Dealing with financial stress?

[k5thbeatle]

I am close to someone who is under tremendous financial stress. A dream business has now turned into a nightmare for him. I can see the changes in him. He has confided in me that it is affecting every aspect of his life in a negative way. He is also concerned in that he is middle aged and being in a profession cannot just simply walk away for a new career. I know him to be a practicing catholic and a good guy. I just don’t know what advice to give him or where to tell him to turn?

Any advice?

 

[1ke]

He needs to get over the idea that he cannot just “walk away” and start a new career or get a new job in the same field.

He may have to take a pay cut. He may have to swallow some pride. But, he absolutely CAN get a job if he puts his mind to it.

He needs to do what is right for his family and finances. I’d work at McDonald’s if I had no other option-- and soon I’d be the McDonald’s manager, then the district manager, then the regional manager… if it were important to me to excel at my job.

 

[k5thbeatle]

He needs to get over the idea that he cannot just “walk away” and start a new career or get a new job in the same field.

He may have to take a pay cut. He may have to swallow some pride. But, he absolutely CAN get a job if he puts his mind to it.

He needs to do what is right for his family and finances. I’d work at McDonald’s if I had no other option-- and soon I’d be the McDonald’s manager, then the district manager, then the regional manager… if it were important to me to excel at my job.

Thanks for the reply. I agree and know what you mean. However, I think his situation is a bit more complex. Walking away is not quite that simple. I will pray.

 

[Sierrah]

I can relate so much to what he’s going through. I’ve been strapped financially for the last few years mostly due to car related issues It didn’t help having more income come in though as my car needed and still may need substancial repairs that will probably keep me in debt for some time. I’ve taken some advice I heard to heart. Sometimes when you’re living paycheck to paycheck all you can do is put a small amount of money in an 401K through work and educate yourself for a better or different job. I know the 401k part probably doesn’t apply to him but I still think it’s good advice. I’ve actually been doing that for years the education part I plan on doing next January. I can’t it before then because of prior obligations on my time. Maybe this gentleman really needs to sit down and prioritized his expenses. Maybe he could trip certain expenses like cable, club memberships, cell phones, eating out, ectra.

 

[Wolseley]

With me, it’s medical bills. I have had no insurance at any job I’ve worked at since 1999. Due to some issues that couldn’t be delayed or ignored (infected teeth, trips to the emergency room, that sort of thing), we are way in debt and no light at the end of the tunnel.

I just shrug and resign myself to the fact that I am in debt, and I will remain in debt until I die. There is no possible way for the wages my wife and I can make for the rest of our lives, to pay down this stuff.

So, we pay what we can, and smile gleefully at the extreme disappointment our creditors will feel when we finally kick the bucket and they have to face the fact that cow has run dry. Too bad for them.

It makes little difference to me. As I have said before and will say again, success or failure in this world means nothing. The only thing that matters in this world is how well you prepare yourself for the next one—and the only thing I want out of this world is me.

 

[1ke]

Thanks for the reply. I agree and know what you mean. However, I think his situation is a bit more complex. Walking away is not quite that simple. I will pray.

You certainly know him better than I, my point was just that it’s not impossible to change jobs and one should not stay in a “nightmare” out of obligation or **fear **of the unknown.

If he is in serious financial difficulty, he should consider credit counseling and/or legal alternatives-- especially if this is his business in financial trouble, you don’t really say if the “dream business” is his own business or he’s working for someone else. If he’s got a business started and cannot make money/pay bills-- it’s time to reprioritize and look at legal options for getting out fo the business and paying off the debts or seeking legal protection.

 

[k5thbeatle]

You certainly know him better than I, my point was just that it’s not impossible to change jobs and one should not stay in a “nightmare” out of obligation or **fear **of the unknown.

If he is in serious financial difficulty, he should consider credit counseling and/or legal alternatives-- especially if this is his business in financial trouble, you don’t really say if the “dream business” is his own business or he’s working for someone else. If he’s got a business started and cannot make money/pay bills-- it’s time to reprioritize and look at legal options for getting out fo the business and paying off the debts or seeking legal protection.

Thanks. It is actually his own business and he is in the health profession (is all I’ll say). Complicated story and I probably do not know all of it myself.

 

[Charley_Menagh]

I totally understand. I will pray for him. I have a family and finances has led to a lot of problems even with a good job. It costs to much to live these days but with God everything is possible.

Thanks Charley

 

[ODGarza]

How has he been doing? I hope and pray that his siutation has improved.

Praying, to St Joseph for the temporal needs of all these men.

 

[k5thbeatle]

How has he been doing? I hope and pray that his siutation has improved.

Praying, to St Joseph for the temporal needs of all these men.

Thanks. To follow up there has been a little improvement but he is far from out of the woods. I think he is as he puts it, “riding the rolloercoaster”. Up and down each month. I think that is what stresses him most…there will be good times but then erased by a month or two of bad. The uncertainty of it all and I know he is feeling trapped. Will you continue to pray for him as I will?