Is the Downturn in the Economy Costing You More Than Just the Valuation of Your 401K?

Post by Michael Plahn

Is the Downturn in the Economy Costing You More Than Just the Valuation of Your 401K?

Granted, this has been a very difficult time for almost all of us financially, but the way in which some cope with the  negative feelings created by their economic situation can simply be deadly! Some people turn to alcohol and drugs to deal with or numb out the reality of their financial situation.  It is not uncommon for healthy individuals to imbibe an extra scotch after a hard day at the office.

This recent economic period has more than just a few well-off individuals filled with fear and searching for ways to deal with the uncomfortable reality of losing a great deal of their wealth allocated for retirement in just a short period of time.  For the Baby Boomers especially, this can be a disconcerting time period.  What are they going to do now?  Their planned retirement lifestyle has changed pretty dramatically and likely not for the better. Charles Miller, a member of the LSA Recovery Team and a financial coach for over 30 years, said, “the recent market downturn is the worst I have seen during my lifetime, but anyone with a “life long” plan should have enough time to recover.  There is always a recovery, but some take longer than others.  The biggest mistake investors make is that they panic and sell at the bottom, thereby locking in their losses.”

So, now maybe you start to notice dad or grandpa just falls asleep in his favorite chair while drinking in the afternoon.  Maybe on rare occasions he slurs his words at the dinner table and gets into rants about the money that’s gone.  Then he’s back in his chair with a drink.  Does this really add up to a problem?  Isn’t that a bit dramatic?  Well, that is not so easy to answer.

Something I heard in the first week of my graduate studies in psychology is a great way to determine pathology and just may apply to this scenario.  “What determines if something is healthy or unhealthy,” a student asked? The answer that was given was simple, but covered a multitude of situations for all of us, and one I do not think I will ever forget.  The professor answered, “if there is any action or behavior that hurts you or anyone else, in any way, then it would be prudent to look at the behavior as unhealthy.”  That made sense to me then and still does today.

So, I am not begrudging anyone for reaching for a drink after a tough day, that is a fairly common choice to make for a great many people, right?  However, as you have been reading this, if it has already resonated with you that someone you care about is hurting themselves or others because of their method of coping, I urge you to take action now.  It does not make the person a bad person, but it could be a sign that they are clinically sick and in need of help.

Based in Chicago, we at LifeSkills Authorities, LLC, are garnering national attention because of our comprehensive and unique approach to working with addicted individuals.  Our firm specializes in working with family, employers, peers, and other concerned parties that have been affected by the addicted individuals disease. LSA works in a very unique, comprehensive, and confidential way to help all those affected by addiction get the proper help they need to find a healthy resolution.

Once LSA is contacted and under contract, we move into action to take the responsibility of organizing an intervention if needed, helping to locate appropriate treatment, tracking the individual through treatment with weekly “check-ins”, and then working with them to re-integrate and apply many of the newly learned principles for living, into a healthy new sober lifestyle for a full 52 week period post-discharge from treatment.  LSA’s Executive Care programs and Recovery Care Coaching programs are truly holistic and practical.  We make it a point to  address financial situations that can contribute to stress levels and potentially even lead to relapse.  A qualified financial coach can take away the uncertainty and stress surrounding financial planning for an addicted individual.  Charles Miller, who is also the founder of College Planning Associates, Inc., states, “As a financial coach, I work with clients to help them develop a plan to reach their life long goals.  The golden rule of investing is buy low and sell high.  A qualified financial coach guides you on the path to financial well being much the same way a qualified personal trainer guides you on the path to physical and mental well being.”  To reach Charles and his associates at College Planning Associates, please click here.

If you or you fear that a loved one has fallen victim to the disease of addiction, I encourage you to investigate our comprehensive solution at the LifeSkills Authorities website or call 312.265.0909.  Really spend the time to find out what the LSA philosophy and programs are all about. It just may be what is needed to stop an unhealthy, potentially deadly behavior, stop the hurt, and put an end to the downward spiral.  We are here to help and await your email or call.