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A Restaurant Owner, Hurt by the Pandemic, Gets Advice on Shoring Up His Personal Finances

by admin
January 23, 2021
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A Restaurant Owner, Hurt by the Pandemic, Gets Advice on Shoring Up His Personal Finances
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Cary Kemp was working a busy pizzeria in Seattle and had a restaurant consulting gig on the aspect earlier than the pandemic hit. Now, receipts at Pizzeria 22 are down 70%, the consulting agency evaporated and he has taken a second job in development to maintain issues collectively.

The divorced father of two is seeking to discover his monetary footing, type a plan to save lots of for retirement, and, usually, get the blocking and tackling of non-public funds below management.

Mr. Kemp, 52, pays himself $647 every week on the pizzeria, however cashes the checks solely when the enterprise can cowl them. He has solely been bringing house between $1,000 and $1,800 a month recently. He additionally makes about $3,200 a month working development till about 3 p.m., earlier than heading to the pizzeria.

Mr. Kemp has no financial savings or cash socked away in a retirement account. He calls his divorce, about six years in the past, a “monetary reset.”

He paid off his roughly $12,000 in credit-card debt final 12 months. However he has $50,000 left to repay on a enterprise mortgage with a 6% rate of interest. He’s presently in deferment for as much as a 12 months, after which he has about two years left to pay at $6,000 a month. He has about $140,000 left in his enterprise’s disaster-relief mortgage—which he pays again at 3% curiosity, over 30 years—however says he’s hesitant to the touch it.



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