Wela Financial Advisors on what we saw, what we learned, and what we should do on this week’s episode of Life or Debt on Spike.
As a single LA mother, Heather Santora works eight jobs, (yes eight!) but still finds herself in mounting debt. With $10,000 dollars in outstanding credit card debt, Heather’s solution has been to find another job, and when that wasn’t enough, she picked up yet another job. The problem is, she’s been working harder and not smarter.
This starts out with organization. When you have no idea how much is coming in each month and how much is going out it’s virtually impossible to get a grasp on your finances. Organization is key. It’s essentially for Heather to know what life costs so she’ll know how much she needs to earn in order to pay for it! Building a realistic budget is the first step. Only then will she know what life costs.
After the budget is built then she can turn her attention to income sources. With eight different jobs, it was impossible to keep track of what made sense. For instance, if it costs more to maintain a car than you can earn from driving that car, that’s not a good job to keep. But when Heather found herself worn ragged from working 18-20 hour days, she had no idea what jobs to keep and which to dump. And quite frankly, working this much was a serious distraction from her children!
By honing in on two or three income sources, Heather is able to maximize her time and her expertise. With the help of Victor Antonio, Heather is able to not only hit her magic number, but absolutely crush her magic number! She brings her monthly expenses down AND increases her income (by way of simplifying jobs and specializing) which leads to incredible success in just 90 days. Demolishing $10,000 of credit card debt and turning cash flow positive did wonders for Heather’s outlook on life.
Getting organized and keeping things simple will greatly improve anybody’s outlook on life. Financial stress and concern can have a huge impact on your happiness.
If you’re currently trying to get organized and use the K.I.S.S. method for your finances, here are a few articles that may help.