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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.

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