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- Herausgeber: John Wiley & Sons
- Kategorie: Fachliteratur
- Sprache: Englisch
Put the practical insights from Bounce Back to use with this companion workbook to financial resilience Dive deeper into the lessons from Lynnette Khalfani-Cox's popular book, Bounce Back: The Ultimate Guide to Financial Resilience, and rebound financially with this workbook. A noted personal finance coach and New York Times bestselling author, Lynnette maps out a course for navigating some of life's toughest obstacles and walks you through hands-on activities you can take to recover from the "Dreaded Ds," including debt, downsizing from a job, divorce, the death of a loved one, disability, discrimination, and more. With The Bounce Back Workbook, you'll learn to rise from setbacks with renewed emotional and financial strength. Lynnette offers the practical strategies, encouragement, inspiration, and tools specifically designed to support your progress, making this workbook more than just a valuable guide -- it's a transformative experience. Inside, you'll discover: * Customizable self-assessments, reflection questions, writing prompts, tests and quizzes, goal-trackers, and more that personalize your journey * Personal stories and inspirational case studies of people who have been in your position and triumphed over adversity * A deeper understanding of yourself and your personal relationship with money Whether as a companion to Bounce Back or a stand-alone resource, The Bounce Back Workbook is a must-read for anyone preparing for, or navigating through, the many challenges life throws our way. Use The Bounce Back Workbook to empower yourself with the tools and insights needed for both emotional and financial growth.
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Veröffentlichungsjahr: 2024
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Table of Contents
Cover
Table of Contents
Title Page
Copyright
Dedication
About the Author
Introduction
Activities to Engage, Inspire, and Empower You
A One‐of‐a‐kind Financial Toolkit
Chapter 1: Resilience and Grit
Reflection Activity: A Major Change in My Life
Personal Storytelling: Sharing My Truth
Goal Setting for Future Changes or Transitions
Writing Prompt: I Did That! Exploring My Own Resilience and Grit
Improving Your Financial Resilience and Grit
Case Study Analysis: Learning from Athletes and Others
Your Resilience Role Models
Moving from Judgment to Self‐compassion
Build Your Support Network
Further Reflections
Practicing Mindfulness and Self‐care
Mindfulness When You Have Physical Anxiety or Trauma
Develop a Self‐care Routine
Writing Prompt: Visualizing Your Comeback
Chapter 2: Building Your Resilience
Practicing Mindfulness
Writing Prompt: Cultivating Gratitude
Journaling
Being Patient with Yourself
Practicing Self‐compassion
Seeking Professional Help
Beware These Red Flags with Financial Advisors
Staying Connected
Focusing on Self‐care
Establishing a New Money Game Plan
Short‐term Financial Goal Worksheet
Long‐term Financial Goals Worksheet
Creating a Financial Plan B
Additional Reflection Questions
Chapter 3: Downsized from a Job
Understanding and Processing Job Loss
Reflecting on the Psychological Contract
Seeking Support and Sharing Your Story
Creating Some Me‐time
Reviewing Your Former Job and Soul Searching for Your Next Ideal Job
The Truth About My Old Job
Building a Strong Financial Foundation
Developing a Layoff Survival Budget
Maximizing Benefits and Assistance Programs
Getting Temporary, Freelance, or Gig Work
Exploring Interim Economic Moves
Preparing for the Job Search
Identifying Transferable Skills and Strengths
Upgrading Your Skill Set
Building a Supportive Job Search Network
Polishing Your Résumé and LinkedIn Profile
Case Study: Résumé and LinkedIn Profile Enhancement
Initiating the Job Search
Creating a Networking Action Plan
Conducting Informational Interviews
Checklist: Enhancing Your Interview Techniques
Reflecting on Interview Experiences and Improving
Making Informed Decisions on Job Offers
Exploring Entrepreneurship
Getting Fired Was a Big Blessing
Chapter 4: Divorce
Emotional Healing and Taking an Honest Look at What Went Wrong
Evaluating Compatibility and Growth
Redefining Self‐identity and Priorities
Processing Emotions and Seeking Support
Rebuilding Supportive Relationships
Further Emotional Processing and Healing
Casting Off Your Ex‐spouse Financially
Evaluating Those Joint Accounts and Assets
Moving Toward Financial Empowerment and Independence
Exploring Communication and Collaboration
Protecting Your Credit During and After Divorce
Creating a Holistic Post‐divorce Financial Plan
Redefining Personal and Financial Success
Reevaluate Your Insurance Needs
Establishing Long‐term Financial Goals
Prioritizing the Well‐being of Your Children
Case Studies: Two Post‐divorce Stories of Emotional Recovery
Strategies for Your Emotional Recovery
Learning from Others
Chapter 5: Death of a Loved One
Navigating Financial Grief and Rebuilding
Understanding and Addressing Ancillary Losses
The Six Transition Truths
Taking the First Crucial Five Steps
Chapter 6: Disability
Evaluating Your Financial Picture
Navigating Disability Benefits
Exploring Workers' Compensation
Recognizing the Emotional Journey
Looking Inward as a Caregiver
Income Source 1: Government Benefits
Income Source 2: Disability Insurance
Income Source 3: Personal Savings and Investments
Income Source 4: Passive Income
Income Source 5: Support from Family and Friends
Income Source 6: Reverse Mortgages
Support Systems and Coping Strategies
Engaging in Regular Physical Activity
Seeking Social Support
Utilize Therapy and Counseling
Consider Complementary and Alternative Therapies
Foster a Sense of Purpose
Exploring Adaptive Strategies
Adaptive Strategies Checklist: 10 Ways You Can Use Adaptive Strategies
Developing Your Own Adaptive Strategies
Chapter 7: Disease
Managing Emotional Well‐being
Building a Support System
Strengthening Your Support System
Navigating the Financial and Emotional Challenges
Handling Lost Income and Employment Challenges
Assessing Your Financial Situation
Setting Realistic Financial Goals
Communication with Health Care Providers
Effective Communication and Advocacy
Navigating Medical Billing and Insurance
Addressing Billing Issues and Disputing Medical Bills
Understanding Charity Care Programs
The Movement to Abolish Medical Debt
Churches and Faith‐based Organizations Abolish Debt Too
Chapter 8: Disasters
Your Experience with Disaster
Preparing for and Coping with Natural Disasters
Planning for Your Pets Before Disaster Strikes
Partnerships and Local‐led Efforts in Disaster Recovery
Developing Your Emergency Contact List
Securing Federal Disaster Recovery Assistance
Don't Forget Self‐care and Connection
Addressing Financial and Insurance Concerns
Special Considerations for Immigrants and Undocumented Individuals
Chapter 9: Debt
Recognizing Emotional Spending
Reducing Your Credit Card Balances
The Five‐step Credit Card Debt Repayment Plan
Evaluating Your Mortgage
Assessing and Managing Your Auto Loan Debt
Developing a Student Loan Repayment Strategy
Creating a Plan to Resolve Tax Debt
Chapter 10: Damaged Credit
Understanding Your Credit Reports
Identifying Errors and Disputing Inaccurate Information
Understanding Credit Scores and the Causes of a Poor Credit Rating
Systemic and Structural Issues That Contribute to Poor Credit
Secured Credit Cards
Exploring Rent and Nontraditional Payments Reporting
Chapter 11: Dollar Deficits
Saving Money and Budgeting
Becoming a Better Budgeter: Mastering the Art of Financial Management
The Differences Between a Rainy Day Fund and an Emergency Fund
Creating a Financial Plan B
Chapter 12: Discrimination
Understanding the Financial Implications of Discrimination
Strategies for Dealing with Discrimination
What Does Workplace Discrimination Look Like?
What Does Housing Discrimination Look Like?
Examining Structural Inequality and Discrimination in Your Environment
Tying It All Together
Final Activity: Writing Your New Bounce Back Story
Research Resources
Introduction
Chapter 1: Resilience and Grit
Chapter 2: Building Your Resilience
Chapter 3: Downsized from a Job
Chapter 4: Divorce
Chapter 5: Death of a Loved One
Chapter 6: Disability
Chapter 7: Disease
Chapter 8: Disasters
Chapter 9: Debt
Chapter 10: Damaged Credit
Chapter 11: Dollar Deficits
Chapter 12: Discrimination
Appendix A: Budget Worksheet
Appendix B: Net Worth Statement
Index
End User License Agreement
Guide
Cover Page
Title Page
Copyright
Dedication
About the Author
Introduction
Table of Contents
Begin Reading
Research Resources
Appendix A Budget Worksheet
Appendix B Net Worth Statement
Index
Wiley End User License Agreement
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The Bounce Back Workbook
Lynnette Khalfani‐Cox
Copyright © 2024 by Lynnette Khalfani‐Cox All rights reserved.
Published by John Wiley & Sons, Inc., Hoboken, New Jersey.
Published simultaneously in Canada.
No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per‐copy fee to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, MA 01923, (978) 750‐8400, fax (978) 750‐4470, or on the web at www.copyright.com. Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, (201) 748‐6011, fax (201) 748‐6008, or online at http://www.wiley.com/go/permission.
Trademarks: Wiley and the Wiley logo are trademarks or registered trademarks of John Wiley & Sons, Inc. and/or its affiliates in the United States and other countries and may not be used without written permission. All other trademarks are the property of their respective owners. John Wiley & Sons, Inc. is not associated with any product or vendor mentioned in this book.
Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best efforts in preparing this book, they make no representations or warranties with respect to the accuracy or completeness of the contents of this book and specifically disclaim any implied warranties of merchantability or fitness for a particular purpose. No warranty may be created or extended by sales representatives or written sales materials. The advice and strategies contained herein may not be suitable for your situation. You should consult with a professional where appropriate. Further, readers should be aware that websites listed in this work may have changed or disappeared between when this work was written and when it is read. Neither the publisher nor authors shall be liable for any loss of profit or any other commercial damages, including but not limited to special, incidental, consequential, or other damages.
For general information on our other products and services or for technical support, please contact our Customer Care Department within the United States at (800) 762‐2974, outside the United States at (317) 572‐3993 or fax (317) 572‐4002.
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Library of Congress Cataloging‐in‐Publication Data is available:
ISBN 9781394205196 (Paperback)
ISBN 9781394205202 (ePub)
ISBN 9781394205219 (ePDF)
Cover Design: Paul McCarthy
Cover Image: Getty Images: © Maria Toutoudaki
To all the people who have experienced stressful setbacks, I admire you. You're still standing!
About the Author
Lynnette Khalfani‐Cox, The Money Coach®, is a personal finance expert, speaker, and author of numerous money‐management books, including the New York Times bestseller Zero Debt: The Ultimate Guide to Financial Freedom. Lynnette has been seen on more than 1,000 TV segments nationwide, including television appearances on Oprah, Dr. Phil, The Steve Harvey Show, Good Morning America, The TODAY Show, and many more. A former financial news journalist, Lynnette now co‐owns TheMoneyCoach.net LLC, a financial education company that she runs with her husband, Earl Cox. Together, they offer financial education consulting services, courses, and workshops.
As a subject‐matter expert on many personal finance topics—including credit and debt, saving and budgeting, paying for college, homeownership, and entrepreneurship and wealth building—Lynnette helps organizations of all kinds develop and roll out high‐quality financial literacy programs and campaigns. She also creates financial education curricula and provides strategic counsel to companies, nonprofits, government agencies, or educational institutions that want to launch financial content, products, services, apps, or other tools. For her financial literacy work, Lynnette was honored with the Muriel F. Siebert Lifetime Achievement Award by the New Jersey Coalition for Financial Education.
Before starting TheMoneyCoach.net in 2003, Lynnette was a Wall Street Journal reporter for CNBC, where she covered business and personal finance news. Lynnette spent nearly 10 years at Dow Jones & Co. Inc. working as a reporter, bureau chief, deputy managing editor, and personal finance editor. Prior to her work at Dow Jones, Lynnette was a correspondent for The Philadelphia Inquirer, a writer, and an assistant producer for WTXF (FOX‐TV) in Philadelphia, and a writer for the Associated Press in Los Angeles.
Lynnette earned her bachelor of arts degree in English from the University of California, Irvine. She also holds a master of arts degree in broadcast journalism from the University of Southern California as well as a certificate in FinTech (financial technology) from Cornell University. Lynnette is a native of Los Angeles who spent 20 years on the East Coast but now lives in the greater Houston area with her husband.
Other books Lynnette has written include:
Bounce Back: The Ultimate Guide to Financial Resilience
Perfect Credit: 7 Steps to a Great Credit Rating
Your First Home: The Smart Way to Get It and Keep It
Investing Success: How to Conquer 30 Costly Mistakes & Multiply Your Wealth
The Money Coach's Guide to Your First Million
Zero Debt: The Ultimate Guide to Financial Freedom
Zero Debt for College Grads: From Student Loans to Financial Freedom
The Identity Theft Recovery Guide
College Secrets: How to Save Money, Cut College Costs, and Graduate Debt Free
College Secrets for Teens: Money Saving Ideas for the Pre‐College Years
Free Pre‐College Programs
Millionaire Kids Club Book 1: Garage Sale Riches
Millionaire Kids Club Book 2: Putting the ‘Do' in Donate
Millionaire Kids Club Book 3: Home Sweet Home
Millionaire Kids Club Book 4: Penny Power
Introduction
Welcome to The Bounce Back Workbook, the interactive companion guide to Bounce Back: The Ultimate Guide to Financial Resilience. This powerful Workbook is designed to help you handle life's setbacks, learn from adversity, and become more financially and emotionally resilient in the process.
If you're like me, you've encountered your share of struggles. I call our 10 biggest difficulties “The Dreaded Ds”—and they include: downsizing from a job, divorce, death of a loved one, disability, disease, natural disasters, debt, damaged credit, dollar deficits, and discrimination.
As a money coach, and someone who has overcome 9 of the 10 Dreaded Ds, I know the pain and frustrations you may be experiencing. I also understand that these setbacks can have a profound impact on your life, emotionally, mentally, physically, and financially. So I'm here to walk alongside you as your guide and ally, providing the support and expertise you need to bounce back stronger than ever.
Activities to Engage, Inspire, and Empower You
Within these pages, you will find a wealth of practical exercises, strategies, and tools carefully crafted to guide you on your journey toward financial and emotional well‐being. In The Bounce Back Workbook, we'll tackle each of your obstacles head‐on, providing you with a comprehensive range of features and activities designed to engage, inspire, and empower you as you rebuild your life and your finances.
Here are the Workbook elements you can expect:
Reflection questions:
Explore thought‐provoking questions that encourage you to think deeply about your experiences, emotions, attitudes, beliefs, and behaviors regarding any Dreaded Ds you've faced. These reflection exercises provide valuable insights and self‐awareness, helping you identify areas for personal growth and transformation.
Writing prompts:
Engage in writing prompts that promote self‐analysis, creativity, and exploration. These prompts allow you to express your thoughts, feelings, aspirations, and actions without judgment, fostering deeper understanding and personal development.
Worksheets:
Utilize fill‐in‐the‐blank worksheets and templates to capture your thoughts, goals, and financial information. These worksheets serve as valuable tools for tracking your progress, making informed decisions, and staying organized throughout your financial journey.
Goal‐setting trackers:
Set realistic and achievable financial goals related to each setback. The
Workbook
includes exercises that guide you through the process of defining your goals, breaking them down into smaller milestones, and creating action plans to achieve them. By setting clear objectives, you can work toward a future of financial stability and success.
Action plans:
Based on your unique goals and needs, you'll develop step‐by‐step action plans for each of the Dreaded Ds. You'll also break down the strategies and advice from the main book into actionable steps for your specific situation. These plans will guide you in overcoming challenges and creating a road map to financial resilience.
Quizzes and tests:
Evaluate your current financial situation and knowledge with brief quizzes and mini‐tests. Don't worry! These aren't graded assessments. Rather, these tools will simply help you gauge your understanding of the concepts presented in the main book, track your growing knowledge, and identify areas for improvement.
Checklists:
Stay organized and keep tabs on your progress with helpful checklists provided throughout the
Workbook
. These visual representations of your achievements will provide a sense of accomplishment and motivation as you make strides toward financial resilience.
Inspirational case studies:
Gain inspiration and motivation from real‐life case studies and examples of individuals who have conquered the Dreaded Ds. These stories highlight the resilience and success of others, providing you with practical insights and relatable examples to apply to your own circumstances.
Personal storytelling:
There is enormous power in telling your own story. You get to describe events from your perspective and point of view. You'll connect with others. You'll deepen personal relationships. You'll have epiphanies. You may rid yourself of shame or unhealthy emotions. And you'll often realize you're not alone. Therefore, this
Workbook
also includes opportunities for you to tell your own story and write—or rewrite—your personal narrative.
Wellness exercises:
Recognizing the importance of emotional and physical well‐being,
The Bounce Back Workbook
includes exercises focused on emotional resilience and self‐care. From journaling prompts to mindfulness exercises to stress management techniques, these activities will help you recover emotionally and physically, ensuring holistic well‐being.
Collectively, these 10 exercises foster a deeper understanding of yourself and your relationship with money, better enabling you to make positive changes and develop healthy personal and financial habits. By engaging in these workbook elements, you'll gain the knowledge, skills, and confidence needed to overcome obstacles, develop resilience, and create a solid financial future.
But The Bounce Back Workbook goes beyond a mere collection of exercises—it is a personalized road map tailored to your unique circumstances. As you engage in various activities throughout the Workbook, these interactive elements will enable you to transform the general concepts outlined in the main book into custom‐built prescriptions for your own life. This customization and personalization ensure that you can more intimately address all relevant topics and make meaningful progress in the areas that matter most to you.
Throughout this transformative journey, remember that you aren't on a solo endeavor. Although each one of us is unique, millions of other people have personally experienced the challenges you're now facing. As you draw upon the wisdom of those who have overcome these setbacks, and experts too, you'll reclaim your power and rewrite your financial story.
A One‐of‐a‐kind Financial Toolkit
If you don't yet have Bounce Back, I urge you to pick up a copy to understand the main concepts and strategies I describe for becoming financially and emotionally resilient. Each section of the Workbook corresponds with the chapters in the main book, allowing you to deepen your understanding and employ the recommendations in your own life. Together, Bounce Back and The Bounce Back Workbook provide a one‐of‐a‐kind financial toolkit to support you in overcoming life's challenges, fostering resilience, and achieving holistic well‐being.
As you hold this Workbook in your hands, consider the possibilities it holds. Picture yourself engaging in powerful reflections that illuminate your path forward. Envision taking quizzes and assessments that unveil your strengths and areas for growth. Visualize crafting personalized action plans that empower you to prevail against the troubles you face. See yourself delving into real‐life case studies, finding inspiration in the stories of others who have conquered adversity. And through it all, trust in the transformative power of your own journey.
Use The Bounce Back Workbook as your personal financial diary, to document your feelings about money matters, as well as your resilience, growth, insights, and progress. When you look back at what you've written—one month, or even one year from now—you'll see that this guide is also a testament to your determination and unwavering spirit. It is an invitation to embark on a transformative quest, guided by the wisdom, expertise, and support offered within these pages. Finally, it is an assurance that you need not figure everything out, all by yourself—I am here with you, every step of the way, as your companion and ally.
Get ready to bounce back stronger than ever and soar to new heights. Your future awaits.
Chapter 1Resilience and Grit
In the main Bounce Back book, we explored the concept of the Dreaded Ds and how they can be viewed as transitions in our lives. In this chapter of The Bounce Back Workbook, we'll start by diving deeper into the three stages of transition: the ending, neutral zone, and new beginnings, as proposed by change expert William Bridges. These stages provide a framework for understanding and navigating the emotional, psychological, and personal aspects of change.
Remember: change is something external, which happens to you, and it's often abrupt. Transition is something internal, which happens within you, and it typically takes months or sometimes years. You may not have a say‐so in whether or not something changes in your life—such as getting laid off or enduring the death of a relative. But you absolutely can shape your own transition, and how you process that change. One way to do that is to reframe your thinking. As awful as it is to get downsized from a job or to lose a loved one, for example, it's also true that life's toughest changes provide opportunities for positive transformation.
Reflection Activity: A Major Change in My Life
Instructions: Take time to reflect on a major change in your life and the resulting transition you faced. The change could be one of the 10 Dreaded Ds, or something else—such as retirement, marriage, finishing college, the birth of a child, or a big move to a new location. Consider the ending stage, neutral zone, and new beginnings stage as described in the Bridges Model. Write down your thoughts and feelings about each stage and how you navigated through them.
The specific change I experienced was: __________________________.
The change was (fill in the blank with “expected” or “unexpected”): __________________________.
When this change happened, I initially felt: __________________________.
Today, when I think of this change, I feel: __________________________.
When this change happened, other people told me: __________________________.
This change meant the end of: __________________________.
To deal with this change, I have done the following: __________________________.
At this point, I would describe my transition as: __________________________.
If I had to describe the level of stress I've experienced, I would say: __________________________.
Most changes in life—even when good things happen—present some level of stress. How has the stress of the change you described above affected you overall? Describe your reality below.
Here's how the change I experienced affected me physically, emotionally, personally, and financially: __________________________
__________________________.
__________________________.
TEST YOUR KNOWLEDGE
All stress is bad for you: true or false? (Circle one and explain your answer below)
____________________________________________________.
Are there any benefits to stress? If so, list at least one benefit. ____________________________________________________.
Benefit #1: ____________________________________________________.
Benefit #2: ____________________________________________________.
Benefit #3: ____________________________________________________.
(Hint: In Bounce Back, I cited information from Sudden Money Institute founder Susan Bradley, who offered three ways that stress helps you.)
Personal Storytelling: Sharing My Truth
How comfortable would you be sharing your own personal story of a significant change or transition you experienced? If you are able and have a trusted confidante, describe the ending, neutral zone, and new beginnings stages and how they impacted your life. Reflect on the lessons you learned and the growth you experienced during this process. If you don't have anyone you can tell, simply record yourself talking about your experiences.
In this exercise, you can also share a personal story of a significant change or transition you have experienced where you have made it to the other side. Describe the ending stage, where you recognized the need to let go; the neutral zone stage, where you explored new possibilities; and the new beginnings stage, where you embraced a different future. Share how this transition has shaped you, what insights you gained, and how it contributed to your personal growth.
Goal Setting for Future Changes or Transitions
In Bounce Back, I explained that Certified Financial Transitionists are financial experts who help people get through various life transitions. These experts are certified by the Sudden Money Institute, whose founder added another stage to Bridges's theory of transition: a planning stage. A planning stage is helpful because “sometimes we get the ability to know beforehand that something is ending,” says Stephanie Genkin, a CFP and Certified Financial Transitionist. She adds: “Many of us are in a state of financial transition and anticipation. We're anticipating events that we know are going to occur, like retirement, selling a business, or the death of an ill family member.”
Identify one change or transition you are currently facing or anticipate in the near future.
What would help you get through this experience? What kind of support do you need to feel better? Additionally, if you knew that the change was inevitable, and there was nothing you could do to stop it, what goals would you have for each stage of the transition process? Write your answers to these questions below. As you establish goals, consider the skills, support, and resources you will need along the way. Feel free to also add actionable steps you can take to move through each stage and create a new beginning that aligns with your values and aspirations.
____________________________________________________
____________________________________________________
____________________________________________________.
Writing Prompt: I Did That! Exploring My Own Resilience and Grit
Instructions: Resilience and grit play vital roles in navigating transitions and bouncing back from challenges. But sometimes we may not realize the existing strengths we possess or how we have successfully recovered from past setbacks. So reflect on your own resilience and grit by answering a series of self‐reflection questions below. Explore how you have demonstrated resilience in the face of adversity and how grit has fueled your determination to overcome past obstacles. Identify areas where you can further develop resilience or cultivate a resilient mindset.
What does resilience mean to you, particularly financial resilience? How would you personally define financial resilience?
____________________________________________________
____________________________________________________
____________________________________________________.
Reflect on your own level of financial resilience. Do you consider yourself financially resilient? Why or why not?
____________________________________________________
____________________________________________________
____________________________________________________.
In what ways have you demonstrated financial resilience in the face of unexpected financial challenges or setbacks? Can you recall specific instances where you were able to bounce back from financial hardships? If so, how did you do it?
.
Consider the concepts of resilience and grit as discussed in Bounce Back based on work by experts such as psychologist Angela Duckworth. How do you see these traits playing a role in your pursuit of financial resilience? How can resilience and grit help you overcome obstacles and maintain balance in your financial life?
____________________________________________________
____________________________________________________
____________________________________________________.
Reflect on the definition of financial health provided by the Financial Health Network. These are based on how well you save, spend, borrow, and plan. How many of the eight indicators of financial health align with your current circumstances? Which areas do you excel in, and which areas could benefit from improvement? Put an X mark next to each one as appropriate.
Needs Improvement
Doing Great
Saving indicator 1: you have sufficient liquid savings
__________________________
__________________________
Saving indicator 2: you have adequate long‐term savings
__________________________
__________________________
Spending indicator 3: you spend less than you earn
__________________________
__________________________
Spending indicator 4: you pay all bills on time
__________________________
__________________________
Borrowing indicator 5: you have manageable debt
__________________________
__________________________
Borrowing indicator 6: you have a prime credit score (670+)
__________________________
__________________________
Planning indicator 7: you have appropriate insurance
__________________________
__________________________
Planning indicator 8: you plan ahead financially
__________________________
__________________________
Also, consider the categories of financial vulnerability and financial resilience as defined by the Financial Resilience Institute. The four categories they describe are:
Extremely vulnerable;
Financially vulnerable;
Approaching resilience; and
Financially resilient.
You're extremely vulnerable if you simply cannot handle any outside shock to your budget or emergency at all. Such an event would cripple you financially or push you into a major crisis.
You're financially vulnerable if you'd be challenged by a major financial stressor, but you're living paycheck to paycheck, or are just getting by under normal circumstances.
You're approaching resilience if you're doing fairly well, and can even save and plan somewhat for the future, provided nothing major unexpectedly pops up or derails your budget.
You're financially resilient if you can easily absorb pretty much any financial shock or emergency, and it wouldn't affect you at all. You still can budget normally, save, plan for the future, and maintain good credit—even in the face of common yet unexpected events.
Where do you believe you currently fall within these categories? List some specific steps you can take to move toward greater financial resilience.
____________________________________________________
____________________________________________________
____________________________________________________.
Think about the relationship between different forms of resilience, such as social, emotional, physical, and financial resilience. How might developing resilience in one area positively impact your ability to become more financially resilient?
____________________________________________________
____________________________________________________
____________________________________________________.
Remember the idea that resilience can be cultivated and improved over time. What steps can you take to enhance your financial resilience? What specific skills or habits would you like to develop to strengthen your ability to bounce back from financial challenges?
____________________________________________________
____________________________________________________
____________________________________________________.
Consider the importance of planning and preparation in building financial resilience. How well do you currently plan ahead financially and have appropriate insurance? What are the adjustments or improvements you can make in this area?
____________________________________________________
____________________________________________________
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Take a moment to envision your ideal level of financial resilience. What would it look like for you to readily spring back from unexpected financial hardships? What obstacles do you face and what steps can you take today to move closer to that vision?
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Improving Your Financial Resilience and Grit
What does resilience mean to you? How about grit? Do you see these two qualities as being different, or do they go hand in hand? Let's delve into your level of financial resilience.
Instructions: Consider a hypothetical scenario where you are hit with an unexpected bill of $1,000. How would you handle it? Would it cause significant stress, or would you be able to manage it comfortably? Use this scenario to reflect on your current level of financial resilience.
If I got hit with an out‐of‐the‐blue $1,000 bill, I would handle it by:
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From an emotional standpoint, a $1,000 emergency would make me feel:
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Instructions: Based on your self‐evaluation from the previous exercise, identify three steps you could take to improve your financial resilience. Try to be as specific as possible. Simply identify and think about what you can realistically do, given your circumstances. No action is too small.
Action steps to improve my financial resilience:
Step 1: __________________________;
Step 2: __________________________;
Step 3: __________________________.
Getting started: to put the action steps above into practice, I will immediately do this:
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Case Study Analysis: Learning from Athletes and Others
Recall how I shared in Bounce Back
