Jan 10, 2024
Leon immigrated to Canada when he was 10 years old unexposed to
the world of
financial challenges and this continued to follow him when he
reached post-secondary education. During his time enrolled in
university, he met credit card representatives where he was
encouraged to sign up for high value credit cards, not knowing that
he could go into credit card debt or understanding the
implications of making high ticket purchases he couldn’t
afford. Leon shared it got to the point where interest
accumulated on his amount owing on payments and eventually, he
was left with his only option, to declare bankruptcy. Through
this financial struggle, he would have nightmares, experienced
a great deal of frustration and anxiety, even just seeing his name
appear on the envelope of what he knew was an enclosed bill.
This led him to withdraw from his social circle and isolate
himself even more, he felt ashamed and embarrassment
and didn’t feel he could face people. There were numerous
questions being asked of him by his family members, he felt a
loss of control, and continued to feel the high pressure
of expectations placed upon him culturally to excel and to do
well, in addition to being first born sibling. Leon shared how
this took a large toll on his mental well-being, feeling
like a loser, feeling hopeless and desperate, he started to
rely on alcohol to escape all the complex emotions he
experienced at the time. He did regain his momentum which
led him to undo the financial distress that he was in by
getting external support. His key message to the listeners is
that: financial planning is for everyday folks; you can have
a worry and debt free life; be honest with yourself and don’t
let your ego take over; there are people who are willing to
help, so just take that first step to seek the help you need.