Here I am at 44, a single mother with my youngest daughter still living at home, and the opportunity of a lifetime dangling just out of reach. My boss has offered me a partnership in the company where I’ve worked for the past year and all I have in savings is an RRSP of $1,000 (with the loan for it only half paid).
A year ago I left an abusive husband and changed my name so that he couldn’t find me. Even though I’d been working full time for the past 14 years I now had no credit record. This is why I went to the bank at the end of last year and borrowed $1,000 for an RRSP. There was absolutely no risk for the bank because they hold the RRSP, and as I make regular payments I gradually build up enough credit record to apply for a Visa card. I am making baby steps but now need a giant one to take advantage of this opportunity.
About all I can do is to make sure that I’m on time with payments on my loan and to Visa. Also, I put away thoughts about buying a car, which I had hoped to do before year end. The office is just a 20 minute walk away so I can manage without a vehicle.
But where am I going to get $30,000? It seems like a fortune and as time goes on I’m afraid that someone else will come along.
It is a long year later when my parents come to visit and my father mentions that he’d just sold two houses. If he hadn’t said that I never would think to ask him for a loan. After a couple of days I do tell him that I have an opportunity to buy into the business. He asks me several questions and says, “I’ll talk it over with your mom”. After they discuss it he says they will lend me $15,000 and tells me that the bank will probably lend me the rest. And he is right!
Two big lessons I learned in this transaction. It’s easier to borrow half of what you need and the bank will listen to you if you have some money to invest. Just as important; the interest I’m paying to dad and the bank is a tax benefit and for several years I will pay very little income tax. Instead I am investing in my future. And with no money of my own I’m buying a successful business, based on my ability to be trustworthy, responsible and hard working.
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3 comments:
Wow. That is inspiring. You forgot to mention the obvious trust and faith you had in yourself. I will remember this as I move forward in my own venture. Thanks for the words of wisdom.
xo
Thank you Amber. Sometimes other people see things we don't see ourselves and I really appreciate you mentioning that. Mostly I want to encourage other women to "go for the gold", whatever it may mean to them.
Congratulations, that's great!
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