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Recent divorcees are more likely to say they don’t make enough money to cover their needs and save at the same time. They also are more inclined to prioritize paying off debt instead of savings.


For men, the burden of financial loss can affect so many aspects of their lives. The losses sustained to a man's standard of living is usually 10 to 40%.


Statically speaking, the range of loss is greater than the loss the wife suffers because of alimony and child support. In addition, if the ex-wife contributed a substantial amount to the marriage, the husband is more likely to struggle to make that up after the marriage ends.

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This was taken from an article from Men's Rights I came across a few days ago. And it speaks volumes of truth. This is very common, and can lead to some bad choices made while you are trying to get back up after being knocked down.


So, how does one determine what they should do?


One of the best ways to financially recover after divorce is changing the way you think about money. The optimism that the passage of time can affect spending behaviors is a very powerful tool. This is the main reason I coach my clients when something like this happens is to slow down. Don't make any big decisions. Take a breath. You're alive, and you have survived physically thru the ordeal.


When you do slow down, you give your mind a chance to process, even just a little. This will give you clarity and a better perspective on your concerns, and will lead to a better decision making process. You probably won't get all the answers, but some of the decisions will get easier, all you have to do is slow down. Go take a peaceful walk, watch the sun set in the evening, or even try a new recipe that you have been thinking about.


It's also a good idea to talk to someone about ideas and plans. Maybe your attorney can give some insight, but their scope will be limited to making sure they are paid and you follow what the court ordered. Not a slam on them, but they are not geared for helping with personal finance.


That's where a financial coach comes in. We don't give investment advise, or insurance guidance, but we WILL work with you to refocus your thoughts, get control of your situation, then work with you to devise a plan and then hold you accountable in achieving those plans and goals.


I'm Michael Barnes, and I help men in financial crisis caused by divorce to get back control of their finances and start living their new life.

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