The Struggle to Recover ~
Last summer, I accomplished a financial review and a debt management plan for one of my clients who’s a dear friend of mine. Before we got started, I asked her how much money she was left with each month after paying her debts and expenses. “Zero”, she replied. As we went through her financial review, I addressed several areas she was wasting money. About an hour after the financial review, she realized she was blindly spending $500 that she could be saving every month. This is one of many instances I have encountered where clients say they are “broke.” But actually, they are spending money they could be saving. When my clients feel financially hopeless, it’s my duty to show them where their hard-earned money is going. Furthermore, I also educate and guide them to make necessary adjustments to establish proper protection, eliminate debt, build an emergency fund, and invest.
Sadly, in the face of the pandemic, millions of Americans are hopeless and do not think they will ever rebound financially. Jessica Dickler’s article, “1 in 10 Americans Say They’ll Never Financially Recover From The Covid Crisis: Survey”, stated the following data based on findings from the Pew Research Center:
- Disparities are highly evident between ethnic/socioeconomic groups: About 6 in 10 adults who have a 4-year college degree, are Caucasian and Asian American, male, and 65 or older, have not experienced any setbacks in their finances, and even claim their finances are in excellent health.
- Roughly three-quarters of lower-income families, with no college degree, Black and Hispanic, rate their financial situation as fair or poor.
As I read these statistics, the question I asked myself of those whose finances are fair to poor is, “What makes them think they will never recover?” And are they so hopeless they cannot see past the obvious to even think optimistically and ask, “How can I recover?” Newsflash–recovery IS very possible! Todd Tresidder, author of “6 Steps to Recover From Financial Disaster,” wrote, “…the road to financial recovery is well-worn, and the steps to come back…are fully proven.” Some of the steps he identified were:
- Accept the Situation: The first step in recovery is acknowledgment. Accept the breakup, accept the layoff, accept it! But don’t wallow in it.
- Identify Goals/Develop a Plan: Identify where you want to be and how you want to LIVE! Once goals have been clearly identified, then build a plan. Specifically, a financial plan.
- Take Action (MOVE!): Talking about a plan doesn’t move mountains; action does. Regardless of the consistency, discipline, and time required to accomplish the identified goals, trust the plan and STICK with the plan. Rally a strong social support team of accountability partners to encourage and help you stay on course.
The pandemic is one of a thousand situations that has caused financial setbacks for millions of people. This is not the first time, nor will it be the last time. But one thing is certain, identified goals with a plan and course of action, recovery is very possible! If you find that you need a plan of action, I am available to assist. Email: meechiejefferis@gmail.com.
Demetrica L. “Meechie” Jefferis retired from the United States Air Force after 26 years of faithful service. During her tenure as an active duty service member, she held positions as a Security Specialist, Personnel Specialist, First Sergeant, and Superintendent. She has been assigned throughout the United States and also abroad in Guam, Italy, and South Korea. She also deployed in support of Operations NORTHERN WATCH, SOUTHERN WATCH, IRAQI FREEDOM, and ENDURING FREEDOM.
Meechie was born and raised in Chicago, Illinois and is a 1988 graduate of Academy of Our Lady High School in Chicago, Illinois. She entered the Air Force in July 1989. While on active duty, she pursued her educational goals. As a result, she also holds an Associate of Applied Science Degree in Criminal Justice, an Associate of Applied Science Degree in Human Resource Management from the Community College of the Air Force, a Baccalaureate Degree in Human and Social Service Administration from Bellevue University. And in 2015, she graduated summa cum laude from Kaplan University with a Master’s Degree in Business Administration.
Since her retirement in August 2015, she is still trailblazing through life! She has been living cancer-free since January 30, 2014 as a Breast Cancer survivor/warrior. In 2016, she competed in two natural bodybuilding competitions as a Figure competitor. In 2017, she competed in Mrs. Maryland America Pageant and the Exquisite International Pageant. In November 2017, she was recognized by the National Coalition of 100 Black Women Decatur/DeKalb Chapter as one of the Most Influential Women of the Year. And in May 2018 she published her first book, “No More Bad Days”, which chronicles her Breast Cancer journey and life beyond cancer. Additionally, she is a certified fitness trainer and business owner/founder of Transform and Prosper Fitness. And recently, she passed the Maryland state exam for licensure as a Life and Health Insurance Producer. She realizes none of these accomplishments would be possible without God; but thank God He also gave her a “Superman” husband of almost 25 years, Anthony “Juice” Jefferis.
