Coping with the stress of a major financial setback is difficult. Whether you’re dealing with job loss, medical bills or storm damage to your home, your energy is focused on understanding what happened and what you’re going to do about it. The question is, how do you bounce back?
The good news is that with a bit of time, focus and determination it is certainly possible to recover from a financial setback. Read on as AOG Wealth Management, your professional financial advisor, shares some tips.
Make a List of Your Losses
Facing the ugly truth isn’t easy but making a detailed list of your losses during this time gives you a bigger picture of what your current financial situation really is. If you keep yourself in the dark and divorce yourself from the problem, you’ll only have a more difficult time planning the recovery.
The Mental Recovery
Recovering from a financial setback involves mental recovery before anything else; financial recovery is secondary since you won’t get anything done if you’re consumed by worry and confusion. A major financial setback, while stressful, doesn’t have to take a toll on your well-being.
As the first big step, it’s important that you separate your negative feelings from your current finances. Look at your current financial situation and assess it without emotions. Never overreact, and focus your energy on thinking of ways to reduce your expenses and taking practical financial planning steps to earn more income.
Set New Financial Goals
The money hitch may have cost you your dream of buying a particular house at a particular time or paying off a certain debt, but don’t beat yourself up. Rather, look to the future and consider creating a new goal that’s achievable with your current financial resources. A new goal and a new vision, plus the lessons you learned from your recent problem, may be what you need to succeed in your future endeavors. Think of it as starting from scratch.
AOG Wealth Management offers professional wealth management services. Call us today at (866) 993-0203 and find out how our team can help you recover from a financial setback. We offer professional financial planning services throughout Northern, VA including Reston, VA, and Washington, DC.
The article and opinions in this publication are for general information only and are not intended to provide specific advice or recommendations for any individual. We suggest that you consult your accountant, tax, or legal advisor with regard to your individual situation. Kalos Capital, Inc. does not provide tax or legal advice. The opinions and views expressed here are for informational purposes only. Please consult with your tax and/or legal advisor for such guidance.