👋 Meet Phillip‍

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

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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 $4K less on expenses each month, paid $23K in mortgage, put $40K into insurance, and saved 58.1% more.

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‍🚧 Challenges Faced‍

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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

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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

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In just 8 months of working with Doing Well, Phillip was able to cut down monthly expenses, paid a lot in mortgage, got more life insurance, and increased savings.

• Life Insurance: Purchased additional coverage at $40K.
• Subscription Management: Cancelled unused subscriptions to save money.
• Bill Automation: Automated bill payments.
• Expense Reduction: Decreased personal/business expenses from $14K to $10K monthly.
• Savings Increase: Achieved 58.1% increase in savings.
• Mortgage Repayment: Paid $23K mortgage balance.

❓Questions & Answers

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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.

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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.

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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.

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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.

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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!

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💬 A Message From Phillip

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"Managing my business finances used to be a nightmare. I was always stressed with all the paperwork and numbers and knew I needed help. Luckily, I found Doing Well. They took the time to understand my situation and put together a plan that worked for me. Now, I finally feel like I’m running my money instead of it running me. It’s amazing how much calmer I am with a plan in place, and I’m grateful for the peace of mind it gives me."