1 Step Back, 4 Steps Forward

Earlier this year, I was contacted by a lady who was at the end of the rope. Her and her husband ran a business, were paying off their home and raising 3 children, but from one week to the next there just didn’t seem to be enough money to go around.

After some lengthy discussion, it appeared that they had been too generous in the past helping family out of their own sticky financial situations and the end result was that they had too much debt. As seems to happen, they ended up in an endless cycle. The more they struggled the harder it seemed to be to get work, which in turn put additional strain on their cashflow.

As hard as it was to hear, I suggested they sell their home, clear their debt and start again. The idea being that they would be able to save enough money to buy another house down the track, plus grow the business to generate enough funds to pay it off quicker and still realise their goal of being debt free by 50. It was hard for them to hear, but once they could see the end result they both settled on it very quickly.

I recently touched base with them to see how they are going. They did sell their house, they have cleared all personal debt and are in rebuilding phase. They are much happier and the business is starting to grow as they can pick and choose the jobs they take and they are both more enthusiastic about work again.

As a financial planner, it is such a joyous moment to hear the smile on the faces of the people you help. This is why I get up everyday and do what I do, there is nothing like it!!

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