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In 2010, Louise was a single mom with a teenage daughter and another daughter under age 10. She spent her days working with words, writing sales and advertising copy that garnered her great respect in her field, but at the end of the day, it was numbers that weighed her down.
Despite the outward signs of success, Louise owed $15,000 on credit cards and $10,000 in income tax. She had purchased a duplex and had upstairs tenants to help offset the mortgage, but she was also paying rent of $1,000 a month for her daughter at college. And just over the horizon loomed an income tax bill of $26,000.
“It’s very shaming to be that far in debt,” she says, “so you start hiding a lot of information from family and friends.”
She felt isolated and uncertain about how to turn things around. She read books and blogs about money management, but confidence in her financial skills was so low, she wasn’t able to turn the general information into personal solutions. She discounted the idea of reaching out to a financial planner because she believed planners were for investing and not for dealing with debt.
“I had never heard of a money coach,” Louise says, until she came across the term in a Canadian Living magazine article featuring Money Coaches Canada co-founder Sheila Walkington. The idea that there were financial professionals who could guide and teach her how to manage her money gave Louise just enough courage to break her isolation and reach out. Continue reading
