I have a lot of experience in this area and also have the same family background as yourself.
I touch on some of your topics in another 'work-life' thread here:
http://news.ycombinator.com/item?id=2412147
and
http://news.ycombinator.com/item?id=2412029
Having gone through EXACTLY what your trying, I can say it is very hard. How many startup attempts of mine failed because there 'wasn't' enough time in the day? I count 4. How many side projects failed because there 'wasn't' enough time in the day? 35% of them couldn't be completed. At one point I was only sleeping 2 hours a day for MONTHS. Hows that for compression, and stupidity... I learned the hard way.
You pretty much have 4 good and immediate paths:
1.) Pure luck. Need I say more.
OR
2.) Pay off your debt asap, possibly even saving some $$ up, quit and run your startup (bootstrap or incubator, whatever, you get the idea).
3.) PLAN, EXECUTE, REPEAT with a clear portion of time. I recommend 1-4 hours a day (1 and 2 are the magic hours). You plan the day before, write down questions, execute. You want to start off EACH round knowing EXACTLY what you need to do (because obviously you only have a short amount of time). This is how campfire and friends came to be.
4.) #3 + Delegation: Do #3 while sharing the wealth by building a team, and delegating your very carefully planned duties to your team. Keeping in mind that if any of your fellow team-mates are in the same situation as yourself you keep the sub tasks SHORT and _clearly_ defined.
Now I'm heavily compressing (and lossy at that) some of my hard learned experiences, and fireballs of failure.
Personally, I learned #3 and #4 by working too hard and having my health affected. I was able to obtain some cash from projects while working full-time by planning properly and using that money to bootstrap myself into path #2. I keep the same planning ethic even still, which is extremely important.
Hope this helps some poor souls out there.
Also in reference to long hours, you _may_ find yourself constantly battling to stay focused during long hours. It is very hard for any human to concentrate for long periods of time (especially alone). Which is why you should plan. So you may be working 10 hours and feel OK, but you probably aren't getting any work done for a large portion of that time. Take a walk instead of vegging on the computer, as any activity outside is almost 2N more effective than say browsing HN.
As I've said so many times, I've seen such a huge amount of talented people completely leave the industry. Ever watch "Code Rush"? http://www.youtube.com/watch?v=u404SLJj7ig