What's the worst you've ever had it financially?

[Tommy92l]

This is not a negative thread, but one to look back on and realize how far you've come.

To any of you who are successful, what's the worst scenario you've had financially?

I believe that in your times of need, those are the times you seem to work harder and harder. Those are times that push you towards success.

Hopefully this isn't too personal, but I think it could be turned into an uplifiting thread.

So, what's the worst financial rut you've been in, and how did you overcome it?

 

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[MJ DeMarco]

Senior year in college. I arrived on my first day with a zero bank account and and 25 bucks in my wallet. Credit cards, loans, an altruistic sister, and a job carried me through.

 

[CarrieW]

we lost our house in pa so we moved south to where my hubs had a job... fast forward about 10 months and my husband lost his job just before thanksgiving... got evicted with the notice just before Christmas, had to be out just after new years... 12 hours away from family and friends, 2 small kids, no food, no heat, no money for santa... in fact the house in my profile pic is the one we got evicted from...

we managed to keep the kids fed, found a place to live, got santa some dough (from local charities) hubby got a new job.

we have managed to pay off and fix all of the debt from that horrible time and are finally back! we are in the process of purchasing our own home again and once that is complete we are going to be investing in local tax liens... I have lots of plans

also not that I want to count my chickens or take any credit for anything cause I didn't really do anything lol but I am due to receive a settlement soon.

this will be the very first time I will have a decent amount of start up funds in which to build up and start creating assets instead of having to pay bills its awesome!

 

[Determined2012]

Counting change to put gas in my car! Man that sucked! I will never forget that!!!

 

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[GSF]

There was one time in my small business (theres been a few actually) where I was days away from not being able to pay my bills/wages/mortgage etc, work had dried up, was pretty maxd on my credit, had got lazy not planned ahead, spent too much and left it right to the last moment to sort out, so did something completely out of comfort zone and something i hadnt done before, i started cold calling for customers, ringing up old customers, going out and meeting potential customers, blasted hundreds of letters business cards emails to potential customers, i remember ringing a customer who had decided to go with another competitors quote and had them already booked to do the job and i managed to persuade him to cancel and go with me, bearing in mind im a shy introverted guy but i had no other option and it worked

 

[CarrieW]

I remember when change in the gas tank (I mean under a $1) was enough to drive around all night! good times

 

[snowbank]

Studio apartment with just a pull out couch and small wooden chair/table at 23/24. I had only made money for a couple months, and decided to invest it in RE. I was a newb, took my time/money away from what was making me money, to not only lose money on a deal, but use up my income producing asset(time in that case) to attempt to diversify into RE investing, which only slowed down my capital building phase.

Not much to do but grind in that situation, but definitely remember that as a "SHIIIIT, I need to make something happen" moment, that now I look back on and appreciate.

 

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[Runum]

1) Waiting in long bank line to cash my paycheck. Big bank, lots of cars. My car runs out of gas. The bank won't allow customers to walk up and get drive through service. Lobby is closed, before ATM's. I had to push my car through the bank line to cash my check and then hustle a gas can to get the car running again.

2) Didn't pay ele bill. No money for propane for hot water. Came home to dark, cold house. Had to take cold shower in the dark and then go to bed. Nothing else to do.

3) Daughter was little. Needed dental work. No money. Had to sign a note on unfavorable terms to get her the help she needed. Sucked not having choices.

All of these were my problems with money management and choosing to be a victim or choosing to make things happen. I have lot's more.

 

[Determined2012]

I bet every single person registered to this forum has had a similar instance of the above posted in their life as well. Why is it that for the most part most people act like they are immune to or have never had bad financial things happen to them? Is it because of embarrassment, shame? Trying to make yourself appear that you are better than others?

Why do some people after they make it seem to forget what it was like when they were struggling and trying to find their way in life?
These are ways I never want to be.

I feel at my age I have seen and done it all- and it made me who I am. I have no shame. It annoys me when some try to come off as if they never make bad choices or decisions.

The older I get I pride myself on being a researcher and due diligence expert- I do this to stay ahead of problems and trying to avoid making mistakes- esp. one I have made before.

I think about this a lot actually. Esp. when I have "friends" who always try to one up each other "on the low/sly".

 

[jon.a]

About 5 years into my Navy career, I was tracking in advancement on schedule. Found out that my family qualified for food stamps. Pissed me off.

 

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[IAmTheJeff]

I'm by no means successful, but my favorite "F*ck me, I'm BROKE" moment was when I knew I had $27 in my account, needed gas to apply for a job and needed diapers for the newborn. Stopped and got diapers, left me with $12 and change. That won't get me far! So knowing how the gas station works, I used my debit card as credit. It charges $1 immediately and the rest in three or four days. Filled the tank, got the job, was overdrawn for a few days but everything worked out!

 

[IceCreamKid]

This was May 22nd, 2008. I had just finished my last exam of my college career. I walked to the ATM to withdraw some cash to buy a celebratory beer, only to realize that I had overdrafted -$12 for the first time in my life. WTF.

That really pissed me off...had me thinking, "Umm I worked full time throughout all of college and sacrificed a ton of my time for these jobs. Why am I broke?".

That moment hit me like a wall of bricks telling me it's time to change my life. Broke up with my high maintenance girlfriend the following week. I didn't really learn my lesson because I got another high maintenance ladybird a few months later, but I can finally say that I am wiser in 2014 hahah.

I live quite frugally now and am at peace with who I am. I feel zero urge to buy fancy things. Building a biz is 100x more exciting than buying a BMW 3-series.

 

[MisterBHZ]

In my early twenties I was deep into the sidewalk and the slowlane. I figured that since I had 2 jobs, it was perfectly fine to get multiple credit cards, max them out and buy a car that costed more than what I made in a year.

I was always broke and always working then. Luckily I got smart and fixed my bad habits.

 

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[Tommy92l]

In my early twenties I was deep into the sidewalk and the slowlane. I figured that since I had 2 jobs, it was perfectly fine to get multiple credit cards, max them out and buy a car that costed more than what I made in a year.

I was always broke and always working then. Luckily I got smart and fixed my bad habits.

Out of curiosity, what did you get?

 

[MisterBHZ]

Out of curiosity, what did you get?

A brand spanking new 2008 Tahoe.

 

[Nadia]

Lost a business at 23, $60,000 debt. Had to work a menial job and broke down crying when I came to the cashier and I didn't have $2 in my account to buy food. Went nights hungry and struggled to pay rent. Used a pawnbroker, borrowed money from friends and family, sold extra stuff in the house. All debt was from trying to keep the failing business alive.

Started my current consulting company when I was dead broke with an idea and put it into action. Used to stay up all night and work. Still do.

The experience made me who I am. You will never know success if you haven't known broke.

 

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[DeletedUser394]

OP, if you're gonna start a thread like this, gotta share yours.

 

[Stubbers]

I spent 6 years in the British army, young and clueless about money we were paid each month with food and accommodation deducted. The rest of the money was beer money or paying off what was owed. The beauty of the camaraderie was that if I had no money but mates did, I had money ... likewise if they had none but I did .. they did.

During basic training we realized a store card (Burton's) most of us had worked in a store (Debenhams) that had a grocery store that sold alcohol! My card got racked up and then I was paying it off bit by bit for years.

During the first gulf war I got a letter demanding I pay £460 immediately, I sent them (GE Crapital) a cheque for the amount but added Grudgingly after their company name. A month or so later another letter saying they were sending bailiffs to take good the the value owed, they never cashed it and it went up! I wrote a sarcastic letter back saying I had soap, a Sony Walkman etc to the value, and would welcome their visit just South of the Iraq border. Some chick from their office started writing to me after that.

After that incident if will not do store cards, credit cards are paid off each time etc

 

[workingtitle]

Ended with me literally on the floor crying and hitting the ground pleading with nobody to come rescue me. Then I realized I was pleading to myself. That was the lowest point.

 

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[Tommy92l]

OP, if you're gonna start a thread like this, gotta share yours.

When I overcome it, I will post it

 

[recon187]

Last year of College Girlfriend and I living in a studio apartment. she says to me you can have the half jar of peanut butter, or the spaghetti noodles with pepper, for dinner. I took the noodles and went to McDonalds the next night and got 1/4 lb burgers they threw away, after the 15 min expired ,in the warmer. digging in trash for food was the lowest. I survived and and always keep a minum $15,000 in a emergency fund these days, which paid off after going 5 months without an income last year, do to ankle reconstruction. gained weight. never missed a meal.

 

[IAmTheJeff]

When I overcome it, I will post it

C'mon, @Tommy92l! We don't judge here! Well, at least we might be able to help you along your path...

 

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[liquidglass]

We all have rough times and just remember that the VALLEY is where growth happens. The great things don't grow on mountain tops when things are great, it grows in the valley where the crap (read: fertilizer) is. You can't reach a mountain top without walking through the valley.

I've had plenty of rough times but I don't think as rough as some of the stories I've read so I'll keep mine to a minimum haha.

1) Doing 20 hours in college and working 3 jobs just to break even every week and still having just $1 (literally) in my pocket (Ramen was my friend)
2) Working on building a future for my now wife and run the business and woke up one morning to -$898 in my bank account. (This teaches patience and hustle)

 

[DennisD]

• Sleeping in a tent when I had nowhere to stay.
• Leaving in the middle of the night from a family member's house due to a drug addict kicking down our bedroom door

A bunch of other bad bad times. Still trying to get to where I want to be

 

[RogueInnovation]

To me this is a lovely topic, and fills me with lots of warm feelings and appreciation. I am really very proud of how I personally handled this threatening part of the improvement process, and I think we should all enjoy celebrating how truly confident overcoming these moments has helped us become.

My worst situation was, when I paid for my last bits of food with pennies then had no food the next days (if you've ever bought food with pennies you know how crazy you look!)
I actually thought ahead though and put them in a bank roll thing that clearly labelled the amount, so it wasn't that bad (I was creative).

To stop that ever happening I made a killer recipe where about 2€ can last a few days and I always make sure I have about 2€ lying around .
Its pasta, mince, frozen vegis, and tomato puree in a can. It gives you all you need psychologically and nutritionally. I buy that FIRST every month, to remind me to be humble, and I put it in the freezer and back of the pantry.

Might sound dumb, but having that recipe gave me confidence, because I could focus on the business and worry less about other factors.

We all have rough times and just remember that the VALLEY is where growth happens. The great things don't grow on mountain tops when things are great, it grows in the valley where the crap (read: fertilizer) is. You can't reach a mountain top without walking through the valley.

I totally agree with liquid glass.

I bet every single person registered to this forum has had a similar instance of the above posted in their life as well. Why is it that for the most part most people act like they are immune to or have never had bad financial things happen to them? Is it because of embarrassment, shame? Trying to make yourself appear that you are better than others?

Why do some people after they make it seem to forget what it was like when they were struggling and trying to find their way in life?
These are ways I never want to be.

I feel at my age I have seen and done it all- and it made me who I am. I have no shame. It annoys me when some try to come off as if they never make bad choices or decisions.

The older I get I pride myself on being a researcher and due diligence expert- I do this to stay ahead of problems and trying to avoid making mistakes- esp. one I have made before.

I think about this a lot actually. Esp. when I have "friends" who always try to one up each other "on the low/sly".

Also agree with determined that there is no need to forget our down points or be ashamed. It is one of the most important parts of the process imo, because the more BS you can endure, the more ambitous you can be with your projects, and the more ambitous, the stronger your foundations for happiness in the long run.

Don't make that process quick and painless. Believe in yourself and endure like a MFer, it will help you learn a lot. And IF you can be at PEACE in that place, money will never matter, and you can work on biz for the enjoyable act it is, rather than run away from threats and whatever else that life throws your way.

The most brutal fear, I ever felt, (and can never feel again, because my body healled it and can endure it now) was when I wasn't going to be able to pay rent due to errors that were not even my fault. I sat their in disillusionment, fear and disbelief, and put a bottle of liquor infront of me, and said something like "this is such bullshit, I give you permission to just not deal with this".
But as I sat there I just took a couple of drinks to ease my nerves and said "no, its ok, I have this". And I kept doing that for months, as I was handling terrible stuff.
Eventually I just transformed like a butterfly or something and now have a ritual where I actually enjoy "sitting with the fear" aned being present with it.
As strange as it sounds, fear is the most comfortable place one can be once you smooth out all the BS, because, you sit right on the edge of desolation and smile, taking all the time in the world (its a feeling I can't really describe, but it is so much freer than having money, its having guts, and self respect, and self love).


I learnt to have a smile when feeling really bad, and how to politley talk with people and sell them on myself, and get a handful of whatever I need whenever I need it (including their time, or free rent for a bit etc).
As a result I feel very comfortable. Once you find that strength, you don't need millions, it would just be nice because that level of poverty sucks and is unnecessary.

People are plenty willing to help you, as long as you make it look like they are giving you gummy bears and some sunscreen for the beach. A pat on the back, and encouragement rather than a handout that will lead to an avalanche of debt and a lynch mob.

Trick or treat them, don't feed me or you are a freak them.

If you can have heart in the darkest places, the light will always come easy, you will always be calm, and you will appreciate the money you have SO MUCH MORE.

Don't FEAR the emotional lows, be ready for them, and find your willpower in their depths.

Its just a cucoon. Don't cut yourself free.

 

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[JackWood]

I had a few failed businesses and lost my job and went without work for a few months. I ended up with about $17,000 in credit card debt.

Things changed very quickly and am now on track to earn $6,000-7,000 per week at my new sales job. Amazing how quickly your situation can change.

 

[IAmTheJeff]

@RogueInnovation that was some inspirational shit, dude! Rep$ sent!

 

[Gruby Phil]

I believe I told that story before but hell... maybe it will help someone. I was 19 years old, had just graduated from high school and moved to UK for a few months so that I could earn some decent money and pay for college back in Poland (my parents could not afford to send me there). During the first two days I managed to find a job and rent a room. However, there was one problem. My first paycheck was scheduled 2 weeks from my starting day and after first week I was already broke. Had no money to pay for food, bus, nothing. I remember coming back home after 12 hours of work and going straight to bed so that I wouldn't think about it. Didn't help... I was so hungry I couldn't sleep and spent half of the night crying and praying. Fortunately, the following day I got a huge tip at work (which later turned out to be given to me by mistake). It was enough to buy food for the whole week.

 

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[Wimtbimtb]

I had just got back from working at the trade center after the attacks I was working as a EMT/FireFighter They had no phone lines with all the damage that had happened. So no one was able to call to let to let me know my fiancé and baby were killed. After that day my life changed and I did not give much care about anyone or anything.

In October of that year I ended up blowing 25K at bars getting drunk and sleeping in my car/truck in the parking lot. I just wanted to be left alone I told my family & friends to just leave me alone. I had saved a Lotttttttttttt of money over the years the stress of working at the trade center and loss of my family just made me have no will to live.

I blew so much money on stupid shit that was just impulse buy’s. I started getting really sick blood flowing out of my nose,mouth,ears. Came to find out I had a major health issue I had let my health insurance expire went to the PX to get my meds to find out I had no freaking money. Had to make a choice still had some fuel in the truck drove back to my home town crashed at a life long friends house told them what was going on.

They told me I needed to get help wife went into her bedroom brought back some $$$$
Told me when I found someone in need to do the same as she had did for me. Pretty much saved my life I knew I was on a very bad path. After everything I still knew I had PTSD from other issues I have dealt with over the years, But I also know when you see people in need and you help them out YOU can have no better feeling.. Like others have said in this thread when you hit rock bottom it makes you thrive to NEVER have to go through that again. When you get to the point of being in the fastlane helping people out is a blessing and it sure as heck feels good.

 

[Formless]

Although we were financially poor, this isn't a 'poverty' story, just a situation.

There's this stupid custom in my old country, where you don't leave children by themselves at home, even if it means leaving them outside for a whole day. Usually because if you're a kid, you can't be in a car without a 'car seat'. And nobody would spend money on a silly thing like that...........

Anyway, such a situation happened, I remember walking through the village, the rain was so cold I felt like my skull was dissolving. I knocked on one friend's door so that I could stick around in their house and wait out the rain.

He wasn't home.

Another friend

He was going out.

Then I got to my best friend's house

They let me stay for 30 minutes, then told me to leave because he had to focus on his homework. So I ended up just walking aimlessly, waiting for the rain to go away. I was maybe 9 years old, wearing a t-shirt with a picture of a rabbit kicking a football I think, and I had no control over things.

Now I do.