Don't let yourself be dragged down by the economic meltdown

We are bludgeoned every day by the numbers: stock market declines, plummeting home values, swelling ranks of the unemployed, shrinking retirement portfolios (and the list goes on).

This is the essence of stress: Circumstances that intimately affect us but over which we seemingly have no control. But, there are some things that we can do -
We are not hopeless victims. We are not corks bobbing on an endless sea. So don't mortgage your serenity over these economic events, nor squander your peace of mind.

Know where the money goes.
Using just one credit card offers easy handling of expenses. (pay off the charges each month so there's no interest.) At the end of the month, review the statement and ask if we made good choices: "Did we really need that extra dinner out?" "Did I really need a new suit?". Apply what you learn.

Have a clear and realistic picture of income.
What happens if that hot horse does not win? What happens if the "can't miss stock" does not produce a big dividend? If we work on commission or have a cyclical income, what is the minimum average that we can honestly expect?

Be vigilant about cyber thieves.
With the increasing sophistication of would-be thieves and the amount of personal financial data accessible online, take precautions and proper safeguards are in place.

Keep tabs on all accounts.
Check regularly that there are no glaring inconsistencies, not just when the statement arrives.

Have an exit strategy.
Have a plan B. If I lose my regular income, how will I take care of myself and my family? It is far better to address these contingencies during the light and warmth of the day rather than in the darkness of the 11th hour.

Protect your ability to earn.
The most powerful equity we have is our ability to work/earn. Ill health affects both your productivity (value) and capacity to work. So take best care of yourself — by exercising, getting enough rest, watching your weight, fixing 'niggles' before they become pain or, worse, incapacitating.

Yes, we need to take care of our financial health and not hand over the reigns to some expert. We need to be proactive; we need to be preemptive.

We also need to safeguard our physical and mental health. We need to protect and invest in our greatest assets — ourselves.



Author: Edward T. Creagan, M.D
First posted on February 13, 2009 at http://www.mayoclinic.com/health/stress-blog/MY00562