We have all had it happen to us. A financial setback. Get fired from our job. Need a $10,000 surgery. Business sales are down huge because of bad Google reviews. Whatever it is, there are good ways to deal with a financial setback that could leave you even better off than you were before.
Use the urgency. The beauty of a financial setback is the urgency it can create. The pressure of insecurity can be a jumpstart to something great. Maybe the urgency lights a fire under you to get going and make some serious moves. Use the urgency to your benefit and make something happen. The great thing about this concept is it is inherent and inevitable. Your instinct will undoubtedly kick into gear and help you utilize the urgency created by your setback.
Call, email, text everyone. Whether you realize it or not, your network is likely pretty vast and leveraging it may unearth some buried treasure. Get in touch with people and see if there are any opportunity fruits growing on the opportunity tree. Low-hanging and waiting to be plucked, there may be something well within grasp to easily take advantage of. Maybe your friend works for a company that’s hiring. Maybe someone has an idea to make some green. Maybe an acquaintance is looking for a business partner and you have all the skills he or she is missing to make it happen.
Become more friendly. How does the saying go? You never know who you’re going to meet. The notorious New Yorker wouldn’t dare say “Good Morning” to an absolute stranger. But many a’ good things have come from conversations with the folk I come across everyday. Maybe the next Steve Jobs is sitting next to you at the coffee shop. Maybe your next best friend is sitting next to you at the coffee shop. The point is, a lot of good can come from striking up conversations with strangers. Maybe even..wait for it.. a financial opportunity! Don’t be afraid of rejection either. Because at the end of the day.. who cares if the person doesn’t say hi back? Is it really that big of a deal?
Build income streams. Having multiple streams of income can really offset financial hardship. Let’s say you have a side business that brings in a couple of bucks every month. Maybe you have some investment properties that you rent out. Or maybe you sign up on a website like Upwork.com and use your skills or talents to help businesses or others as a freelance worker. There are some great opportunities out there now with the available services and technologies that require very little investment and very easily attainable skills to start.
Whatever you do, you can’t let it break you. Dust yourself off, get back up and keep moving forward. No matter how scary things are or get financially, you can always recover. Until next time.