Retirement Planning – Empowering Decisions to Secure Your Future Financially and Mentally
At Forward Path Advisory, we come across stories that deeply resonate, and today, I’d like to share one about Lisa, a remarkable woman who turned her life around with a little guidance and support. Her journey highlights the importance of standing up against financial abuse and taking control of your future.
The Beginning of Lisa’s Journey
At the start of last year, I received a referral from a trusted partner about a potential client, Lisa, who was looking for retirement planning advice. From our first phone call, it was clear that Lisa was overwhelmed and emotional. She kept repeating, “Radz, thanks for your call, but I’m not sure you can help me. I don’t want to waste your time.”
I assured Lisa that my goal was to understand her situation and provide guidance. What began as a routine 15-minute consultation turned into a 45-minute conversation. By the end, I uncovered the significant challenges Lisa faced, and I was determined to help her regain control of her finances and her life.
The Struggles Lisa Faced
Lisa’s situation was heartbreaking:
- Family Conflict: Her mother’s passing left Lisa with a 33% share in a property, but her sister refused to sell, bullying Lisa into inaction.
- Financial Abuse: Lisa co-owned farmland with her brother, who, along with her sister, pressured her to gift him the property for free.
- Health and Financial Decline: Lisa’s health had worsened over years of anxiety and financial strain. She was living on instant noodles and baked beans while redrawing on her mortgage to survive.
Despite multiple attempts to meet in person, Lisa rescheduled six times due to her anxiety and family’s interference. On the seventh attempt, we finally met, and the reality of her condition, nervous, shaking, and in tears was deeply moving.
Taking Action
With Lisa’s consent, we began to address her financial situation head on.
1. Inheriting Her Share
- We engaged our in-house solicitors to send a legal letter to her sister, forcing the sale of the inherited property.
- Within 120 days, the property was sold, and Lisa received her share, enabling her to pay off her remortgage and save $29,000 annually in interest payments.
2. Resolving the Land Dispute
- A second legal letter was sent to her brother, giving him the option to purchase the farmland at market value.
- Within five days, he agreed, and the property was settled in four months, further boosting Lisa’s financial stability.
3. Downsizing for Simplicity
- Lisa’s four-bedroom house, which had become a financial burden, was sold.
- She downsized to a smaller property, with surplus funds invested in her superannuation.
The Result: A New Beginning
In just 11 months, Lisa transformed her life. She went from living in constant anxiety about her financial future to planning her 60th birthday celebration in Italy, her family’s hometown. Lisa is now financially secure, retired with dignity, and spending her time volunteering at her church and reconnecting with her children.
The Reality of Financial Abuse
Lisa’s story is one of many. Financial abuse, especially within families, is a serious issue that often leaves victims feeling trapped. At Forward Path Advisory, we’re committed to recognising these situations and empowering our clients to reclaim their financial independence.
Take a Stand
If you witness financial abuse or suspect someone you know is struggling, don’t stay silent. Stand up and make a difference.
At Forward Path Advisory, we believe in a brighter future. Let us help you take control of your finances and live the retirement you deserve.
The Future is Forward!
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