Every indebted person is unique in how they arrived to their indebtedness. The majority of my debt is educational, and contributed to my becoming a Professional. The debt is not just from my degrees though. I have used some of this debt to position my life and business in a way that I hope will sustain me in the near future.
My professional industry is rapidly changing. Unfortunately, my entrance to my profession coincided with its crash. I have been working in gigs rather than a full career job since 2012. The gigs pay more than childhood me ever thought she would earn. The gigs pay more than the career I had always assumed I would have. The gigs pulled me away from considering the nonprofit work that would not pay me enough to live in this city. For this, I am actually grateful. Having enough has taught me that work should not underpay me just because the work was important and necessary to the world. Work that cannot pay a living wage for its location while being location-dependent is unfair to workers and inappropriate. You should not have to take a vow of poverty to do good work.
In 2014, with the emotional and, at times, substantive, support of Mabel and TBO, I incorporated my own business in a niche within my professional field. I was able to do this by taking half of my liquid savings. All of my savings, outside of my investments in my brain and relationships, were liquid at this point because I was in a scary market and afraid of gigs drying up.
I used my investment in my LLC, and began slowly building it up while working gigs full time. I supported my life with the gig money, and also credit cards. I had some CC debt when this began, due to making a poor decision in a previous relationship. However, starting my business took so much from me and I did not feel able to get a bank loan. I never tried though. The CC debt and revolving gig work created a bad cycle.
My LLC is a bare-bones business that is able to support itself for the next few months without an infusion of cash from my personal accounts. I’m hopeful that my LLC will pay me for the first time this calendar year.
So my story is like many others’ before. Poor decisions in a relationship. Then fear keeping my savings liquid. Finally making decisions designed to take control of my life and financial well-being. This took longer than I am proud of, but I am still young enough to make my life resemble what I desire.
Wish me luck.
How’d you get where you are?