👋 Meet Phillip

Phillip is a marketing entrepreneur who wants to have more income to build generational wealth.

He owns multiple properties but is struggling to keep up with tax and insurance costs. Also, his business lost money in 2023, so he had less income. In November 2023, he signed up for Doing Well. Now, he spends $3,000 less on expenses each month, saves 20.08% more, bought more insurance, and opened a HYSA.

🚧 Challenges Faced

Phillip owns multiple properties but is struggling to keep up with tax and insurance costs.

• Property Taxes: Facing an increase in property taxes due to reassessment.
• Homeownership Costs: Need to sell a house in Florida due to rising property taxes and insurance costs.
• Business Loss: Experienced a business loss in 2023.
• Relocation: Wants to move to another state.
• Savings Strategy: No High-Yield Savings Account (HYSA).

🎯 Goals Set

Phillip wants to establish generational wealth by increasing his life insurance, buying real estate, and finding more ways to earn money.

• Financial Independence: Wants to have the financial freedom to take care of his mother and secure his future.
• Life Insurance: Increase life insurance coverage for added security.
• Income Boost: Make more money through various means.
• Real Estate Portfolio: Expand real estate ownership for long-term wealth accumulation.
• Generational Wealth: Establish generational wealth to provide for future generations.

🚀 Progress Achieved

In just 5 months of working with Doing Well, Phillip was able to get more life insurance, optimized spending, cut down monthly expenses, and increased savings.

• Life Insurance: Purchased additional coverage at a lower cost.
• Subscription Management: Cancelled unused subscriptions to save money.
• Bill Automation: Automated bill payments.
• Expense Reduction: Decreased personal/business expenses from $13,000 to $10,000 monthly.
• Savings Increase: Achieved 20.08% increase in savings.
• Debt Repayment: Paid $4,000 debt

❓Questions & Answers

1) How did your upbringing influence your financial decisions?

As refugees, my parents didn't have much education and struggled to find steady work. Seeing them like that, especially after my dad went through a series of accidents, made me want to learn about managing money early on. I knew education was the only way to get out of that situation, so I studied finance in school. Then, I started my own business to have more control over my finances. That childhood experience taught me the value of hard work and independence, which made me who I am today.

2) Could you share your financial progress and current goals?

Recently, I've been earning more and spending smarter. Right now, my goal is to keep growing my income, save more money, and invest in things like properties. My long-term goals are to be in a stable financial situation, take care of my mom, and be able to relax a bit in the future

3) What money habits have you adopted to improve your finances?

I make plans as to where my money goes as soon as I receive it. I also make sure to pay my bills on time so I don't get hit with extra fees. Saving is important too, so I put aside money regularly, even if it's not a lot. I've also been learning more about personal finance from Doing Well, like how to budget properly. These changes have helped me get a grip on my finances and work towards my goal of building generational wealth.

4) What advice would you give to others facing financial challenges?

Saving money now is a good idea, even if you're still young. Learning how to manage your finances helps you in the long run. Spend wisely, make a plan for your money, and save up. It might be tempting to buy everything you want, but being smart with your money is important. Instead of spending a lot now, think about the future and how you can make it better by being careful with your money today.

5) What inspired you to embark on your Doing Well journey?

Signing up for Doing Well has made a big difference. Before, my money was a mess, and I didn't know where it was going each month. But I really wanted to get better at managing my it, so I decided to give Doing Well a try—they take care of my bookkeeping, give me personalized coaching, and make sure I stick to my financial goals. Now I feel much more in control, and I'm excited to keep learning!

💬 A Message From Phillip

“Doing Well helped me create a budget that actually worked, and they showed me where I was overspending. With their help, I was able to cut back on unnecessary expenses and start saving more each month. They also offer personalized coaching and took care of all my bookkeeping, which freed up a lot of time and mental energy. Now I feel more in control of my finances, and I'm excited about the progress I've made so far.”

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