What Is Financial Resilience and What Are Some Strategies To Achieve It?

Financial Resilience and Financial Resourcefulness are Key Aspects of Achieving Holistic Wealth

The COVID-19 pandemic has caused more than 4.5 million deaths worldwide and has triggered massive economic disruption. During COVID-19, the words “resilience” and “resiliency” have been used in terms our collective ability to withstand shocks and bounce back.

The term “resiliency” is normally referred to as the ability to be able weather life’s eventual storms and setbacks. Financial resilience is the ability to bounce back from life-altering setbacks that impact our personal finances (including investments, income and assets), such as the death of a spouse or loved one, divorce, disability, health issues, unemployment as well as events such as economic fallout from a pandemic, a natural disaster or economic recession. Its how well we can absorb, respond to and adjust to a financial shock.

I have personally had my level of financial resilience tested. Once before, in 2009, the life I knew ended suddenly. My husband died tragically, just eight weeks after I gave birth to our second child. I paid it forward with an article entitled, “ My Husband Died at Age 34. Here Are 40 Life Lessons I Learned From It.” While my experience was unique, the human response to trauma and grief is…