When trying to put it simply, life is a non-linear graph, constantly changing. Complex, challenging, and gloomy phases are inevitable, and so are joyous and blissful times. A perfect blend of peaks and valleys. But most individuals strongly ‘wish’ to repel the inopportune moment. The unrealistic expectations from life have spoilt our physiological functioning. Everyone wants the good times to stay longer and get through the difficult phase instantly. I want you to tell me, Is it possible? Can you escape the other side of life? Arguably, no! That’s harsh, but this is how the mechanism of life works. It throws the most unexpected and abrupt situations that too without notice! And financial pain tops the list of all the challenges in the world! In addition, financial stress originated due to physical and mental strain.
Regardless, this is inescapable. I must contemplate how to survive and live through it since ‘living’ is the rarest thing. You may have come across numerous materials promising to improve your situation and enlighten you on distinctive strategies that may facilitate the journey. However, there is one fundamental element that is often neglected. After tireless research and talks with financial experts, I learned a great approach!
Every strategy might work but let me put out an example. You may be working extremely hard to survive this financial crisis, but you are still not receiving the anticipated results. Have you ever witnessed a chemical reaction? You might be wondering where this article is leading. Nonetheless, the point is that a few chemicals are easily combined, but a few require a ‘catalyst’ to expedite the process. If you are confused, let me simplify.
The fundamental purpose behind the coming of tribulation in our lives is to stimulate growth and teach us meaningful lessons. When we are afflicted with adversity, we continually react deprecatingly—not approving of the occurrence of crises. But we should never normalize this mindset and attitude as it restricts our personal growth. The catalyst in the time of a catastrophic event, especially in a financial crisis, is a crisis mindset, to hold onto the rope that every cloud has a silver lining. Utilize this disruptive event as a medium to stimulate growth and turn the worst times into the best. You can do this!
Here is the list of a few books that will help you
- 7 Keys to Finding Your Inner Strength and Overcoming Life’s Hurdles – Karen Reivich and Andrew Shatte Ph.D.
- Navigating Life, Loss, and the Road to Success – Lisa Lisson.
- Minor Shifts for Major Boosts in Focus, Drive, and Energy – Bonnie St. John and Allen P. Haines.
- Why Things Bounce Back – Andrew Zolli and Anne Marie Healey.
- Big Magic: Creative Living Beyond Fear – Elizabeth Gilbert.
Now, onto some practical suggestions on how to combat, survive and succeed in financial crises.
Assess the gravity of the financial crisis
Once you feed your brain with resilience and realism, let’s embark on the journey to managing the situation efficiently. First and foremost, with a clear mind, sit, analyze, and evaluate your current financial position. It is the fundamental step that helps in making informed decisions.
Lift the curtain and communicate for help
The masses follow strict rules to maintain secrecy regarding the financial crises. However, this will never allow you to excel through this catastrophic event. You may have a family to feed.
Fortunately, the government has established several emergency funding schemes. Please make a note of all the government programs that are offered and apply for them. Keep an eye out for the qualifying conditions and ensure you fulfill them. Some of the top help initiatives are listed here:
- Government food programs
- Government help with utilities
- Government help with housing costs
- Government medical assistance
- Nonprofit food assistance programs
- Help with utilities from nonprofits
- Nonprofit housing assistance for mortgage and rent costs.
- Help with medical expenses from nonprofits.
Here are some financing options for businesses
- Community development finance institutions
- Venture capitalists
- Partner financing
- Angel investors
- Invoice financing or factoring
- Crowdfunding and/or grants
- Peer-to-peer or marketplace lending
Spend mindfully
Good money management is more crucial in this scenario than ever, you must practice it routinely, but when challenged by life, it’s imperative to perform the act more effectively. Create a budget, cut unnecessary expenses, follow the 50-30-20 rule, limit impulsive buying, and look for ways to supplement the primary source of income or start a side gig. There are countless opportunities, and it only takes courage to come out of your adversity.
Be consistent
Do not lose hope. Every cloud has a silver lining. You may not see the expected results, but what if they are just around the corner? Success is not achieved without commitment and consistency. It would help if you committed to getting yourself out of this; no one else will do that for you. Indeed, your future self will thank you.
Best wishes!
About Complete Controller® – America’s Bookkeeping Experts Complete Controller is the Nation’s Leader in virtual bookkeeping, providing service to businesses and households alike. Utilizing Complete Controller’s technology, clients gain access to a cloud platform where their QuickBooks™️ file, critical financial documents, and back-office tools are hosted in an efficient SSO environment. Complete Controller’s team of certified US-based accounting professionals provide bookkeeping, record storage, performance reporting, and controller services including training, cash-flow management, budgeting and forecasting, process and controls advisement, and bill-pay. With flat-rate service plans, Complete Controller is the most cost-effective expert accounting solution for business, family-office, trusts, and households of any size or complexity.
