Recovering from financial disaster

When I chose the topic for my first few blogs, it was late December 2019 and I had no idea of the turbulence that was before us. Well, I had an inkling that tough times were coming but I certainly didn’t see it in the time or form that it came in Australia and throughout the world.

As we live and breathe, we face disaster from the time we are born and we are not promised our next breath but nonetheless we plan for a tomorrow, we plan for 10 years from now and many of us plan well in to old age.

In all of this planning, we factor in the inherent dangers of living and the possibility of disaster. Most of us do this so well that we don’t actually realise that we are doing it. Recall the many ways that you have meticulously risk managed your life from the time that you started to move, to walk, to talk. As your life went on and you took on more adventures, you also took on more risk and you have risk managed it superbly. You put on your knee pads when skateboarding… until of course you felt confident to go without; you waited, perhaps a little too long, to ask that girl to marry you but you waited long enough to be sure she said yes; you timed requests of your parents perfectly for the right outcome; you slept well before driving, you followed the road rules; you checked your smoke alarms; you outsourced dangerous household jobs; you avoided disease through good nutrition and medicines; you protected your family by getting your life insurances in place and every day you make many more decisions, big and small – almost all of them to avert disaster.

You are more equipped to manage life’s disasters than you think

It’s the skills that we have learned throughout our years of risk managing life in general, whether we realised that or not, that equip us well for the major disasters when they come. I am certain that you are more well equipped to navigate disaster when it comes than you realise. What I also know is that facing difficult situations or disaster alone, is not how we are wired. Being equipped and knowledgeable will take you a long way in your journey to recovery but it should never be underestimated how strong relationships and partnerships can help bring you through these times.

I recently created a post outlining the first 4 steps to take when faced with a financial disaster. It is very simple, but very important:

  1. Tell someone. They say a problem shared is a problem halved and whether that is true or not, what is true is that you should not face difficult times alone.
  2. Prepare yourself. Gather together as much of your financial information as you can find. It doesn’t matter how little or disorganised, finding what you can is a start.
  3. Contact an accountant. An initial consultation is either free or very cheap. I offer all our clients their first consultation for free, no strings attached.
  4. Breathe a sigh of relief. You are going to find a way through this.

Exec One Team is here to help you

I believe that each person is more capable and more equipped than they realise and I believe that together we can find a way through any business or financial disaster that you face (or want to avoid). Where do you want to be with your business and/or your personal finances? Do you need a wealth coach? Do you need budgeting and finance training or your own management accountant to help you achieve your goals?

If you aren’t sure, we are here to help. Exec One is committed to backing you in your business and personal goals and has the skills and experience to help you get there. Call us on 07-5636 9481 to see how Exec One can help you determine and reach your goals.

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