Dear Dave,
I opened by own business about six months ago, and it’s not growing at all. I’m a single mom, we receive no child support and my parents are helping us with all the bills. My biggest concern is the house. I bought it five years ago, and when I opened my business I did it with money from a home equity loan. What can I do?
Gina

Dear Gina,
The house is not the problem. You borrowed money to open a business, and that was no-no number one. You also have no savings – which is no-no number two – and now the business isn’t making a profit.

You need to close the shop and go find some work. The money you make at another job will determine whether or not you can stay in your home. If you’ve got a mortgage, home equity loan and business debts hanging over your head, the chances of this are slim. You probably need to consider moving into a small, inexpensive apartment for a while.

If you do this, get your debts paid off and your finances back in order, you might be able to purchase a house and give your company another shot in a few years. I know the idea of giving up your home and business is hurtful, but when you get cancer you have to cut deep enough to get it all. Gina, what you’ve got right now is financial cancer.
And it will eat you alive if you don’t fix it!
—Dave