7/ I'd been running my small biz "for the bank" for about 6 years, making $5k/mo payments on the business loan, and paying myself about $12/hr. Bank kept talking about restructuring the debt, but then declined - bc if I defaulted, they'd get paid by SBAhttps://twitter.com/meta_nomad/status/1240028451446362115 …
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8/ To clarify: my firm had borrowed $500k from the bank, and had paid back about $350k of it. But I couldn't keep paying at $5k/mo bc there wasn't enough income. Wanted to pay $2k. But the bank would RATHER that I defaulted, because then the fedgov would pay them in full.
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9/ So, anyway, after 6 years of working for $12/hr, and taking side jobs after work to, you know, buy groceries and stuff, I finally learned that the bank didn't WANT me to succeed - they preferred failure bc of USG incentives. At that point I slapped my forehead.
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10/ The trick was that I - as an individual - had cosigned my firm's loan documents (bc otherwise the bank wouldn't loan to the firm). So the firm didn't declare bankruptcy - it had no need to, bc it had no money. I personally did. ...in order to sever the cosigned document.
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11/ I didn't actually write off any personal debt - no credit cards / car loans / etc. If I'd been smart, I would have done this in 2008. I could have even kept my 401k , instead of cashing it out in 2009 or so to help survive. I was kind of a sucker to keep trying for 6 yrs.
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12/ The smart thing would have been to think instrumentally about it all. I was locked in to it by ego, self-conceptions of identity, and expectations of friends and family. Dad and then-GF (now wife) "believed in me" and "knew I could do it". ¯\_(ツ)_/¯ Anyway.pic.twitter.com/nuM9e2JTRC
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13/ reddit personal finance is well thought of, I think ? https://twitter.com/JoesBarAndCult/status/1240030265168166912 …
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14/ I wrote and published a handful of non fiction articles on magazines over the years - Dragon (when a teen), Fine Homebuilding, Make (x 2 or x3 ?) https://twitter.com/RhodieRodden/status/1240039711084863488 …
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15/ love this image! https://twitter.com/context_ing/status/1240048007933878272 …
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ⓘ Dogs don't have thumbs Retweeted "Astonishing Hero" in High Orc
16/ This is an excellent idea. My thoughts are not fully formed, but I have ... some. Busy coding now, and I've got to assemble some mobile tool bases after dinner. Remind me in a few days, guys.https://twitter.com/jfburrell/status/1240048771511332865 …
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