realization that self employment just wasn't working out that really changed my life. So we sat down, had a serious discussion and decided that I was to take the best paying job that I would enjoy for one year.

    Best financial decision ever. That was 21 years ago, and I am still working in a similar situation and greatly enjoying the work and security.

    You can have the best products or services in existence, but if you live in an area with minimal call for them (partially my problem) and/or you aren't the best sales person (also part of my problem), then you are in a situation that is almost guaranteed to fail financially speaking. Failure is not necessarily your fault, but failing to recognize it and act accordingly is.

    I would seriously consider taking a regular job - full time preferably, but part time is possible if you are just under the break even point. Commit to a length of time, and save like the dickens during that period. You may find that the extra financial security beats the freedom of being self employed hands down.
    Ciel and cyn88canada like this.

  2. #17
    Dancing bean paste bun Ciel's Avatar
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    The discussion about what to do when there is money left over-it reminded me of Gail Vaz Oxlade's column on variable income (the article in the Star had her write that people need to prioritize things as A's, B's and C's).

    The one from her website is almost the same article (without the letters-I'll look up the article I photocopied for my reference at home):
    http://gailvazoxlade.com/blog/archives/97
    2019 #Gold

  3. #18
    Canadian Guru
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    hubby and i always pay our credit card off every month ,have been doing that for 30 some odd years
    we try to save for a rainey day
    always buying on sale or price matching or waiting for a sale ,or buying thrift
    stocking up on various items
    not going above our means or living up to the jones
    we now have gone down to one carwe
    own our own home -have no mortgage or car payments
    lizzie bargain likes this.

  4. #19
    Dancing bean paste bun Ciel's Avatar
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    Global News posted an item about the gig economy and cash-flow management. New York state has an act to protect freelancers!
    https://globalnews.ca/news/5169041/f...ow-management/
    2019 #Gold

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