How does a professional person with a good income and few needs end up poor?
Poor planning and too generous “helping” others.
I thought maxing out my credit cards at this stage of life could be a good way to finish up, unworried about the future because the future doesn’t matter anymore. except when the future doesn’t come soon enough, and you’ve maxed out your credit. I haven’t been even close to maxing my credit ….yet.
But today when I decided on the outdoor storage unit and thought to finance it because I don’t have $3000 to spare… It was suggested I should get financing and so I applied for a personal loan from my credit union and I was refused, too much debt related to income. Yeah! I have been using my credit and my income stays the same.
Neither would my credit card give me a personal loan. So this is the face of a poor woman who didn’t know she was poor until she wanted /needed to buy something.Until recently I considered myself in decent $$ condition,, setting up a new life style has not been cheap, but I’m reasonable and only want to keep myself comfortable. But maybe too comfortable , stretching too little too far.
But I ordered my building today, in spite of all that, I put it on my credit card that somehow gave me $50,000 to spend but won’t approve a $3,000 loan. Im sure they would not have approved 50,000 credit card today. I guess my advise would be to make sure you have adequate credit before retiring because you may not qualify later.
I could have found a cheaper unit but the quality would not have been as good nor would it have 850 sq ft to work in. Resale value would be better, besides maybe I can live in it! Really, why not? I think it has more space than my RV does. Add electric, which eventually I would, maybe even water…
Probably not water.
I’ll need to get started painting or producing something of value to increase my flat bottom line.
I dislike worrying about money, so I don’t do it. That may be the reason I’m in this predicament. I’ve given more than I’ve received and sometimes am surprised how that turns out, I could use a few of those ‘gifts’ now!
So I thought I needed to write this on my blog because it’s all about me here, and I want honesty and humility and empathy for others in similar circumstances to be comfortable visiting here and leaving comments.