Lynn's
Story
I'd like to introduce myself to you by telling
you something of my background. My journey of learning how to create
Wealth started in the most fundamental way - with the habits that
I learned as I was growing up.
I was born in England in the middle of the "baby boomer"
generation, and grew up in a society where "consumerism"
was making its mark. My parents' generation had lived through the
Second World War and wanted their children to have a life of plenty
rather than the life of restriction and poverty that they had experienced.
My parents were very generous with their money - I was very proud
to be the girl at school who had the most pocket money; my dad had
the newest car; and earned more than my friends' fathers. We weren't
rich, but my parents liked to "show off" about the fact
that they had more money than their contemporaries.
Growing up in such an environment, meant that I was not taught anything
about money. The only thing I knew was that money was something
to be spent on consumer items. I knew that I had to work to earn
money - but the object of earning money was to spend it. How many
of you can relate to that belief?
My first job was as a part-time kennel maid. I would go to the kennels
after school and at the weekends to feed and walk the dogs. I remember
how wonderful it was to get my first pay packet. The grand sum of
two pounds and ten shillings. Boy was I excited. I rushed out and
spent it all in three hours. During the time I was completing my
education I had lots of part-time jobs, working in shops, cafes,
and offices. I was very keen to earn money to supplement the allowance
that my father gave me so that I could have more money to spend.
I always had plenty of money - and I spent it all on clothes and
material possessions. I never saved a penny of it.
So, my early life was very instrumental in forming my "money
habits", I was a spendoholic.
This pattern continued through my twenties and early thirties. I
emigrated to Australia, got married, bought my first home, got divorced,
sold the home, and spent all the proceeds.
I bought another house, sold it for a $50,000 profit - and spent
all the proceeds
In the 80's and 90's I worked in the financial services industry.
This was the heyday of financial planning and I was earning big
money. And I spent it all. I had credit cards, store accounts, personal
loans, leases - you name it. I was up to my eyeballs in debt. And
I still kept on spending. I used to hop on a plane to Bali every
time I felt like it - especially in the winter when it got too cold
in Canberra where I was living.
Eventually, of course, the spending caught up with me. In 1992 I
left the finance industry and started my own business with a partner.
The business folded and I was left in a situation of having nearly
half a million dollars of debt and no income.
Finally - I had to confront my situation. Painful though it was,
I had to take a long hard look at myself and take responsibility
for the position I was in. It was time to make a stand and change
my life.
I realised, that whilst I had had a lot of money go through my hands
during my life, I had never been rich. I had always been broke.
It's strange to think that even though I had earned a very large
income - I was broke. So I had to start developing the habits of
the rich. I studied rich people and started doing what they do.
It took me seven years but today, I can honestly say that I have
beaten my spending addiction and am now truly a "rich"
person. |
