A major unexpected emergency can cause distress and take up all your attention and energy to resolve. Often, the emotional impact of a bad event means that money will be the last thing on your mind. However, you’ll need to focus on your financial stability whether you feel like it or not. Today, AOG Wealth Management, an investment management services company, talks about four ways to build financial resilience and bounce back from a setback:
Focus on What Brings You Joy – An emergency often means that you will need to reevaluate your spending to match your current situation. However, it is important for you to allocate enough money for you to spend on the things that bring you joy. These are the things that you cannot eliminate without a serious deterioration in your emotional well-being. You don’t need to cut pleasure spending entirely, but rather find more affordable ways to enjoy the things you love.
Don’t Be Too Hard on Yourself – The financial fallout of a negative event often leads people to blame themselves for their situation. However, financial setbacks are often a normal part of life. You shouldn’t beat yourself up because that’s counterproductive. As an experienced wealth management services company, we suggest embracing the fact that it will take a while to recover. Focus on staying positive and taking the steps you need to get back on track.
Take Action – During a major life event, it’s natural to feel overwhelmed. You might suddenly worry about how you will manage the rest of your life and start asking questions that aren’t immediately answerable right now. This isn’t helpful. Don’t let your one problem make the rest of your life feel negative. Instead, focus on the concrete steps necessary to solve your immediate problem. Make and follow a checklist of the key steps you need to take.
Postpone Making Big Decisions About Your Payout – Major life events are usually accompanied by a payout. This could be a divorce settlement, severance package, or insurance benefit. Instead of doing something about this money, park it in a bank CD or money market account to keep it safe for awhile. You need to postpone making decisions about this money because stress diminishes your ability to make smart money decisions. You’ll first need to get emotionally and practically used to your new situation.
We can assist you if you need a wealth management advisor to help you meet your financial goals. Our team has decades of combined experience and we specialize in helping our clients grow and safeguard their wealth even during a turbulent economy. Call us at (866) 993-0203 to learn more about our services. We serve clients in Washington, DC, and nearby areas.