3/22/2013 2:15 PM ET|
Celeb marriage left me $4M in debt
Before I knew it, I was dressing celebrities like Farrah Fawcett and Bonnie Raitt, and selling my creations in upmarket stores in major cities, the kind of boutiques I'd shopped in when I had money.
I quickly needed a larger space to run my business, so I took $10,000 from an art sale and borrowed another $10,000 from my parents. I knew nothing about managing a business, so I brought in a partner to handle the finances -- at least that's what I thought she'd do. It had taken me only three months to get "angel investor" funding -- and within 12, the money was gone. I was so busy with my creative role, on top of being a single mom, that I didn't pay close enough attention to what my partner was doing. It was clearly my mistake.
If I had to pick a low point, this was it. My marriage was over, my business had failed, and I was completely broke. There were weeks when I was so paralyzed with fear that I couldn't get out of bed. I couldn't figure out how I'd messed up my life so badly.
Looking back, I know exactly how it happened: My parents never taught me about money, and while I had graduated college, I hadn't been required to take business classes. But hitting bottom was actually a huge blessing because it made me realize something: With my life stripped down to nothing, I really had everything -- my sons, my health and myself. Eventually, with emotional support from my parents and friends, I began to forgive myself.
How I finally turned my life around
I had finally wised up. I was on a mission for financial stability. I got a job in marketing -- and got serious about budgeting.
I worked with an attorney to finally get my business accounts in order -- everything from contracts to trademarks and licensing deals. More importantly, he pushed me into taking a lot of it on myself, so that I could pursue projects as a fully engaged, responsible grown-up.
I also discovered the Women's Institute for Financial Education (WIFE). My CPA had recommended checking them out, and when I saw their slogan -- "A Man Is Not a Financial Plan" -- I had to know them.
Besides basics like budgeting, WIFE has taught me to plan for the future and depend on myself. I learned the hard way that you need to save, plan ahead and create a stable foundation in order to have the freedom to be entrepreneurial -- and successful.
Today, my approach to money today is on steroids. I love knowing where every cent is, and I'm proud of the way I educate my kids to be financially savvy. I now have emergency funds, insurance for the future and retirement accounts. Now, instead of avoiding bills, I actually get excited when my bank statements hit my inbox.
It's a long way from being $4 million in debt.
More from Learnvest.com:
VIDEO ON MSN MONEY
You write like you're the sweet, innocent victim in all this. You enjoyed the fun while it lasted. Get over it.
Someone appears to have married for the sake of being taken care of for the rest of their life. She got taken care of in a manner for which she appeared to deserve. A free ride doesn't come around too often and it didn't show up on this one. Stop the whining and dry your eyes. Too many women want everything for nothing. You appear to be one of them. Did you learn a lesson?
[But our romance had one caveat: I would never have a say in the finances. Since I believed we would be forever, it was never an issue]
See, that's where you screwed up girl! Any man (or woman) that says that you can't have ANY say when it comes to the household finances is NOT marriage material. And you had TWO kids with this idiot? Pfft.
I like the part where the girl was tossing dresses over the partion so she could try them on faster. I did not hear anything about gee he wanted me to try on a ton of dresses in 15 min. who did he think I was"??? Instead it sounds to me like she took and took and accepted whatever stupid spending idea he had as long as mit was on her. Then since he was older and started to slow down on the work--she got bored, no more shopping sprees and he is old--I think not. In all reality I see her being a user and not a partner.
Susan Miller --you say it was not her --he spent way beyond his means---I did not notice anywhere in this pc where she said I was constantly having to take expensive clothes back so we could save money. I will bet she did not ever take anything he bought for her!!!!
Copyright © 2014 Microsoft. All rights reserved.
Fundamental company data and historical chart data provided by Morningstar Inc. Real-time index quotes and delayed quotes supplied by Morningstar Inc. Quotes delayed by up to 15 minutes, except where indicated otherwise. Fund summary, fund performance and dividend data provided by Morningstar Inc. Analyst recommendations provided by Zacks Investment Research. StockScouter data provided by Verus Analytics. IPO data provided by Hoover's Inc. Index membership data provided by Morningstar Inc.
RECENT ARTICLES ON DEBT MANAGEMENT
Tired of your wallet taking a beating at the grocery store? Here are some creative ways to save big on food costs.
MUST-SEE ON MSN
- Video: Easy DIY smoked meats at home
A charcuterie master shares his process for cold-smoking meat at home.
- Jetpacks about to go mainstream
- Weird things covered by home insurance
- Bing: 70 percent of adults report 'digital eye strain'