Not long ago, I was about thisclose to having to file bankruptcy. Yeah, I know. I was pretty depressed about it, but it can happen to anyone, especially if you don’t have a healthy relationship with money at the outset. However, I was fortunate enough to begin to apply the lessons I’d learned from studying business in college in order to not only improve my financial literacy but to also pay off a little more than $250,000 in debt. I’m sharing my experience with you in hopes that you can avoid the pitfalls that almost ruined my life.
Since my last post, I have received a deluge of inquiries about how a person living paycheck to paycheck can invest. I'll admit it: at first blush, the thought seems too daunting to be plausible, but rest assured there are strategies that you can use to put you in position to invest, even on a shoestring budget.
Have you ever noticed how many elderly people are still holding down jobs? I don't mean consulting jobs for which their expertise is paid a premium. I mean jobs that pay a pittance hovering around minimum wage. Look how many greeters at Walmart, for example, are old enough to be your grandmother - or great grandmother.
The temptation for many inexperienced entrepreneurs, especially for solopreneurs, is to sort of pool all of their money together and pay what needs to be paid whenever things need to be paid. Sure, that seems logical at first, but it opens up the door for a huge financial mess down the road - not to mention potential tax and liability issues.