"Six Figures and I Feel Deprived" "Money Fights are Tearing Us Apart" "My Small Business is Imploding"

Chris, 37, an advertising sales rep, came to Finanswer with an easy smile that belied his frustration and pain over the state of his finances. Chris sighed, “I'm good at sales and make decent money, but everything I make goes to creditors. I feel deprived all of the time. I thought that if I worked harder, I could catch up and get ahead. Five years of this vicious cycle and I am not getting anywhere.”

Chris and his Finanswer consultant created a plan to clear his debt, save money, and start a retirement fund. They also discussed Chris's unhappiness with his job, and laid out steps to combine his science education and sales and negotiation skills in a career in biotech business development, an area he'd been thinking about for years.

It took effort, and was at times uncomfortable, but Chris made decisions that enabled him to clear $5,000 of his credit card debt in 10 months. He found a new position at a biotech company and was doing well.

Chris reports, “I am thrilled with the direction my life is taking. I'm working in a fulfilling career instead of a job I hate because I owe money. My credit card balances are still high, but I'm making progress, more progress than I thought possible in less than a year. I feel happier and more optimistic than I've felt in years.”

"Money Fights are Tearing Us Apart"

Dennis, 41, a dentist, and Lori, 34, a healthcare consultant, were fighting so much about money they feared their marriage was in jeopardy.

Dennis was a conservative spender, preferring simple pleasures such as hiking and barbequing, and playing board games with his children. Occasionally, he went for a game of golf with his best friend, Jim, but those outings were rare.

Lori preferred spa treatments, extreme sports adventures, and buying gifts for her children, parents, and friends. “Why not enjoy life,” Lori said. “I may die tomorrow, and if I do, I want to leave knowing I lived well. It makes me happy to buy nice things for our children. They will never feel the shame of wearing rags to school, or hunger pangs from going without dinner, as I did.”

Dennis felt that Lori was spending them into big trouble. He started seeing patients on Saturdays to keep up with Lori's spending. “Lori is spoiling our children, and making it impossible for us to keep our secure future. When I was a kid, I learned that calamity may strike at any time. When my parents' dry cleaning business burned down, we lost our home and had to move in with relatives. My parents had no savings or insurance. I don't want an unforeseen event to ruin my family.”

Dennis and Lori's personal financial consultant helped them see how their money histories influenced their spending styles today, in some positive and some counterproductive ways. They learned to make adjustments and understand the other's point of view when it came to spending and savings decisions.

With the help of their Finanswer consultant, Dennis and Lori reached a balance point between enjoying their money and saving for the future. Today they manage their money together, and have set a plan in motion to pass their money values and management skills on to their children.

"My Small Business is Imploding"

LeShaun, 50, a computer programming contractor, arrived at his first Finanswer consultation with two cell phones ringing. “Sorry, hang on while I put these on Silent”, he said to his personal financial consultant. “It never stops. Between my clients and my ex calling about the kids, I'm trying to do too much at once and am pleasing no one, including myself.”

LeShaun was having difficulty managing the demands on his time, and was undercharging for his services. Consequently, his business and personal finances were suffering.

LeShaun worked from home and had a flexible work schedule, and to his family and clients he seemed more available than if he worked at a separate office.

His clients often supplied him with important information weeks after they had agreed to, yet expected LeShaun to meet to the scheduled project deadlines. Many of them paid late, too. He was beginning to feel negatively toward his clients.

Through his work with his personal financial consultant, LeShaun realized that to reach his financial goals, he needed to increase his fees to market rate and manage his client relationships and personal availability more closely. He would have to make some changes in the way he responded to requests for his time from his ex and kids.

He revised his contracts and revamped the accounts receivable process. He changed the way he thought about and negotiated his time and fees. With increased confidence, he organized his business finances and cleared up his accounts receivable backlog.

“I like my clients again. I have better focus, the quality of my work has improved, and I'm meeting deadlines. I'm earning enough on a regular basis to pay the bills on time. My ex and kids have adjusted to my new way of working, too. They know I'll be there for the important events, and when there is an emergency, but my work time is as important as anyone else's. My kids and I have a lot of fun together at night and on the weekends, and they love that I am not taking business calls during our family time.”

Search Now: Your FICO credit score is the single most important number when it comes to eligibility for loans, mortgages and credit cards at the best rates. Get your Fico Scores/Reports , and call Finanswer to help you improve them.

Next

©2009 Finanswer, Oakland, CA 510610.4884 All Rights Reserved