Financial desperation can have a silver lining

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Early in their career, as the story was told, there were two major setbacks suffered by someone I spoke to once – loss of a job and loss of real estate.

The moral of the story was how negative events can have positive outcomes.

The person referred to the popular phrase “You play the cards dealt to you”. You can’t control what happens to you, but you can control how you react.

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

I can’t imagine the emotional and financial challenge this person went through.

Many are overwhelmed with too much debt, and now that interest rates are rising some may not be able to keep up with the payments. Recent buyers are facing a slowdown in the real estate market and plenty of speculation about a major price drop to come.

They fear that they will be overpaid in a boiling real estate market and that buying their “dream house” will turn into a nightmare.

Some business owners are in a rush due to supply chain issues, including being able to purchase the goods needed for their business and maintaining qualified staff.

There are many changes ahead for many.

Most people don’t make changes easily. But we have the ability to change and that’s the key to how humans have evolved.

Your key to success is how you overcome your failure.

Your desperation might have a silver lining.

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


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