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"When are we going to recover?" Well, I usually say "Its hard to predict, but it may take a few more years." I don't just say this to give an opinion, I say this because of numerous statistical Nevada Data.
Nevada Unemployment... # 1 at 13.6% Nationally!!
Nevada Foreclosure... #1 Nationally!!
Nevada Federal Aid jobless Benefit... 500 Million and Rising!!
Nevada Banckruptcy... #1 Leading the nation in filing!!
Nevada Credit cards... #1 in Leading the nation in credit card deliquency according to Trans Union.
Nevada Divorce Rate... #1 in the Nation!!
Ohh boy.. Atleast where the state I live, we are #1 in something =(
So many things have gone wrong with the Silver State (Nevada) in the last couple of years. A few years back, we practically lead the nation in employment and source of increase wealth though Real estate. Now, as you can see, things have mightily turned around. 1 in 4.5 person in Nevada are either going through Divorce, Banckruptcy, unemployment or foreclosure proceedings; this is the scariest statistics of all. Before, most the homes I list are due to people wanting to upgrade from their current homes. Not anymore.
Just in Retrospect to Nevadans reading this blog, let me ask you a few questions:
Are you currently behind in your mortgage payment?
Are you contemplating on short selling your home?
Are you considering Bankruptcy?
Are you fearing of being let go from your Job?
Are you fighting more with your spouses?
Are you having problem paying your credit card bills?
If you said "Yes" to any of these questions, you are not alone. Just recently in the Reno Gazzette Journal Website, Nevada was voted "the most Stressed State" in the Union. I have met many people who often blame themselves on why they are in their current lack of money situation. I usually tell them that what they are going through are very common nowadays. People should not get embarassed if they file for bankruptcy or sell their homes because they could no longer afford the payments; it is just the sign of the times. Also, Strategic foreclosure (homeowners letting go of properties because of the negative loan balance compared to the market price) are now rampant. Now, this perspective is brought on because I am in the Real Estate business where the source of the downturn occured. This perspective may not be shared by other fields of employment, however, as the Nevada statistics show, the perspective are more likely shared by other professions as well.
What is the solution? Here are a 11 tid bits:
1. Well, TIME. As the old saying goes "what goes down, must come up."
2. The solutions is accepting the situation as what it is. Accept that money is a little bit more elusive than in previous years then work harder and smarter to catch it. Try not to pretend that things are going smoothly, accept the hardship and learn from it.
3. Talk with your spouse and explain to them why things are not what it used to be and prepare them for the road ahead.
4. I want to say "save for a rainy day" but the fact of the matter is, It is pouring hard our there. So to this, use your money wisely on the things you necessarily need, and forego on the things that does not contribute to your livelihood.
5. Try not to think the grass is greener on the other side; the other side may not be that green to begin with.
6. Try not to think you are alone on this; you can talk with close friends and family for support.
7. Keep looking for opportunities; opportunities does not necessarily comes in a form of an hourly job but rather in opportunities that you feel you may excel at.
8. Stay positive; when your feeling down and crappy take deep breaths and go out and do something that may relax you until you can re-focus yourself again.
9. Visit a church or your spiritual guidance counselor. Trust me, it works.
10. Read motivational books and attend motivational seminars; knowing that there are groups of people who are also searching and wanting to be motivated can refresh and add fire to what you do best.
11. If you want people to be impressed, tell them about your accomplishments. If you want people to
understand, tell them about your mistakes and experiences. Talk with people you want to connect with and share your failures and experiences with them. More than likely, they will share theirs and create an emotional bond with you. Trust me, this is a good thing.
Well, there are definitely more ways how people can cope during time of stress and distress. But one thing to remember, that no matter how you cope with the situation, always remember the song "Smile" by Nat king Cole:
"Smile though your heart is aching
Smile even though it's breaking
When there are clouds in the sky, you'll get by
If you smile through your fear and sorrow
Smile and maybe tomorrow
You'll see the sun come shining through for you"
End
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