Creating a Budget for (Real) Life

Carl & Faith - Toronto Ontario Region

When Carl and Faith joined the Paladin Program, they were in their mid-30s and proud parents of four. Faith is a teacher and at the time Carl was a music teacher who worked sporadically. They were having trouble paying all of their bills at the end of the month and had racked up some debt. They owned their own house, but it carried a substantial mortgage and they had few other investments. They wanted to stabilize their income and find out where all of their money was going.

We began a detailed budgeting program and slowly brought them into a positive cash flow situation so that they could debt-service all of their bills. We then advised our clients to take out a small second mortgage on their house and pay all of their outstanding bills, many of which were the high interest kind. They are now paying down their mortgages and Carl is retraining for a new job. They recently received a small inheritance, which they have put into an investment fund. They are much happier with life and well on their way to financial success.