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“Every setback has a major comeback.” For those who are dealing with a setback in their life, it can be hard to keep that sentiment in mind. When things are tough, we live incredibly in the moment and sometimes lose the ability to push through difficult situations.
But in the spirit of catchy phrases, it’s important to remember that even the toughest storm is followed by a rainbow. Even when dealing with difficult debt, it’s possible to find hope and know that “this too, shall pass.”
If you’ve hit your tipping point and the amount of debt that you owe exceeds your income and assets, then you need to acknowledge your insolvency. In fact, accepting that you need financial help is one of the most helpful, liberating things that you can do to improve your quality of life.
The Licensed Insolvency Trustees at David Sklar & Associates are committed to helping you overcome your financial struggles, and will provide you with the tools and resources to need to recover. Whether you require help with a consumer proposal or filing for bankruptcy in Ontario, we can help.
When you book a consultation with a Licensed Insolvency Trustee (also known as bankruptcy trustees), you are taking the right step in evaluating your current financial position. For some, it might seem like bankruptcy is the only way to recover from debt. A bankruptcy trustee can explain the process for filing for bankruptcy in Ontario and help you understand how it would affect you.
Government-regulated debt relief like bankruptcy is meant to give honest, hard-working people a second chance after falling on hard times. Even though we typically associate bankruptcy with the idea of “financial ruin,” that idea is really just an exaggeration in movies and television.
As your Etobicoke bankruptcy trustees, we are here to clear up any misconceptions about the debt recovery process. We can explain what your options are for debt relief and what the short- and long-term effects will be for your avenue of choice.
How to Plan Your Own Financial Recovery
You’re ready to do something to address your debt and you are looking forward to making strides towards your goals. But do you know where to look to help you with your money woes? We often look to friends and family first for support when we are in trouble.
Certainly, you should be open and candid about your experiences with the people you trust, but don’t expect top financial counsel from someone close to you. Even if they mean to help, involving personal relationships with money can be tricky and uncomfortable.
For the best, objective advice and an experienced hand to hold as you recover from your debt, you need the help of a qualified and empathetic financial professional. The Licensed Insolvency Trustees at David Sklar and Associates are available to help those who are struggling with debt and don’t know how to proceed. Also known as bankruptcy trustees, they will help you weigh your options bankruptcy vs consumer proposal — which one is best for you?
How Trustees Help
Have you begun to think that the only way out of your current financial predicament is to file for bankruptcy? It can be difficult to admit that you need to turn to a form of government-regulated debt relief, but it’s actually a courageous step to take in securing a future for yourself. Trustees can explain the main differences of consumer proposals vs bankruptcy.
Inspirational Stories of Persevering
“If it was easy, everyone would do it.” Have you ever heard this mantra? For some, it’s a much-needed reminder that the things in life that yield the highest reward come with hard work.
Achieving your dreams, whatever they may be, takes some amount of dedication and focus. And you never know what life is going to throw your way. Even serious setbacks can be turned into a whopping success with the right approach.
When we are worried about finances and unsure if our decisions will lead to financial security, it’s especially difficult to push through the hard times.
If you need a little inspiration to get you to push through your own trials and tribulations, there are some business whizzes out there to look to who. Check out these stories of people who defied the odds and wound up at the top of their game.
1. Arianna Huffington
Before becoming the darling of the online publishing world, Arianna Huffington was a struggling author like many before her. She received 36 rejections from different book publishers before her second book was finally accepted for publication. It wouldn’t have been out of the blue for her to put aside her manuscript, let the defeat get the best of her, and forget about her goals. After all, it’s hard to push through in the face of adversity.
Instead, she went on to establish the now-mammoth Huffington Post media outlet. The brand that is now so easily recognized wasn’t an overnight success, it’s been a long haul since its founding in 2005. At the start, the critics and naysayers largely dismissed it for what they deemed poor quality and disregard for traditional journalistic standards. However, by 2011, the Huffington Post was receiving over a billion page views a year. Eventually, AOL purchased the company for $315 million.
So, what was the secret to Arianna’s success? And how can budding entrepreneurs and content marketers follow in her footsteps? Huffington earned her reputation for being relentless and not taking “no” for an answer.
Especially when you’re building something new, it will take some time to find the ideal marketplace and platform. Perseverance and surrounding yourself with people who can advise and encourage you is so important for achieving your goals. Failure is just all a part of the game.
2. Warren Buffett
This is a name that many recognize and respect in the business world. Warren Buffet was famously rejected by Harvard Business School when he was fresh out of high school. He could have taken the rejection as a sign that he wasn’t cut out for the world of elite business, but he had family support on his side.
In fact, his father held the unconditional belief that he could succeed, and this encouraged him to continue. Buffet had decided that the first step towards becoming the businessman he wanted to be was going to be through an elite business school.
Eventually, Buffet went to Columbia University, There, two investing experts showed him the ropes and helped Buffet establish the founding principles for Berkshire Hathaway, the American multinational conglomerate company where Buffet now serves as chairman and chief executive. Upon looking back on his path to success, Buffett believes that his setbacks ultimately made his life better and gave him the resilience to turn failure into a chance for opportunity,
The company Berkshire Hathaway itself was also an early failure, even though it eventually developed into the multi-billion-dollar company it is today. There is a lot of risk that is associated with investing, which is why it’s not for everyone.
However, if you have your sights set on investing your way to success, there are some lessons you can take away from Buffet’s experience. Entrepreneurs who want to follow Buffett’s lead should keep pursuing their real estate goals, no matter how unattainable they may seem.
3. Christina Wallace
Christina Wallace endured some serious setbacks and failure before she became the founding director of the BridgeUp: STEM program at the American Museum of Natural History. The program received a $7.5 million grant that enabled it to continue with its mission: to teach computer science to girls and minorities, groups who are typically not encouraged to go into the field.
Wallace then went on to grow the popular clothing brand, Quincy Apparel, with the mission to revolutionize women’s workwear. The company was a consumer success, but it failed because of an ongoing struggle with production and business operations. The company always maintained thin margins and struggled to get by.
When recalling this time in her life, Wallace has said: “It’s incredibly powerful and liberating to live through your worst-case scenario.” She pushed herself to get back on her feet before ending up at a startup institute in New York.
The story of Quincy Apparel is a lesson in how a popular consumer success can still lead to failure without the right operational processes in place. Instead of stopping at the first sign of resistance, she used the lessons she learned from that failure to help the startup community and guide others to achieve their goals and dreams. Entrepreneurs on a similar path can use their own lessons from failure as a framework for starting their own nonprofit or consulting other companies to help them grow while avoiding the same mistakes.
4. Steve Jobs
Jobs is a controversial CEO icon since many accounts have described his ruthlessness and aggressive approach to becoming a success. His legacy, however, is hard to ignore. The first computer sold only 175 units, but that didn’t keep Jobs from pushing on. He continued with his stubborn pursuit of building and selling personal computers.
Jobs found success by letting his endeavours take unexpected directions. Although he bought Pixar with the intention of developing it into a computer hardware company, it ended up evolving into an award-winning and profitable animation studio. It wasn’t the intended outcome, but it wasn’t a failure either.
Entrepreneurs can take Jobs’ lead by focusing on taking risks and pivoting when things aren’t working. For example, someone trying to found their own technology company can start by crowdfunding a gadget idea on Kickstarter to help validate their ideas within the marketplace while raising capital.
5. Sir James Dyson
If you’ve ever seen one of those sleek and stylish vacuum commercials, you’ve seen James Dyson and heard his voice. He is known today as the straight-talking vacuum cleaner entrepreneur, though his experience was from an overnight success.
It took a staggering 5,126 prototypes that all flopped and failed before finding the right one for his Dyson vacuum cleaner. Dyson had to rely on his wife’s income to stay afloat after his invention failed to gain traction in the British marketplace.
Dyson eventually took his model to Japan, where it was a hit. Royalties helped fund a research facility and factory in England, and his unique bag-less vacuum cleaners eventually gained worldwide success.
Follow in Dyson’s footsteps by continuing to test and modify your products and services. Dyson also had a target market problem.
By doing this, Dyson learned that British consumers weren’t interested in the vacuums, the Japanese marketplace was. Walkthrough your intended customer’s pain points and buying behaviour to help shape and identify where you should be advertising.
Get Ready to Bounce Back
Sometimes it really just takes another person’s outlook and perspective to show you that you can achieve your goals. At David Sklar & Associates, we are here to help you regain hope and get back on your feet with your finances. With the right advice and careful execution, you can live out a success story, not unlike the recoveries of the biggest and brightest business stars.
Don’t accept stressful debt as the norm. Instead, let our professionals assess your situation through credit counselling sessions and tell you everything you need to know to make an informed decision about your future. We look forward to hearing from you
