One of the most difficult things to do is to accept that what you have invested so much time and energy into building is no longer worth the time and effort put into it. A lot of people are in debt because they lack the mental courage to let go of a stream of income that is no longer generating a lot to take care of their needs.
I once asked one of my mentor what was the most difficult challenge he had in building his business. He told me that it was the mental fight to let go of his first business that he had been doing for years but which was no longer providing enough income to take care of him and his family
I also realised that I had that same challenge. I was trained as a pharmacist but was very good at providing strategic solutions to business challenges. While I was running the pharmacy operation, I was going into more debt but the consultancy services I was offering when I decide to bill people for it provide me with enough income to wipe off my debts.
Ironically, I stuck with the pharmacy business. In fact, I would even take the money I was making from my consultancy business to invest into the pharmacy business.
The reason a lot of us do this is that we do not want to be classified as failures. It will hurt our pride to see a business we started fail and for people to say we could not run a business.
But if you want to get out of debt, you must mentally fight off the desire to continue in a business that is no longer providing enough to sustain you and your family.
So, do a profit and loss analyses for your income sources and find out if the profit from it can actually take care of your needs. This is a key part of getting out of debt.
Remember, that you cannot save a bad investment by throwing more fund into it. You must know when to let go.