Picking Up The Pieces

How to recover from a financial disaster

Life, much like sports, is consistently inconsistent. So what happens when a financial curve ball is thrown your way and instead of hitting a homerun, you strike out? After you’re done pouting, it’s time to work your way back to the batter’s box. Unforeseen money disasters — like a brutal divorce or outright financial deception — will surely set you back and leave you reeling. What matters is how you go about picking yourself up again. Here are some tips to help with that.

Clear the Emotions. We understand that taking the emotions out of your decisions after being deceived by a loved one is difficult, but it will benefit you in the long run. When a loved one hurts you, chances are you’re going to have a wide-range of emotions. Yet you have to ask yourself: When was the last time being angry helped when dealing with money? Or anything, for that matter. As CNNMoney reports, try to stay as objective as possible on the money end. As for unresolved feelings, talking with a therapist is a great solution.

Build a Good Team. A support network has never been more important than it is now. Talk with trusted friends and family members about the situation. Do some research to see if there are self-help groups that address your needs. If you’ve been suddenly saddled with loads of debt, Debtor’s Anonymous is a helpful resource.

Focus on The Big Picture. Understand that nothing, even terrible life events like this, lasts forever. Keep a list of your financial goals and update it regularly. Work slowly, but surely, to your end goal. Remember, just as there was life before this situation, there will be life after.

Chris O'Shea

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