As much as I try to plan and save, there are always financial challenges that I am unprepared to meet. Recently, we faced some new and unexpected challenges. It wasn’t so much that we had a health challenge and a safety issue with our house; it was that we were not expecting either situation to occur right when we were going to pay for our son’s fall tuition for his first year in college.
I started with an issue with our dryer that grew into a problem with our improperly/dangerously installed dryer vent (better known now as the maze of lint-trapping fire-breathing danger), which will also require new plumbing and electrical work. This was followed by an issue with my right knee that has needed multiple doctor’s visits, an Ultrasound, an MRI, & X-rays and will require even more doctor’s visits and tests.
Though we had prepared for our son’s college expenses, we did not prepare for the thousands of dollars we now need to make our house safe and help my body heal. Over the years, we have realized there is always something lurking in the shadows waiting to take control of our financial plans.
After overcoming the shock of everything happening at once, my reaction to both situations is that we must solve the problems. Once I received the quotes to solve each issue, my response changed to how “am I” going to pay for all of this?
Before long, I recognized that I was developing a victim’s mindset. I was not addressing the situation with a solution but with a poor-me attitude. I needed to change my focus from “how am I?” to “I am!”.
I started with a worst-case scenario, which included a combination of withdrawals from our savings account and home-equity loans (I hate taking on debt for any reason). From there, I worked on “rosier” scenarios that included extra coaching sessions, taking on a new mentor, and taking on more speaking engagements.
When presented with challenges and I am in the proper mindset, I always start with the worst-case scenario and build from there. I look for better solutions with either a more favorable journey or outcome. It is a solid strategy that helps me find the right solutions to my challenges.
Having a healthy body, a safe house, and a plan for our son’s education is important to us. These scenarios require a solid plan, a well-executed savings plan, and the right mindset when issues occur. It is easy to fall into the ” Victim Mindset” when you face unexpected challenges. When you recognize this happening, take a step back and imagine the worst-case solution and build from there.
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