This is part of a series of interviews with people who are either working to improve their financial situation or who have already reached their goals. This week’s interview is with Ross Taylor, who writes Uncommon Advice. He is working on planning for a move to Scotland while paying down debt.
Could you tell us something about yourself?
I am a 29 year old Mortgage Adviser. Desperate to make enough money to move back to Scotland and start a new family, cut back on work and begin to enjoy life after 60hours+ a week for the last 7 years.
In what way have you turned your financial life around? (Or what are you working on changing?)
As a General Manager I made £48000 one year and didn’t have a penny to show for it. I now probably make less (I am on commission so hard to pin down what I actually bring in) but have made major inroads into my mortgage, bought 3 x investment properties and started a website.
Can you give a little bit of background on your story? What were things like for you pre-change?
Previously I was too keen on constantly rewarding myself. Whenever I had any spare time whatsoever I would go to the pub, buy a book or magazine, go to the casino, have a meal out – whatever. I would just spend as I thought I deserved it because I had been working so hard. Unfortunately I didn’t leave myself enough for emergencies (……. but emergencies pop up every month!)
How much progress have you made?
I wanted my mortgage to be under £100,000 by the end of this year. I think I can still do it but may have to take out a second job to make sure. My progress has also been knocked back by the Credit Crunch. I would have easily made £100k+ this year if business had continued on as usual.
How do you feel about your financial situation right now? (Or how did you feel after reaching your goal?)
I’ve went off the boil a bit recently, becoming a bit penny wise and pound foolish. My head has went down and I’ve became a little less motivated. In order to get back on track I took a few days off work and reassessed my situation. I constructed a vision board to picture what I want to do. It’s helped a little but I can’t get back into my work fully (financial advice) and so have resolved to look for something new.
What was the catalyst that caused you to take action?
Meeting a man called David Thomson helped me a lot. He introduced me to Pyscho Cybernetics. The science of it struck a chord with me. I also watched “The Secret”.
Did you have any setbacks? If so, how did you deal with them?
I encounter setbacks every week. I am a natural moaner so I’m not a Tony Robbins type. After having a “mumping around” time, I go back to my plans and adapt them to the new situation (as per my current job search).
What has been the hardest part of the process?
Keeping my girlfriend on side. She wants everything but isn’t prepared to put in the work to get it. We can have blazing rows but I know she’ll come with me in the end.
Unbelievably I found making money easy this year! During Feb – May I didn’t work harder than any other time but was bringing in £5k to £7k a month.
How long has it taken?
I worked as a General Manager for 5years without making any progress. I estimate it’ll be another two years until I can get back to Scotland.
What will be your next step?
Paying down my mortgage by another £25k. Remortgage residential on to a buy to let. Downsize with girlfriend to cheapest half-decent flat. Supercharge equity build up. Remortgage tho BTL to raise deposit for similar flat in Scotland. Use this as equity builder for family home. Sell off all investment properties and buy new home for cash. In between I need to find some super-high paying work (I fancy contract work in Saudi) and get engaged!
What’s the best financial advice you’ve received?
Easy. For every ten pennies you earn, spend but nine. (The Richest Man in Babylon)
What inspiration could you give to someone in a similar situation?
It can be done. In the words of Winston Churchill, “Never, never, never, never, never, never, never, never , never give up”.
Would you like to share your story? If you would like to be interviewed via email for a future article, please email me at c o m m e n t s @bluntmoney.com (without the spaces) to let me know that you’re interested.