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.
Frank and Deirdre Haggerty were living a life you only read in fairy tales. They met each other at a young age and it was love at first sight! They have been married for over 26 years and supported each other to the fullest extent. Deirdre even quit her job to help Frank pursue his DJ career and grow the business. Things were rocking and rolling along until business started to dry up. Bills went unpaid and income dropped significantly.
Now, the Haggerty’s have found themselves in dire straits. Their cash flow is about $7,000 short EVERY MONTH. They haven’t made a mortgage payment in almost five years and on top of that, have not filed a tax return since 2009!
So now what? Ultimately, Victor Antonio was able to see that the real issue this family had was organization. With Frank as the family's "CEO," too many things were falling through the cracks. This family was able to turn around their financial situation by having Deirdre step into the CEO role for the family. By having her manage their finances, and focus on increasing their income and decreasing their expenses, the Haggerty family was ultimately able to turn around their dire financial situation.
Financial organization is something that we often find people struggle to maintain. It's important for the Haggarty family to under their monthly cash flow, with the money coming in from the DJ business and Deirdre's hairdressing. Before going on Life or Debt, they were simply ignoring what was inconvenient. By finally taking a closer look, they were able to see what needed to be changed and implement those changes.
The Haggerty’s have been through the ringer and stuck by each other…now is not the time to give up! Work together towards reaching a solid financial foundation and their relationship will be stronger than ever.
If you are in a similar position where you struggle with financial organization, here are a few articles you may find helpful.