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Just got myself in a lot of debt...

Discussion in 'BlackHat Lounge' started by WROMERO, Jun 22, 2011.

  1. WROMERO

    WROMERO Junior Member

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    My dream has always been to start a business, I decided to pursue my dream. I started a business about a year ago, I quit my job to give it everything I could to make it work out. Today, I look over the numbers and I realized that I don't have the capital to keep going. I decided to close down shop. I took the risk because I didnt have any other responsibilities: 24 years old, living at home, no wife, no kids.

    Now, I am in debt about 20k and I have no job! My credit score is 750+ and I only have about $300 worth of monthly bills on top of the loan. I was loaned the money from my Dad, so I have time to pay it back, but my goal is to pay it all back in one year.

    In your opinion, am I in a bad situation?

    First thing I need to do is make about $1500 a month from a 9-5 job. Use this to get me by for the meantime and start investing in IM.

    My goal is to make $100/day from IM by the end of the year. If I can do this, I should not have a problem paying back the loan in a year.
     
  2. matty_40rulz

    matty_40rulz Newbie

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    That sucks man but atleast you tried! I dont think 20k debt is a huge amount these days I think ur right get a 9-5 job get some money behind you pay your dad back and start investing in IM. I'm 21 and have a 350k mortgage so I feel ya.
     
  3. ahiddenman

    ahiddenman Elite Member

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    You can get by with a 9-5 job then work extra online when you get home to earn money. I can think off alot of ways to do this.

    Hope you can work this out and get back on your ladder !

    Good luck in the future
     
  4. KraftyKyle

    KraftyKyle Jr. Executive VIP Jr. VIP Premium Member

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    With this economy it's pretty hard to start up a business. Honestly, if you stick with the business things could very well turn around. Most people don't plan on making a profit with their new business for the first three years because of all the startup costs. Once you get rolling, the costs stay down more. That's my two pennies worth. Good luck with your future endeavours.
     
  5. bigdippin

    bigdippin Junior Member

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    Sorry your business didn't work out for you. Take the lessons learned and apply them to the next business. You gave it a shot, I applaud you for that. Most won't do what you did. You can make $100 a day with the right kind of CPA method. Good luck.
     
  6. Windmill

    Windmill Supreme Member

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    If you don't mind me asking what was your business? Maybe there is hope for it yet.
     
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  7. Essence19

    Essence19 BANNED BANNED

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    Hey man.Thats great that you tried - A business in this day and age are made or broken in 6 months - THE BREAK THE ICE PERIOD - if you break it through to the money.you will succeed but if u dont most business fail.trust me ,I have started 3 business and only 1 is alive today.GREAT JOB for trying and keep on looking for oportunities .they are out there.
     
  8. sulayer

    sulayer Newbie

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    Wow that a lot you owe.
     
  9. WROMERO

    WROMERO Junior Member

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    My business focused on providing a service for real estate agents. Agents are going through a very bad time, which is why I decided to close the business. I would have been in debt another 5k this month, so I decided to not continue. Time to bust some ass and get back to being debt free. I'm already calling some friends to see if they can get me a job. Thanks for the positive feed back. I have two domains, a shared hosting plan and a peerfly CPA account. I am going to see what I can do with what i have for now. I dont care if I have to e-whore lol
     
  10. Windmill

    Windmill Supreme Member

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    Yep. I suspect that with the economy as it is, you are better off leaving most things to do with real estate.
     
  11. MagicMike

    MagicMike Power Member

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    It sucks to owe money, but I wouldn't lose sleep over it. I've gone broke and made back small fortunes more times than I can count at this point in my life.

    You probably have gotten a 50K education and it only cost you 20K... that's the good news.

    Take care of your debt and continue to be an entrepreneur... the next opportunity is right around the corner, it always is if you keep your eyes open and continue to think creatively.

    BTW... what type of service were you offering to real estate agents? I've had some success with that market, although it is becoming a bit more difficult now.

    Good luck!
     
  12. IGKing

    IGKing Jr. VIP Jr. VIP Premium Member

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    I praise you for your mighty attempt. Goodluck. 20k aint that bad.
     
  13. sfidirectory

    sfidirectory Senior Member

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    It might look bad at the moment but you'll get out of this little rut eventually. From being on BHW for the last 15months I have observed and seen many members make mistakes or hit a stumbling block... it's how you learn from these mistakes and get around/over the stumbling blocks that will define your success and character. If you have a solid plan as well as a couple of backup plans there is every chance you can be successful :).
     
  14. book1773

    book1773 Newbie

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    Hi There,

    I am sorry to hear about the issue with your business venture. Most business
    ventures fail however as time goes by you learn more and more which will make you stronger. If you have a solid setup to make 100.00 a day or more with IM here is a solution I think you could be out of your problem in less then two weeks. This is just something if interested you could do. With your solid credit and congrats with having a score that high and being so young you can easily get a $20,000 loan from prosper with a good interest rate and pay your
    dad off right away. Now that's done. Now you need to pay that loan right?
    Well you can get a second loan up to $35,000 from lendingclub with your good score and use a portion of that cash to start paying down the first loan. You could also use a portion of the second loan to fund your IM business if you have something tested and solid in place. Now if things go well you should have no problems paying off the loans and your in the driver seat once again to making money. That's the beauty of having good credit and being responsible. I would suggest what I said if you have a solid IM setup and you know you will be making cash because the debt is still there however you are now in a position to pay it down and have some pocket money.
     
  15. WROMERO

    WROMERO Junior Member

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    Thanks for all the positive feedback. I am really glad I have this support from you guys. I am not taking any other loans at the time. I will pay off my Dad and be done with it. My goal is to pay it off in a year and see where things go from there. Although I am a little hurt for trying so hard and it not paying off, I will not beat myself over it. Going to have a beer with friends tonight, think it over and create a new plan to work on.