Being the victim of a financial scam can be a devastating experience, leaving you feeling humiliated, lost, and unsure of how to rebuild your life. This story follows Tess, a woman approaching retirement who lost her life savings to a cryptocurrency scam, and her journey to regain financial control.

The Fall

Tess, a savvy and financially responsible woman, was looking forward to a comfortable retirement. With a solid superannuation plan and a nest egg of $34,000, she was ready to enjoy her well-deserved freedom. However, lured by promises of quick wealth through cryptocurrency investments, Tess fell victim to a scam, losing her entire savings.

The Aftermath

The realisation of the scam was a shock, followed by intense self-blame and shame. Tess questioned her judgment and felt deeply embarrassed, isolating herself from friends and family. The financial shame she experienced took a heavy toll on her mental well-being.

Finding Support

Tess bravely sought help from a counsellor who helped her understand that falling victim to scams can happen to anyone. The counsellor reassured her that the scammers were highly skilled criminals and the blame did not lie with her.

Building Resilience

With the support of her counsellor, daughter Louise, and Financial Advisor, Tess began the long process of recovery. Her Financial Advisor recognised that Tess needed a practical, hands-on approach to rebuild her confidence and financial security. He suggested she take on a part-time job, like pet-minding or dog-walking, to generate income and stay active.

Investing for the Future

Tess’s Financial Advisor helped her to re-evaluate her investment strategy, emphasising the difference between retirement investing and wealth building. He created a tax-efficient portfolio of growth assets designed to help her recover her losses and build a secure financial future.

A New Path

Tess’s journey was challenging, but she learned valuable lessons about resilience, self-care, and financial management. She discovered a passion for pet-minding, which brought her joy and helped her regain a sense of purpose. She also learned the importance of seeking support from loved ones and professionals.

Remember:

• Financial scams are common: Don’t feel ashamed if you’ve been a victim of a scam. Remember that scammers are highly skilled and often target even the most savvy individuals.
• Seek support: Reach out to counsellors, support groups, and trusted advisors for help. You don’t have to go through this alone.
• Rebuild your finances: Create a plan to rebuild your finances. It might take time, but with dedication and professional guidance, you can regain financial stability.
• Focus on your well-being: Take care of your mental and emotional health. Engage in activities that bring you joy and help you manage stress.

If you’ve been a victim of a financial scam, know that there is hope for recovery. With the right support and a determined mindset, you can rebuild your life and regain control of your finances. If this is you and you need the assistance of a Financial Advisort, contact us today.