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Don’t Let a Financial Setback Ruin Your Mindset

I just got an email from some clients of mine. It's a young couple I've been working with over the last year. Quite frankly, I adore working with them because they implement my recommendations and are seeing fantastic results. At any rate, the email was letting me know that one of them was recently in a car accident and her car was totaled. Fortunately, she's okay besides some bumps and bruises.

It would've been very easy for them to throw their hands up in frustration and give up when faced with this financial setback. Instead, they reached out to make an appointment to discuss their options. A year ago, they probably would've entered into a loan they couldn't really afford that would continue to set them back every month. What a difference a year makes!

The Most Important Step to Maintaining a Wealth Mindset

Making the decision to shift to a wealth mindset is the first step of many towards building a wealth legacy. Taking action is the second step. Both steps are essential but maybe not the most essential. The most important step towards a long-lasting wealth mindset is not allowing a setback to undo all you accomplished. Like this couple, it's about doing what you need to do to solve the problem and continue moving forward.

Sometimes making a change is easier when everything is going right. You get into some good habits. You’ve gotten an advisor, made a budget, enlisted your family in planning. You built up your emergency savings and you're spending responsibly. Things seem to be going well and you are proud of your efforts and think your mindset is on track. Then, BOOM! Life throws you a curveball and you face a financial setback. What are you going to do?

Financial setback do’s and don'ts:

 Do

 Find someone to talk to about your issue

  • Involve the family in problem-solving
  • Realize all success and failure is temporary
  • Continue doing the next right thing

Don’t

 Let a setback become evidence things aren’t working

  • Let one challenge throw you off course
  • Let a setback get into your head
  • Forget there is a solution to every problem

Life has a way of ebbing and flowing, and a healthy mindset allows for both to co-exist and not drag you down when things are tough. Making the right decision always wins out over time. Doing the right thing - financially and otherwise - is always the best policy. Don’t let a financial setback ruin your mindset. Everything always works out in the end.

If you find yourself in need of additional support to maintain a wealth mindset, join us in the Moms Managing Money Facebook Group.

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