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So sorry!

August 12th, 2007 at 03:15 pm

I just read Tynana's blog and I was so sorry to hear of her brother's suicide. He had lost his job and had a lot of debt.
I got over my head in debt once about 1980. We had decided to go into business with 2 other couples. We were all supposed to put in equal shares of money, but at the end, one couple had no money, so we loaned them their share.
The fellow we loaned the money too was supposed to be the "expert" and run the business. He turned out to be a bit of a crook and business was very bad.
My dh took over the business and ran it for a long time with absolutely no pay at all. It was a rough few years and it was not uncommon for my husband to work 20 hours a day.
We made it thru those years and sold the business and broke even.
But there were many many worried days and nights for us.
After that we learned to really save our money and build up a large emergency fund. Believe me when I say, a large emergency fund will take away most of your worries and I have such a happy life now.
I am so sorry for your loss, Tynana.

Posted in Uncategorized | 7 Comments »

7 Responses to “So sorry!”

  1. scfr Says:
    August 12th, 2007 at 04:40 pm 1186936817
    1186936817

    Ima - Well said. It is such a sad story. Hopefully everyone who reads this and Tyana's story will realize the importance of their EF. Making some small sacrifices now can mean so much peace of mind down the road ...

  2. Amber Says:
    August 12th, 2007 at 04:43 pm 1186937028
    1186937028

    I am sorry to hear that. Depression is a serious illness and I am aware of it's affect, I guess that is why I too am trying to save as much as possible

  3. Broken Arrow Says:
    August 12th, 2007 at 04:52 pm 1186937564
    1186937564

    Wow, I never knew you were in debt. Glad you got out of that "Dead best business". You guys are much nicer than me, because I don't know if I'd be willing to loan someone their half of the money in a situation like that....

  4. Broken Arrow Says:
    August 12th, 2007 at 05:04 pm 1186938289
    1186938289

    Oops, I meant "dead end business". Stick Out Tongue

  5. Ima saver Says:
    August 12th, 2007 at 05:25 pm 1186939512
    1186939512

    When that happened, I did have a paid for house that I could have tapped into. But we had used up most of our cash (emergency fund) to start the business. All of the loaned money went into the business, so when it sold, we got 2/3rds of the money and the other partner got 1/3. It taught us a good lesson.
    Keep a very generous emergency fund at all times.

  6. littlemama Says:
    August 12th, 2007 at 07:18 pm 1186946293
    1186946293

    How much would you say is "very generous"? Two to three mos. salary or expenditures?

  7. Ima saver Says:
    August 12th, 2007 at 07:44 pm 1186947890
    1186947890

    Because we are self employed, I have always kept about 6 months living expenses. The first year we moved here, we lived for almost a year on our savings only.

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