If you are a client or have been to one of my seminars or Financial Wellness training sessions you would have heard this story. It outlines the main reason why I consider myself a Proper Financial Planner
If you are a client or have been to one of my seminars or Financial Wellness training sessions (call my office to find out more about that), you would have heard this story. It outlines the main reason why I consider myself a Proper Financial Planner and not an adviser.
It was a dark and stormy night...or a sunny afternoon in Toronto, your pick. I had just graduated from University for the second time and landed a sweet job as a marketing director for a sports entertainment startup (not the wrestling kind, the actual sports kind). Within 6 months, we went from working out of a basement in the Beaches to revenue of over $1 million. With that growth, we hired more staff, leased an office downtown and gave out some great raises (my income tripled plus bonuses!).
So here I am, 22, living in the big city, making mad coin and loving what I do. What should I do? Let me tell you, not what I DID. I rented a condo downtown, bought a sports car and was going out every night. Life was great.....
Until it wasn't.
We had just put on a massive beach volleyball tournament and the owner suggested that we take the next week off to reset and get ready for the winter season. There was a long weekend built in there so I figured it was a good time to come back home and hang with some old friends. The Monday after that long weekend I went to work at 7:30 like I always did to find the door locked. No matter, I have a key. Opened the door and what did I see? NOTHING.
The owner had liquidated the entire office, emptied the bank accounts and skipped off to Australia. 7 of us went from the highest of highs to rock bottom in the matter of a week.
Here's what I had to do:
- Sublet my rental for the rest of the year at less than I was paying
- Sell all my new furniture for less than what I had just paid for it
- Sell my car for (much) less than I bought it for
- MOVE BACK WITH MY PARENTS (before it was cool)
I was humiliated! I felt like I couldn't show my face to my friends or even leave the house. It was bad.
After that, I knew there were things that I could have done differently. Shortly after, I got a job at Green Bank and started helping people not become another Ken.
Being new to the workforce is probably one of the most exciting times in your life. You have waited almost 20 years to make your own money but in those 20 years, have you learned what to do with it? I didn't. They don't teach it in school. Your parents only know so much. You need help. Everyone needs help. We're here and have the real-life experiences to back it up.
Kenneth Coombs CFP CHS RRC
Ken has 13 years experience in the financial services industry, is a Registered Retirement Consultant and a Certified Financial Planner. Ken has written financial planning columns and has been a guest on financial radio and podcast programs.