This is by far the most difficult post I’ve ever written. I am divorced and back in debt. I don’t want to go into too much detail, but the simple fact is, my wife just didn’t picture herself growing old with me, so she left. Simple as that. Unfortunately for me, I live in the no-fault state of Michigan, so all she had to say was that we had “irreconcilable differences”. I refused to sign anything, but it didn’t matter – the divorce was made final.
Back in Debt
So, here I am. A 27 year old single man in a large, unfinished house. For those of you that are new to this site, my wife (I guess I have to say ex-wife now…) and I purchased this house as a foreclosure a little over a year ago. We renovated quite a few rooms (everything was very outdated and dirty), but were getting burnt out on projects as of late, so there is still some door trim to paint and quite a lot of baseboard trim to install.
Because I opted to keep the house, and since we paid off a large amount of the mortgage already, that means that I am mandated by the courts to pay her half of the equity – roughly $20,000. That’s no small chunk of change, and this situation has caused me to drastically change my lifestyle.
I hate debt, and I hate this situation I’m in. I wish that I had the resources to pay off the $20k today so I wouldn’t have to think about my failed marriage anymore… every debt payment is just another reminder that I didn’t measure up in my wife’s eyes. Naturally, I want to get rid of these debt payments as quickly as possible.
Digging My Way Back Out
Thankfully for me, I’ve been working at developing an extra income for years now. This website is obviously my main revenue source, but I had a few other sites that weren’t doing so shabby either. With the sale of those websites and through some late advertising dollars, I was able to raise about $1,500 in a single day.
To raise some more money, I quickly sold my red GMC truck and my beautiful 2007 Nissan Altima. Now I drive a 2001 Honda Civic with 192,000 miles – it may not have that new car smell, but it’s cheap and it gets great gas mileage. Through these transactions and through the continued income from my website and my daily job, I have been able to pay off $13,000 of the $20k. I hope to pay off the remaining $7k within the next 2 months… but even if I paid it off tomorrow, it wouldn’t feel soon enough…
Have you ever found yourself in a tough situation like this?
My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.