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When Down Is Up

By Rob Lambert - Email Editor

Date : April 24, 2008

I am continuing my series on what to do and not do when your financial world is crumbling around you. Most of my previous newsletters on this topic have dealt with one bit of technology or another that you should consider using (or absolutely not use) when facing financial meltdown. This letter is different. All I want to do is make a simple observation.

But first, a story. There always is a story.

There is no need to read further if things are going well for you. Just file this away in the “to be read if my life falls apart” file.

Truth one: Losing everything is not the end of the world. In fact, we both thought it was one of the only times in our lives in which we were truly free. Nobody had anything over us. We weren’t being plagued by suits or creditors. When your world falls apart, the phones light up with your creditors. Lawsuits fly. These all go away when you don’t have anything. The silence feels good. It changes you.

Truth two: You find out who your true friends are. The “good time” friends (who are most people) go away. I emerged with less than 2 friends. He had about the same. Looking back, we thought this was a good thing for us. Like cleaning house and getting rid of the junk.

Truth three: You realize that your worth as a human does not depend on money. Most of us guys value ourselves based on our ability to make money. This process teaches you that this is not a good formula to value people for money. It is just what we are taught from our upbringing.

Truth four: It soon becomes very clear that the storm that seems never ending and overwhelming is nothing but a blip on the radar. If you make it through the initial onslaught you will find that there is nowhere to look but up. Things do get better. Many people throw themselves into a bottle of booze or something worse, however, that doesn’t help. Many take a long term approach to a short term problem and kill themselves, however, that doesn’t do anything other than devastate those you leave behind. Remember, when the walls are crumbling, it will soon stop. It is easy to rebuild, especially if you have done it once before. The hard part is keeping stuff, not getting it in the first place.

If you are facing financial meltdown it will be tough. You won’t like it, but if you keep your health and mind, you will emerge on the other side a better person. Probably with a fuller and more meaningful life.

My professional life is blessed by relationships with people who have gone through financial death and rebuilt. I hope you don’t have to do this, and this is the reason why I protect people’s assets. I want to save them from the pain; however, if your world collapses, please try and enjoy the short ride.

It can take you down, but it can also raise you up.

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