Missed this weekend’s episode of We Owe What? Don’t worry you can catch up on full episodes at:
Here’s a quick recap in case you’re short on time!
All Shook Up
I recently spent some time down in Texas with the Kussman family who were facing bankruptcy if they didn’t address their bad financial habits.
Married couple James and Melody had struggled with financial planning and management and as a result would regularly fall behind on paying their bills. James’ over-indulgence in Elvis memorabilia coupled with the imminent reality of paying college tuition for Melody’s son, Blade, meant the Kussmans had to get their act together fast – so I stepped in to show them how.
Keeping Up With the Joneses
Something James had shared with us really struck a chord with me. He lamented the ease his friends and neighbors seemed to enjoy in life, commenting that they made similar money to him and shared the same interests, yet appeared more financially stable and free to spend money as they liked.
This is a common issue. Comparing ourselves to others is always going to leave us feeling as though we are falling short. I warned James to try and avoid making comparisons with others’ lifestyles as the truth is, we never really know what’s going on behind closed doors – they too might have a stack of bills hidden under an Elvis’ Greatest Hits compilation.
Mary’s Rules vs Elvis Rules!
The Kussmans needed some direction to help sustain them financially in the next stage of their lives and into retirement. If not they’d be facing a rough road – so I laid down a few rules:
1) Create a Creative Income: Melody had a real passion and talent for creating animal artwork but had never thought about turning it into a business. I gave her a few pointers on how to set herself up online and in no time at all Melody had started a business and made a sale!
2) Blade’s New College Fund: The Kussmans really had to re-think their whole approach to saving for Blade’s tuition. Blade, too, had to be brought on board – I advised him to fill out a FAFSA in order to be eligible for federal financial aid and to start seeking employment – vacation time was over!
3) Order in Elvis Court: James was obviously reluctant to part ways with his treasured Elvis merchandise so I suggested he decided upon what mattered the most to him in his collection and sell what was less important. The cluttered environment, crammed full of Elvis mementos was preventing James from seeing clearly and managing his money. By de-cluttering his office space, James was able to de-stress and create a friendlier and more relaxed place in which he could take care of business – who would’ve thought that Elvis was really ‘The Devil in Disguise?’
I was so pleased to be able to help the Kussmans straighten things out and they are now on their way to a much healthier financial future!
If the Kussmans’ problems seem familiar to you and you think you could benefit form my help, why not apply to take part on the show? Just follow the link below.