Total Debt

Ok so today I spent about four hours in Barnes in Nobles-I am in the midst of writing a business plan and have been pondering how this business is going to be funded. Which brought me back to a realization that it certainly isn't going to be funded by myself. Here is a look at my current financial status...please try not to laugh!

Income-0
Student Loan debt-$10,000 (has been in deferment for 2+ years)
Credit card debt-$16,000 and climbing

Please keep in mind that this does not include my husband's debt! (He also has a student loan & several credit cards)

Also, keep in mind too that this is old debt mostly from college days. I did pay my way through school and had to find a way to live, buy books etc. I did work through college as well. This debt was not accumulated going on endless shopping sprees and I do want to pay it off ASAP.

We have paid my car off but we are still making payments on his car and have about $4,000 left to pay.

We actually do own a house and one of my husband's paychecks a month goes toward the mortgage. The other paycheck goes toward bills. And we barely have enough to cover them let alone food and other expenses. The Middle Class is a joke!

Please don't get me wrong here, I am by no means feeling sorry for myself. In fact it is the complete opposite-I actually don't give a shit! These facts don't scare me at all. I'm not even worried one bit. I don't spend a second of my day stressing over it.

Am I nuts? Totally out of reality? Maybe

I just don't have any fear about my situation. I believe in myself and I know that I am going to be a success and that one day soon these numbers will be completely different.

The only actual fear I do have is resigning myself to the ordinary, to working a job I hate, to looking back on my life later on and feeling regret. I will find another way out of this!

I will tell you this and anyone who has experienced the same will relate-when you lose someone that you love as I lost my father, your entire perspective on life completely changes. I have always used little sayings like life is short etc. but I never really got that concept until my Dad passed away suddenly.

Life really is short-I really could be gone tomorrow. So am I going to spend my life worrying about money? No way!

That is partly why I am on this mission. I want freedom from money. I don't want it taking up any space in my head. I want to do so many other things with my time. But more on that later.

So to get back to my point. I obviously cannot fund my business idea and right now I am leaning away from applying for a loan for obvious reasons.

After a little digging I found some other alternatives, one that seems to fit my situation-an Angel Investor.

Angel Investors are private individuals with money who are actively looking for opportunities to invest in a promising young business idea.

Angel investors are specifically interested in companies founded on sound business ideas, which are likely to show significant, sustainable growth over the next 3-7 years.

There are also Angel Investor groups who invest $100,000 up to 2 million. Individual Angel investors invest $25,000 to $100,000.

This is money that you do not have to pay back. The deal is that the Angel investor will own a piece or percentage of your company or business.

A good place to start to find an Angel Group is:

http://www.angelcapitalassociation.org/

or

http://www.angelcapitaleducation.org/

You can find an individual Angel Investor in several different places. Start with people you know and try to find people that have funds available.

A good idea is to have an "elevator pitch" which is a brief description of your business that could be given in the time it takes to ride a few elevator floors available for your potential contacts.

Check out your local Chamber of Commerce, investment forums, and entrepreneur organizations.

Also try incubators which offer support to start up companies at

http://www.nbia.org/index.php

Or find trade and professional organizations at

www.planningshop.com/associations

Small business development centers provide free one on one and low cost training programs to entrepreneurs. Find a local one at;

http://www.asbdc-us.org/.