How Do I Handle a Financial Shock Without Spiraling?
Unexpected expenses can hit us like a ton of bricks, and today we're diving into how to handle those financial shocks without losing our cool. You know, like when your kid accidentally racks up a $5,000 phone bill? Yeah, that's a doozy! How Do I Handle a Financial Shock Without Spiraling? We’ll break it down step by step, so you don’t spiral into panic mode. We’re all about keeping it real and steady, because trust me, you’re not alone in this wild ride. So grab a snack, kick back, and let’s chat about making one solid move to regain control when life throws us a curveball!
Check out the full podcast episode here
Unexpected expenses can hit you like a ton of bricks, right? One minute, you’re cruising through life, and the next, you’re facing a $5,000 phone bill thanks to your kid's accidental international roaming. Yeah, that voicemail had me shook too. But don’t worry, we’re diving into how to tackle these financial shocks without losing our minds. We break it down using the trusty framework, guiding us through the steps of facing reality, identifying when our bills are due, and brainstorming our options. The key here is to stay calm and not let panic push us into making rash decisions. It’s all about taking a step back, breathing, and figuring out the best way to stabilize the situation. Remember, you're not alone in this; we all deal with money surprises, and it's how we respond that counts. So, let’s get our game faces on and handle these curveballs like pros!
Takeaways:
- Unexpected financial hits can really throw you for a loop, but you're not alone in this.
- Dealing with a financial shock means taking a deep breath and tackling it step by step.
- When faced with stress, it's crucial to pause and avoid panic-driven decisions.
- Communication with service providers can open doors to solutions like payment plans or adjustments.
- Building safeguards and limits on kids' phone usage can prevent future financial surprises.
- Remember, this moment doesn't define your financial future; it’s just a bump in the road.
Links referenced in this episode:
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Speaker A
Have you ever had that moment when everything felt fine and then suddenly it wasn't an unexpected expense, a number you weren't prepared for?
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And just like that, you feel overwhelmed?
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If you're facing a financial shock right now and try not to panic, Today we're going to slow things down and walk through this together.
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Wait until you hear today's listener voicemail.
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It's a real doozy.
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Hello, friend.
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Ralph Estepp Jr.
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Here.
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Welcome to Financially Confident Christian.
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Our mission of the show every single day is to help you break that cycle of financial shame and.
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And live with confidence.
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And the thing I want to say at the beginning, we are all going to have unexpected financial hits.
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And for so many of us, they can feel so destabilizing.
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Want to tell you right now, you're not alone in this.
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So today I want to talk about how to handle a financial shock without spiraling.
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And like I said, this is a doozy of a voicemail we got today.
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But let's get right into today's listener question.
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Hi.
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I don't even know where to start with this.
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I've been listening to your podcast for a while now, and I've been trying to do the right things.
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Budgeting, planning, being responsible.
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And then today, something happened that just.
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It just broke that I'm really struggling.
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My child was using their phone, doing what kids do online, streaming videos, games, apps.
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I thought they were on our family plan, covered under the data.
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Turns out they'd somehow enabled international roaming without me knowing, and they just kept using it for weeks.
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I just got hit with a $5,000 phone bill, and when I realized what happened, I felt sick.
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It was supposed to be a normal month, and now I'm staring at a number I don't even have in savings.
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I keep going back and forth between panic and trying to stay calm, but honestly, it feels unfair and it's shaking me.
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Part of me feels like one mistake just set us back in a big way.
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I don't want to spiral.
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I don't want to make things worse out of fear, but I feel like I'm right on the edge of it.
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How do I handle something like this without falling apart financially and emotionally?
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I really need to hear from you on this, Ralph.
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Wow.
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You know what?
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I'm almost speechless.
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I got to listen to this before we recorded today, but, wow, I don't even know where to start here.
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First of all, thank you for being honest.
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And this isn't just a money problem.
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I just think about the shock of this.
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The shock of that has got to feel so overwhelming.
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I almost didn't believe it when I heard it.
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And you were expecting a normal month and suddenly everything has changed.
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And I think about myself, my mind would be racing as well.
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What's the worst possible scenarios here?
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But I think we need to slow down here for a second.
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We got to look at solving this problem instead of panicking.
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I know it's real easy for me to say that because I'm not living in that.
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But friend, that feeling of being right on the edge is real.
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And like I said, it's not about money.
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It's about shock.
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It's interruption.
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It's that feeling of something changed without warning, something you weren't even expecting.
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And now your mind is racing.
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But before we fix anything, we need to steady ourselves because here's the thing.
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Panic is not going to lead us to wise decisions.
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What I found in my life.
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Financial shocks usually feel overwhelming because they hit us all at once.
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You've got the definition of this.
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I still can't even fathom the amount of money you're talking about.
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And that whole situation can feel impossible.
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But most financial shocks become more manageable when they're broken into steps.
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I'm a big believer in step one, step two.
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And that number you see in right now is not always the final outcome.
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It's real easy to feel like that.
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But we've got to build a calm, intentional response rather than reaching out in fear and reacting.
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The goal is not to fix everything immediately.
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The goal is to stabilize the situation.
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So how do we handle a financial shock like this without spiraling financially and emotionally?
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That's where I want to walk you through my faithful framework.
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This faithful framework is perfect for today because each letter is going to give you a clear point.
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So let's jump right into it with F. Face reality, awareness.
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Your reality is very clear.
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You're in a state of financial shock.
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And when you live in that state of financial shock, of course you're going to think the worst case, oh, this is going to destroy.
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We're not going to be able to make it.
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We're going to lose everything.
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But friend, I want to tell you the first step is not to panic.
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The first step is to get some clarity.
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You've got to get the actual numbers.
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Understand what happened.
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Now you've told me you've got this bill, but is it really final?
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Is it adjustable?
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Can you dispute it?
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Maybe it's payable over time.
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Right now you're living in fear, but you've got to separate that.
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So ask yourself what actually Happened.
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What's the real amount due?
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What do we know for sure?
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Have you confirmed the charges with the provider?
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Is there a dispute process?
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Is there room for adjustment?
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And what's the actual due date?
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Those facts bring this situation back into focus, because right now, your focus is all over the place.
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If you're watching me on video, my eyes went bugged out because I couldn't believe it.
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But fear makes it bigger and makes it feel bigger than it is.
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So we got to start there.
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Second thing we do to aim clearly, we got to build a vision.
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The goal right now is not to fix everything instantly.
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The goal right now is to stabilize the situation.
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Kind of like when you go to an er, you got to stabilize.
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You got to stop the bleeding.
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In a financial shock of any sort, the goal is to first be calm, control, and find direction.
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You don't need a perfect answer immediately.
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You just need the next steady step.
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And stabilizing means stopping the spiral before making worse decisions.
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And listen to me.
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You gotta move from panic to plan.
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You don't need the perfect solution today.
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You need a steady plan.
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But now we gotta talk about I.
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We gotta identify the timing and build a timeline.
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Not everything has to be solved at once.
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A financial shock makes everything feel urgent.
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That's why it's so painful.
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But not every part of the problem has the same timeline.
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Hey, first thing is take that phone away from the kid.
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For sure.
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Don't turn it off.
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That's number one thing.
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There's no timeline for that.
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Because some things need our attention today.
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That's one.
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But some things can wait.
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You've got to identify what actually has got to happen in first series of that.
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And when you do that, it prevents those emotional decisions.
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Ask yourself, when is this bill actually due?
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Is there a grace period?
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Can I pause payment while the amount is reviewed?
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Maybe you got to put a dispute in because I don't know about you, but if a kid's able to make this happen, I'll be asking questions of the provider.
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How does this happen?
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What happens if I call them today?
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You know what can wait?
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Until I have more information.
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What decision should I make while I'm panicking or should I not make while I'm panicking?
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Because when everything feels urgent, your mind loses clarity.
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You get in this weird, like, blinder thing.
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So you've got to separate what action is needed now from what can wait.
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But now we got to think of options.
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That's the T of this.
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We got a brainstorm, because right now, I sense it in your voice.
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You feel trapped by the amount of the bill and trust me, I'm right there with you.
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I'd be trapped too.
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But there are some options before paying the full amount.
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Honestly, the first thing I would do is contact a provider and say I'm disputing this.
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This doesn't make any sense.
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How does this even happen?
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Ask for an explanation, ask for a review.
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Ask them to adjust it, escalate it.
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Worst case scenario, ask them for a payment plan.
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But you got to stay calm and persistent.
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Don't assume there's no help available if you ask.
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A lot of people don't realize this.
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There are help.
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Call the phone provider.
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Ask for a breakdown.
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Ask whether they can be reviewed or even a one time courtesy adjustment.
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Ask whether the case can be escalated.
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Maybe they have a hardship or support options.
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Ask about a payment plan.
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And unfortunately, maybe you need to adjust some other household spending.
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But don't run out there and get some high interest rate.
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Quick fix and build some safeguards to prevent this from happening again.
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Like I say, yank that phone away from the kid.
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That first number you see is not always the final outcome.
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But now we got to go to H. We got to have a plan.
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Here's my recommended action plan for you.
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I'm going to be very specific today.
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Pause before you make any major financial decisions.
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Don't borrow, drain accounts or make any rushed payments, or why you're panicked.
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Second thing, call the provider.
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Ask them to really give you the background information.
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Ask for escalation, ask them about adjustments or payment options.
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But now you also have to protect your household from further damage.
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Like I said, take away that phone.
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Set some usage limits, some parental controls, add some account restrictions.
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It's also a great time to create a short term spending plan because you may have to pay this, you may have to pause some things.
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That vacation that you were hoping to take.
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It might be off the plate for a little bit right now, but avoid those high interest quick fixes.
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Right now you've got to think about in terms of containment.
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You're not trying to fix your entire financial life today.
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You got to stabilize this one moment, get the information and take the next wise step.
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Like I said, you got to stabilize the moment.
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But don't forget about the other effing faithful.
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And that's faith and surrender.
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A financial shock can bring frustration.
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It brings us guilt and fear.
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We want to blame everybody and you might be upset with the situation, you might be upset with yourselves, or maybe you're mad at your kids.
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I'd be mad at my Kids too, if that happened to me.
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And you may feel like one mistake changed everything, but friend, this moment doesn't define who you are.
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God's not waiting for you to return to him once you fix everything.
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Here's the thing I love about our God.
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He meets us right in the middle of our stress.
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He encourages us with his grace and his steadiness and his prayer.
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I think one of the things that I would do right away is just reach up to the Lord, say, lord, I feel overwhelmed right now.
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Help me feel steady and trust you through this.
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And just remember, this moment doesn't define you.
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God meets you right here.
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But you also have to understand the progress that's the you of this progress.
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For you today might be making that phone call to the provider, asking for a review, getting the bill explained, setting up that payment plan.
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Maybe it's simple as I'm going to avoid a panic decision because you might say, well, I'm just going to write a check and pay it and be done.
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No, don't do that.
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Maybe it's choosing not to blame or shame somebody.
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Maybe your kid didn't even realize what they were doing.
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They just thought everything was fine on the phone.
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You can't just go at or snap on your kid because it might have been something they didn't realize.
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But don't let that negate creating a safeguard.
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Taking one stabilizing step and you might not be able to fix the whole problem today, but you can start to make it more manageable.
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Reduce that confusion, reduce that panic.
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Progress right now is not perfection, it's just movement.
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But then we got to look ahead.
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Once this immediate issue is handled, then you can look ahead.
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Don't punish yourself.
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Don't punish your child.
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Build the safeguards.
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Here's the thing about children.
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I got two kids, 24 and 28.
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Kids are going to do dumb stuff.
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Kids are going to make mistakes.
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It's your role as a parent to build the safeguards.
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And this shock is going to reveal a gap that needs to be closed.
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Hey, listen, you're as much to blame as they are if this has happened.
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But it's also a good reason to build a strong emergency buffer.
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So maybe you add those phone usage alerts, set those parental controls, put those spending data limits in place.
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Great time to look at all the family device settings, build that emergency fund, maybe create what I call a financial shock plan for your household.
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But talk to the child calmly about what happened real easy.
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Like I put myself in your place.
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I'd be snapping on this kid it's probably not their fault, but decide what will be better the next time this happens.
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This moment doesn't have to break you.
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I know right now it feels like it's broken you.
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It can actually refine you and make you a stronger person.
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An unexpected expense is a disruption.
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It's not a definition of your financial future.
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So here's your win for today.
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I want you to make one stabilizing move.
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I want you to finish this sentence.
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Today I will blank to take control of the situation.
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Maybe today I'm going to call the provider.
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I'm going to ask for those charges to be reviewed.
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I'm going to request a payment plan, I'm going to set up those phone safeguards.
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Do that, please write down the real numbers, but pause before making any fear based decisions.
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Because just taking one step today can restore your direction and you'll start to build up that confidence in yourself.
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Well, I think we need some scripture today.
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Let's get to Philippians, chapter 4, verses 6 and 7 says this.
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Be careful for nothing but in everything by prayer and supplication, with thanksgiving, let your requests be made known unto God.
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And the peace of God which passeth all understanding, shall keep your hearts and minds to Christ Jesus.
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Overwhelming moments are going to happen in your life.
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But the beauty of our God is we can invite him right into that.
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Bring it all to him and he'll give you peace in return.
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Let's pray together.
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Heavenly Father, we got a doozy today.
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So we lift up these folks who are facing unexpected financial pressures right now.
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You know who we are, Lord, you see our situations, you see our stress and you see the weight we're carrying.
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Lord, I just ask right now that you would bring calm to their minds and peace to their hearts.
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Help them to make steady, wise steps forward without panic and without fear.
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And Lord, just provide for them in ways that they may not even expect.
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Give them strength to handle what's right in front of them.
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And Lord, remind them that this moment doesn't define them and they're never alone in any of it.
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Guide them through this, one step at a time.
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Lord, in your perfect way.
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We ask this in Jesus name.
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Amen, friend.
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This might feel overwhelming, but you can make it through this one step at a time.
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That unexpected expense is a disruption, but it doesn't define your financial future.
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So today, make one stabilizing move.
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Call that provider, ask for a review, set up those safeguards, write down the real numbers.
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Just take one step that restores direction and your financial shock might be exactly what someone else needs to hear.
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Hey, if you heard nothing else today, check those safeguards on your phones.
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But maybe you're going through something yourself.
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I would love to hear from you.
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Go to financiallyconfidentchristian.com voicemail because your story today could be someone else's story on someone else's episode tomorrow.
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They might very well need what you have to say.
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So again, go to financiallyconfidentchristian.com voicemail thank you so much for joining me today.
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I told you it was a tough one today.
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Stay financially savvy.
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God bless you, and you have a great day today.
