Categories: Personal Finance

How I managed to extricate myself from financial doom

Start with a quote the inspired you on you financial story or just life.

An investment in knowledge pays the best interest.” – Benjamin Franklin

When it comes to investing or even any other walk of life , there can’t possibly be any substitute to knowledge. Fact remains that knowledge is indispensable in any walk of life and this is something I completely and absolutely believe in and I’ve seen it coming true even in case of my finances. This gives me all the more reason to believe that whatever financial mistakes I have committed in the past are mainly because of my lack of knowledge.

Tell me about yourself and give an overview of your financial story

I’m an entrepreneur running a small confectionery business. When I decided to pave my way in the confectionery world, there was not much I thought about apart from getting some capital and get going. But slowly it became rather scary for me to deal with money and why not given the fact that I’ve been responsible for some truly reckless financial behavior. Had too much fun and was positively irresponsible with my finances. I had lost my previous job due to the economically trying times and my financial resources were soon depleting. It seemed as though I’d soon be hanging on to the cliff of bankruptcy

When I’d start typing my login information to check bank account details it’d literally be a moment of eerie chill. This would be almost a moment when my pulse used to quicken and the hair on the back of my neck would stand up simply out of apprehension about whether it’ll be time for fight or flight. It was only much later that I came to the conclusion that in case of finances at least, it’s far better to choose to fight.
What was the biggest struggle and how did you overcome that?

What was the biggest struggle in your story and how did you overcome that?

The biggest struggle of my life ensued when I knew I had to do something substantial for the sake of leading a normal life. At that point of time I didn’t really know what to do and how exactly to deal with such a crisis. It’s not something that I had any clue about and neither did I know how I could deal with it.

Tell me why you really did the things you did? What was driving you?

Now, what sustained me through this tough situation was the motivation of my life that knowledge could be the best possible investment when it comes to gaining the best knowledge about finances and all possible things related to it. “An investment in knowledge pays the best interest” acted as a motivation and hence I researched and found out all I could regarding debt payoff plus how I could start anew and give my finances a healthy enough start. I started taking baby steps and slowly picking up the pieces of my sorry financial situation. I began by paying off my debts, took out loans, paid them off as best as possible and gave my credit the necessary boost so that ultimately I’d be eligible for a small business loan. It took a lot of time, but I held on.

It wasn’t easy definitely, but there was a certain bit of effort I had to put in. To keep myself from totally falling apart it was rather difficult. It seemed that just like my finances were going to pieces, so would I. Honestly, I could finally get my business where it is today and I’m more than happy about it.

If you could go back in time and write your story again, what things would you do differently in your first week.

Honestly, if I had to go back in time and do things again, then the first thing I’d do differently this time around includes not spending like there’s no tomorrow. It really doesn’t make sense and it’s more like a vicious spending cycle wherein I got sucked into and couldn’t stop myself from resisting. However, this is precisely where I made the biggest mistake. The next thing I should’ve done is conduct the necessary research and gathered knowledge beforehand instead of waiting to be on the brink of financial extinction. Anyway, ultimately I scraped through but I’d ask you to not sit on your problem, instead take the necessary action as soon as possible.

Categories: Investment

Buying My First Stocks

I just bought my first stock as part of my investing plan. I had put money into a retirement account a few years back and really all I did was play with the money. It was not the wisest thing, but I have learned since then. I’m glad I had the opportunity to learn with a lower amount of money. I bought stocks that I heard good things about and I did do research on them, but I’ve learned that investing in indexes is a much smarter route to take. I did get a slight return on my money, but the whole stock market got a better return.

So the first stock that I bought as part of my investing plan was DGS. It is an index of a bunch of small cap stocks in emerging markets that have generally good financials. You can see my reasoning for picking this stock here. I chose it over the other stocks simply because it is on a general downturn while the others are on an upturn. I will go into those details at some point. Now that I am in this stock, this monthly update will be expanded. It will always start off with my goals that are listed below. And then it will go into tracking my debt goal once I combine finances with my fiance. Then I will have a section looking at some savings goals. Next will be my goal to be able to live off income from assets which is my investing portfolio. And lastly I will look at my budget and where I have been spending money.


  • Be Debt Free Besides the House-I’ll start keeping a running tally of this once I combine my finances with my fiance. 
  • Home
    • Save up for a 33% down payment
    • Pay off the house in under 7 years
    • Creatively make the house energy efficient
  • Be able to “live” off of income from assets by age 35
    • This means having $250,000 invested + no debt including the house
  • 2 thank you cards from the reader 3 months in a row
  • Try living on a gift economy for a year

Investment Update

It is a really small sample size so far on how the investment is going so it really means nothing. 10 year horizons for investments are the most important. That doesn’t mean it isn’t exciting to be doing well.

I am not diversified across markets right now which is a problem, but I didn’t want to waste money on transactions fees buying small amounts of all the different etfs and DGS looked a lot better right now than the others because it is on a down dip. As we move forward though I can promise you that these holding amounts will even out.

You have to start somewhere.

Spending Update

So this past month was a hard hitter on me, especially on auto & transport. I had to pay for the following

  • Insurance – $260
  • Licence Plate Renewal – $75
  • New Key – $40

Even if I didn’t have those expenses I would still be over partly because of a carryover from pasts months and partly because I took a trip down to Florida with friends. I love this system though because of the carryover. I can’t just forget about spending too much money one month. The next months now, I’m going to have to be extra focused on riding my bike.

The Value Geek 2019