Acquiring Too Much Debt

Gil came up to me at the end of seminar I was giving at a fortune 500 Company in Los Angeles. He was a handsome, well dressed junior level executive clearly on his way to the top. He whispered to me, "I need your help...I never seem to have enough money."



 



His story... "I did not come from money. I actually grew up without much in southern Illinois. My family struggled. I mean really struggled. I began my working life at age 11 with a paper route. Most of my friends had one so I seemed okay. The fact was I was contributing to my family's income. My paper route helped buy food and stuff for me and brother. I remember at about15 when I got another job at a local grocery store at night in the stock room, that I needed to make sure that my life was not like this forever. I tried to get good grades, but with all the time I spent working it was challenging. I applied to all the state schools in Illinois because I knew it I would not be able to afford anything else. Fortunately I got it in and qualified for lots of loans. Unfortunately, I also was introduced to credit cards. I was so relieved. I just could swipe a card and I did not have to worry about my spending for about 30 days. Even when the bill came I only had to pay a fraction of the purchases. I did not understand about interest. I did not even think about paying if off. I figured after college I would land a job that paid way more than enough to pay these bills off in no time.

I could finally be like everyone else. I could buy things that I was never able to have at my parents. I graduated from college and took my first job which paid only $26,000 a year. I did not realize that would be only about $700 every two weeks. I thought college was supposed to make me almost a millionaire. I decided I liked school better than working for nearly nothing. I headed to graduate school. More loans, more debt. I did get a great job out of graduate school. I made $80,000 a year. I felt like a millionaire! Then about nine months after graduation, I got my first bill for my education. All of a sudden that millionaire feeling had left me. I was paying off $140,000 in student loans, credit cards bills of $75,000 and then all my day to day bills. I felt buried. Instead of fixing my old ways, I continued down my path of spending. I wanted what everyone had and I bought it.



 



So now I am here with an income of $125,000 per year and I am living paycheck to paycheck and the idea of saving nearly makes me sick. I have never been able to admit this out loud. Please, please, please help me!" I listened. Then I asked, "Who are you trying to keep up with now?" Gil replied, "Just me." That was the key for Gil to see that he needed help. He could no longer keep up with himself much less anyone else.



 



Gil and I worked together for three years. In that time Gil was able to forgive himself, took responsibility for his situation even though he came from no money, stop trying to keep up with those around him that had more. Gil also learned the importance of setting small goals. Gil had a lot of debt because the amount was so high it was nearly crushing to his psyche. All of Gil's savings were transferred to an online savings account we opened. This money was only to pay off credit card debt. I understand that Gil's expenses and income are high. This importance of showing this is so you understand that it does not matter how much money you make. Financial problems and mistakes do not discriminate.



 



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