By Demetrica L. Jefferis
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
    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: