Maybe just focus on your work and clear the debt first?

Software Engineer

Focus on clearing credit card debt, 
 Followed by loans from FnF. Try jumping jobs in 1 year (if possible) to increase your CTC. Slowly start investing in some of the other assets.  
  
 There’s always a way to re build. At last, do not lose hope. :)

Business Manager

Despite my considerable efforts, I have unfortunately failed at building my startup. I have lost all my savings and incurred a substantial debt from friends and family, amounting to close to 50 lak...

Welcome to Confessions's Private Community

Despite my considerable efforts, I have unfortunately failed at building my startup. I have lost all my savings and incurred a substantial debt from friends and family, amounting to close to 50 lakhs. Additionally, there are credit card debts that have adversely affected my CIBIL score.

At age of 29, I have transitioned to a full-time job again that pays 30 lakhs per annum. Navigating through this challenging financial situation seems impossible. Any advice on how to manage this.

Failed Startup and debt

Operations Manager

Failed Startup and debt- Grapevine

Welcome to Personal Finance's Private Community

Mention your total investments (Stocks, MFs, FDs, Cryptos, real-estate, gold etc) and your total net worth (investment assets' current value + hard cash + bank account balance) and also your age.

PS: Don't include paper money / ESOPs

Mine:
 28L in stocks, 5L in cash, 1L in gold (bought it for mom) :P, no crypto
Age:28

What is your net worth (Mega 🧵)

Operations Analytics

Hi I am trying to see further options of transferring credit card to bank accounts. All limits exhausted in various third party apps I tried. Any more suggestions as creditors are rejecting my new loans. Only option left for me to access funds is credit card to bank account with less transaction fees.

Credit card to bank account money transfer ideas

Operation Manager

I am a middle class boy. Working in Banglore. I am earning 1.5L every month from last 3 yrs. But still I don't have a penny saved. I have to give all my money to my parents. They have huge debts and to avoid extra expenses i am working from home. It is killing my social skill but i am prioritising money over my social skills. I see my friend going to trips all around the world and while me scrolling through Instagram all the time looking at their photos. Still using my college phone and not upgraded to i phone, Uninstalled all shopping apps for unnecessary shopping are some steps I took to save extra money. 
The point is sometimes i feel proud to help my family to come out of this situation, but in the other hand i am losing the most important time of my life. 

I really feel this time i pushing me back by 5 yrs and really don't know what to do...

I haven't saved a single penny in last 3 yrs

Product Manager

Have a Kid and I'm 34 years old.

Should I continue struggling at my Solopreneur startup, or outsource operations, put in auto-pilot mode and go back Job hunting? 

Ideally should have had at least 40-50 LPA worth of assets or savings, but have barely 80K.

What should I do?

Startup in into IoT Product Manufacturing...

Went from 5.5 LPA to 5K/month 8 years back to focus on startup. Now barely making 30-70K/month when Job would have ideally offered 30-40LPA.

Founder

I am a IT employee and have lots of debts, can any one please help me with 65 lakhs, I will return in 1 year with interest. Please some one help me out. It's my life and death situation.

Human Resources

Have u ever resigned without any offer in hand?

If yes what was the reason and how things went ahead??

Resignation without another offer

Senior Consultant

I got into a startup (informal) and invested my savings and also took loan from friends and family.

It would take a couple of years to clear up but I am happy thwt I didn't let go.of the opportunity and the learnings also realised the following.
1.I enjoyed the thrill 
2.When something has to go wrong,It will
3.My priorities changed (family,health,mental peace)
4.I am enjoying what I have more than ever and not cribbing about what I don't have.

I am about to touch 40 and lose all savings(instead loans on the head) but I have never felt so calm ;)

Anyone with a similar life altering experience 😉

My hustle mindset backfired and Lost all,but am happy

Investor

Please suggest a way to get out. I am stuck in a financial situation of extreme debt of about 3000000 with a family monthly salary of 130k and I have a toddler too. Need a quick way to get money to get out of this situation.

Stuck in financial debt loop of credit cards.

Software Analyst

Hello, how's your life going lately my friend?

Life

Software Developer

Welcome to Indian Startups's Private Community

Sharing frustrations with starting up a business. In my career I have raised over $30m over multiple rounds.

Co-founders in non-business roles get pushed out by politics. Sharing control with co-founders is messy, inconvenient, time consuming. Money lets you hire people who have to answer to you.

If you are not the main ‘Business person’ in a startup high chance you are disposable, no matter what skills you have. And it sucks to spend so much effort only to get bullied out and left with nothing.

Some investors will follow you on social media, if your business is not growing QoQ don’t post anything on social media that implies you are not working every weekend. They will ask why you are not working.

 If you are CEO, be ready for every random person to tell you how to run your business. Not in a ‘friendly advice’ kind of way, if you are the CEO you have a target on your back.

 Investors don’t know about your industry or have very dated knowledge. Some will just say random tips like ‘try web3’ or ‘try SaaS’ and blame you for following their advice when it fails.

 Your progress is measured against fraud companies who fake numbers, or the 1 in thousands who succeed. Get made to feel like you are failing to live up to super high expectations constantly.

 Employees work half your hours, off sick usuall one day a week, deliver next to nothing and expect 20% hikes every year because that’s what their friends make, or they read some dumb startup hires freshers at 20LPA. 

Smooth talking people with the same idea as you, no traction, never shipped a product in life, will raise a huge seed round due to 'pedigree' and spend it all on self promotion. You will always be compared to these clowns who find ways to lecture others while building nothing of value.

Dark side of starting up.

So much truth in everything you’ve written 
 “your progress is measured against fraud companies who fake numbers”  
  
 This has become just more prevalent over time. Confidently advice learnings from startups that are faking GMV or PMF metrics :)

Investment Associate

It can be anything related to not doing something you always wanted to but never did, a mistake you realize you shouldn’t have made, or feelings of not being successful enough. Feel free to share your thoughts.

Do you have any regrets?

Failed to spend enough time with my parents. Life moves really fast. If you're around your parents take care of them, spend time with them and if you're away then make sure you visit them often ☮️

took the plunge, started up last year. burned all savings, couldn't raise any capital. 

tried multiple things, nothing took off. 

decided to shut down in june. shutting down was harder than starting up, finished things up by october. 

been looking for jobs since, with no luck. had kick-ass jobs prior to this. no clue what is happening now. 

really want to give starting up another shot but have lost all motivation. 

so lost. no idea what to do.

feeling depressed after my startup failure.

Welcome to Moving Abroad's Private Community

I’m a software engineer with 2 years of experience, in my first job, leading the tech team of 10 at an early startup startup. I graduated with a bachelors from an IIT in 2021.

I’m planning to move abroad (probably EU) and switching from being a full stack javascript developer to quant developer profile because of better pay and perks. 

My main goal is to save about 100k pounds in two years to have enough to bootstrap a startup and sustain a team of 5 people upto 2 years. 

Please share any advice you have for me. Thank you!

Trying to move to EU from Full Stack to Quant Developer profile

Software Lead

I am an average software developer in India from Tier 2 city with average income. Every day I watch a new piece of interesting tech being launched with half of my salary price tag. Today I was watching these Brilliant AI glasses and wanted to see if I can even afford that or not.
I don't know what kind of rant I am writing but I am really frustrated of watching things being launched that I cannot purchase. Hell I cannot even purchase a Chat GPT subscription although I earn around 60-70k (I come from a really poor family so 60-70% of my income goes to loans etc)

FOMO with the latest technologies.

I worked hard to get home loan and paying it on time but had a few important things to do and due to that I had a debt of few lakhs ! Now in a bad situation though if I get time I will be able to repay all of them. Lenders are not ready to give time. Any genuine advice which can help me to get few months of time so that I can repay one by one ! 

Note: situation of my cousin who stay in kolkata with family and work in one of the MNC. Personally I helped him with some money though debt is high so seeking some advice for him to get some time to repay. Thanks !

DEBT 💸 TRAP 🪤 !

Account Executive

I'm 35 and have barely started saving. Is it too late to catch up, or should I just plan on working forever?
Between student loans, rent, and the general cost of living, retirement savings always fell to the bottom of the list. Now I'm freaking out.
Late bloomers in the savings game, how are you tackling retirement planning?

The retirement savings panic

I get a salary of 36000 where in 11000 is my rent and then have to take care of my household expenses and gym expenses. How should I start savings, I am 31 years old with 0 savings.

When I see my friends fellow mates, they are earning really good have their own house cars everything.

I have done MBA however I don’t have much years of experience

Living in guilt

Associate

With zero finance and not single interview call I really deciding to end this journey on this planet. Come on don’t label me coward ending own life needs huge load of courage too.  This is also help my family to get the Life insurance money and continue their normal life at seems to only option at the moment.

Failed Startup and debt

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