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.