From Debt to Success: Money Lessons of an Entrepreneur
Written by Tangerine

Friday, June 28th, 2019

Pauleanna Reid is a self-described multi-passionate entrepreneur, but her experience with money has not always been positive. Pauleanna describes a time when her priorities were not in the right order, and though she had "material things", she had no money in the bank. In fact, she had a whopping $52k in debt at the age of 21.

Not dealing with her debt proactively eventually led to an encounter with an empathetic collections agent who somehow managed to "breakthrough", initiating the change in Pauleanna required to turn her life around.


It’s ok to ask for help

Pauleanna realized that when it came to her own personal finances she needed help, she couldn’t do it alone. She put together a team of financial experts—she calls them her "board of advisors". With this team, Pauleanna created a roadmap designed to get her out of debt and moving forward with her finances. She also started a savings plan, which at the beginning was a very modest amount of $50.00 per month. Pauleanna underscores the importance of just "starting" regardless of where you are in your own financial situation.


Putting her financial plan into action

A detailed plan of action that included automated saving, mindful spending and sticking to a budget are what Pauleanna credits with turning around her financial situation. This meant making some tough choices when it came to her social life like saying no to going out with friends. 

Share now

Saving, tracking your spending and staying on top of your finances can all be a breeze.

Interested in growing your savings with Tangerine?

Related posts

How much should I be saving each month?
How much should I be saving each month?
January 25th, 2023 | Ethan Rotberg
Keep your budget in check by buying used
Keep your budget in check by buying used
December 2nd, 2022 | Pira Kumarasamy
RSP vs TFSA: Understand the Difference
RSP vs TFSA: Understand the Difference
November 23rd, 2022 | Tangerine
Legal Stuff
This article or video (the “Content”), as applicable, is provided by independent third parties that are not affiliated with Tangerine Bank or any of its affiliates. Tangerine Bank and its affiliates neither endorse or approve nor are liable for any third party Content, or investment or financial loss arising from any use of such Content.
The Content is provided for general information and educational purposes only, is not intended to be relied upon as, or provide, personal financial, tax or investment advice and does not take into account the specific objectives, personal, financial, legal or tax situation, or particular circumstances and needs of any specific person. No information contained in the Content constitutes, or should be construed as, a recommendation, offer or solicitation by Tangerine to buy, hold or sell any security, financial product or instrument discussed therein or to follow any particular investment or financial strategy. In making your financial and investment decisions, you will consult with and rely upon your own advisors and will seek your own professional advice regarding the appropriateness of implementing strategies before taking action. Any information, data, opinions, views, advice, recommendations or other content provided by any third party are solely those of such third party and not of Tangerine Bank or its affiliates, and Tangerine Bank and its affiliates accept no liability in respect thereof and do not guarantee the accuracy or reliability of any information in the third party Content. Any information contained in the Content, including information related to interest rates, market conditions, tax rules, and other investment factors, is subject to change without notice, and neither Tangerine Bank nor its affiliates are responsible for updating this information.
Tangerine Investment Funds are managed by Tangerine Investment Management Inc. and are only available by opening an Investment Fund Account with Tangerine Investment Funds Limited. These firms are wholly owned subsidiaries of Tangerine Bank. Commissions, trailing commissions, management fees and expenses all may be associated with mutual fund investments. Please read the prospectus before investing. Mutual funds are not guaranteed, their values change frequently and past performance may not be repeated.