Financial failures and setbacks are unavoidable in life. It is true that, we all had that time in our life that we had our financial hardships, sometimes mild and sometimes severe. What we have to realize is that no one is perfect! It is a fact that the most successful people around the world are the ones who have failed the most to reach high, even if we only know and see the ‘shiny side’ of their success and we admire their achievements.
In today’s world, where we are flooded left and right with tons of information, we hear about financial success stories of individuals almost on a daily basis. It is natural to compare ourselves and our situation to theirs, and feel ashamed for failing financially at a personal level. Such feelings of shame though, may lead us into the darkness of depression.
As an athlete you must have had your fair share of failure. And, you have learned to deal with it and move on because this is how the game of life is. The same attitude should be applied to your financial life and the financial difficulties you are encountering.
The British novelist J.K. Rowling, expresses her opinion about failure with the most inspirational quote: “It is impossible to live without failing at something, unless you live so cautiously that you might as well not have lived at all–in which case, you fail by default.”
Therefore, stand-up, gather your pieces and rise from your ashes! Let’s find out how Money Smart Athletes can train themselves to withstand these financial challenges, deal with the stress and depression and turn them to their advantage with four small steps.
STEP #1. ACCEPT IT
The first and most important step for financial recovery is to accept reality! Accepting any situation in life makes you understand that a setback or a failure is not your final destination, but a stepping stone in your journey to financial freedom!
You have to realize that failure is part of the process to succeed. Yes, you will experience difficulties, you will repeatedly get disappointed and upset, but you have to stay focused on your target and not let it bring you down.
STEP #2. “UNBLOCK” YOURSELF
After the acceptance stage, there is always an emotional stage which must be handled really carefully and under full awareness of the situation. After you have taken some time to realize and accept the situation, you have to clear your mind from any negative thoughts. Don’t let yourself be overwhelmed with feelings of misery.
After all, once the harmful emotions finally dissipate, you will then be able to see clearly and turn your focus to recovery. Consequently, make sure that:
- You do not waste your energy on being miserable
- You stay positive
- You keep your focus on the matter
STEP #3. REFLECT
Reflection is a synonym to thought, meditation and consideration. Three words with high importance for every person who wants to operate under the control of his own power; for every person who wants to learn from his/her mistakes and not repeat the same action again and again and expect a different result.
Reflection might be the most critical step and many people do not take it seriously. It’s simple but invaluable. You have to take some time to reflect on what happened and it is extremely important to be harshly honest with yourselves on why it happened. When you reflect on something, you obtain the skills to answer these three vital questions:
- What went wrong?
- Why this went wrong?
- How should I fix it?
STEP #4. TAKE ACTION
Your actions are what actually defines you as a personality. Nothing actually happens, until you take some action. It’s not only about just thinking and dreaming. The actual work is that you have to take the right decisions and act wiser without falling into the same trap. Your actions are what will lead you to achieve your goals and success.
Many people envision improving their finances, but how many of them really take action? And that is what makes all the difference! The difference between successful people and unsuccessful ones, is the capability to steadily and consistently convert your ambitious thinking into actions toward achieving your goals.
It is obvious from all of the above that the psychological factor plays a major role in dealing with financial failure and can create a detrimental effect on your financial situation. Always make sure that you follow these steps when in financial turmoil and make sure that you get reliable financial planning advice and help.
If you need any help in dealing with the stresses inherent to financial failure and moving forward you can get in touch with us at firstname.lastname@example.org.