Category: 
Dear Doctor Dot-Connector,
I need coaching for going from over 30K in the red to 100K in the black within a year.
-Serious Goals
Serious Goals,
While the kind of monetary gain you’re talking about is entirely possible, it’s also very unlikely. That being the case, I recommend you give some real consideration to whether this is the kind of goal that you can achieve, or the kind of goal you’ll use as an excuse to fail and beat yourself up for later. My gut reaction says it’s the latter although on vary rare occasions, I have been wrong before.
First up, I wrote a whole series of posts on Getting Out of Debt, which you should read. The biggest thing to keep in mind is that it all comes down to income and expenses. You have to have more coming in than going out in order to advance your financial position. In your case, alot more. If you’re serious about eliminating your debt, you have to realize that it’s a process that involves discipline, consistent behavior, and long-term commitment.
My coaching for you is this:
Abandon all hope.
Stop hoping your situation will improve and take responsibility for it. Magical thinking won’t get you out of debt. No one is coming to rescue you. You should look at your income and your expenses and create a practical, achievable plan for reducing your debt over the next few years.
How quickly you go from 30K in the red to 100K in the black will depend on how you plan to develop your income, and how successful you are at reducing your expenses. If you want to do it in a year, you’ll have to net 130K this year after expenses (plus interest on your debt). How are you going to do that? What’s your plan? Is that realistic for you?
Some of what I’m saying may sound harsh or negative. It’s not my intention to be negative at all. In my exerience, it pays to confront the reality of your situation and build from there.
Good luck, and let me know if I can be of any further assistance.
Possibly related:
