'Financial Language' - Are You an 'Overcomer'? - Part 3

Janice Thompson addressed three financial tsunamis in her last post (disability, unemployment and identity theft). In this Financial "Overcomer" Upgrade, she discusses divorce, widowhood and significant wealth.

"Regardless of the circumstances that lead up to a dynamic change in your financial life," Janice said, "any of these life-challenging events can thrust you into a place where you must quickly adapt to a new way of dealing with your financial world."

Divorce and widowhood can crush a woman's spirit, but significant wealth—especially when it arrives unexpectedly—can be just as overwhelming. I'm thankful for Janice's helpful insight.

She continues ...

In each of these circumstances, I encourage you to be patient with yourself and the process ahead of you. Remember, "Tsunamis" can be a catalyst to a deeper, richer relationship with God.

1. Divorce

I have yet to see a divorce that doesn't expose raw emotion and inflict unbearable pain on all parties involved. Divorce is often complicated by the fact that finances can be a major reason for the breakup.

While money problems may only be symptomatic of deeper issues, they are clearly among the contributing factors.

I am in no way an advocate of divorce, for it is not God's ideal, but I do understand that divorce happens. It is important that women who find themselves in this situation be proactive in the midst of their pain. They must move forward, making appropriate plans and taking appropriate actions.

It has been said that a woman facing divorce experiences many of the same emotions of a woman who experiences the death of her husband. Add to that the understanding that in many cases she has been rejected, and it is no wonder the psychological, emotional and financial adjustments are overwhelming.

It is imperative that you surround yourself with trusted advisers and legal counsel as you go through this process. There are many important steps to take before the divorce is final that can help you better prepare for being single again.

Let me also encourage you to develop a spirit of forgiveness as you go through this process. It is a critical component not only for your financial well-being, but also for your ability to be truly free to become a whole person again.

2. Widowhood

Adjusting to life after the death of a spouse is an agonizing journey. Widowhood is often met with an intense need for grounding, stability and a sense of normalcy and emotional relief. Widows need emotional support and the reassurance there is life beyond this intense pain!

It is critically important to work toward the development of a long-term plan, stabilizing cash flow and minimizing major spending decisions during the initial months of loss.

If you are newly widowed, I encourage you to postpone major financial decisions until you can think clearly about long-term goals and plans. Surround yourself with people who understand the journey you're on and will be patient with you through the process.

While the level of pain diminishes with time, the passion to honor the memory of a spouse with wise financial decision gives them purpose amidst the pain.

Women who have lost their beloved life-partner don't want anyone to forget the memory of their spouse, so while they may resist being prodded to "move on," they seem to be able to respond to the idea of "moving forward."

3. Significant Wealth

I can still remember the time when my husband and I were having one of our many family financial discussions with our children. The discussion turned to the financial impact "if Daddy died," which in turn led to a conversation about life insurance.

When our eight-year-old daughter, Jamie, found out her father had a substantial amount of life insurance, she jumped up and ran to the kitchen and started calculating some figures. She proudly returned a few minutes later with a budget of how this money would be spent.

• She'd first tithe 10 percent,
• then buy her brother a Lamborghini (David was six at the time!),
• give me $50,000 (thank you, Jamie!)
• and then she outlined the rest of her wish list.

While she had one thing right—making the Lord the first priority—we still laugh about the rest of her perspective. She had a lot to learn about the responsibility of handling significant wealth.

Interestingly, I have since seen grown women initially respond just like my eight-year-old did when they come into sudden or unexpected money!

The sense of responsibility that accompanies an influx of wealth can be intense when the emotion wears off.

Women need to recognize the importance of stabilizing their physical, emotional, spiritual and financial well-being before making major spending decisions.

Since wealth can also intensify the potential for mistrust as you find new friends you didn't know you had, be cautious. Evaluate your inner circle carefully. It is not uncommon to feel stretched and strained by a life-changing circumstance that others might feel would solve all their problems. It can, in fact, feel downright lonely.

No matter your tsunami—disability, unemployment, identity theft, divorce, widowhood, significant wealth, or something else—take a deep breath and begin working on an immediate cash flow plan to ensure day-to-day needs are met. If possible, postpone major spending and investing decisions until you can think clearly.

There is a reason God has allowed this event in your life. Surround yourself with a trusted inner circle who will give you wise counsel and help you develop a strategic plan that incorporates His purpose in all your decisions. And by all means, pray and trust God for peace and direction (Philippians 4:6-7).

Are you going through a tsunami experience right now? How will you seek God for encouragement and wise counsel? He can help you!

In her final "Financial Language" post (August 26), Jan will discuss timeless truths for all Financial Languages.

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