I just wish I could have learned early on. My dad really didn't teach me how to budget or manage finances but he was a spendthrift so I did learn from a humble childhood how to get by and realize that it's ok to live on Top Ramen for a while.
I always did buy everything used. Even most of my company and personal things were used, bought at yard sales and discounts. I started out slowly and built carefully. The thing about construction is learning when to get a jump on the market and seeing the times of leaning to batten down the hatches. My company was growing, doing well and I needed a bigger truck, more tools etc, to meet a bigger demand. At one point I was building a couple spec homes a year, then I had three crews and multiple jobs in different cities. Now it's just little ol' me doing carpentry work on new homes (installing all the doors, moulding, shelves, banisters etc). So now I have to be careful. The money is still good but the headache is infinitely less. The only setback is not profiting in terms of volume.
The economy will pick back up again eventually. When it does I'm going to play it a lot smarter. I'm looking at refinancing my home once more to consolidate my mortgages. My prime mortgage is at 5.125% interest, which isn't bad. It's my second that's killing me. If I can get a better deal (and it's a good time to refinance), then that will also buy me a few months of not having to make a mortgage payment (typical loan approval process).
I have been gradually knocking my debts down successfully. Some months are just harder than others. The biggest problem is hoping the business demand picks up sufficiently to warrant keeping my truck and large company trailer, etc. Otherwise I have no problem selling it all and downsizing to accommodate my company's changing needs. One thing's for sure, gas is not going to go back down.
I'm really glad I read the Richest Man in Babylon. It only took a day or two to read. It's a small paperback book, about 100 pages, but well worth it. Now I'm tackling providentliving.org.
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"No unhallowed hand can stop the work from progressing; persecutions may rage, mobs may combine, armies may assemble, calumny may defame, but the truth of God will go forth boldly, nobly, and independent, till it has penetrated every continent, visited every clime, swept every country, and sounded in every ear, till the purposes of God shall be accomplished, and the Great Jehovah shall say the work is done" (History of the Church, 4:540).
Last edited by skalenfehl; 04-13-2008 at 02:44 PM.
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