Build Your Financial Resilience
Start Where You Are Right Now
How would you rate your financial resilience today? When unexpected events disrupt normal routines you can either shut down and hide or step up to the challenge and push forward. In the midst of pushing forward, give yourself space to scream, yell, cry and release fears, pain or frustrations. Start with what you have and build your financial resilience.
Begin to assess what resources you have at your disposal. Create an inventory of marketable skills, possessions and trusted connections. Financial resilience is one part personal efforts and two parts leveraging what you have and who can help you. You are not alone. Lean into your village. If you don’t have one, then build a village or join one.
Keep It Simple
Forgo twelve step programs or overhauling your entire life. During major life events there is more than enough emotional and mental stress to work through. Hold on to simple routines and important relationships to keep yourself grounded. The desire to fly away can be attractive – to get away from it all. Acknowledge the feelings you are experiencing and look for simple ways to rest, relax and disconnect – even for a few hours.
Now is not the time to reinvent yourself. It is the right time to make small changes, test new possibilities and eliminate what is no longer useful. Take a look at the inventory you created. Identify two or three possessions you could quickly sell online. Don’t turn your nose up at a possible $10 sale. A few of those could pay for a one-way ticket if needed.
Consider your skills and what your connections could really use help with right now. From making brown bag lunches to painting or updating a website – what valuable service could you offer to reduce the stress and anxiety of your village? If you feel a little rusty on a skill, watch tutorial videos and offer once or twice for free in exchange for a referral or testimonial.
Outwit, Outlast, Outplay the Game of Life
Life is a constant series of choices. Every single moment of every single day, you are choosing one thing over another. Each of these decisions culminate into the story of your life. The amazing part of this journey is that every day we have the opportunity to make new choices and change directions.
Financial resilience comes from certainty, not from wealth. Know what you really want. Determine what matters most to you and plan in advance to weather the storms when they come. They will come. You can count on it.
Your Financial Resilience Checklist:
- Set up a financial account in your name only, with the specific purpose for your personal safety, security and survival. #FlyAwayFund
- Calculate your personal runway. How long can you make it without additional income?
- Make digital copies of important documents and save to a secure file. If your house burned down or flooded, what documents would you need to rebuild? Consider keeping physical copies in a safe deposit at your bank.
- “Know when to hold it, when to fold it, know when to walk away and know when to run.” (Gambler, Kenny Rogers) – Prepare for the unexpected in advance. Know your limits and your dreams. Act accordingly. You don’t need permission to thrive!
- Expand your skillset and connections. Humans are resourceful and have survived because we build, create, fix and learn. Ask for help. Ask for introductions. Share generously.
Spend wisely. Save well. Invest in yourself. Find your Financial Zen.