My Financial Story: From 6-Figure Income to Flat Broke to Now Helping Others Toward Financial Wellness.
Today, I want to share a glimpse of my financial journey with you. This highlights my transformation from earning a six-figure income to experiencing financial hardship, and now, to helping others. If you are facing financial struggles, I hope my financial story inspires hope and offers encouragement, along with tips and resources for managing your finances! Reflecting on the past few decades, I see it as a metamorphosis, much like a butterfly. The old me has faded, and the new has emerged. I transitioned from a lucrative career in the mortgage industry to a significantly lower income working in health care and serving others in need.
During my time in the mortgage industry, I had it all: wealth, a home, a car, a boat, a substantial retirement fund, and more. Life seemed perfect—until it wasn't. At the age of 30, my world began to unravel. I lost my six-figure job and found myself so financially depleted that I had to part with all my possessions, including my home.
This challenging period led me to return to school, where I completed my degree in Leadership in Ministry. The reduced income compelled me to reevaluate my spending habits and my perspective on money. I transformed from indulging in shopping sprees at Nordstrom to enjoying thrift shopping at Goodwill, Value Village, and accepting donations. Embracing a simple minimalist lifestyle has profoundly transformed various aspects of my life, and I hope it can assist you too. I've let go of the desire for a lavish, prideful lifestyle and have found contentment in living with much less.
Financial Wellness Tips and Healthy Habits
Ask and Seek Help: Be willing to reach out to financial advisors, financial coaches, family, friends, churches, local food banks, government agencies, and your social circles for help.
Keep to the basic needs: Health, Shelter, Food, Clothing, and Transportation!
Think need vs want with making purchases!
Food prep and eat from home instead of take-out food. This saves a ton of money.
Create and utilize a monthly budget!
Set financial goals that reduce spending.
Always have an emergency fund but only for true emergencies. These include major needs like loss of income, auto and home repairs, medical, etc. Sorry guys, it’s not for that that new sweater or lipstick you want. :) If you don’t have an emergency fund, it is wise to begin building one.
If struggling to make payments, banks and financial institutions want to work with you. Reach out to your bank, a financial counselor, credit card and mortgage lenders, student loan companies, and financial institutions. With my 14 years of experience working in finance, banks, and institutions have very creative ways to help clients during financial difficulties.
Just call them and ask for help! Sometimes FEAR can hold people back from calling but just call them. If you are deep in debt with lenders, credit card companies, hospital bills, and even the IRS, contact them. Many are willing to work with you. Most companies work with people regarding interest charges, and fees, set up payment plans, and make financial arrangements. Each bank or institution is different so do seek them for full advice and information.
CALL 211 or check out the website for resources https://www.211info.org·
If you need help regarding public utilities and cell phone bills- Many companies are waiving late fees or not shutting off utilities. They can work with you. It is key though to reach out and talk to them.
Be cautious right now of Identity theft as it is on the rise. Check out my Blog: Identity Theft and Prevention!
DON’T: take out payday loans, pull from your retirement account or advances in paychecks, etc. You will have to pay so much in interest. Don’t use credit cards or lines of credit cards unnecessarily or borrow more than you know you can’t pay back.
Check out Facebook Buy Nothing Groups. These are in your local area and by Zip Code. This is a great resource for exchanging items in need for free.
For More money tips and encouragement be sure to follow along over at Simple Organized Home on YouTube, Substack, Instagram, and Facebook.
Blessings,
Lisa Hice
Www.Simpleorganizedhome.com
