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Getting Out of Debt

Maxed Out: The Entrepreneur Who Isn't Self-Sufficient

This episode of Maxed Out was about Laura, a young woman who reached out to financial guru Alison Griffiths to help her get her finances in control. Laura was nominated for the Top 100 Canadian Women Entrepreneurs, yet she's had all of her credit cards taken away and has collection agencies constantly leaving her messages — Laura says her life is all "smoke and mirrors."

What makes me really crazy about Laura is that she has no idea how much debt she actually has. But you'd have to open your bills in order to know the specifics about your debt, something Laura never does. At the rate she's going, Alison estimates that Laura will be almost $100,000 in debt in ten years. To see if Alison can help Laura come to terms with her debt and reverse the downward spiral just

Although Laura is working to build her business, she's been living below or at the poverty line for an urban center for years. She pays nothing toward her debt and borrows thousands of dollars from her parents each year. Alison instructs Laura to start paying attention to her bills, stop taking money from her parents, cut her cell phone expenses, and get a job that will allow her to pay off her debt — the business can wait.

Laura struggles to move from being an entrepreneur to an employee, so Alison and a mentor from Laura's line of work suggest that she try her hand at being an "intrapreneur." This is someone who manages her business within a company (like a hairdresser or real estate agent), and they have the security of being an employee with the freedom and incentives to build your own enterprise.

Laura finds a job that makes her happy and is able to make ends meet at the end of the show. Do you pay close attention to your bills and debt, or do you tend to ignore them like Laura used to do?

Photos courtesy of the Style network.

Join The Conversation
amers230 amers230 9 years
haha i'm the opposite, i tend to dwell on the amount of debt i have lol
JovianSkies JovianSkies 9 years
As much as I hate it, I always open bills. However, I love this show!
ktownpolarbear ktownpolarbear 9 years
even though i'm in a lot of debt, i ALWAYS pay attention to my bills. one of my goals this year is to pay off at least 1 of 4 major credit cards i have a balance on.
moss1080 moss1080 9 years
I have stopped recieving paper bills, but I am faithful to check every web-site monthly.
TidalWave TidalWave 9 years
I don't open my bills, mainly because 1) I already know how much they are and 2) I just check everything online. However, while going through my tax stuff over the weekend, I opened a letter from January and found a $200 check! So, that gives me some incentive to open mail more often.
supercoolnat supercoolnat 9 years
I watched two episodes of this show over the weekend (didn't see this particular one though), and I love it! Not sure if it's because of the valuable advice, or just becuase it makes me feel better about my own financial situation.
RosaDilia RosaDilia 9 years
I always pay attention to my bills especially if I want to pay them down. Thank God that my resolution this year is to pay down the debt that I have and have financial security. So far, I've been sticking to my plan and it's looking good.
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