I’m supposed to know these things. Financial literacy is my thing for it’s my line of work…
Unfortunately, I’ll be making a bad decision real soon, with the hopes of buying myself more time.
You see, to make ends meet and pay my loans as they fall due, I will be refinancing an existing loan so I could get the cash from that, and use the proceeds to pay off the monthly dues of some of my other loans.
That’s the problem with sole proprietorship, my friends – the business’s debts are the owner’s debts, too, and since the business has not been doing too well, my financial condition has been rocky.
That is why I’m back on the freelancing market to supplement the business’s reduced income.
Why is it a bad idea?
Debts should be paid off with money. Paying off debts with another debt is like digging another hole as you fill up the previous hole with the dirt you dredged up. You’re not really making things better. As for me, with the refinancing, to get the needed funds, I’ll actually be increasing my monthly payments.
How much time will I be able to buy with this decision? A couple of months, at the least if my freelancing gigs don’t rake in some revenues. That is why I got to make those gigs work. I can’t sit idly by and wait. Things will keep getting worse as time goes by. It is hard to fight compounding interest. It’s like the hydra in Greek mythology – cut off one of its heads, and another two will be there to take its place.
Frankly, I don’t feel very confident doing a lecture on financial literacy when I’m the one in hot water.
Anyway, in other news, November is right around the corner, and that means it’s NANOWRIMO time. I’m thinking of writing another murder-mystery this time, but I hope I’d be able to finish this one this time around. I feel like I am more prepared. I got a main plot brewing, and a few subplots that might keep the story afloat. To make things easier for me, I plan to reuse my main characters. Hope it goes well, and that the story does not suck. Heh. For this year, I will be doing a combination of outlining and pantsing it.
However, before November rolls in, Inktober is going to warm up my creativity. I don’t really have much of a plan – just ink things as much as possible. Will I do them daily? Hopefully. How many days will I make it in this year? We’ll see…
That is all for now.
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