Recent months have found me travelling to keynote or to teach Financial Social Work in numerous states and at various universities. It has been a busy and exciting time as the need and interest in my work has grown exponentially with the challenges of the current economy.
Unfortunately, that same economy also brought a thief into our home in April. When this man kicked in the door to our home, he stole all of my jewelry, my digital camera and my sense of well-being within the nurturing walls of my home. It is an occurrence which is taking place more and more across the country as desperate people search for ways to compensate for the loss of income, the loss of homes or the need to self-medicate. As the economy continues to sputter, it is important to think about how to protect your valuables and your loved ones.
I wasn’t home when this stranger invaded our personal space which is why I think our secluded home was chosen; however , I have heard of an increase of break ins where homeowners are at home and have been attacked, as well as robbed. Take time to think about hiding you valuables, or possibly keeping them in a safe deposit box, as well as about forming neighborhood watches, adding security systems, etc.
Everyone is talking about how and why this country’s economy continues to spiral out of control; what can be done to halt the decline; what is the best bailout/stimulus plan; who is going to fix this problem and how soon will things get better.
The search for answers and solutions seems to begin and to end with government, economists, banks and other experts. While some of the major players have changed, these are still predominantly the same folks who created many of these problems.
There are no sure, simple or easy solutions to the plethora of current complex financial problems facing this nation and the world. However, one thing that is certain is that we live in a culture in which what is good for the economy is anything but good for the consumer, so it is critical that each of us takes responsibility and accountability for our own financial future.
Our success or failure begins with our financial behavior. Understanding and embracing this fundamental truth is foundational to choosing to begin the journey to long-term financial behavioral change.
Hopefully, recent and future laws and stimulus packages will prove to help Americans find jobs, remain in their homes and begin the long road back to solvency. However, regardless of how successful any of these programs are or aren’t the time has come for each of us to be more proactive with our lives, in order to be more emotionally and financially stable individually and collectively. Taking control of your money and gaining control of your life may not be the easiest thing you have ever done, but I can assure you it won’t be the most difficult either. The choice is yours to make, but the alternatives are extremely limiting; so please choose wisely!
Today, almost everyone knows someone, whether a friend, a colleague, a relative, a neighbor, or perhaps yourself who has lost a job, a home or his/her investments or life savings. With so many Americans experiencing financial turmoil and problems which they are (or feel) unprepared to handle, the need for help and support is greater than ever, but the dearth of availabe resources is both appalling and alarming.
With so much financial uncertainty nationally and globally, feelings of fear and powerlessness are rampant, and they are impacting us all no matter what our financial circumstances as we each struggle to make sense of this new world order. Many women and men need help with their mortgages, with extended unemployment services, with putting food on the table, with keeping their health insurance, etc., but the type and depth of the help which is so desperately needed goes far beyond financial help.
In these very trying financial times it is critical to remember that the loss of a job, a home, someone’s life savings or retirement represents the loss of hopes, dreams, goals, sense of self, self-esteem and so on. Experiencing this combination of emotional and financial loss can be overwhelming and make healing and taking steps toward a healthier financial future much more challenging and taking back control of your money, your life and your future a much more daunting task.
Autumn 2008 finds too many men and women less able to appreciate the changing colors and the falling leaves than in previous years because of the financial problems which they are experiencing personally and which the world is experiencing collectively. Suddenly, it is obvious that the financial beliefs which had been considered to be relative absolutes, clearly are not, and Americans are left to figure out what this means to them on micro and macro levels.
According to the Federal Reserve Board, household debt in 2008, including mortgages and credit cards, represents 19 percent of the average family's total assets, as compared with 13 percent in 1980. If that doesn't sound significant to you, do the math; it is!
The tumble of the stock markets, the enormous loss of wealth, homes, retirement funds and futures have Americans, as well as men and women around the world, reeling from the unprecedented financial chaos.
For most of the past decade, many Americans prospered, but there are always members of society who are disenfranchised and living below the poverty line, as well as those who experience medical expenses, job loss, divorce and unanticipated financial challenges which result in their finances and their lives spiraling out of control.
Each passing month brings worse economic news as more and more Americans find their financial circumstances declining and their economic futures growing more and more questionable.
Unfortunately, when you mix in inflation with the deterioration of the housing sector, the instability of the financial and credit markets, skyrocketing energy and food prices, the declining value of the dollar and the increasing number of men and women losing their jobs, it is obvious that that these problems will be with us well into the future.
This is not news to anyone who reads the paper, buys gas or shops in the the supermarket. Whenever and whereever we spend money, the downward spiraling of the economy makes it clear that we are spending more for less. While unsettling and disturbing as this is, it is definitely not cause (or time) to abandon hope or to ignore individual financial responsibility or opportunity. On the contrary, this a critical time for every American to become more money-wise.
The work of the Center for Financial Social Work is dedicated to helping men and women to feel less overwhelmed and hopeless by their daily interaction with the economy and by the financial situations they may be currently experiencing. This is an important part of our mission, but it is about so much more than that, since far too few options are available to the millions of Americans in need of legitimate and knowledgeable guidance and support in this time of unprecedented economic chaos and in all other economic times as well.
