Sell Stuff to pay your debts
October 15, 2012
Living a debt-free life is living a life with peace of mind. Not having peace of mind because of debt is something I’ve lived thru for years so I know what I’m talking about.
In my last business venture, my partners and I lost around 10 million pesos (including the interests we have to pay), and I incurred an additional 2.5 million personal debt. It took me some time to pay them. As I looked for solutions, one thing that was obvious but almost eluded my radar until I was already desperate was to: Sell Stuff.
If you are in debt, sell stuff. In more technical terms, it’s called liquidating. Simply put, liquidating is converting stuff or assets (even liabilities) into cash.
I became desperate when my wife was about to give birth to our first child Gabbie. We needed P80,000 for her hospital bill. With no money and millions in debt, what did I do? I sold a lot of unused stuff. I ended up accumulating 3 times the amount we need.
If you are deep in debt, look for things at home that you can sell. Chances are, you will find many that you don’t need but is still worth something. Sell and sell and sell until your children worries that they are next. You’ll be surprised how much you can make selling unused stuff.