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Financial despair can have a silver lining

Financial despair can have a silver lining

June 8, 2022

Today a story of success that contains good news and bad, writes Peter Watson.

Early in their career, as the story was told, there were two major setbacks. A loss of a job and real estate. The theme of the story was how negative events can have positive outcomes.

The person telling me the story referred to the popular expression, “You play the cards you are delt.” You cannot control what happens to you, but you can control how you react.

In this case, both the current successful career and successful real estate would not have happened unless these two major setbacks occurred.

I cannot imagine the emotional and financial challenge this person suffered.

Many are overextended with too much debt and now that interest rates are rising, some may not be able to keep up with payments. Recent home buyers are facing a slowdown in the real estate market and much speculation about significant drop in prices ahead.

Their fear is they overpaid in a hot real estate market and buying their “dream home” is turning into a nightmare.

Some business owners are being squeezed because of supply chain issues, including being able to purchase goods needed in their business and maintaining a qualified staff of employees.

There is a lot of hurt, a lot of change coming for many.

Change can be painful. Most people do not make changes easily. But we do have the ability to change and that is the key component of how humans have evolved.

When adversity strikes, you could be grieving with despair. That is normal and in time that should pass.

Your key to success is how you overcome your set back.

Your despair could have a silver lining.

Peter Watson, of Watson Investments MBA, CFP®, R.F.P., CIM®, FCSI offers a weekly financial planning column, Dollars & Sense. He can be contacted through www.watsoninvestments.com.