Three Ways to Tackle a Financial Downfall

Worried about family wellbeing or financial consequences of a financial downfall?

The experience of financial uncertainty is hard for everyone. It makes us feel that we do not have control over our lives. It can be scary, because we are unaware of what the future holds and how the situation will impact our survival.
No matter what your reaction is, you can tackle it in 3 simple steps:

  1. Identify Your Coping Mechanism and Recreate Your Perception: People tend to fall into three primary ways of managing stress. Moreover, awareness of your pattern will help you make conscious choices. The three ways are:
    Withdrawers become distant to their friends and family. They get involved in deep thinking and do not share about their feelings. They would rather not even remain in contact until they figure it out.
    Outwarders become overly expressive to anyone who will listen. Additionally, they will ask advice from all.
    Runners run away from the situation and choose to ignore their difficulties by living in denial. Financial uncertainty may even trigger excessive spending, anything to keep the discomfort at bay.Once you know your pattern, stop, and ask yourself: “Why am I reacting this way?”.
    Consider how you really feel and go through the emotions. Feel the pain and go through it. Feel the fear and face it. On the one hand, it is your perception that makes you feel insecure. This is limiting you. Ask yourself, “What is the worst that could happen?” and “What one thing I can choose to focus on today that will positively shift my thoughts and feelings?” On the other hand, it’s also helping you from making the wrong decisions.
  2. Examine Your Financial Identity: We all have financial identity associated with our survival mechanism. The “flight” identity will make us panic. The “fight” will make us figure out how to solve the problem. You get to choose which you want to apply to this situation. You can choose to not be controlled by the situation.
    Even in the face of uncertainty, you can decide to overcome the challenge and hunker down. If you have defined yourself financially based on your available resources, you have placed a barrier on your financial recovery when finances are impacted. No one rises beyond their identity. Consciously, set your financial identity correctly by developing abundant mindset that will prod you to produce resourcefulness.
  3. Develop Abundant Mind-Set and Take Actions: Wallace D Wattles, in The Science of Getting Rich, told a true story. Firstly, a poor man had read his book and had begun to practice visualizing what he didn’t have. Secondly, he started with just wanting a throw rug. For three months, he focused on it. And he got it. Gradually, he expanded his imagination until he got a house. Visualization, especially now, will help you develop an abundant mindset. Finally, when visualization is coupled with meditation, prayers and taking action toward solutions to the problems, you can recover from anything, including a financial downfall.

Useful advice and further information

We are here to better help you navigate through these troubling times with tips and practical tools for reducing stress around reminding and improving relationships. Contact Dr. Lami today!

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