Hi,
There are various events that occur in our lives which are not only huge emotional hardships, but may bring financial chaos as well. Events of this stature may include death of a spouse, catastrophic illness, sudden loss of job, divorce, and unexpected family emergencies which result in unplanned long term care for a family member's children. I will discuss each of these events in future blogs. There are a few things which are required when dealing with any emergency financial downturn:
1) Emergencies bring panic. It is crucial to have a trusted person who is objective and can offer emotional monitoring feedback through the acute stage of the event. Many times the best course of action is "no action" for the moment, and the person in crisis needs to hear an outside voice say that. If you are alone in a new city when crisis hits, take advantage of the closest crisis hot line.
2)Unfortunately predators come out of the woodwork to take advantage of people at their most vulnerable times. Predators may masquerade as "good neighbors", "church members", or even "long lost friends of the family". One typical predator approach is to act too overly helpful, too sympathetic, too understanding, too ingratiating, and too willing to be the person one can rely on during a hard time.
3) A person in an acute crisis should not make any financial decisions without the input of an objective trusted individual.
Tomorrow I will start talking in detail about how to cope with the specific financial crisis caused by the death of a spouse.
Until then,
Alan
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