In Janice Thompson's first post about being a financial overcomer, she encouraged women to prepare for tsunami-type events. In this "overcomer" post, she addresses three issues: Disability, Unemployment
and Identity Theft.
"Although these events have the potential to destroy," Janice says, "when faced with courage, they can be the catalyst to a deeper, richer relationship with God."
I'm glad Janice looked to scripture for an example of courage: to Shadrach, Meshach and Abednego, who emerged unscathed from the fiery flames and, as a result, caused a king to praise their God (Daniel 3:28). God can also use our testimony of financial wisdom in a watching world.
Janice continues ...
We need to learn a new financial language in a financial crisis. Again, it is crucial to search out wise counsel and trust God with that which you cannot control, especially in these three circumstances:
1. Disability
A long-term disabling event can be devastating to your lifestyle. Not only are you dealing with health-related concerns, but for many women, serious social and financial challenges as well.
Even if there has been some financial preparation, there is still a steep adjustment that has to be made.
Patient persistence is a tremendous ally in this situation. Focusing on the immediate needs of your family helps to stabilize the household. Once the transition has been made and the household stabilized, long-term needs can then be addressed.
My experience with clients who have faced this tsunami is that, as they continue to find ways to honor and respect the disabled loved one in their life, they find a deeper sense of true fulfillment and purpose in their present situation. While the circumstances may, in many cases, be irreversible, the joy and peace they evidence as they adapt to their new reality is much greater.
2. Unemployment
Unemployment can strip you of your self-worth and give way to feelings of guilt or shame. The stress of prolonged unemployment, besides being financially devastating, can lead to panic and, in some cases, severe depression as confidence begins to wane.
It is important to remember that you are not alone, nor have you suddenly lost your intelligence, skills or worth.
It is important to maintain social contact to help keep your balance in life.
Resist the urge to blame yourself or others, and focus on making the tough decisions as it relates to your cash flow needs. Food, clothing and shelter need to be your main priorities. Consider putting other things on hold as you think "survival mode" during this period of time.
Finding a job equal to what you had may not be an option, so keep your mind open to other possibilities, even if it is not your ideal.
I have seen people from all walks of life emerge form periods of unemployment not only having acquired new skills as they explored new interest, but also developing a new value system that includes both spending decisions and relationships.
3. Identity Theft
Here is another unexpected event that can instantly stop you in your tracks and turn your financial world upside down.
While a number of years ago our focus was primarily on monitoring credit fraud, this unsettling issue has now escalated into sophisticated identity theft schemes. The ability to steal publicly available information—and thereby impersonate you—is readily available.
Having personally experienced my first brush with this growing concern, I have seen firsthand how much easier it is to take proactive steps to protect yourself from identy theft than to recover from it.
- Be diligent about reviewing your credit report on an annual basis.
- For a free annual report, see www. annualcreditreport.com.
- You might also consider subscribing to a credit monitoring service for a more proactive approach.
Have you ever dealt with any of these financial tsunamis? How did God help you deal with the process of recovery or survival?
In Part Three (July 17), Janice will cover surviving the financial stresses of Divorce and Widowhood, and also, how to deal with Significant Wealth.
Janice Thompson is the co-Founder and CEO of One Degree Advisors, Inc., a comprehensive wealth management firm focused on biblically-based financial solutions. Janice is a Certified Financial Planner®, a Life Stewardship Advisor™, and serves on the Board of Directors of Kingdom Advisors. She has two married children and one grandson. She and her husband Tom live in San Diego.
Note: Material adapted from the book, Managing Your Money Maze by Janice Thompson (Revive Our Hearts, 2009).
Graphic adapted: Image courtesy of Danilo Rizzuti / FreeDigitalPhotos.net