EP 96: Listener Stories: Debt, Shame, Love & Financial Transformation

One of the biggest steps we have to take on our journey to financial freedom is to decrease the burden of debt. Paying minimums can delay immediate problems, but debts can pile up quickly and might cause you to miss out on some of your dreams. I am bringing you a story today of a listener who found herself in considerable debt but was determined for it not to ruin her relationship or put a dent in her career goals. This is the story of Beck, a listener and member of the ProfitBoss community who worked hard and has had a huge financial turnaround. It just about a year and a half, Beck went from debt to wealth in a major way. 

 

Beck started out her early adulthood with some damaged perceptions around money. Her father made some serious money mistakes but always tried to create a comfortable lifestyle for his family. Beck initially wanted to present an image of wealth and prosperity, even though she was paying for her lifestyle in credit. She was aware this was a problem but was unmotivated to take the drastic steps needed to get out of thousands of dollars of debt. When she started a relationship with her future husband and the pair moved to New York for work, Beck's debt could no longer be ignored.

 

Listen this week to find out how Beck got out of debt, learned to be a saver, and built up her confidence around money matters. She is proof that honesty about our financial situation has a massive positive impact on our relationships. Though she wanted to be perceived in a certain way, Beck now understands that her former life just didn’t hold up with reality. Now, her lifestyle is supported by her means, and she enjoys her wealth without money becoming her master. If Beck’s story resonates with you, I think this episode will be of particular encouragement to you. Beck is proof that when we steward our wealth well, we can be more prosperous than we could ever imagine! 

 

What You Will Learn in This Episode:

 

• How Beck knew she had a financial problem and her state of mind in that time. 
• Why Beck tried to put on the image of success. 
• All the emotions and inherent beliefs that Beck had to battle. 
• Childhood has such a huge impact on how we treat money. Beck’s was especially unusual due to mistakes on her dad’s part. 
• Beck hated money because she felt like it caused suffering. 
• Why chronic over-spending felt the way for Beck to live her life to the fullest. 
• Good income doesn’t necessarily equal wealth. 
• Learn Beck’s lowest low, and why that was such a wakeup call for her. 
• How Beck got a payday loan. 
• Beck’s relationship with her future husband was the catalyst for her financial freedom. 
• Even though she tried to do all the right things after a move to New York, ends were still not being met. 
• How Beck’s mental habits have shifted since she learned so much about personal finance. 
• Beck and her husband automated their savings and planned ahead more than ever before. 
• Now, Beck is saving and investing by making smart choices with her money. 
• How you can go so far towards having a significant net worth after accruing so much   debt.

Hendershott Wealth Management, LLC and Love, your Money do not make specific investment recommendations on Love, your Money or in any public media. Any specific mentions of funds or investments are strictly for illustrative purposes only and should not be taken as investment advice or acted upon by individual investors. The opinions expressed in this episode are those of Hilary Hendershott, CFP®, MBA.