Latest news with #overcomingadversity
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.
Daily Mail
07-05-2025
- Entertainment
- Daily Mail
EXCLUSIVE I was broke and homeless at 19… here is how I turned my life around
A woman who was thrown out of her home and forced to live on the streets at age 19 has revealed how she ultimately overcame homelessness thanks to hard work and determination... and she's now more successful than most of her peers. The woman, named Emilie, now 20, from Canada, spoke exclusively with about her tumultuous journey. She explained that her parents split when she was young and she spent most of her childhood living with her dad. But three years ago, she decided to reconnect with her mom and moved in with her. However, their relationship was fractured and her mom ultimately kicked her out in March of 2024 after they got into a massive fight, leaving her with only $5 in her bank account. 'I was homeless, alone, with $5 in my bank and $2 in cash,' she recalled. 'No car, no job, no degree, no license, no credit card, just my phone and some clothes.' Emilie said she moved into a women's homeless shelter and quickly got to work on turning her life around. 'During my stay, I mass applied for jobs and looked for a rental room. It was strange because I felt absolutely nothing during that time, only felt a sense of relief being free from my mom's abuse,' she continued. Emilie explained that she spoke about her predicament on her Instagram page and started a GoFundMe page, where she raised about $600. 'I also made a couple bucks off selling my art commissions. I had my phone to draw so I spent nights awake doing that,' she added. Eventually, she had built up just enough money to rent a small room in the basement of a 'nice lady' that she 'found on Facebook Marketplace.' Within the first week of moving into the room, Emilie landed a job that paid $60,000 a year with good insurance and benefits. 'I never had a degree besides high school so it was my personality and soft skills that acquired me the job,' she shared. 'I was well-presented and charismatic. It was a remote position as well.' Emilie said it was hard for her to adjust to working full time and being in the adult world. She also said her mom ostracized her from her other family members by 'creating rumors' so she 'couldn't seek assistance,' which left her utterly alone. 'Eventually, I decided to take a leap of faith and sign my first apartment lease,' shared Emilie. 'I managed to find a lovely all-inclusive penthouse-style loft apartment in a residential area in my hometown for $2,100-a-month.' Emilie is now in the midst of getting a promotion. She reconnected with her dad, and is thriving in her new apartment. But she admitted that her success has left many of her former classmates jealous. 'I managed to turn my life around in such little time all by myself, when I used to be made fun of and bullied for being different from people my age,' she said. 'People who wronged me in the past are now reaching out pretending to be friendly to bring me down because they can't fathom what I've become: independent and free. 'It really hurts but at least I'm doing well for myself only. I lost a lot of people I trusted along the way because I finally stood up for myself and set boundaries.' She's also still grappling with what her mom put her through, but she's thankful for her relationship with her dad. 'I now acknowledge I was severely mistreated and that this life was earned thanks to the years of fighting,' she concluded. 'My dad reminds me all the time my differences set me apart but make me perfect, and they're my strong points. 'His side of the family [tell me] how proud they are of me, and I've never felt this appreciated and fulfilled since long ago. 'It makes me happy that I made my dad proud and I can find meaning in life on my own. 'I still suffer from the abandonment and stress but am doing a lot better. I have my whole life ahead of me despite the judgement for being in this position. The mental anguish made me who I am today.'
