My Financial Story: From 6 Figure Income to Flat Broke to Now Helping Others!
Today, I am wanting to share with you a little of my personal financial story testimony. This includes my journey and transformation from 6 figure income to flat broke to now helping others. If you are struggling financially, I hope this story brings you hope and encouragement. Plus, tips and resources to help you regarding your money!
I see so much of the last thirteen years of being like a butterfly. The old is gone and the new has come. I went from a six-figure income in the mortgage industry to earning much less working in health care, coaching and ministry.
While working in the mortgage industry I had it all: money, a house, car, boat, huge retirement and so much more. LIFE WAS GREAT! So, I thought. Then the unthinkable happened! At 30 years old, my life slowly began to crumble. I lost the job with a six-figure income, was so broke I had to sell all my possessions including my home. I was eventually led to go back to school and finish my college degree in Leadership in Ministry which led to my current lower income. Working in health care, life coaching and ministry, it’s forced me to change my money habits and the way I view money. I have gone from extreme shopping sprees at Nordstrom to enjoying shopping at Goodwill, Value village and items donated to me.
By the love, grace and forgiveness of God, I have had major changes in my life.
Frugal living now is exciting and fun for me which has prompted me to share with others like you. Especially this last year, as I know many of you are unemployed, broke and struggling financially.
Living frugally and spending less has allowed me to help family members, give to those in need, save for retirement and reduce my debt including my student loans. Plus, add money to my sinking funds which include emergency funds, traveling, a new car, Christmas fund and more. I enjoy saving every month by eating from home, doing outdoor adventures as my entertainment, getting books from the library, beauty on a budget and so much more.
I believe frugal living has tremendously transformed so many areas of my life and hope it may help you. I no longer feel the need to strive for the prideful, lavish lifestyle but find myself being content on much less. I enjoy a life of minimalism, having to work less hours and giving of my time to those in need.
If you are new to frugal living, be patient with yourself as it’s a journey.
CHECK OUT MY FAVORITE FINANCIAL TIPS, IDEAS, AND RESOURCES
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 which reduces 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 and you are working, 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’ 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 cards companies, hospital bills, and even the IRS, contact them. Many are willing to work with you. Most companies work with people regarding interest charges, fees, will 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 actually 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 pay day 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 payback.
Check out Facebook Buy Nothing Groups. These are in your local area and by Zip Code. This is a great resource of exchanging items in need for free.
For More money tips and encouragement be sure to follow along over at Frugal Living Network on Instagram and YouTube Channel!
I enjoy sharing and teaching practical ways to budget, save for the future, pay off debt and be financially prepared in case of emergencies. Plus, I teach and share ways to protect your credit and money! I love to teach from a biblical point of view and what the Bible says about money. Matthew 6:25-34. I enjoy sharing resources, tips and ideas on how to save money, and live frugally on a budget. Friday’s, I share FRUGAL AND FUN FRIDAY’S. These posts include ideas for the weekend, traveling and just fun ways to save money. Plus, share biblical truths regarding money.
If interested in financial coaching, feel free to reach out!
With love,
Lisa Hice
