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Success Requires No Explanations, Failure Permits No Alibis

Blog: Frustrated Businessman
Posted by: knightrider45 Friday 3rd August 2007, 12:08am

Its Done. Took so long to do it. No wonder my brain went into meltdown again - it must be one of my unconscious defensive mechanisms. This is the start of my new chapter. Sorting my life out.

It took me absolutely ages to both get my brain into gear and, secondly, to actually, physically, work out where I am on paper.

Now its done, I'm glad.

This is my New Start.

Here we go then:

My total debts, including the mortgage, are £112,681.00

Since Christmas, I have slipped into £2,387.34 arrears on regular payments, which means that, each month, I've accumulated £341.05 more arrears.

I have worked out that The House costs £68.24 a day to run, including all bills, Christmas, Birthdays, Medicines, web sites,Car Tax & Mots, a £500 emergency fund and so on. In fact everything has been included in the calculations.

If the house costs me, and I have to bank, £68.24 every day, I must earn at least £83.94 per day, not including extra petrol to work 7 shifts a week.

I must therefore bank £477.05 per week to meet the House bills, which means I must earn a minimum of £586.77 per week.

I am currently chasing new full time jobs, as well as part time ones to get my weekly earnings up.

I am going to use the Snowball method of debt clearance, which means I clear all bills over a period of time, starting with the smallest bill one month, then rolling this start money up every month as the next smallest bill is paid. Gradually, the money I save on installments increases every month, which then goes to clearing off the next smallest bill.

At the same time, working on reducing the bills. So, the rental stuff can go back as soon as I can get the cash to replace it.

The ultimate objective? Well, I want to start by getting in a position where all the regular bills are paid within 28 days. No missed installents. Money in the bank to pay all bills on time as I'm putting the weekly equivalent away ready for when the bill comes in.

Then,I want to build up the mortgage payments to £1,000 monthly so I can clear the mortgage in under 7 years once the increased payments start.

The business is ready to start trading now. Again.

So, the objective is to be clear of the Vultures within 9 years, go part time at work, assuming I'm still working then, as I want the business to take off and support us full time by then. then I can stop having to accept others silly rules and regulations.

Make my own life. Give my wife the security that, if anything does happen to me, that she won't be homeless as the mortgage company will be history. I will not die as my father did, penniless and in debt.

And this plan all starts NOW.

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