Family Relationships

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Monday, March 02, 2009

Recover from Financial Panic by Investing in Yourself

The financial crisis has affected many people and involved losses on many levels –jobs, income, money in the stock market, a certain comfort level, retirement funds, a sense of security, dreams for the future. And, inevitably, these feelings of loss are accompanied by a period of grieving. Ever since Dr. Elizabeth Kubler-Ross first identified the stages of mourning in her seminal book, “On Death and Dying,” bards, mental health experts and pundits have waxed philosophical about this process.

These stages are universal and can relate to any catastrophic personal loss. Kübler-Ross maintained that the steps do not necessarily come in any particular order, nor are all of them necessarily experienced by everyone. If you or your loved ones have lost money, trust or confidence, evaluate where you are in this process by the stages and comments below:

• Denial – “Others may be worried about money issues but this can’t be happening to me.”
• Anger – “Why me? I haven’t done anything to deserve this financial mess.”
• Bargaining – “I’ll do anything if you just help me secure my retirement account.”
• Depression – “I’m so discouraged, what’s the point in even trying to save?”
• Acceptance – “These problems are serious, so I might as well prepare for the long haul.”

Dr. Kubler-Ross describes the final stage of acceptance as generating the energy to reinvest in new objects. As you begin to recover from the economic upheaval, don’t you think you will be best served by investing in your own wellbeing?

Tune in all week as we give you some tips for taking care of yourself in this financial crisis. And to help you get started, click on the title above to take you to our article, Sandwiched Boomers: 7 Tips on Fighting Inertia.

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