How to go about straightening this all out

How to go about straightening this all out


Edited: Oh my, perhaps my writing skills left me last night.

The shortened version:

I am not strong enough to work for any one else right now after a long illness. If I work for myself, I can take breaks as needed. But I need income to rebuild our savings and pay off debt. Otherwise, there is little extra income to set aside for emergencies or pay off debt.

Would you worry more about getting the extra income coming in to build a reserve? Or would you worry about building the reserve, which would take several times longer without the extra income?

Yes, I have researched the business.



Six years ago, we bought a HUD house that needed a lot of work, but we knew we could do it between my husband and myself. It took three months to have the house livable, but still not finished. Six weeks after we moved in, my husband was laid off and went to work on the road. And I became ill, for several years.

The bills went unpaid as there was no one to take care of it. The husband would sometimes be gone for weeks at a time and I would sleep for 18 hours a day. I was doing good to make dinner more than three times a week. It took about five years to recover but I am very close.

The bills piled up and many things happened that ate through our savings. We consolidated our accumulated debt through CCCS and dealt with the other locally held debt who were happy to work with us.

After looking at our monthly debt, not including mortgage, we have come to realize it is nearly 1/3rd of our monthly spending and will be for at least two years, if not longer. We want to make this time frame shorter.

I can not work outside of the house yet, still not strong enough but have been working on a business plan for a small business that I can work from home. I figure it will take at least two months after I begin to work before I can begin to clear an income. So I will be at about three more months before I can contribute to the income.

Should our first goal to be set aside at least one months living expenses or to get my business going? My business could bring in the extra money we need to create that living expenses faster if we funnel all of our money towards it. Or should we break up the two and hold off for another couple of months for my income to begin? Our credit stinks too much right now to even get a home equity loan, even though it is worth more than twice what we owe on it because we were so upside down for so long.




Edited to add. Yes, I have researched this business and two months is a reasonable time frame for income. This is a part time job for me, my husband works and can support us.

Which would you shoot for? A guaranteed life of years of debt or a chance of paying things off months earlier? Life has risks either way.
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