I recently shut my small travel business and lost all I had worked for over the last few years. After incurring massive debt and struggling for a few months I have decided to start looking for a job. However, the burden while looking for a job has been so hard on me to an extent that living sometimes becomes meaningless. I have tried freelancing opportunities in my Marketing field but very little has come my way. I am posting this because I feel am not the first one to go through this startup failure/debt thing and I believe someone's experience on how they overcame might just help me pull through. Thank you in advance.
Ask HN: Startup Failure and Debt
1–10 of 27 posts
Re: Ask HN: Startup Failure and Debt
#2Every feeling you are having will pass. Make small steps toward your goal, interview, and try to let it go. Debt doesn't need to be resolved immediately, creditors will work with you if you make an effort to pay.
As for "burden while looking for a job", that is something you are carrying with you and perhaps into your interviews. You need to put your true, best face forward, and you will settle this with time.
In the meantime, to cover debt, any income helps. You might find waiting tables or something on weekends easily adds $2-3k a month to your income.
Re: Ask HN: Startup Failure and Debt
#3This may seem trite or cliche, but do you have access to nature? Getting out and spending a day in wilderness really helps me put problems in perspective.
With time, you'll get the job and you'll tackle the debt. A series of small steps go a long way.
Re: Ask HN: Startup Failure and Debt
#4Been there myself after two failed startups, the latter of which I gave up a FAANG salary for and put myself in about $70k of credit card debt over. I know how this part feels.
I took some odd jobs to keep the lights on and I swallowed my pride and borrowed rent money from friends on two occasions. It was not fun at all. After 5 years of employment in tech I've clawed my way out from under it, but it really wasn't easy. But it was worth it.
You probably have some resources, maybe friends or family, that pride and self-image hinder you in tapping. Go ahead and tap them, if you are fortunate enough to have those people in your life this is the time they can be there for you. Your life isn't meaningless, it's just tough at the moment. This will pass.
Don't forget that your experiences place you head and shoulders above similar candidates who haven't taken those risks and who haven't had the breadth of experience you have. Bring that to your interviews and solicitations for one-off work, hold your head high.
Reach out to my profile email if you want to talk about it further.
Re: Ask HN: Startup Failure and Debt
#5This won’t be exactly what you were looking for necessarily but when I read this I felt compelled to respond. Twice I have failed in my pursuits in such a way that going forward was essentially “starting over”; in both of these cases there were residual consequences such as debt. It was heartbreaking for me and I don’t know exactly what it feels like for you right now but I imagine it is a heartbreaking experience for you right now, as well. Let me tell you two things, please, based only on my experience.
First: in both cases things got better sooner than I had expected; within a few years things were good... once I had dusted myself off and applied myself to the next chapter of life, I was able to take steps, find ways to dig out, and find hope and passion again in my pursuits.
Second: I, like you, had a lot to offer the world, my profession, and my family and friends; I look back and can see these things. Please, hang in there, and please, don’t let the downturns extinguish your light. Whether you know it or not now, many people will need you around, and in the end, even more will be better off for your influence.
Re: Ask HN: Startup Failure and Debt
#6You're going through grief, man. It's a process that takes time.
I have no idea how to survive it while under debt, but understand that what you're feeling will go away.
Re: Ask HN: Startup Failure and Debt
#7I've been there. In 2014 I ended up broke from trying to start a cash health care marketplace. I ended up broke for about 2 years after. The job market is strong right now and you will get things back in order. Keep fighting.
Re: Ask HN: Startup Failure and Debt
#8Just to add my tupence: my (Fintech) startup failed in the aftermath of the 2008 financial crisis. I soldiered on but eventually had to close it down. My wife walked out on me and with it my family collapsed. I ended up sleeping on the proverbial friend's couch for six month. Eventually his brother gave me a small personal loan to help me get back on my feet. 10 (!) years later I closed a seven figure seed round for my new startup.
Just never give up.
Re: Ask HN: Startup Failure and Debt
#9Hey delix, I have been through a somewhat similar situation. With some debt as well, which is enough to sting these days but what I have been ultimately able to manage.
First steps are to calculate your debt service amount (this is the total number of principal + interest payments you need to make in the coming 1..n periods, say 1 year). I am talking minimum payments only, so on a ~$30K credit card balance they may be as small as say $500 monthly. Second, start thinking about bringing in enough income.
Now, is this the type of advice you need or were you asking more broadly?
Re: Ask HN: Startup Failure and Debt
#10Been there myself after two failed startups, the latter of which I gave up a FAANG salary for and put myself in about $70k of credit card debt over. I know how this part feels. I took some odd jobs to keep the lights on and I swallowed my pride and borrowed rent money from friends on two occasions. It was not fun at all. After 5 years of employment in tech I've clawed my way out from under it, but it really wasn't ea…
Totally agree with your advice of tapping family and friends in times of need, even if we ourselves make this option seem less available.