First of all, thank you for the compliment on my writing. A lot of the value in the blog is with the blogger and when I leave, there could be loss of readership. As an interesting note, I retain all copyright to what I wrote here. That was valuable to me and of course finding good buyers was valuable as well. I could have auctioned off the site and made a lot more than I did. But who knows what would have happened to the site.

Based on the numbers you gave, I think we’re okay

Based on the little I know from reading your blog, I believe you have seriously undersold yourself. If you can’t pay off your debt with the income from the sale of your blog (and then some), you have sold it for too little. I think the person who bought it from you is ripping you off. I hate to be so blunt, but you need to get your bearings straight here. The value of this blog is not based on the amount of income it currently brings in, but rather on the amount of income it could reasonably expect to bring in if all avenues of revenue generation were exploited.

I don’t know what your readership is, but I imagine it is quite high. You cannot have sold it for under $10k. The blog (and your writing ability / compelling narrative) is worth WAY more than that.

Please do yourself a favor and see if there’s a way you can get out of this deal.

Good luck!

There were a lot of things that went into this decision. The business was a big one that affected our finances. But, there are family things going on as well as my health. Short term sacrifice (longer than the sacrifice we’ve already been in for a while now) could have great financial gain, but for other things it could have negative long term benefits. Cryptic, I know, but there is more going on and I don’t like blogging about family in-depth.

It’s all about finding that life-health-money-work balance.

Sal – I’ve chosen to keep the specific info about the business private. I’ll mention income from it, and that’s about it. At least that’s how I feel about it right now. I go back and forth sometimes in my head about it.

What type of business is it? Maybe I missed something, but I am always excited to hear about entrepreneuers and their ventures.

I have to agree with Frugal Dad on this one though. How awesome would it be to have the debt gone and then start the new business? I know you guys are working toward your finish line, and I applaud you for that.

Wouldn’t it be possible for you to find 10 hours a week if you were extremely disciplined and not give up your hours at the regular job? It’s great to believe in the business, but if I were in your shoes, I would not give up the steady 40 hour paycheck until the business was consistently replacing the income I was losing. I certainly wouldn’t give it up until your husband had the part-time job and you knew it was going to last. It’s a slower, more conservative approach, but it’s a lot less risky, especially in this uncertain economic environment.

I think I might save some of the money from the blog sale for working capital for the business, pay down some of the debt, and put the rest in the family savings/emergency fund. If your husband gets a part-time job, you can supplement all three categories with his earnings.

If you make the short term sacrifice, you will be in a stronger position faster. You still have a lot of student loan debt to pay off after the credit cards. If the business grows as you expect it to, you will be able to pay those loans off and move on. If business conditions weaken or your projections are off, you will still be able to meet your debt repayment obligations and adjust your plan accordingly.

You are right – we don’t want to miss the finish line