When you look at YOUR FINANCES, can you see YOUR REFLECTION? – Final Part
In this final part, I am going to share how recognizing your mistakes and confessing them, coupled with a plan of action, will produce results that most of us think are impossible. I can tell you that your dreams can come true and it is all up to you! You, and no one else but you, gets to decide how your future will unfold and you have everything you need to make it happen. So, what kind of an accountant am I exactly? One that likes to count………..especially when you have more cash than debts…….I know you will agree.
As my wife and I progressed along our plan, there were many times that we wanted to give up. Am I glad we didn’t! All along, we had been renters. As I started working for myself, I had come across my first client who was in trouble with the tax authorities. This situation took a toll on me and approx. two years to resolve. The result was a very BIG, and I mean BIG reduction in their taxes owed. In return, my clients, at the time, were buying and selling foreclosed real estate. They asked us to come and look at two of their properties and to choose the one we wanted. The deal was that we would receive a 25% down payment in cash and purchase the property of our choice at the same foreclosed price they paid for it. They were giving up their gain to us, which was substantial, including the down payment. On top of that, they repainted the whole place and provided new floors. How’s that for a return! All of a sudden, we had both cash and an asset.
We went without a car for almost four years. I can still remember the time we went to visit my mum by public transport and a normal car ride would have taken us approx. 20 minutes from her house to our home. Instead, her route was not in the best transit routes and it took us over an hour to get home. To top things off, it was a miserable rainy night and my wife was not happy at all. I felt defeated as a man, have you? Around this time, I was now working for a company and I was in a more senior position. I was responsible for taking care of the various local clients and this required me to go and see them. Of course, I had to take public transport. I was doing well and I knew I was going to get a raise. I decided to approach my boss and convince her that instead of a raise, I needed a vehicle as it was not in anyone’s best interest for me to visit our clients the way I had been doing. She agreed and told me what she was willing to cover on a monthly payment. The result you say? A 330i white four door BMW! All along, my wife and I were more than happy to have a Honda. When you do it right, watch out as the rewards will be better than you think. Now, my wife is hooked on BMW’s and that’s all she wants to drive. Imagine that……………
Have you, like my wife and I, defaulted on any of your credit cards? There is good news if you have. After about a 4 year period without any credit cards to either of our names, my wife decided that it was time to apply for one. Of course I wasn’t for it as I knew they would eventually find us. Still not learning, am I? Made a mess and didn’t want to own up to it…………..anyway, of course, the credit card my wife had defaulted now tracked her down and she proceeded to call me. I made contact and payment arrangements in 2 installments. By now, we were in a cash position. Approx. one month later, my wife and I came home as usual and she had received a letter that looked like it was from a collection company. As she opened it, the creditor I had negotiated with sent us a cheque of approx. $500. When I asked what it was for, I was told that the credit card company said we paid too much and we were receiving a refund for our “overpayment”. Let me be very clear, we owed approx. $2,200 and I negotiated it down to $1,700. With our refund of approx. $500, this meant we only paid $1,200 on an outstanding debt of $2,200! How’s that for redemption…………….
The above are just 3 examples of what can happen to you if you start doing things right. It doesn’t matter how badly you’ve messed up. All can be forgiven and you can start over. I have many more examples, but I’m sure you get the picture. As I continue on this path, I still make mistakes. The difference now is that I have reserves to deal with my mistakes where as in the past, I didn’t. My only question to you is this………..When are you really going to start over? Start now as there is no time like the present…………
On your “NUMBERS” team,
3 years ago / 4 Comments
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