WE CASE STUDY: Andrea
Eradicated a ‘big ball of debt” creating the freedom to build wealth and explore the life she wants.
Before joining WE, I was “a hellish nightmare”!
As a spender, I’d been accumulating debt since my early 20s and I’d reached a point where it was sending me crazy. I didn’t know how to manage my money and the people in my life didn’t either. Instead of creating a strategy where I could pay down debt and still have money in the bank, I was relying on loans.
I’d take out one loan to cover another loan – and then another loan to cover that one…
I hoped this would work, but after seven years of trying, my situation snowballed into this big, overwhelming ball of financial debt.
Things started to shift after I asked a good friend who ran his own business for some advice. I was fed up of looking at my expenses, living from week to week, and not really enjoying my life. My debt was an anxious burden and at 28, I wanted something different for my life.
He recommended WE, so I booked a conversation with one of the financial coaches.
It was such a relief to have a conversation with someone who didn’t judge me and with whom I could talk about everything.
Some people thought I was crazy to invest in financial coaching when I was in debt. They said the logical thing to do would be to use that investment to pay down some of my debt.
But the reality was I didn’t know how to manage my money. I’d tried in the past to figure things out by myself, but it hadn’t got me the results I wanted.
I also loved the idea of having someone who could coach me through all the decisions I knew I’d have to take. I liked the idea of not having to walk this path alone.
I joined WE in 2015.
In January 2020, I finally cleared ALL my debt.
I actually have a $23 credit because I didn’t want to get caught out by any unexpected interest!
It was such a weird feeling having a zero balance. After all these years, it’s bizarre not having the feeling of debt in the back of my mind.
Life now has a totally different focus…
I’m celebrating the fact that I can really think about what I want to do. My financial strategy is no longer about working to clear past debts, but about figuring out what’s right for me. Things are changing already. For example, I’m able to study for my wildlife conservation certificate so I can do some volunteering. This new situation is allowing me to do things that I didn’t feel able to do when I had debt.
It was a tough journey.
The journey to debt freedom wasn’t a super easy process.
Because I had time, I worked two jobs for a year. It was hard, but this decision got me further ahead than I would have been if I didn’t make this choice.
I also had to work to discipline myself. When I first started my journey with WE I was a spender and I would just spend money. I didn’t have a good relationship with my finances. I saw money as a negative because of all the debt I accumulated. This made it hard to quit bad habits too, so I did slip up here and there, but I wasn’t alone.
My coach was always very reassuring and I felt involved in all the decisions. I also knew where my money was going and what my money was doing. The support was so helpful. If I had a question, I could email or jump on a call with my coach who gave me a sounding board. It was amazing having someone who could help me figure things out and give me the peace of mind that I was making sound decisions.
Now it’s time for ME
A lot of my goals have completely changed over the past five years. I’ve even changed cities and the help I’ve received from WE has allowed me to do that.
I feel like I’m done with all the materialistic things that used to attract me when I was younger. Now I’m excited to have more experiences. WE has helped me drill down my needs and I’ve simplified my life.
My journey with WE has also completely changed my financial mindset. Now I have a positive outlook on money.
Sometimes I do get a little bit stressed when I’m down to a few cents at the end of the month before I get paid. Then I remember everything’s OK because all the bits of money are allocated intentionally; it’s not because I’ve spent stupidly or relentlessly. My money is actually going into things that will mean something in the future.
I’m also feeling more optimistic about the future.
For example, I feel confident looking into property investment in the future. It feels incredible to be able to consider this option. In the past, I would have been so scared about taking out a property loan because it would mean more debt. Because my mindset has shifted, I’m able to see this as an investment opportunity.
I’m also building wealth. For example, I have a bond running and investments too – and because WE take care of this, I don’t have to worry about any of it. It’s all running like clockwork.
What I’d say to others who are thinking about joining WE
WE is different. It’s not like going to your typical accounts and looking at the numbers. With WE it’s always about my goals and what I really want to do with my life.
Not only does WE help you get your finances sorted, but they offer a structure that empowers you to have a positive way of thinking about getting to your goals. It’s a very personal relationship too.
Thank you WE for everything.
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Disclaimer: all information contained within this article is of a general nature and should not be relied upon when making financial decisions. Please consult a professional financial advisor or planner (like us!) before acting.