Help is at hand

Wealth Built Right mentor a couple to get their finances in order

Coatesville, Pennsylvania is around 17,000 kilometres and a world away from Geelong. 

Recent Geelong resident Jimmy Buck was raised in Coatesville; a rural area surrounded by corn fields, cows and Amish buggies. After studying at Boston University, Jimmy travelled to the other side of the world to complete his Masters at the University of Sydney.

While working at the University of Sydney, in the area of advancement- raising funds to support education and research – Jimmy met his now husband Andrew Deane who was in a similar role at the University of Melbourne. A somewhat competitive friendship blossomed – but the rest, as they say is history.

In time Andrew moved to Sydney then they both relocated to Melbourne as part of Jimmy’s new role at Deakin University which included visiting the Geelong campuses, Geelong being a region he didn’t even know existed.

Although Andrew owned an apartment in Moonee Ponds, they decided to rent a larger property in Malvern. Their lives involved extensive travel, good wine, clothes and furniture. After spending a small fortune on Christmas when Jimmy’s family visited, they began to reassess their spending and realised something was not quite right. When Covid-19 hit a couple of months later it was a great opportunity to reassess what they wanted from life. 

They were both comfortable dealing with wealthy, intelligent people but were unable to get ahead financially despite both being on very good incomes. They questioned why they had so much debt? And why didn’t they own a nice home?

Jimmy and Andrew knew they needed to get professional guidance but were daunted by the prospect of being judged and told that they had been doing the wrong thing.

After a chance meeting with our Managing Director, Terry Powell, Jimmy and Andrew took up the offer to grab a coffee with Terry and talk about their situation. To their surprise Terry reassured Jimmy and Andrew that they were not defective, and their financial behaviours were quite normal for people who are not clear about their personal goals.

Deciding to take the next step they become clients of Wealth Built Right. After gaining clarity on what really mattered to them both they took action through a simple but effective plan to pay down debt and set about accumulating savings to buy a new home. Part of that plan was to relocate to Geelong which occurred in November.

Initially the thought of saving seemed such a daunting task but now with some wins on the board with the repayment of all debt in 2020, plus money in the bank, the prospect of buying their ideal home in Geelong is now very doable. In the past Jimmy and Andrew received joy from their lifestyle experiences but over the past year they have discovered “the joy of saving”. Despite this they are not living in austerity, and still lead a comfortable and fun filled life.

Jimmy and Andrew enjoy the relationship that they have established with Terry which includes having fun and celebrating achievements along the way. As Andrew shared, “Goals are important in a marriage. You talk about where it is you want to go which creates a purpose, then as a couple you are aligned to manage your finances to allow our goals to manifest into reality.”

They both openly admit they enjoy the benefits from their formal meetings with Terry as well as the opportunity to pick up the phone and just chat or ask for advice just as Andrew is currently doing with Terry who is assisting him sell his home in Moonee Ponds, something he was finding challenging as he had never sold a property before.

Jimmy and Andrew have settled into Geelong life and are enjoying planning for the purchase pf their own home in the next 12 months or so.

5 key points about seeking Financial Mentoring

1.       Get real clarity about your goals

2.       Implement a simple plan

3.       Take action

4.       Seek support to stay on track

5.       Celebrate small milestones along the way