In February of this year, David could tell you how much his peace of mind cost him…
$48,000 in IRS Debt
$47,000 in Student Loan Debt
$3,000 in Credit Card Debt
$14,000 in Advances for his business
At the age of 52, David found himself with a stack of debt for himself and his business, without any clear path to change. But he did have a desire to have a different outcome. Specifically, he wanted to pay down debt, to be able to pay himself consistently.
And even more, he wanted to travel to visit his children.
He envisioned a future where he could bless his family in their times of need or when he wanted to be generous.
We started working together in January of 2023. The annual sales for the business in 2022, was over $200,000, so it is easy to see that he was highly skilled at his job of selling insurance policies.
Our job was to make some changes around how he handled the money that ran through the business. When I work with small business owners, I don’t separate out personal financial coaching and business financial coaching services because the finances are woven together and have an equal impact on the other, so we were going to tackle both.
For his business, he had several accounts without any system for managing the cash flow, which is the “blood” of every business. In fact, he had not made any estimated quarterly tax payments, so he was getting surprised by the annual tax bill at the end of the year.
We set up proper systems for his cash flow and taxes. Next, we created a personal and business budget that was realistic for him. The last step was to create Sinking Funds for his priorities and came up with a plan for debt payoff. Previously, he had taken advances for policies and we wanted to pay those back and not to accept any further advances.
In just seven months, look at what he was able to accomplish through his budget, discipline and planning:
- He paid $15,000 towards his 2023 taxes! He made his first estimated tax payment, but I may have been more excited than him!
- Saved $4,000 so far toward an Emergency Fund for his business.
- Paid off his Credit Card debt.
- Reduced his old IRS debt by $7,000.
- Paid back the $14,000 in advances he took last year!
And close to David’s heart, he paid for several trips to see his children in cash and has money set aside for Christmas and future travel.
It is such a joy to see how well he is doing in such a short amount of time. If he can do that in 7 months, imagine the wealth he can create in 7 years! He has very valuable skills (selling and business ownership) and simply needed to add some financial skills to give him the peace and freedom he wanted.
I got this text from David, “Thank you for all your help, Crystal!!! I have a lot more peace about my finances now, you’re awesome!”
Right back at ya, David!
If you are interested in working together, send me an email. I currently only have one spot open for coaching.
