JW’s Financial Coaching Podcast Lesson #104-How to get back up after a financial setback

Play
  • We love to share our success, shy away from our setbacks
  • Financial setbacks occur frequently
  • How to recover from a financial setback
  • Financial setbacks are painful in the short run, but can be beneficial in the long run
  • Quote of the lesson

The JW’s Financial Coaching Podcast_104

Financial setbacks happen more times than we like to admit. It’s not something we like to talk a lot about and who can blame us? It’s easier and more enjoyable sharing and listening to shows that share their debt free stories or other stories of success. Not so much fun to share our failures. Often because their can be a lot of shame, embarrassment, and frustration associated with a financial setback.

There are a lot of reasons why financial setbacks occur. It can be a result of a job loss, illness, divorce, major repair to a home or car. Or it can be we just took our eye off the long term goal of we had a financial relapse and went back into debt.

Whatever the reason for our setback, it’s important to take steps to learn from our setback and ensure that it doesn’t happen again. Today’s lesson we share five things to do to get back up after a financial setback. They are:

  1. Get back to the basics
  2. Make yourself a new goal
  3. Don’t try to hide from the setback
  4. Look at what caused the setback
  5. Remember how the setback felt

Financial setbacks are painful in the short run, however they can be beneficial in the long run IF we learn from the lessons they bring. Setbacks come in various ways and different dollar amounts, but they do and will happen. But it doesn’t have to be a life changing event in a negative way. Rather it can be a turning point in the right direction as well. It is all about how you react to it.

If you are going through a financial setback please get in touch with me and I would be more than glad to walk with you in recovering.

Other material referenced in the lesson:

Today’s quote of the lesson is brought to you by Audible.com

“Don’t wait until you’ve reached your goal to be proud of yourself. Be proud of every step you take toward reaching the goal.”Unknown

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