In 2006, my husband and I decided to add a two-car garage to our 100-year-old home. We interviewed several contractors and decided to hire the one who just happened to live next door. A contract was signed, and soon after, the contractor broke ground on our new addition. Then, suddenly, the building crew stopped showing up.
Phone calls to our neighbor/contractor were not returned. One month later, we had to face the hard truth: The contractor and building crew had abandoned our project. Turns out, our neighbor had defaulted on his mortgage and the bank foreclosed on his house.
We never saw him again, and we lost over $30,000 simply because we trusted the wrong guy.
After the shock wore off, my husband and I figured out how to work together to recover from the emotional and financial loss. I felt betrayed, angry, and stupid. For months, I blamed myself for not being smart enough to hire a different contractor. Then, I discovered the field of money psychology.
I started reading books on the topic and discovered that smart people can make bad financial decisions. Not to mention that this guy was a con artist and had ripped many other customers off as well. While he took a lot of money from us, he opened my eyes to the field of money psychology, a field of study I had not heard of before and one that was a perfect match given my work experience in banking and psychology.
Flash forward to today. I am a successful entrepreneur and own KBK Wealth Connection, a company that educates financial advisers and their clients about the emotional side of money. I am an author of three books on money psychology, a sought-after keynote speaker at industry conferences, and I consult with banks, investment firms, and financial organizations in the United States and Canada.
And to think, I have one crooked contractor to thank.