Courtney Myers Blog | Debt Recovery after an Investment Setback: Three Ways to Get Back on Track | Talkmarkets - Page 2

Debt Recovery after an Investment Setback: Three Ways to Get Back on Track

Date: Thursday, August 30, 2018 5:38 PM EDT

You could keep sinking money into the condo month after month just so you continue to own the property and your equity isn’t going to waste. Yet, you’ll ultimately be out even more and could be filing for bankruptcy by the time you realize the err of your ways. Instead, know when to walk away. Yes, you’ll lose the money you’ve already spent on the asset, but you won’t lose any more money moving forward.

3. Research short-term assistance options.

If you’ve lost immediate funds in an investment, you might have a difficult time paying your routine expenses, including your current mortgage, utility bills, and even your taxes. If this is the case, you’re not alone and you do have access to resources that can help you sleep a little better at night.

From personal loans to home equity lines, there are several lending options available through which you can obtain money quickly in exchange for agreeing to pay it back (plus any interest and fees) in a timely manner. If taxes are a struggle, the IRS has installment payment options in place to help you pay the balance off over time. You can read more now to see how it works, how to request the plan and which forms you’ll need.

Overall, though it might be easy to get down on yourself, it’s important that you get back into the investing game. This time around, partner with a financial advisor who can lend his or her expertise to help you choose the asset mix that will generate income rather than leave you at a constant state of loss. In the meantime, take it easy on yourself and try to remain confident. Getting caught up in the “what ifs” and “if onlys” will only render you disappointed and unable to move forward. When you see your setback as a setup for success, you’ll be better able to move forward with your head held high.

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