Having to go through a financial crisis is not funny at all. It can come in different shades and forms and has the following warning signs: being completely broke long before payday, having to regularly borrow from friends and relations just to make ends meet, missing debt repayments, money worries keeping you awake at night, undue pressure from lenders, job loss, family emergencies, just to mention a few.
So how did you get to this point? Is it your lifestyle? Are you extravagant? Do you make poor spending decisions? Are you trying to keep up socially? Perhaps you are just not earning enough to fund your lifestyle and obligations. There are so many reasons for financial crises, but the good news is that it is possible to turn your financial life around.
Don’t Panic
When you think about all the bills and monthly expenses you have to face without a steady income, it is easy to despair. Try to remain calm and do not rush into any major financial decisions while you assess your situation; you need a clear, positive outlook. When I had a major financial crisis some years back, I quickly realized that worrying and self-pity wouldn’t solve anything. I refused to beg anyone. In fact, those close to me had no idea of what I was going through. I refused to engage in pity-party with them. I wanted a way out; I wanted to be a blessing to them and not a burden!
THINK
I once took time out to do an exhaustive study on the richest people in the world, to know what their secrets were. My findings were intriguing! I discovered that the wealthiest people in the world went through many financial crises in their lifetimes. Yet, they succeeded. One of their BIG SECRETS is that they always took out time to “THINK.” They thought their ways out of financial quagmire. I decided to do the same, and I found it very rewarding. Hence, take time out to think and meditate on possible solutions to your current financial challenges.
Be Cautious About Borrowing
It is very tempting to resort to borrowing excessively in order to meet your daily financial obligations. Try to avoid doing this except when it is absolutely necessary and only for critically important expenses that cannot be delayed. Taking on additional debt can keep you in denial about your true financial situation and make things worse.
As difficult as this may sound, you should try to view this period of financial uncertainties as a positive event, an opportunity to reevaluate your future and, potentially, change your career or start a new business. This may well be the impetus you need to take a fresh look at your life and to redefine your goals.
To your Financial Fulfillment!
Benjamin Aduroja
Personal Finance Trainer, Financial Planner & Investment Advisor.
CEO (Chief Enabling Officer),
Cuttingedge Worldwide Impact Limited,
17/19, Allen Avenue, Ikeja, Lagos, Nigeria.
T: +23470 8132 8873
E: benjamin.aduroja@fromsurvivaltothriving.com
W: www.ffm.fromsurvivaltothriving.com
