Surviving The Financial Tsunami

It's hard at times to fully comprehend the magnitude of the financial storm that has impacted so many families in this country. It's one thing when there's a problem somewhere else in the world, we are compassionate and sympathetic. Our hearts are moved by the plight of others. But when this storm hits our street and affects our house, now that's another thing altogether. This financial tsunami I'm talking about threatens our peace, our future, and our hope for a better tomorrow for our children. We realize that something's got to give. There has got to be some real answers somewhere. There are.

Also, if we're not careful that awful thing called fear will cause us to feel paralyzed and powerless to do anything at all but worry. Frankly, fear is one of those unwelcome intruders that we must not allow on the premises. I truly believe it is entirely possible to, not only survive the storm but to, thrive in spite of it. There are some things that we can do right now to prevent the debilitating chokehold of fear to stifle the creativity and the productivity that lies within each of us untapped and sometimes unseen. Those God-given gifts to empower us to succeed even in the face of difficulty.

To be perfectly honest, this is a subject I am very passionate about. I do not claim to be an authority but I am certainly one who is on "this sometimes longer than I like" journey toward financial independence. There are some workable principles that I govern my life by that move me ever closer to my goals. Truthfully, these are very simple and yet profoundly important.

1. First, take the time to do a personal financial diagnostic test. This is not the time to make excuses or play the blame game. That's self-defeating anyway. Let me be clear. I do know there are times, through no fault of our own, we find ourselves in a financial pit. For example, I have friends who had worked for companies for years and suddenly due to cut-backs and lay-offs found themselves unemployed. Now that's hard. Then, of course, there are those who've hit the wall financially due to unwise choices, lack of proper preparation, living beyond their means, and a host of other things. For whatever the reason, we have to take a brutal, honest look at how we got to this point. While doing this financial check-up we've got to take a look at our income vs. our outgo. If the latter is greater than the former then caution a tsunami is on its way. The first step to surviving the storm is recognizing the problem and then moving on to step two. Transitioning from recognition to resolution.
2. Secondly, don't be afraid to ask for help. There are experts in the field of finances who are trained and ready to help you in your quest for financial freedom. In my experience, I have found that sometimes people are either embarrassed or too "proud" to seek out help. But if you want to survive the storm you've got to just move past those two negative emotions and step into a more proactive approach. There are some sites on the internet I frequent to get up-to-date information that is beneficial to my financial health. One of those sites is www.christianpf.com. I have found it to be filled with marvelous and valuable resources made available for its readers in an easy to understand and practical way to apply format.
3. Thirdly, don't be afraid to be a giver. O.K. I heard what you just said, "How can I be a giver when I don't have anything to give? I need someone to give to me." I understand how you could think that way. However, the clenched fist has no room to receive more. It is a Biblical principle and one not to be taken lightly. First, I give to God. Perhaps, you are again reminding me, "I don't have anything to give." To that I respond, "Oh, yes, you do." You have time and talents even if at the moment you have no "treasure" (money.) Be liberal in the giving of your time and talents in something bigger than yourself. For those that do receive a paycheck, remember to give that 10% called the tithe to God. It's amazing to me that He only asks a tenth (the tithe) and then trusts us with the other 90%. On the other end of the tithe is an "open heaven" that God promises those who follow that principle.
4. Fourthly, pay yourself. I know you really think I've lost it. No, it's important that you pay yourself. There is a two-fold part to this. If you go to www.christianpf.com, or visit Dave Ramsey's excellent website, you can get more detailed information on this. As you are on this journey for financial independence there are a couple of things you need to consider. It is critical that you establish an emergency fund. Some have various and differing suggestions on how many months reserve you need to have put away in an emergency fund. The main thing you need to understand is that you need one. Of course, establishing in time a retirement fund is also in the mix. But for now it would be prudent to begin to put whatever you can into your emergency fund.
5. Fifthly, look for multiple income streams. The day of depending on one salary, one job and one income stream to be your only source is pretty much a thing of the past. Now to be sure there are many what I call "snake oil" fixes out there that are nothing more than a prescription for disaster. If something looks too good to be true it probably is. In my own experience I have found the best way to build multiple income streams is to evaluate what you are good at and what you enjoy and see how you can turn that into a stream of income. Developing the gifts and the talents already in you is a great way to start. Perhaps, you play an instrument, then teach some lessons. Or maybe your gift is writing. Why don't you consider blogging or vblogging? Perhaps, you enjoy animals. Why don't you think about pet sitting? There are some of you who are great with kids. You could consider babysitting. The list is ad infinitum. Just take the time to look at what you're good at and then pursue it as a new vocation. Your hobbies can even become an income stream. For example, that camera you enjoy taking pictures with can easily become a money-making stream. That painting you like do just to soothe your nerves can very well become a source of income. The possibilities are endless. From washing cars to housesitting, from writing to painting, whatever you're good at has value (somebody needs that service) and can be a real source of income.

Now, to be sure, these five steps are not exhaustive. These are just some suggestions that might get you started on this wonderful adventure to move you from the financial pit to a place of financial prosperity for both you and your family. Is it possible? Absolutely. Just take a day by day approach. There may be days it's more like minute by minute. Start paying off those bills (take the time to list what you owe, how much interest you are paying, etc.). Again, there are two schools of thought on this one. Some say start with the lowest bill and pay it off first, paying the minimum on the others. Others say, start with the one with the highest interest and pay if off first, while paying the minimum on the others. I guess you have to make the decision as to which one is best for you. But go ahead and start the process.

It is absolutely positively imperative that you make up your mind that you are not only going to survive your financial storm but you are going to thrive in it, achieving the freedom you so long for. It's doable. Remember that we are blessed in order that we might be a blessing. There's no better time for you to start than now. You most likely didn't get where you are overnight and you may not get out overnight. But you can get out. If you listen closely you can hear me cheering you on to your financial independence. It's true. Storms don't last forever. You're stronger than you think you are so let's begin......