I have been stressing that being debt free is the way to live life. A good friend suggested that I talk about how to respond to financial challenges if you are not debt free and how to approach this.
First of all, financial challenges are not life threatening and you need to keep things in perspective. This morning I talked to a friend who had to rush his 16 year old daughter to the hospital for emergency surgery. He had quick change in his perspective as to what was really important in life.
Whatever challenges you are facing today remember that 5 years from now this will be but a memory and chances are that you will be facing new challenges.
Let’s say you just lost your job, you are heavily in debt, and have few, if any, cash reserves. Things to consider:
1. Immediately contact your creditors and let them know of your circumstances and your desire to pay off your debt. I am positive that they will be open to working with you. Even if you only send in $10/mo. , it will show your willingness.
2. Look at what you can sell. If you owe money on a car, see if you can sell for at least what you owe on it and buy a used vehicle to tide you over. Get rid of the payments.
3. Do not hesitate to take even low paying jobs. It will put food on the table.
4. Get rid of cable or satellite T.V., cell phone, and any other services that you do not need.
5. No more spending on eating out, movies, etc.
6. Above all do not lose hope or faith.
Realize that literally millions of people have faced similar challenges and they overcame.
Perhaps, in hindsight, you will see that this happened in your life to direct you into a new life path that propelled you to into a brighter future!
Jacques
CreatingWealthThatLasts
3 comments:
Hi Jacques .. yes emergencies always take us to a new look at life ..
When life is not going well & we are struggling with debt, life in general - we can't put our heads in the sand & forget things .. we have to act & then we have some control .. otherwise that control of our own lives gets taken away .. & too many people go that route ..
The most important point is your point 6 - do not lose hope your faith .. keep positive, keep believing ...
We all need FAITH! I am sure you have found this with the situation with your mother. No matter what we are going through we all need to have a positive expectancy.
Absolutely .. however .. the most positive person is my mother = amazing.
Maybe it's something that's missing now in the brain - I don't know & so much of her self is still there .. but regrets, negativity aren't .. not sure if it's the strokes or just her power of her mental attitude ..
I'd like to ask .. but I don't want to .. as I don't want those things to surface ...
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