From the edge of bankruptcy

Updated: Jun 12

[Guest post by David Gibbs]


I have been a coach for almost four years now and have helped folks from all walks of life. When I think of success stories the following always comes to mind. This family gave me a call one day in a desperate situation. They were a large family, a husband and wife and a bunch of kids. The situation was bankruptcy lurking right around the corner.

I had a bit of a stone in my throat because I knew what I did would help them, but a good coaching client are folks who really want to change. I can't inject that want to change into them. I told her that and we set up the first session.


For the first three months it was a constant battle for them. They felt scared and depressed and just wanted the weight to be lifted off their shoulders. I encouraged them the best I could and talked them out of declaring bankruptcy on more than one occasion. We kept working every month to make healthy changes in their budget and in their lives. Slowly but surely a little light began to show at the end of the tunnel. They began to create margin in their budget and began to pay down the debt.


A year or so past that I was meeting with them regularly and helping to teach them the tiny ways they could make headway. Momentum was increasing and they were moving in a good direction. There were bumps in the road up to that point and we just worked through each one together. I always teach my clients to begin with their dream and where they want to go. When things come up and the budget needs work, they just need to ask themselves the question: Is this decision or budget item, helping us go where we want to go in life?


We had a session where we discussed the possibility that they could be out of debt in just one year from that point. It was such an exciting time to see how they moved from bankruptcy to seeing the light in such a short time. Months went by and the work continued. I started to notice that my clients were acting a bit strange and not as interested and forthcoming as they once were. I didn't realize at the time but there were some big issues arising within their family.


A few months later they decided to stop coaching with me and that was it. I was saddened to not get to see them achieve debt freedom, but I knew they were on a good path. A week later I found out that the husband had committed a felony and called the wife right away. She shared what had happened and that they had been in a very unhealthy place over the past few months. She was left alone with the kids and without the largest source of income they had. I gave her a complimentary session to help and pointed out ways to protect her family and keep things going in a good direction. She set up another session with me and continued with me as her coach.


A month or so later I got a text from her that they were completely debt free! It was a combination of all the work they had been doing and the husband taking care of some of the debts himself. They were finally free and in a healthier situation than they had been for a long time. My client is a very strong lady and has continued to lead her kids toward a good life. She brought them along on the journey to financial peace and shared that journey with them. I am so excited to see what happens next for this family. I believe that their legacy is going to be very different than it would have been had they stayed in debt.


This is my favorite story because life is messy, and this story shows great perseverance. Large goals take time and take help from many sources. I want folks that read this story to takeaway from it that if you really want to accomplish something, don't give up. Each move in the right direction, causes momentum to build in that right direction. There can still be challenges and pitfalls, but momentum can help carry you through.






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