Simone is a 32-year-old teacher who, like many of us, found herself struggling with debt and financial insecurity. Despite working 60 to 80-hour weeks, dealing with the demands of students, parents, and an ever-growing pile of paperwork, Simone felt like she had nothing to show for her hard work. Her story is a powerful example of how seeking the right financial advice at the right time can transform your life—sometimes in ways you never expected.
The Weight of Debt and Despair
Simone had been teaching for nearly a decade when she found herself in a dire financial situation. She was drowning in debt—$58,635 to be exact—with no savings to fall back on. Her debt was costing her nearly $1,000 a month in repayments, on top of rent and other living expenses. The financial stress was overwhelming, leaving Simone feeling like she would never be able to own her own home or get ahead.
But there was more to Simone’s story. Six years earlier, she had taken a break from teaching due to a mental health crisis. The pressures of her job had become too much, and on her doctor’s orders, she stepped away from her career to focus on her well-being. During this time, her financial situation deteriorated further, and she accumulated more debt, pushing her deeper into despair.
A Glimmer of Hope
When Simone reached out for financial advice, it was clear that something needed to change. Her debts were dragging her down, and she had little hope for the future. But as we delved into her financial situation, a potential solution began to emerge—her superannuation.
Like many Australians, Simone had multiple super accounts. What she didn’t realize was that two of these accounts included income protection policies. These policies are designed to provide financial support if you’re unable to work due to illness or injury. And although Simone’s mental health break had occurred six years ago, the income protection policies could still be claimed.
This was a game-changer.
The Claim That Changed Everything
After submitting claims to both super funds, Simone received a total of $166,344 pre-tax—$62,400 from one policy and $103,944 from the other. This windfall arrived within seven months, allowing Simone to clear all her debts and start fresh.
But the impact didn’t stop there. With her debts paid off, Simone found herself with $41,171 in savings—a far cry from the $0 she had when she first sought help. This newfound financial freedom enabled her to put down a deposit on a block of land, with plans to build her own home within two years.
Lessons Learned and a Brighter Future
Simone’s story is one of relief, gratitude, and, yes, a bit of regret. She’s relieved to have something tangible to show for her years of hard work, grateful for the financial advice that helped her turn her life around, but also regretful that she didn’t seek help sooner. If she had known about the income protection policies in her super accounts six years ago, she could have avoided years of financial stress.
Simone’s experience underscores the importance of understanding your financial options and seeking professional advice. Many Australians, like Simone, are unaware of the benefits and protections available through their superannuation. Whether it’s income protection, insurance coverage, or investment opportunities, your super can be a powerful tool in securing your financial future—if you know how to use it.
Conclusion: The Power of Financial Advice
Simone’s journey from debt to savings in just seven months is a testament to the power of financial advice. By taking the time to understand her situation and explore all her options, Simone was able to turn her life around in ways she never thought possible.
If you’re feeling overwhelmed by debt or unsure about your financial future, take a page from Simone’s book. Reach out for advice, explore your options, and don’t wait to take control of your financial destiny. Sometimes, the solutions you need are closer than you think.
