The average American holds a debt balance of $96,371 according to 2021 Experian data. Debt may be as a result of gambling, bad budgeting, little or no savings, mortgage, student loans, divorce, or an illness.
In this episode, an independent culinary consultant shares his struggles on debt.
I'm happy to have you on this episode of the furnace series
Thanks for the opportunity
So tell me, you're a chef, how did you get here?
As a child, I always had issues eating, food was never really fun, because it seemed too usual and boring. I grew up with my grandmother and great grandmother who were into the food business at the time.
So I guess it has always been a thing in my family, currently my kid brother runs his own food business too. I switched from IT and business strategy after NYSC to change the narrative as regards food
It's a family thing I see
So you were inspired by your grannies?
No. I was inspired by the food itself
What was it about the food that got you intrigued?
Let me share an example
Ewedu, I always thought we could cook it in other ways or with other things to bring some changes to the usual way it is cooked and When I see carrot I think about how best and how different I can use it
I see food as art, culture, and an experience. I feel it should always be like that with any and every meal and not just what fills our tummy.
Which means you are creative with food. Fascinating!
What has been the most difficult time of your life?
Well, business has been difficult, It's a testing phase and this has kinda affected a few other aspects of my life, like relationships and family but it's gradually picking up unlike about a year and a half ago
What was a year ago like?
I was in a lot of debt, my business packed up, I was laid off from where I worked in Abuja and had to go back to lagos. I had a terrible break up and had to move back in with my granny, It felt like game over for me
Wow all in a year?
Yes
What led to the debt?
I wanted to go big in my business, set it up big so I took out a loan from a bank, and also from a friend. The two loans didn't come when I needed them, so I took a quick loan and ended up using the second loan to pay up the first and the interest was piled up on the third, then I couldn't keep up with the business, so it just spiralled
So you took out a total of three loans?
Yes
That must have hurt a lot
Oh yes. But it's in the past now, I have gone on to do many positive things: I appeared on TV a few times, won a live game show too, I have a project I am working on as we speak. Business will be back to the best soon and I am not so much in debt as I was, and I wouldn't be taking any bank loans or personal loans in the future
Most importantly, God has showed up and He still is
Awesome
Your appearance on TV was about what?
It was about food, Cooking live on a morning breakfast show
That's lovely
What would you have done differently?
I would have started small and grown through, not taken any of the loans obviously, and rather seek assistance or help from friends or family instead of borrowing. Poor planning and execution of ideas, and rush failed me, I should have been more patient
You've obviously learnt from that experience
Yes, I'm still learning
What would you say to someone who's indebt?
First realise it's a problem, secondly, stop habits that cause the debts to pile up Thirdly seek help, find an accountability partner and lastly, talk to the persons owed and find resolutions, start paying gradually don't wait for big breaks to pay up all at once, else it'll keep Piling especially if the first two advices are not adhered
Moving forward, I wish you the very best on the project you're working on and in all your endeavours
Thank you
Any last words?
Be intentional about anything you do
It's a pleasure, thanks for doing this
You're welcome
"Rather go to bed without dinner than to rise in debt". Benjamin Franklin