You most likely have experienced or someone you know face a significant loss in the stock or real estate market. Many people have had to set back their retirement date, come out of retirement or giving up on the idea of ever reaching the goal of financially independence all together...
As we begin season two of The Invested Life, you meet my client - Tom Stanley of High Rise Investments - who faced a life-changing financial situation by losing $500k in one day and went through bankruptcy.
As a financial coach, here are a few things I'll encourage Tom and anyone else to consider while building back up confidence:
- Your net-worth is not your self-worth - Being broke is just a temporary situation. Life is full of learning experiences. If there is anything I want him to buy, is that he is still a man of significance, a husband and father with all the capabilities to take action.
- Partner Up - Find the professionals that can help accelerate your learning curve and through their experiences, avoid pitfalls. You'll see me connect Tom with plenty of my colleagues and coach Tom to ask quality questions.
- Gather and Go - especially with money we can be very emotional. Gathering the data and educating yourself on facts will help give you clarity and confidence about making smart choices! Otherwise, you are just procrastinating and you need to get out of your own way!
There's nothing wrong with taking baby steps again...after all, good things do take time.
Until we meet again this is your Money Smart Guy reminding you to live smart, LOVE smart and BE MONEY SMART...today!