My Story

Hello, I'm Lynn Pearce

I'd like to introduce myself to you by telling you something of my background. My journey of learning how to create Wealth started in the most fundamental way - with the habits that I learned as I was growing up.

I was born in England in the middle of the "baby boomer" generation, and grew up in a society where "consumerism" was making its mark. My parents' generation had lived through the Second World War and wanted their children to have a life of plenty rather than the life of restriction and poverty that they had experienced.

My parents were very generous with their money - I was very proud to be the girl at school who had the most pocket money; my dad had the newest car; and earned more than my friends' fathers. We weren't rich, but my parents liked to "show off" about the fact that they had more money than their contemporaries.

Growing up in such an environment, meant that I was not taught anything about money. The only thing I knew was that money was something to be spent on consumer items. I knew that I had to work to earn money - but the object of earning money was to spend it. How many of you can relate to that belief?

My first job was as a part-time kennel maid. I would go to the kennels after school and at the weekends to feed and walk the dogs. I remember how wonderful it was to get my first pay packet. The grand sum of two pounds and ten shillings. Boy was I excited. I rushed out and spent it all in three hours. During the time I was completing my education I had lots of part-time jobs, working in shops, cafes, and offices. I was very keen to earn money to supplement the allowance that my father gave me so that I could have more money to spend. I always had plenty of money - and I spent it all on clothes and material possessions. I never saved a penny of it.

So, my early life was very instrumental in forming my "money habits", I was a spendoholic.

This pattern continued through my twenties and early thirties. I emigrated to Australia, got married, bought my first home, got divorced, sold the home, and spent all the proceeds.

I bought another house, sold it for a $50,000 profit - and spent all the proceeds

In the 80's and 90's I worked in the financial services industry. This was the heyday of financial planning and I was earning big money. And I spent it all. I had credit cards, store accounts, personal loans, leases - you name it. I was up to my eyeballs in debt. And I still kept on spending. I used to hop on a plane to Bali every time I felt like it - especially in the winter when it got too cold in Canberra where I was living.

Eventually, of course, the spending caught up with me. In 1992 I left the finance industry and started my own business with a partner. The business folded and I was left in a situation of having nearly half a million dollars of debt and no income.

Finally - I had to confront my situation. Painful though it was, I had to take a long hard look at myself and take responsibility for the position I was in. It was time to make a stand and change my life.

I realised, that whilst I had had a lot of money go through my hands during my life, I had never been rich. I had always been broke. It's strange to think that even though I had earned a very large income - I was broke. So I had to start developing the habits of the rich. I studied rich people and started doing what they do. It took me seven years but today, I can honestly say that I have beaten my spending addiction and am now truly a "rich" person.