You start again from scratch. If you're in debt, you can either work your way out of it or convert assets to pay it away. Once you get back to no-debt, you star

You start again from scratch. If you're in debt, you can either work your way out of it or convert assets to pay it away. Once you get back to no-debt, you start to invest again in building up your nest-egg for further expansion. I was a bit older, around 40 in my case. It was late 1980s, I had a house with a huge mortgage, and had a huge overdraft at the bank. In today's terms, I had something like debts of half a million or even more. And getting deeper and deeper into the red with every week that passed. So I made the decision that I would sell our house, pay off as much of the debts as possible, and start again. Renting instead of owning a house. That was too much for my first wife. She couldn't stand the drop in prestige. Mind you, she hadn't felt like helping out by getting a job to make our task easier along the way. Within 12 months, I was living a lot better with no money worries and with another partner who is now my second wife and we have been happy together for 35 years. We invested in rental properties and now own debt-free six houses including our own 3-bedroom top-storey apartment.