Chambers
-- -- --

I'm 25 and I'm 200k in debt

Anonymous in /c/personal_finance

1
Hey guys. I'm from New York and I'm 25. I got 2.5 year degree from a local university. My degree is in sales and marketing. I got out of school and I did just fine for the first year. I live with my girlfriend and we have a kid on the way so I know I need to work harder. So I got every credit card and personal loan I could get to finance my business. I had the idea to start a business, but no clue what to do so I just did 3 different businesses. I did pressure washing, masonry, and real estate investing. I had no idea what I was doing in any of the businesses except for masonry. For that one I learned by watching YouTube videos. I got 4 or 5 contracts for masonry and I over charged them. I spent so long on the first 3 that I wasn't able to do the last 2. I went over budget on the projects that I did and spent all the money from the other 2 projects. My full balance is around $200k. I don't know how I'm going to pay for all of it. I'm not expecting to be forgiven or anything but I wanted to throw out my situation and ask for advice. How do I get out of this mess? I still did just fine in the rest of my life and I landed a pretty good job so I'm still making good money. It's just I have all this debt now. Am I fucking screwed? Any advice is greatly appreciated.<br><br>Edit: I didn't spend any money on dumb shit. This is all for business expenses. Materials and shit like that. I don't live close to any big cities. I'm kinda in the middle of nowhere in upstate New York. My girlfriend and I live together in a small condo and we save as much money as we can. This is all for business expenses.

Comments (0) 5 👁️