It's hard seeing someone struggle with finances particularly when they have so much technical skills. The main reason I'm trying to acquire technical skills is so I don't struggle with finances.
There are no guarantees and it can happen to the best of us regardless of your technical skills, qualifications or life experiences. I was also self employed and built up successful business over decades with a fantastic client base and then found myself suddenly cursed with severe medical conditions at a really bad time. I had dozens of unfinished jobs and was sitting on huge amounts of expensive stock ordered specifically for those jobs.
I didn't anticipate getting so sick and due to time constraints and the complexity of the work I could not get anyone else to take over and complete the jobs. I could not invoice for the work I had completed so was never paid and ended up many tens of thousands out of pocket.
Long story short, I couldn't return to work and at 55 now find myself on full disability support after a five year tormenting battle with Centrelink (welfare my arse, they fabricate shit on the fly). Anyway, I have an entire garage and spare room stacked with stock, tools, gadgets and equipment which, in practical terms no longer has any value. I have extensive experience and knowledge in particular fields which now counts for nothing as I no longer have the ability to use or apply it.
Lessons learnt: 1. A plan B is not good enough, and neither is a plan Z, it can all turn to shit.
2. Buy only what you need when you need it, don't buy stuff on a whim.
3. Get deposits from customers, particularly where there are large outlays.
4. Friends and family are worth far more than your most valued customer.
5. Keep well, eat well and live well. All the bad stuff you do will come
back to bite you on the arse when you least expect it.