When You Know

[IndiePodcaster]

Hello all,


About two months ago I received one of Steve's posts on overcoming financial difficulties from a friend. I knew I was dissatisfied with my well-paying but soul-crushing cubicle job as a software developer (in a different city away from my partner and four hours of commuting each day) and decided to find my life's purpose and become self-employed. I had just read Napoleon Hill's "Think and Grow Rich", and had cemented the idea in my mind that you cannot leave any bridge unburned, so I quit my job without having any significant savings.

Steve's post hit home for me because when I was younger I was horribly irresponsible with money. This has left me in a situation where I owe quite a bit of money, from student loans, but mostly from credit card debt accrued through a constant cycle of "I'll just buy that now and I can pay for it at x time with y dollars"; though I've never missed a payment in my life, I know that my breakeven point is too high. It's possible, though I intend for it not to occur, that I run out of money and that I will need to face bankruptcy.

Now I would rather go bankrupt--as Steve says, it is a tool for financial recovery--than continue in my current state, firstly because going back to the workforce is a price I'm not willing to pay spiritually, and secondly because I realize and admit that my past mistakes are no longer who I am and I want nothing more to be free of those past decisions, regardless of how painful my current decisions need to be to get there.

My podcast is doing well, in terms of popularity and exposure. The people I speak to appreciate my work and I have been mentioned in a few prominent places, spoken to a major corporation about possible sponsorship of my content, and even had an interview on another site, all within three weeks of beginning the journey, so I know that I'm aligned with this purpose. I have love in my life and I know that going down in flames financially won't be the end of the world, or the end of my podcast.

There is a problem, though. I co-signed one major credit line with my parents when I was younger because they believed in my ability to recover. At the time it was perfect, but I slowly creeped myself back into debt despite this enormous gesture. My parents are at the end of their careers and don't have much money. If I go bankrupt, that loan will default, and they will face losing their house (!) -- So past decisions affect people I love who have nothing to do with my own poor decisions.

I can last until the end of February with the savings I currently have. Now, flying in the face of conventional wisdom about the time it takes to mature a business (and a podcast is a business like any other), I am setting my mind to as many creative ideas as I can to bring the income I desire to thrive despite choosing not to be employed and despite my unwillingness to jeopardize my family's financial health so I can press the big financial reset button in the sky.

I practice single-handedness, I am an early riser. I work on my podcast religiously, and I use it to fulfill my true purpose of educating others and breaking down barriers to learning in their lives, by being fun, unexpected, and dedicated to their growth.

I suppose this post is less about asking for advice (though that is more than welcome) than it is connecting with other risk-takers to keep positive about the next fifty days, which are, despite my firm decision, the scariest I've faced in my life. Perhaps there is a viewpoint floating out there that I haven't considered that will change my perspective which is admittedly leaning towards the "two options, both of which are bad" variety.

I can do this. What do you think?

[chicagosuccess]

You can do it. The fact that money is the biggest problem you're facing should get you excited. Of the areas of health, family/relationship, spiritual and financial - financial situations tend to be the easiest to overcome. Stay in the action taking, problem solving mode and you can overcome it.

Exhaust every possibility to separate yourself from your parents name in regards to the loan. Can you refinance it into just your parents name or try to get your name removed with an agreement between you and them that you will continue to pay it? If you've informed them of your situation are they understanding enough to work with you on it? How high up on the ladder of the company that handles the loan are you willing to travel to get the situation you need? People skills and tenacity might pay off there. I'm sure they'd rather work with you to put the loan in a position where it can be paid as opposed to being defaulted on.

In the mean time, stay on your game of creating income. Your dream has to be worth more than price you're in the midst of paying to achieve it. In the grander scheme of things, high level success of your dream will probably buy your parents a newer and better house. I know it's "grand scheme of things" but it's also realistic.

For the most part, I'm just tossing out ideas. Don't know if any of them help, but it's my .02.