What to do if Someone you know is Suffering from Financial Loss
The post has been modified and expanded from a conversation I started in the Financial Planners Association community with other financial professionals. I’m sharing it here because it’s a topic that is is epidemic in proportion, yet silent for the people it plagues…
Financial loss is unfortunately an issue that affects every area of life (like the death or serious illness of a loved on), yet unfortunately is something that most people are afraid to admit. This means that there is very little support for people who have experienced a loss of some kind. It also means that they will do just about anything to heal the pain, change the situation and keep it covered up. Sometimes the only people who will know the secret is their financial advisor, and maybe because that person has had to piece together the story to figure it out on their own. This means that you could discover a secret that your friend, family member, associate, or client is afraid to admit to anyone even people close to them. It also means that you could see them doing things financially that could make the situation worse because they are being lured by the ‘quick fix’.
Perhaps, you’re living this situation yourself.
The reasons for the loss aren’t necessarily as important as the fact that it has occurred. The situation could be caused by pre-meditated fraud, theft, an inappropriate investment that went sour, or job loss, divorce, illness, or accumulated debt. Regardless of the causes, it could very well be that you could be one of the few people who know the real story. What do you do? How can you help?
Or if you’re the person suffering in silence, what do you do? Where can you get help?
These are huge issues because money has become such a taboo topic in our society. Talking about it means you become vulnerable to judgement of others. Yet the reality is that money is as necessary for survival in our culture and as adults we have received no formal money management training and there is very little support for the day-to-day decision making. Financial planning and other financial services are not there to help with the emotional aspects of money. Nor are they there to help you earn money to plan with. That’s the fuel that begins the entire financial process and if that fuel isn’t enough, or has been lost, then what?
It’s a topic that needs some desperate attention. We will help people recover from financial loss by restoring hope and reviving the ability to create income and financial independence – regardless of the past circumstances and current situation and how much has been lost in the past!