Question: Dear Luise: My husband and I always seem to be going backwards where money is concerned. No, not “seem to”, it’s a fact. We live a simple, family life without any vices to drain away our earnings. He works for someone else and I am self-employed. We can’t get a handle on our debt, which stems from some serious errors in judgement we made together concerning my work. Getting out of the hole is like trying to take a teacup to transfer the Atlantic into the Pacific. The errors in our past haunt and defeat our present. We’re in our early sixties and are still struggling like 30-years olds! We have hopes and dreams…but they never materialize. What, if anything, can we do to reverse this pattern. Thank you so much, Sonja
Answer: Dear Sonja: What a bummer! You sound so discouraged and who wouldn’t? I notice that you have not mentioned bankruptcy. I’m making an assumption here that you have assets that prevent you from filing. If so, that very fact may be where you are stalled. You cannot separate your assets, mentally and/or emotionally, and see them in a positive light if your liabilities are staring you in the face and paralyzing you. To unhook from this dilemma, you need to face the truth and move on. What do you owe? What do you own? It’s time to call a spade a spade and liquidate. You simply don’t own what you don’t own, no matter how it may appear to the contrary on paper. If you owe more than you own…liquidate and tackle what’s left. If you own more than you owe, liquidate and start with that. Denial is a disabling disease. Clear the decks and give yourselves a break!