ECONOMY & FINANCE
On Valentine’s Day last year, Sheila and Timothy paid off their mortgage. They also paid for both of their kids to go to college. “Did we sacrifice to get here? Yes,” she says. “Was it worth it? Also yes!” As with all big financial decisions, Sheila makes sure she and her husband are on the same page. Every year, they agree on a budget and talk through goals together. “I can’t imagine the toll it would take on a marriage if one is spending and the other is saving,” she says. Today, Sheila maintains her financial health by paying with cash for most things. If she does use a credit card, she pays it off by the end of the month to avoid getting nailed with interest. “I think the hardest thing for people today is to stop overspending,” she says. “We live in an impulse-driven society and everyone wants that Pinterest-perfect life. We want a bigger home, better clothes, a nicer car. I get that, but at the end of the day, those are just things. Check in with yourself and decide: is the stress of debt worth it?” “Check in with yourself and decide: is the stress of debt worth it?”
Sheila & Timothy Collins Senior Directors 9
In January of 2007, Melaleuca Executive Chairman Frank VanderSloot challenged every Marketing Executive to read Dave Ramsey’s The Total Money Makeover . Sheila and her husband, Timothy, were already financially responsible, but they were struggling to make ends meet. “When I first opened my Melaleuca shopping account, my only goal from an income standpoint was to get my products paid for,” she says. “We counted every dollar.” Sheila and Timothy also met with a financial advisor to learn how they could tighten up their budget. “Debt snowballs because there’s too much money going out and not enough coming in,” she says. “If you can solve one or both of these issues your financial security will improve.” As Sheila’s Melaleuca business grew, she not only paid for her monthly products but also began making larger payments to reduce the
principle on her mortgage. She and Timothy also cut down on everyday expenses. Here’s how they did it: • Made going out to eat a once-a-month treat • Made Mountain Cabin ® Coffee every morning instead of going to Dunkin’ Donuts or Starbucks • Drove used cars until Sheila earned the Car Bonus as a Senior Director (“Even then,” she says, “we didn’t buy a brand-new vehicle—we bought a ‘new to us’ vehicle.”) • Had hard conversations with their kids about vacations and gifts (“Our kids knew we were trying to pay off debt and put money towards their college funds,” Sheila explains.)
48 JANUARY 2024 | MELALEUCA.COM/LIA
Consult the Annual Income Statistics on page 58 for typical results.
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