Don't be shy...


A client called me to ask for financial management assistance. She divorced a few years ago and had never fully taken control of her financial life. The economy has been topsy/turve and her husband was really the one who took care of the budgeting. Her income had always been able to cover the expenses, but for the last year or so, she has been dipping into her savings. At the time she called she had depleted the savings, the mortgage was behind, student loans have been outstanding and unaddressed and there were some unpaid tax liabilities. Her ex husband had been going through his own financial hardship and no longer could afford to assist two households. Not to mention, it’s time for her son to go to College, and there is no college fund.

This family’s story is not an uncommon one in “modern day” America. In my line of work and even in my own family life, the ebbs and flows of the economy have taking a toll on the financial stability of many households. It is especially difficult when there are more ebbs than flows. For many they feel it is a personal failure and are ashamed to talk to anyone or seek professional help.

If you find yourself in a similar situation; don’t shy away. Don’t rob yourself of the opportunity to access counseling and other resources to stabilize your finances. Sometimes, a simple phone call can stop the clock as it relates to credit card collections, mortgage foreclosures and tax liens and levies.

My previous blogs have been about the importance of knowing your numbers, budgeting and planning. These are essential in times like these, but you must first face your fears and know that you are not alone. There are many programs out there. There are nonprofit organizations that offer debt counseling, but they won’t find you. You must reach out. Don’t wait until things are going bad. Take hold of your finances in the good times anticipating that things will not always remain the same. As they say, “Pray for the best, but Plan for the worst.”

The client who called as she was on the brink of disaster was able to recover from much of her financial woes. But I just kept thinking, if she had only reached out a year or two ago, how less devastating her financial situation could have been.

Don’t Shy away, help is waiting for you to seek it. Take control of your financial situation, before it gets out of control.

“I believe that all people have the right to financial freedom and an opportunity to build generational wealth, and so, my company IBCVI & Co., offers financial management tools and services to assist individuals and businesses reach their financial goals.”

Abbelle Bakr

B.A, C.A, SRTP

SBA Emerging Leader

Woman Owned Business

Featured Posts
Posts Are Coming Soon
Stay tuned...
Recent Posts
Archive
Search By Tags
No tags yet.
Follow Us
  • Facebook Basic Square
  • Twitter Basic Square
  • Google+ Basic Square

Visit

2019 Mt Welcome

Christiansted, St. Croix USVI  00820

Call

T: 340- 778- 4228

 

  • Facebook Social Icon
  • Twitter Social Icon

© 2023 by

Advisor & co.

Proudly created with Wix.com

This site was designed with the
.com
website builder. Create your website today.
Start Now