Remorse over money lost?

firsttimetom

Hi All,
I didn't really know where to post this but thought the savings board was most relevant as mine have all but disappeared for the time being

An opportunity came up for me to run my own business and after much (and I mean much, I don't do things on a whim) deliberating I went for it. I put £10k of my savings into it initially and used what was left to pay the bills for a couple of years.

Unfortunately it didn't work out, and to top it off I'm paying the lease on a piece of equipment for the next 3 years which will see another £5.5k heading out of my bank account by the time its paid for.

How can i shift this terrible feeling of remorse and anger at myself for obliterating my savings? Everyone is like 'you gave it your best shot', 'you would have regretted it more if you hadn't done it', 'at least you haven't lost the house' etc but I have a young son and I feel such a level of guilt that we are going to be living on a shoestring and rations for the foreseeable future.

I'm not a complete tightwad by any stretch but I've always been so good with not squandering money, which I think makes this more of shock and why I feel how I do. Years ago I sold my previous business for a good wedge which (saving grace) meant I could put down a substantial deposit on a house and subsequently have a very small mortgage compared to many.

Any thoughts on how I can help myself here? Or have I just got to let time play out?

Thanks,
Thomas.

Username999

How can i shift this terrible feeling of remorse and anger at myself for obliterating my savings?

You're certainly not the only one and I commend your post and honesty.

I bought a retail shop many years ago.
It was to be for my 17 year old son.
After the first week we realised we had made an awful mistake.
Misrepresentation is difficult to prove in court.
On top of the lost cost of the business, we ended up with a £16,000 lease we had to pay off over 5 years.
It effected the whole family for years and me to this day.

Time helps

pramsay13

Is there no way to sell on or rent out the equipment?

shaun_from_Africa

Even if you can't rent or sell the equipment, have you contacted the people you bought it from to see if it's possible to return it?
They may not be willing to buy it from you but they might take it back and credit you with something that could possibly reduce the money you are currently paying.

eskbanker

firsttimetom wrote: »

Years ago I sold my previous business for a good wedge which (saving grace) meant I could put down a substantial deposit on a house and subsequently have a very small mortgage compared to many.

It won't address the underlying psychological issue but from a practical perspective, have you explored remortgaging to free up some equity and ease the current financial pressures?

droopsnoot

firsttimetom wrote: »

Or have I just got to let time play out?

This is probably the most effective way to "get over it". It's just the opposite of how great you felt when you sold your other business, and I bet that isn't something you think about all the time now.


On the plus side, you've cut your losses rather than letting things get even worse.