👋 Meet Gail

Gail is a high-earner in real estate but is overwhelmed by her expenses from big purchases.

Married with children and approaching retirement age, she shoulders responsibilities for her family while managing huge expenses for her car and real estate properties. In November 2023, she signed up for Doing Well and made strategic financial adjustments to pay off some of her debts and lay the groundwork for her retirement goal of owning more rental properties for additional income.

🚧 Challenges Faced

Even though Gail makes a lot of money, she has to spend most of it on her business, family, and expensive properties she bought recently.

• Balancing Expenses: She’s dealing with huge expenses while caring for children
• Spending Habits: Want to be more mindful of spending habits
• Generosity: Naturally generous and likes to treat others, sometimes too much
• Business Finances: She owns a business with high revenues, but also high expenses
• Investment Losses: Lost some money from stock investments due to lack of expertise
• Property Regrets: Regretted buying some properties
• Comingled Personal/Business Finances: Uses her personal money to cover business expenses
• Emergency Fund: Struggling to establish an emergency fund due to ongoing car and property payments
• Business Resurgence: Weathered a slow period in business but now experiencing a resurgence in sales

🎯 Goals Set

Gail had a lot of expenses and debts but she wanted to pay off a huge portion of them so she could start preparing for retirement.

• Rental Property: Wants to own multiple rental properties
• Retirement Savings: Have a plan for retirement
• Financial Targets: Pay off luxury car within 6 months
• Income Increase: Increase current income to achieve more financial goals
• Property Retention: Retain certain properties as a safety net for retirement
• Investment: Put money into different types of investments
• Credit Cards: Close unused credit cards
• Debt Repayment: Pay off credit card debit and property loans

🚀 Progress Achieved

In just 5 months of working with Doing Well, Gail sold properties, paid off significant debt, saved and invested money, and intentionally cut down her spending.

• Closed Credit Cards: Paid off and closed 3 credit cards
• Debt Repayment: Sold properties to reduce her debt by $27,000
• Home Renovation: Accumulated $300,000 for home renovation and condo acquisition
• Savings: Transferred $50,000 to a High-Yield Savings Account (HYSA)
• Cancelled Subscriptions: Identified and canceled unused subscriptions
• Expenses Reduction: Reduced personal and business expenses by $10,000

❓Questions & Answers

1. How did your upbringing influence your financial decisions?

My upbringing in another country and moving to the US had a big impact on how I handle money. Things were tough when I first got here, especially after I got married. I started working right away, but at first, I spent most of my money on clothes and treating my family. Eventually, I realized I needed to be smarter with my money, so I worked hard and became a successful Realtor.

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

I've made good progress with my money when I signed up for Doing Well. I've paid off a lot of debt and started saving and investing. Right now, I'm focused on making sure my family's financial future is secure and that I have a comfortable life when I’m older.

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

I keep an eye on what I spend, make sure to save some money each month, and avoid spending on things I don't really need. Also, I always do my research before making any big money choices, like investing or buying something expensive.

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

If you're struggling with money, don't be afraid to ask for help. Start by making a budget to see where your money is going. Try to save a little bit each month, even if it's just a small amount. And remember, it's okay to say no to things you can't afford right now. Take things one step at a time and don't give up!

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

I wanted to feel more in control of my money and my future. I was tired of feeling stressed about finances and wanted to make a change. Doing Well helped me improve my situation and build a better financial future for myself and my family.

💬 A Message From Gail

“My family and I always fought about money. Balancing personal, business, and unexpected expenses was hard and I couldn’t keep up sometimes. Things have gotten better after I signed up for Doing Well. The personalized financial plan really helped me manage my money and income better. Now, I feel more confident and less stressed about finances. I'd tell anyone in the same situation to give Doing Well a try.”

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