CTV Interview - Sharing My Money Story
I had the great fortune of being a guest on the CTV Noon Hour Show earlier this month, and was grateful for the opportunity to share my money story with the viewers. The best part about being on the show was knowing that I could potentially be helping others who are currently struggling with their finances and who may be faced with mounting debt.
For those of you who may not know my money story, this blog post lays out the two most important experiences I encountered in my life that contributed to my current financial situation. Here is a high level overview of my money story, that I fortunately was able to share in my CTV interview.
Layoff Experience In my Twenties
In July of 2001 I was a bright eyed junior lawyer with an exciting legal career ahead of me. I was excited to get called to the Bar and finally begin paying back the mountain of debt that I had accumulated over the years (i.e. student loan debt, student line of credit, credit cards, car loans, etc.). My husband and I had managed to pile up over $70,000 of consumer debt, that was seriously just being maintained up to that point. Our combined annual income was close to the amount that we had accumulated in debt - we were making $70,000 in total income. That is until such time that I was laid off and we went from bringing in a total of $70,000 combined income to only bringing in my husband's $30,000 salary. The loss of my job in the summer of 2001 was the first time I had to face my debt head on!
After being declined for a credit limit increase from my Visa, I made the life altering decision to NEVER rely on a creditor nor an employer for my financial well-being. I made a commitment to myself to pay back ALL my debt, including my mortgage debt, and was able to stick to this commitment. In fact, I was able to pay back over $70,000 of consumer debt in less than three years, and was able to pay back my mortgage in 12 years. And can proudly state that my husband and I are debt free today!
I would love to say that my money story ends there, but I would only be giving you half the story, because over 10 years after my initial layoff experience, I encountered a second layoff, only this time I was three months pregnant!
Layoff Experience When I Was 3 Months Pregnant
In March of 2015 I experienced another layoff that on the face of it, should have been much more terrifying than my first layoff experience in my twenties. The second time around I was 3 months pregnant when I was handed my layoff papers, and my husband was a stay-at-home Dad to our toddler. This should have been a scary situation to find ourselves in. However, due to the incredibly effective financial strategy that I had created in my twenties, which allowed me to pay off all our consumer debt, and also allowed us to build our wealth, my family and I were able to weather this financial storm with virtually no interruption to our financial life.
By then, we had purchased real estate properties that were cash flow positive, we had money in the equity markets, and were fortunate to have built up a 12 month emergency fund. It is safe to say that we were seriously prepared for this second layoff. I consider this second layoff my financial "redo", because it allowed me to put a financial safety net together, which was non-existent when I encountered my first layoff in my twenties (i.e. emergency fund, multiple streams of income etc.).
7 Steps to Get Out of Debt and Build Wealth
In a nutshell, my book, "7 Steps to Get Out of Debt and Build Wealth" is a blueprint on how to build up a financial safety net that allows you to prepare for any financial situation that is thrown your way. I wrote my book to share what I had learned in my own personal wealth creation journey, which started the day I had to face my debt head on back in the summer of 2001, and continues today as I work to elevate my financial life, and the lives of all those I have been so blessed to encounter through my teachings, coaching and book.
There is no better time than now to get your financial house in order. Take it from me, you DO NOT want to wait until a financial emergency appears in your life before you start taking the necessary steps to prepare for an emergency. So with that said, I encourage you to pick up a copy of my book, and start your journey to financial freedom today!
Click here if you would like to begin implementing the steps that I created that helped me become debt free, helped me build life changing wealth, and is now going to help YOU! It's time to get you on the path to elevating your financial life!
Talk with you soon!
Supercharge. Your. Life.
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