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Daily Mail
7 days ago
- Business
- Daily Mail
EXCLUSIVE I hit rock bottom after spending $300,000 on booze, designer bags, shoes and so-called 'friends'. Here's how I turned my life around
An Aussie woman has recalled the horrifying cycle of abuse that landed her in $300,000 of debt and how she finally broke her destructive spending habits. Liz Porter, 54, hit rock bottom after seven years of spending her $4,000-a-month income on partying, clothes and designer bags while failing to pay her bills and sinking further into crippling debt. Ms Porter turned to spending as a way to cope with the abuse she suffered at the hands of boyfriends as well as being conned out of money by so-called friends. Today, Ms Porter is an IT manager in Australia's health sector and a proud home owner in Melbourne 's Docklands, an achievement which seemed impossible when she was declared bankrupt at the age of 28. The 54-year-old explained how her problems spiralled because she had low self-esteem, which began while she was at school. 'I was made to feel stupid, I even had teachers tell me that I will never amount to anything so I spent a lot of my younger years believing I was stupid and that everything I did was my fault,' she told Daily Mail Australia. 'When you feel bad about yourself you attract people that are not good for you and I had relationships that were abusive. They used to tell me I was fat, ugly, disgusting.' When the abuse turned violent, Ms Porter turned to spending. 'The only way I could ever feel good was buying frivolous stuff to make myself feel good,' she said. The 54-year-old admitted periods of spending coincided with moments in her life where she felt worthless. She recalled a horrifying incident with an ex-boyfriend who pushed her down the stairs and then accused her of being 'clumsy'. 'Even old school friends would come into my life and they'd rip me off, take advantage of me and get money out of me,' she said. In one such incident, Ms Porter's friend tricked her into signing a lease for a three-bedroom property and then refused to pay her share. At her lowest, Ms Porter was spending her $4,000-a-month income on clothes, shoes and bags, admitting she now has 'nothing to show for it'. She turned to alcohol and food for comfort, and ended up weighing 130kg at her heaviest. Over the course of seven years, Ms Porter's spending racked up to over $300,000. 'I would spend, spend, spend and then think "I haven't got money for rent",' she said. Ms Porter struggled to tell her family her spiralling debts as she feared her loved ones would think she was 'stupid'. After being sexually and violently assaulted, Ms Porter finally opened up to her family who advised her to speak to a counsellor. 'When I spoke to a counsellor about the abuse it was like opening a can of worms and initially my spending habits worsened because I was so upset and I needed to feel better about myself,' Ms Porter said. The counsellor suggested she see a financial advisor and she was subsequently declared bankrupt at the age of 28. With $40,000 worth of debt, she first entered into a Part IX debt agreement, which is an alternative to bankruptcy for individuals struggling to repay their debts. After paying back $10,000, Ms Porter's counsellor said her debts were taking too great a toll on her mental health. They advised the 'broken' Melbourne local to file for bankruptcy, a legal process where you're declared unable to pay back your debts. In Victoria, bankruptcy typically lasts three years and one day. Credit reporting agencies keep a record for five years from the date of bankruptcy or two years after your discharge, whichever is later. Ms Porter said her counsellor's belief in her completely changed her mindset. She rebuilt her life and landed a job as an IT supervisor at Telstra, where she quickly rose through the ranks. Years later, she took voluntary redundancy and used the money to enroll in a financial management course. After believing she would rent for the rest of her life, Ms Porter was shocked to learn that her consistent rental history, strong income, and savings from the redundancy made her an ideal candidate for a mortgage. Ms Porter went on to get a new job and bought a unit in Melbourne Docklands, the same area where she had rented for 13 years. The 54-year-old is now looking to the future and hopes to retire early, something that would have seemed impossible when she was younger. She stressed the importance of being kind to yourself during hardships and 'learning to love yourself' and realising 'you're stronger than you think you are'.
Daily Telegraph
26-05-2025
- Business
- Daily Telegraph
Scary way Aussie went bankrupt after teacher insult
An Aussie IT manager has detailed the startling string of events that led her into bankruptcy and how she managed to turn things around and become a successful investor and homeowner. Liz Porter was told she would never amount to anything and, by her 20s, was spiralling – emotionally broken, flat broke and branded a failure by the very people meant to guide her. Today, at 54, she stands tall as an IT manager in Australia's health sector and a proud homeowner in Melbourne's Docklands, an impressive feat considering she was once bankrupt. She said the chain of events that led her into this situation could happen to anybody, but at the time she felt ashamed. 'I had bad relationships that were abusive,' Ms Porter revealed. 'As I was growing up, I was always told I was stupid. Teachers even told me this. 'I remember one teacher in particular said I would never achieve anything, said I wasn't worth anything. 'When you're 15 and you hear that, you just take it on. You believe it. It didn't help with the kind of decisions I made. When you think you're stupid, you just stop caring. That was a big part of how I go (into debt). I stopped caring.' MORE: What homes will be worth in each suburb by 2030 She explained that her debt problems snowballed after a string of netball injuries and toxic relationships, among other things. 'I didn't care about life anymore. I just spent and spent,' Ms Porter said. 'I was burning through money. It was retail therapy for all my problems … You go out and drink, buy fancy clothes and shoes, but I didn't really have much else to show for it.' She eventually reached a point where she could no longer service her debts. With mental health problems exacerbating, a therapist told her repaying the debt would take too much of a toll on her and recommended she file for bankruptcy. This would mean not being able to get credit for seven years and she believed banks would frown on any future loan applications she made from thereafter. 'I had to move to a life of paying everything by cash and I lived that way for nearly 25 years.' MORE: Aussies warned over costly bank decision Ms Porter kept her financial collapse largely secret. 'I didn't tell anyone apart from family. It was almost like if you don't tell anyone, maybe it's not real,' she said. 'You become an angry person. 'People would ask 'what's wrong?' I could never say. I wouldn't talk to anyone because when people have told you you're stupid, you think you've brought it on yourself. I took it all on hard.' THE ROAD TO RECOVERY After hitting rock bottom, she clawed her way back – starting with a job at a major IT company, where she rose through the ranks fast. With new-found purpose, she rebuilt not only her career but her confidence. Years later, she was offered voluntary redundancy and she made a bold move. She took the payout and enrolled in a financial management course. What she learned changed everything. 'I thought I'd never be able to buy a home because of the bankruptcy,' she said. 'But after a chat with [a financial adviser], I realised maybe I could.' Despite years of assuming she'd never qualify for a loan, Ms Porter discovered her consistent rental history, strong income, and savings from the redundancy made her an ideal candidate. A few months, a new job and a mortgage broker later, Ms Porter bought a unit in Docklands – the very suburb she'd been renting in and had grown to love. Now, she's eyeing her next move: setting up an SMSF to invest in affordable housing and leveraging her equity to build a future that once seemed out of reach. PERSONAL BANKRUPTCIES IN AUSTRALIA Financial guidance expert Melissa Browne said Ms Porter's debt situation was more common than most people wanted to admit. She said there was a strong stigma and shame attached to bankruptcy. People often tried to maintain the appearance of success and avoided confronting their financial situation. Common responses included denial and avoidance, or 'burying their heads in the sand,' Ms Browne said. This behaviour often continued until a significant event forced them to face the issue. 'There are more solutions than most people realise, including free financial services, zero-interest debt help, and guidance tailored to income levels,' Ms Browne said. Ms Porter said she hasn't forgotten the dark days. 'I wish I didn't take on board all that nonsense people had told me. I learned to love myself,' she said. 'It's important to get advice from an expert. Learn. There is always a way out of things. You just need to find someone to help you.' HOW TO INVEST WHEN YOU'RE BANKRUPT > Face the reality: Acknowledge your financial situation instead of avoiding it. Change starts with awareness. > Seek support: Use free financial services, zero-interest programs, or work with financial professionals based on your income level. > Create a debt-clearance plan: Focus first on eliminating bad debt. This may include budgeting, taking on extra work, or cutting housing costs. > Shift from debt-free to wealth-building: Once debt is gone, start small with investing (e.g. $20 a day in ETFs) to build long-term financial security. > Relearn money habits: Improve your financial literacy, tighten spending, and identify new ways to earn or save cash. > Talk about it: set financial goals to make the journey feel positive and empowering.
News.com.au
25-05-2025
- Business
- News.com.au
Scary way Aussie went bankrupt after teacher insult
An Aussie IT manager has detailed the startling string of events that led her into bankruptcy and how she managed to turn things around and become a successful investor and homeowner. Liz Porter was told she would never amount to anything and, by her 20s, was spiralling – emotionally broken, flat broke and branded a failure by the very people meant to guide her. Today, at 54, she stands tall as an IT manager in Australia's health sector and a proud homeowner in Melbourne's Docklands, an impressive feat considering she was once bankrupt. She said the chain of events that led her into this situation could happen to anybody, but at the time she felt ashamed. 'I had bad relationships that were abusive,' Ms Porter revealed. 'As I was growing up, I was always told I was stupid. Teachers even told me this. 'I remember one teacher in particular said I would never achieve anything, said I wasn't worth anything. 'When you're 15 and you hear that, you just take it on. You believe it. It didn't help with the kind of decisions I made. When you think you're stupid, you just stop caring. That was a big part of how I go (into debt). I stopped caring.' She explained that her debt problems snowballed after a string of netball injuries and toxic relationships, among other things. 'I didn't care about life anymore. I just spent and spent,' Ms Porter said. 'I was burning through money. It was retail therapy for all my problems … You go out and drink, buy fancy clothes and shoes, but I didn't really have much else to show for it.' She eventually reached a point where she could no longer service her debts. With mental health problems exacerbating, a therapist told her repaying the debt would take too much of a toll on her and recommended she file for bankruptcy. This would mean not being able to get credit for seven years and she believed banks would frown on any future loan applications she made from thereafter. 'I had to move to a life of paying everything by cash and I lived that way for nearly 25 years.' Ms Porter kept her financial collapse largely secret. 'I didn't tell anyone apart from family. It was almost like if you don't tell anyone, maybe it's not real,' she said. 'You become an angry person. 'People would ask 'what's wrong?' I could never say. I wouldn't talk to anyone because when people have told you you're stupid, you think you've brought it on yourself. I took it all on hard.' THE ROAD TO RECOVERY After hitting rock bottom, she clawed her way back – starting with a job at a major IT company, where she rose through the ranks fast. With new-found purpose, she rebuilt not only her career but her confidence. Years later, she was offered voluntary redundancy and she made a bold move. She took the payout and enrolled in a financial management course. What she learned changed everything. 'I thought I'd never be able to buy a home because of the bankruptcy,' she said. 'But after a chat with [a financial adviser], I realised maybe I could.' Despite years of assuming she'd never qualify for a loan, Ms Porter discovered her consistent rental history, strong income, and savings from the redundancy made her an ideal candidate. A few months, a new job and a mortgage broker later, Ms Porter bought a unit in Docklands – the very suburb she'd been renting in and had grown to love. Now, she's eyeing her next move: setting up an SMSF to invest in affordable housing and leveraging her equity to build a future that once seemed out of reach. PERSONAL BANKRUPTCIES IN AUSTRALIA Financial guidance expert Melissa Browne said Ms Porter's debt situation was more common than most people wanted to admit. She said there was a strong stigma and shame attached to bankruptcy. People often tried to maintain the appearance of success and avoided confronting their financial situation. Common responses included denial and avoidance, or 'burying their heads in the sand,' Ms Browne said. This behaviour often continued until a significant event forced them to face the issue. 'There are more solutions than most people realise, including free financial services, zero-interest debt help, and guidance tailored to income levels,' Ms Browne said. Ms Porter said she hasn't forgotten the dark days. 'I wish I didn't take on board all that nonsense people had told me. I learned to love myself,' she said. 'It's important to get advice from an expert. Learn. There is always a way out of things. You just need to find someone to help you.' HOW TO INVEST WHEN YOU'RE BANKRUPT > Face the reality: Acknowledge your financial situation instead of avoiding it. Change starts with awareness. > Seek support: Use free financial services, zero-interest programs, or work with financial professionals based on your income level. > Create a debt-clearance plan: Focus first on eliminating bad debt. This may include budgeting, taking on extra work, or cutting housing costs. > Shift from debt-free to wealth-building: Once debt is gone, start small with investing (e.g. $20 a day in ETFs) to build long-term financial security. > Relearn money habits: Improve your financial literacy, tighten spending, and identify new ways to earn or save cash.
