Hi andymitchell.
This is my first post as I have been a casual observe since joining a week ago but I thought if I share my situation with you, and others it may be of benefit. I am a Husband and father of 3 who moved to Australia 6 years ago. I bought a property using the first home owners grant as a deposit and after being made redundant in 2003 decided to go into business with my old General Manager and good friend. This required me to sell our family home and put the proceeds into buying Plant about $50,000 in total. Things were difficult from the start and I was on less salary than I could earn as an employee but the desire to suceed prevailed. after 18 months of VERY hard work and long hours we decided that it would be better for us both if we closed the business, selling the machinery returning to the workforce. At this stage my partners interest in the business was $120,000 although he was financially in a much better position to myself. If we failed to find buyers for the machinery we stood to lose all we had offered up which to me was everything I owned. Obviously this was very upsetting to us both and our families, and ultimately too much for my partner to bear, who felt guilty for involving me in what was then his Company,and he took his own life in may last year. To say it has been difficult for me since would be an understatement. On top of the already huge strain, my wife gave birth to our third child and first daughter. What should have been a joyous time for me I saw as more burden and stress.I had resigned myself to losing everything as there is no local interest in the machines. I was driven to recover from the situation and replace our family home as that was what I said I would do in one of the last conversations with my Partner and I spent countless night awake caught up in the hopelessness of my situation.
Through the last 10 months I have worked as hard as I could and taken all Overtime that was on offer at my new employee which included working through xmas and all the public holidays we have had this year to date. I took a job on afternoon shift which gave me an extra 15% on my base rate. Initially I hated this as My eldest son has jsut started school and I see him now in weekends only. I decided I would take him to scool so I at least see him each day. This is hard as I don’t get home till late and need to trise early to take him to school.
I am glad to say that it has been worthwhile as this week we were approved finace for our new home and will hopefully move in in the new year. We are off to the Gold Coast for 2 weeks on Sunday for some much needed rest and relaxation.
My cash position back in May was negative, I had credit card debt and no cash in the bank, no property, only my possesions and a car.
I have had Investment properties in the past and always cashed out for one reason or another that seemed important at the time but I now intend to stick with it and will buy an investment property as soon as practcal. Whilst I cannot advise on your situation although I sympathise with you, Your position is a temporary setback only and you WILL recover in time, believe me. It wont be easy as it wasn’t for me but …. don’t let the bastards get you down…Feel free to email me if you want more support.
you will be fine.