Thursday, December 23, 2010

How to Downsize from Wealthy to Poor Lifestyle | Personal Finance |

Great article by a friend that has lived through life changes! This may be helpful for some that are facing foreclosure or are starting to go through their life savings. If you are just starting this journey read below and I hope it helps. On additional thought: we were told that whenever people start dipping into retirement or life savings for living expenses, that should trigger the consideration of bankruptcy. BEFORE you lose your IRA or Retirement which is protected in bankruptcy. Consult with attorney to find out more

How to Downsize from Wealthy to Poor Lifestyle | Personal Finance | "Whenever you undergo a change in your income there will be a degree of depression followed by stress. The mere shock of the change in wealth will not only affect your lifestyle but it will also affect relationship with friends, spouse and children. Many people in this situation believe that they will overcome their hardship, they will become gainfully employed in a matter of 30 days, and will be able to budget or work two jobs to keep their wealthy status. People have good intentions and want to hold on to their wealthy lifestyle however good jobs may be hard to come by and many jobless people find that it is necessary to downsize their lifestyle from wealthy to poor.

Step 1

Allow yourself to grieve over the loss of income, you have worked hard your entire life to reach your wealthy status and now it is gone so grieve your loss but do so in moderation. Long term grief leads into depression and this is not going to put food on the table and pay your bills.

Step 2"

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