In this episode… How do you come back from staring down the precipice of financial ruin? What does it look like to live with hope in the face of such despair?
Click here to subscribe to our YouTube channel! These are uncertain times. Even people who are well-prepared can make mistakes or encounter misfortunes that ruin their finances. It can happen to the best of us. If it does, remember that this is not the end.
Instead, it is the beginning of something new. People bounce back from disaster all the time. Following are seven tips to help you regain your financial footing.
Accentuate the positive Corny? But make no mistake: Keeping your attitude upbeat really works. So does staying in the present. In the same way, worrying about the future robs you of time and energy.
Seize control Learning precisely where you stand in a crisis is painful. So, take the following steps: Get a grip by tracking your expenses.
List all the bills you have to pay — rent or mortgage, utilities, insurance, groceries, car payment, gas and whatever else you need to cover to keep going.
This is the basic amount you need each month. Put your wants aside for the moment.
Make a stripped-down spending plan. For now, include crucial bills only. Reach out to people with the expertise you need. A trustworthy credit counselor, for instance, can negotiate lower rates and a debt repayment plan with your creditors, taking bill collectors and pressure off your back.
Find accredited credit counselors. Get any agreement in writing before paying a cent. Beware of crooks Panicked people in financial distress are a juicy target for fraudsters.
Credit repair schemes are notorious for fraud. Start now to repair your credit yourself — for free. When it comes to credit problems, time is your friend.
In seven to 10 years, even negatives as severe as foreclosure and bankruptcy drop off your credit reports. Exercise Exercise has a surprising ability to keep your mood up, energize and focus you, and move you forward. If you are a homeowner, call the mortgage company right away.
Most lenders have foreclosure prevention programs to help homeowners in crisis. The Federal Reserve also explains how to proceed with a lender. Tips for generating income include: Check with local schools to ask how to become a substitute teacher.
Not all schools require teaching credentials. Launch a pet-sitting or pet-walking business. Start working from home. Keep your rates competitive to get your business off the ground. Or do it free to get free housing. Here are three sites that offer to connect house-sitters with homeowners:Up until late , American Financial Group, still owned Grand Central Terminal, though all railroad operations were managed by the New York Metropolitan Transportation Authority (MTA) through a lease entered into in The current lease with the MTA was negotiated to last through February 28, “Financial counsellors can act as an advocate requesting mortgages to be frozen or to arrange extended credit card repayment plans.” Ask about a flexible work plan.
Front Against Censorship proposes anti-SLAPP amendments to protect journalists from financial ruin Front proposes changes to new media law to protect journalistic freedoms and freedom of expression. by Jurgen Balzan June 3, , pm. Towards the end of his career, Baker admitted to battling alcoholism, a contributing factor to his financial ruin, but is four years sober now.
Baker told Kevin McNamara of the Providence Journal, “I was an alcoholic, I lost a fortune. Nov 01, · How would planning advice change if the objective was re-framed as managing one’s financial affairs within a financially fragile state, rather than just focusing on avoiding financial ruin in the form of “bankruptcy” (which seems to rarely result, even after a portfolio has been depleted).
Aug 14, · A financial crisis had left the town staggering on the edge of bankruptcy, with painful cuts in everything from library hours to subway service, and the confidence of its inhabitants was in.