How to Get Over a Major Money Loss

It’s one thing to misplace your phone, iPod or car keys, but what about losing money? Over the last few years many Americans have taken a financial loss—whether in the housing market, stock market or through a layoff. Here are some tips for getting over that major money loss and moving on with life.

What Goes Down Should Come Up Financial advisors agree that it’s important to think of a down stock market as a massive sale. Buy low; sell high—even when it seems scary. Often feelings get in the way and people will pull their money out of the stock market at the worst time. Stay strong and stick with it, despite the loss you’ve experienced. What’s gone down should eventually rebound.

Learn From Your Mistakes
Hindsight is definitely 20-20. Maybe you bought a house at the wrong time, put your money into the worst investment or ignored your 401k for too long. No matter what financial error you made try your best to learn from it and move forward.

Develop a New Strategy
If you’re reeling over a major financial hit, it’s time to meet with a trusted advisor. Getting some outside perspective on your situation will help you see your money loss in a fresh way. A Financial pro can guide you in developing a new strategy for financial success. Having a clear plan will help you feel more in control of your financial future once again.

Focus on the Positive
Your investments may not be performing well, but focus on the positive. If you buy now you’ll be able to get far more for your money. And when the stock market improves you’ll be in a much better place.

Remember what’s Important
When it comes down to it, money is paper. It doesn’t have a heartbeat, but what really matters in life are the things that do. Dealing with financial loss is incredibly difficult, but it’s at these times that we need to put more effort into our relationships because they are what will get us through the tough spots in life.

By Alison Storm

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