They went from living pay check-to-pay check to financial freedom. Find out how!

The Scenario - A couple in their late forties had recently become empty-nesters. They own their own home with a mortgage, both work, have two cars with payments, maxed out credit cards and no savings. They have no choices and certainly no financial freedom.

They were frustrated, living pay check- to- pay check and crisis-to-crisis. Their relationship was stressed and communication was always about finances.

Reasons for the above scenario are very common. This couple was not on the same page with the finances. They made decisions independently and didn't respect each other's opinion or priorities. The need to save was always put on the back burner. The mere thought of a budget scared them. Accountability is very difficult in a situation like this.

This case was straight forward in that it was possible to restructure the high-cost credit card debt into part of the mortgage at a lower cost and a tax deductible item. This was done by refinancing the mortgage and taking cash out to negotiate the credit cards down to approximately 55%, thereby saving substantial dollars and reducing the monthly debt service. This enabled the savings to begin immediately. The clients choose to have the money management system work for them since they had never been able to save money. This system isolates the client from their money and prevents impulse and other unplanned spending.

This was probably the most critical part of the process and the most difficult for many people to accept. Turning money control over to a third party is scary and too risky for some people. The bottom line in this case is that they had tried for years and never succeeded in working a budget or saving money.

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