Melaleuca CEO Frank
VanderSloot strives for financial freedom. Whether it’s his business or his employees, he preaches living within your means.
During the company’s convention, held earlier this month to announce changes in the company and new products, VanderSloot hosted a “mortgage-burning party” where 24 people compensated by Melaleuca lit their mortgage papers on fire to celebrate becoming debt free.
VanderSloot said the parties have been going on for years, but he couldn’t recall when the first one took place. Overall, 167 people associated with the company have set fire to their mortgage papers.
“We think we have a big responsibility to teach people when they get these resources that they have never had before to be wise,” VanderSloot said. “You can pretty much spend as much money as you make no matter how much money you make.”
VanderSloot said the company has never taken on long-term debt aside from a brief period of time when he bought out a partner. He hopes his employees see that as an example.
“We want them to experience financial freedom and success in the financial area of their lives,” VanderSloot said. “We take it upon ourselves to teach being responsible and living within our means and not going into debt.”
Reporter Aubrey Wieber can be reached at 542-6755.