Too often, I see people coming into my office that are mired in debt and denial, and weighed down with guilt over a financial crisis. Remember we are in the midst of a global financial crisis; therefore, you are not alone. There are a lot of people out there just like you who share either the same or a different set of financial problems. They too have sleepless nights, constant worry, and regret about certain financial decisions they made. They too think, I shouldn’t have made such a hasty decision. I shouldn’t have agreed on such a high interest rate. I shouldn’t have taken out a second mortgage on my house. I should have saved more money. I should’ve just said no. The fact is you did make that bad financial situation. You didn’t say no. You agreed to negative loan terms because you thought that you would be able to refinance at a favorable rate later.
What is important to remember is that there is hope. Your situation is temporary and will change. Be proactive and (1) assess how you got into such a dire financial situation, (2) determine what you need to do to minimize any additional liability, (3) be open to options that are less than ideal, (4) accept where you are financially and know that it is a temporary situation, (5) release the pain and guilt, (5) and act.
Let go. Letting go doesn’t just mean letting go of material possessions. Letting go means a release of any idea or thing holding you back from moving forward. It means letting go of the guilt and pain stemming from decisions you made or failed to make. Letting go is acceptance. Letting go means accepting the idea that at this time in your life, you are not where you envisioned, but the situation is only short-term. There is hope.
In the midst of resolving your financial strife, take care of yourself. Allow yourself to be sad for a short time, release the grief, and determine what you need to do to transition out of your current situation. Know that the changes you want might not happen as fast as you would like, but so long as you are proactive, change will happen.
Act. Don’t just think about change, make a change. Be vigilant, assess what’s needed to get you where you want to be, and then do it. Don’t just stop at one change. Constantly assess your current circumstances, and continue to make changes to strengthen your situation.