Financial Emergency Management

What to do When you Lose Everything

Losing everything seems like something that only happens to characters in movies, or someone else. It’s never meant to happen to you, so when it does, it’s not just the financial blow that can leave you floored. It’s often a huge emotional blow as well.

Denver Daniels is familiar with this feeling. As a teenager, his family lost everything, and he went from being one of the most privileged kids in his area, to one of the poorest.

 If you met Denver today, you’d never guess that he lived through such a troubling experience. His level head and financially savvy nature belies the family’s past, but it’s exactly because of his family’s perseverance and working together that Denver grew into the secure person he is now.

Denver and his family are thriving these days, and the hard lessons he learned give him a unique perspective on how to deal with financial crises. So, if you find yourself in a dire situation, take a look at his advice on what to do when you lose everything:

  1. Speak to a debt counsellor or financial adviser. They have the knowledge and experience to be familiar with your situation, and will know what to do to help you recover.
  2. Don’t be afraid to be vulnerable and accept help in whatever form it takes. You are not alone in this situation, and people will want to help you however they can.
  3. Be brutally honest with yourself. Figure out exactly how you ended up in this situation, and make a promise to yourself to do everything you can to prevent this. If it was a bad business decision, do better research next time. If you were a victim of theft, make sure you start saving for an emergency fund as soon as you can.
  4. Strip down your spending and track every last cent. Limit your expenses to crucial bills only, and put any extra income you have into savings accounts. Make a budget and stick to it!
  5. Work hard. Accept any additional work, try creating an additional income, sell things you don’t need, do small tasks for people. At this point, anything you can do to create more cash is important.

Remember that this will pass. Keep your spirits up, and don’t be too hard on yourself, this is something that happens to thousands of people all over the world. Through perseverance and planning, you will live through your crisis, and come out stronger.

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