I know this is generally not advisable. I'm having some frustration with my current situation and its causing me probably unwarranted stress. Please help me decide if this is a dumb idea or not.
I have a kind of unique situation. I work for my aging father who is on the edge of retirement and is not great with managing company funds. We have a very small company. There is no accountant. This post isn't about that – we're working on that issue currently.
I work 2 jobs. My primary income is from the family business. Both jobs are 1099. My issue is that I am constantly putting money into my savings to pay quarterly taxes and I find myself stuck in this cycle of living paycheck to paycheck. The business isn't able to pay out at regular times so I am getting paid sometimes as late as the 20th of each month. I'm finding myself close to broke paying bills at the beginning of the month for the couple weeks while I wait for my paycheck. This is especially painful after paying quarterly taxes.
I was thinking about taking out a small personal loan to get essentially 2 months ahead so I don't feel the stress of having no money while I wait for that check each month. Is this a terrible idea?
Thinking about taking out a personal loan to get out of living paycheck to paycheck.
byu/obeezybaby inpersonalfinance
Posted by obeezybaby
2 Comments
You don’t get out of living paycheck to paycheck by going into debt. The fundamental issue is spending vs income. You need to live below your means.
you still need to pay the loan. how do you expect to do that… you might just need to get more income