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  • Stress blog

  • Feb. 13, 2009

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

    By Edward T. Creagan, M.D.

7 comments posted

We are bludgeoned every day by the numbers. Here is what I am talking about:

  • Nearly daily stock market declines
  • Plummeting home values
  • Swelling ranks of the unemployed and medically uninsured
  • Shrinking retirement portfolios

So, what do we do? What can we do? 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.

I for one will not mortgage my serenity over these economic events, and I will not squander my peace of mind. Here is what my family and I do. I would certainly appreciate hearing from our blog community as well.

  • Know where the money goes. We have found that using one credit card gives us an easy handle on our expenses. (We pay off the charges each month so we aren't charged interest.) At the end of the month, we can review the statement and ask ourselves if we made good choices: "Did we really need that extra dinner out?" "Did I really need a new suit?"
  • 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, we have to take precautions. We all know never to release social security numbers or related data to any institution unless proper safeguards are in place.
  • Keep tabs on all accounts. We have gotten into the habit of accessing our online accounts multiple times each week to be certain that there are no glaring inconsistencies.
  • Have an exit strategy. Each one of us needs a plan B. If I lose my job or my benefits, 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 or value that we have is our ability to work. One of our colleagues is a surgeon whose work puts tremendous pressure on his back and joints. He has spasms and pain most days, which affects his productivity. He realizes now that if he had taken better care of himself — by exercising and watching his weight — his career might not be in jeopardy.

So, what is the bottom line? I think the messages are real clear.

  • We need to take care of our own 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.

7 comments posted

blog index

  • February 22, 2009 1:49 p.m.

    There is an old Maine saying that I have been thinking about . . ."use it up, wear it out, make it do or do without." I am also thinking about planting a vegetable garden this year .

    - Susan

  • February 20, 2009 9:33 a.m.

    When my mother speaks of being a child in the depression years she talks of family and neighbors being closer, sharing and helping each other out with what they did have. Making a pot of home made beans a complete meal; enough for any and everyone coming to the table. Hanging a side of pork in the attic for the winter for their meat. Maybe this downturn in the economy is a time to reflect on our true needs, rather than just our wants.

    - carol

  • February 19, 2009 8:36 a.m.

    In my opinion, the solution is to stop listening to the talking heads. They don't know or have a solution any more than I do but I do know what is necessary in my life and that is not to allow some fool on the news tell me how bad things are for me. There just isn't any cure to be found in the media so why listen to all their doom and gloom? As for being pro-active, it is important to pick the brains of some of the gurus but use your common sense as well. Just because something worked yesterday doesn't mean it will work tomorrow. FJ

    - Farmer John

  • February 17, 2009 3:55 p.m.

    I think it is important to know when to STOP talking about the economy. Sometimes it is useful venting, sometimes it just brings you down. Yesterday I had lunch with a friend, and for once we Didn't talk about the economy. Afterwards we both commented on unusual that had become, and on how much better we felt for not going there. One thing that really helps my mood is gardening. The plants don't know what the stock market is doing and they don't care. It is a little early for planting vegetables, but on Saturday I turned the compost pile and while I did, I pictured a bounteous garden feeding me a few months from now. It didn't feel like an escape with payback time sure to follow, it just felt... healthy and good.

    - Sonja

  • February 17, 2009 2:18 p.m.

    I like the concept floating around that severe crises give you the opportunity to be very creative. Ask yourself if there is anything you could do that you might not do unless the circumstances were exceptional as they are now. I also think that we need to be kind to ourselves. While cooking at home with friends or family is certainly a worthwhile endeavor, we should treat ourselves and if possible, our family and friends to dinner or a glass of wine or a cup of coffee in a restaurant, bar or coffee shop. In this way we connect with the larger community outside our home. I also agree with Alan that it is necessary to limit our exposure to negative news and remind ourselves that at any given time we are only seeing part of the picture. Finally, spring is or will be soon here. We need to get out and exercise; the warmer weather will make this more enjoyable for all as we watch spring flowers come up. Recently, I have been able to bundle up and have a cup of coffee on my front porch on certain days even though it is still cold where I live. I felt much better after I did this. If you can, try this and see if it lightens your spirit.

    - Barbara

  • February 16, 2009 3:45 p.m.

    We can grow and reorient toward our most enduring values in times of turmoil. For example, instead of trying to get our money's worth from some electronic toy, maybe it's time to reconnect with friends and family. Instead of going out to eat, maybe learn to cook healthy food together in your own kitchen. Instead of obsessively watching the "news," a good deal of which can leave us with distorted (by turns fearful, maudlin, oversimplified, sensationalistic, avarice stoking) images of the world, maybe become reacquainted with some of your favorite authors' works, or explore new books by checking them out of a public library. Financial security is important, and so is taking a walk, obtaining balanced information, cooking as a family or with friends. Instead of dwelling on a feeling of loss of what might have been depicted as the good life, maybe it makes sense to seize these occasions to uncover the meaning of "good life" in the present. I've read that feelings follow action, and that we build our future by acting in the present.

    - Alan

  • February 16, 2009 10:20 a.m.

    Great advice -as I work in a credit card call center, I hear all kind of worries from just about every state. I always tell my clients that we have to keep the faith that everything will turn out ok.

    - SolielFlora

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