Coping With the Market Downturn

Many of us have lived through years of seeing the stock market go up, our real estate investments increase in value, and have assumed we'd have a good income to supplement our social security benefits, once we leave our mid-years' employment.

 

Not so for many of us. Rather than obsess, catastrophize, "what if" or "if only I had done... ", here are some alternative ways of coping. 

 

Despite what financial gurus tell us, we have no way to control or predict the global financial picture. Not even Warren Buffett was successful at that! Here are some questions that will redirect your energies to places where you do have some control.

 

 

What does it mean to you to downsize? What would you be failing at if you did?

·        Failing to be competitive?

·   Keep up appearances?

·        Failure to fulfill others’ expectations?

·        Lose your identity based on how much you earn and the lifestyle it represents?

·        Lose your reference group (colleagues)?

What do you see when you face your fears that are triggered by losing money? What does it call up inside you? What’s the worst case scenario?

What is the meaning to you of being “prosperous?”

What is it to have a full, rich life? What percentage of this richness is attributable to money?

What do you want to do today to create a meaningful life regardless of how much money you have?

What are you willing to do to step out of your comfort zone to earn more money if that’s necessary to achieve your goals?

What do you do for yourself right now that is life-affirming?

  

What are the messages you grew up with about $? What money gremlins hide inside you? What are you bringing forward that’s keeping you in the past? 

What behaviors, fears, beliefs, values?

·        Not enough money

·        I’m bad with money

·        Spending $ is bad

·        I can’t make it on my own financially

·        Money is my enemy

·        People with money are tainted

Consider the root of these distorted beliefs in your family. What’s the realistic mature way of thinking that you want to replace this belief with? What concrete steps will you take to change your way of thinking.

What do you want to be remembered for? What legacy do you want to leave? What would knowing that bring you now?

What’s the most fun you’ve ever had? How does that correspond to how much you paid for the experience?

 

If you'd like to enter into a dialogue, comment here. When you do, I'll offer you a free coaching session on the phone to work on changing your perspective about money so that you feel more in control. Tell me how to contact you.