Dealing with Financial Setbacks
Written by Marcais Bowen
Setbacks are a part of life. We all have our preferences, and when we don’t get what we want, it’s a setback. Financial setbacks are especially tough, particularly when you’re committed to changing how things have been in your life. How you navigate these challenges is crucial; it determines whether you grow through what you go through or sink. Here are three things you can do to help deal with financial setbacks.
Talk It Out
One of the first steps in dealing with a financial setback is to talk it out. Find someone you can genuinely trust and confide in—whether it’s a friend, family member, or professional advisor. Sharing your struggles and worries with someone who will listen without judgement can be incredibly therapeutic. This communication helps the healing process. By expressing how you truly feel and releasing that energy, you create space for new energy and perspectives. Bottling up your feelings can lead to increased stress and anxiety, which can make the situation feel even more overwhelming. Remember, you don’t have to go through this alone.Also, if you’re able to find someone who’s gone through a similar situation, and came out on the other side, their experience may act as guidance and wisdom for your situation.
Reflect
Reflection is a powerful tool for understanding and overcoming financial setbacks. Instead of viewing the setback as a failure, try to see it as a learning opportunity. Things happen for you in life, not to you. Take some time to reflect on how the setback occurred. What actions did you take? Were they sufficient? Were they the right actions? What new actions are required? What actions should stay the same? What actions should you be doing more of? This type of questioning encourages introspective work, which is necessary for growth and overcoming financial setbacks. The most important thing is the truth—tell the truth, and it will set you free. By being honest with yourself about what went wrong, you can identify patterns and make more informed decisions in the future.
Set a New Plan
After you’ve talked it out and reflected on the situation, it’s time to set a new plan. Setting a new plan gives you a fresh direction to head towards and renews your sense of purpose. We are most excited in life when we are moving forward, and having a clear plan can help you regain that momentum. This new focus reinforces that you’re looking to the future and not the past. You can’t drive forward in a car solely looking through the rearview mirror. Start by setting realistic, achievable goals. Break down your larger financial objectives into smaller, manageable steps. This approach not only makes your goals feel more attainable but also provides you with a sense of accomplishment as you achieve each milestone.
If you're dealing with a financial setback in your savings or retirement goals, reach out to us and let us help you move forward in the right direction. Our team of experts are here to provide guidance and support, ensuring that you have the tools and strategies needed to overcome any financial challenge and build a secure future.
Written by Marcais Bowen
Marcais Bowen is a distinguished Financial Advisor and Certified Health Insurance Specialist at Longevity Achieved with a profound dedication to assisting families in constructing generational wealth. His approach emphasizes the strategic use of insurance and investment products as pivotal tools to meet his client’s diverse financial goals and needs.
Marcais is committed to helping more families build a financial legacy in their lifetime.
Book a complimentary consultation call with Marcais and receive a free Wealth Insights Report with personalized strategies to meet your financial goals and needs.
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