Resilience - Informed Financial Planning

During these strange times I suppose we are all coping in our own different ways and finding a passage through, but it has been and for many will continue, to be a real challenge. Resilience is a word which we have heard with a bit more frequency recently but exactly what does it mean and how can it help us to manage better in this kind of situation.

I suppose in this regard I’m really talking about personal resilience, otherwise known as emotional resilience, which many might regard as a trait when in fact we all have this capability, it’s just the degree to which we apply this that counts. Whatever level of resilience we have can be nurtured over time and during life’s many experiences can grow to help protect us.

There is a natural tendency, it’s just human nature, to look at events like our current situation from a doomsday point of view and think the worst will or is about to happen. Whilst needing to recognise the downside, we also need to focus on positive outcomes. This can come from your own strengths, self-belief and also from external resources. This will help build your resilience which will help you deal with many of life’s challenges even beyond the current pandemic.

Sometimes we feel like we have lost control. Certainly during the early phase of COVID-19 I think many of (possibly even the government) felt this way. This can lead to irrational thoughts and fears; basically we need to stop freaking out and focus at least on those things which we can influence. Accept that there are some aspects which we can’t control and try not to worry and dwell on these too much. Instead, think about how you can steer a more positive path, much of this is done in reality through self-reflection.