How I ended up in debts 2 years ago!
I was in huge debts 2 years ago. How I ended up in debts…here were my account of hard-learning experience!
I do not have financial intelligent.
I lost over $20,000 on stock and options because i trusted “professional” advise and let them managed my fund.Â
I do not save for rainy day.
I do not have a safety net.
I tried to do part time business by investing $10,000 and when i am out of cash, i resorted to overdrafting facility, credit transfer.
I did not pay my credit card bill in time. I keep paying interests.
I jumped into private property without knowing that I’m not qualify to buy any private property as I took up grant from HDB. At the end, i and my wife have to pay the new property totally with CASH. (I will account this in another posting in near future.)
I was too proud to seek for help
I want to look good externally without knowing that what it counts is from within.
So, with all these add up, I was in debt. My monthly income was mere enough for me to pay the high interest and other expenses. I know I’m going to be in deep trouble if I do not work something out of it, and yet, I did not try to do much.
When i quited my full time job (well, why did i do that, it’s not important in this posting, but I will post it next time), I have no choice but face to face with the problem! How am I going to survive with my monthly $3500 fixed expenses!???