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"How to Recover From a Financial Breakdown"

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Financial breakdown might be the one thing most of us feared the most in our lives, often from an early age. Arguably, each and every step and milestone of our lives are done to avoid that one disaster.

However, sometimes financial breakdown and the crisis that follows is inevitable. It can be a business or investment failure, it can be a friend or partner backstabbing you in the back, it can be one silly mistake that ruins everything, but the cause won't really matter.

What matters most is how you react to the situation, and how you will recover from it. Although the process can be difficult, here is some step-by-step plan to help you along the way.

1. Avoid Quick Fixes

Looking for a quick fix is a very common way to react in such situation, and you are definitely not alone. However, many people (and institutions) are aiming to use your panic state to take advantage, and it can ruin you further.

Quick fixes can be in various forms. Some people sought gambling as a solution, some people sought loans with high interest, and some people look for help from unrealistic places. As hard as it is, sit back and take the time to assess the situation first.

2. Grieve

Take the time to feel anything you need to feel, but don't be too drowned in your emotional state. Read or hear stories from famous people with similar situations in their lives. Some are more successful than before than failure, some failed to get back up. What they did to react to their financial failure or even bankruptcy might inspire you.

Remember, you will learn a lot more from a failure than a success, and this is a good time to learn from your mistakes.

3. Seek For Help

The help you need most is not monetary, but a support system from loved ones to help you cope. You will also be surprised, how people you don't expect might be the ones helping you the most, monetary-wise or not.

4. Budgeting

Since you will need to adjust to your financial situation, you will need to plan for a realistic budget. What lifestyle expenses you previously made can be reduced? Track all your spendings and find those items that won't be an absolute necessity during this crisis.

If you have any debts, you might need to negotiate for a more flexible term of payment, or a consolidation. Explain your situation honestly and tell them that you are working on it.

5. Build Your Wealth Back

After you stabilize, it's time to find a solution. Look for a new job if necessary. Are there any skills you can use for a freelancing business? Is there any low to zero cost business idea you might use?

A lot of people built successful businesses after a financial failure, and sometimes, only in a crisis, we might find a hidden talent we never know we had.

Your most important asset in this situation will be your time, and to avoid further problems, negotiating debt payments and communicating with your family to reduce expenses can buy you the time you need the most.