Meet the financial planner who uses her $12,000 credit-card debt to help clients avoid her own mistakes:
Financial advisers need to have their own money matters in order before they can guide clients, right?The Atlanta, Ga.-based certified financial planner is climbing out of $12,000 in credit-card debt and she’s not afraid to share the story with her clients. It’s actually helped many clients absorb Wilson’s lessons about controlling spending, budgeting and not getting carried away with credit cards.
That wouldn’t be a problem, Wilson figured. She had a $12-dollar-per-hour part-time job first processing medical bills and then car loans. Earning $1,200 a month, Wilson bought cabinets, a couch, a dining-room table, a mattress, chairs, a television, and a laptop. She also painted the basement. “I wanted it to look really nice,” Wilson said.
Wilson graduated and moved out of the basement to her own apartment. She got a job as an administrative assistant at a financial planner’s office. She took out a $12,000 loan with a 13% interest rate from Upstart, an online lender, in order to pay off the credit-card debt. Wilson’s store cards all had interest rates upwards of 25%, she noted.With just one loan to pay down, Wilson “enjoyed life a little.” She used her credit card to buy clothes for the office and drinks and meals with friends.
$75 weekly grocery bills By the winter of 2018, Wilson and her now-husband, Mike, got serious about tackling the debt. A fresh start for Wilson, and her clients Around the time Wilson started hacking away at the debt, she also started her job at SmartPath, a personalized financial-coaching service. The Atlanta-based company doesn’t sell financial products or manage investments, but it helps clients determine their way to goals like retirement or extinguishing student-loan debt.
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