Posted by: Viwe | 2009/02/18

Thinking of resigning

Dr can you please advice, I am having a financial crisis, I am thinking of resigning from my current work and get into business with some of my pension money. My salary cannot cover for all my expenses. I am living a standard life not expensive, but I am always running short of money. Come the 07th I am left with nothing not even for petrol. I stay with my daughter who is 10yrs, and can’ t afford to pay for rent and car at the same time. I am really battling. I tried to cut down all unnecessary expenses but no luck. I am going down daily, had to make loan last year due to shortage of groceries and necessities. I am thinking along the lines of buying repossessed houses and selling them. I think this might bring me more money. I lost my house last year since I couldn' t afford. Please help.

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Our expert says:
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Judging from the messages I receive here, rather few of the people who do what you are proposing, and who set up their own businesses, seem to succeed. Have you had a discussion with your bank manager, and a review with his input, of current expenses ? Maybe you could find a more economical place to stay ? I am absolutely not any sort of financial expert, but wonder where all your reanings are going to ? Maybe also discuss this situation with your boss, who may also have some useful ideas.
How about some helpful comments from other readers ?

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Our users say:
Posted by: Sheri | 2009/02/20

I know where you coming from
I did this - i was drowning in debt took my monies paid up my debt 1 yr ago - but i did the wrong thing instead of carrying on working and not making any new debt - i dipped into my bond and now owe the full amount all from overs on my debt - I have also got the suze orman book and she tells you there the worst worst worst thing you can do is take your pension monies - because that is your life time support for one day and as doc says not all business succeed. i can tell you this if its food business - you will succeed - i have first hand knowledge of this. If you do decide tread carefully - watch every penny - try not to spend too much - our country is in a turmoil and believe me its not easy to get permanent work again especially with all the benefits. I don' t want to rain on your parade because I know what you feeling rite now - So i wish you the best and hope all works out successfully for you.
God Bless

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