How to recover from financial loss

  

Date Posted: 12/10/2012 2:27:28 AM

Posted By: fly1234  Membership Level: Bronze  Total Points: 15

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Bankruptcy can break you, especially if you are used to maintaining a certain lifestyle that requires you to spend. Just like any other loss, being bankrupt leaves one physically and mentally devastated, which is why one needs to see a financial expert to help them go through the situation.

"Grieving Mindfully", is a compassionate and spiritual guide to people who have suffered a financial loss. It comprehensively covers financial loss, triggers the five stages of grief. One key ingredient for treatment of people who suffer financial loss is the five stages. Unless a victim is able to understand the emotional process, they are not able to move through each stage quickly. The following are the 5 stages which i am talking about:

1 Denial, or "this isn''t happening to me" stage.
When a person suffers a job or financial loss, they are not able to come to terms with the fact that they won''t be in a position to support their current lifestyle anymore. The decision to change and adjust to the current situation is often hurting, which can make them go nuts! Bankrupt people often make a mistake of dipping their hands into their retirements funds in a bid to save the situation. When you start paying house rent and other bills using these funds, the real problems kicks in, a rich recipe for a second financial loss.

2 Anger or "I could have done things differently" stage
It is hard to watch the life you have built over time come to pieces. While victims tend to direct the anger to themselves, sometimes the reason why they suffered that loss is often beyond their control. At this stage, they always blame themselves how they could have done things differently to avoid the loss. The danger of this is that, one may take a

long time cursing and getting angry with themselves while opportunities for re-building are passing them.

3 Bargaining.
One thing that victims of bankruptcy do when they meet a financial expert is to ask what they could do to fix the problem. They always seek answers on how they could hold on to their lifestyle even though they are bankrupt. In this case, the financial expert may explore the available options together with the victims while setting aside the emotional aspects of the situation so that they are able to make sound and informed decisions. To help look at the situation from a more realistic view, the professional may explain to them the cycle of the grieving process. It helps them to offload themselves and begin a new productive step forward, leaving the financial loss behind.

4 Depression, "I am facing a reality i don''t like".
Often, when bankrupt people meet a financial expert, they take one to six months to consider their options. They may call in at certain times to confirm with their experts about their options. This is also an integral part in recovery from bankruptcy.

5 Acceptance.
The magic of psychology. Victims have been reported to have progressed so quickly ones they understood this stage. The bankrupt depression is gone and they are upbeat, they begin seeing new possibilities of creating money again. Accepting this status, they take the necessary steps to free themselves from the burden of the grieving process.

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