5 Strategies to Bounce Back After Bankruptcy

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Summary
In this episode, Louisa Larado discusses the journey of recovering from bankruptcy, emphasizing the importance of a holistic approach that includes mindset, support networks, and reassessing personal values. She shares five key strategies to help individuals bounce back after financial hardship, highlighting the significance of celebrating small victories along the way.

Takeaways

• Recovery is not just about money; it's about emotional well-being.
• A holistic approach is essential for true recovery.
• Mindset is the foundation for financial success.
• Building a supportive network can alleviate feelings of isolation.
• Reassessing values helps prioritize spending effectively.
• Leveraging available resources accelerates recovery.
• Continuous learning is crucial for personal growth.
• Celebrating small wins boosts confidence and motivation.
• Seeking coaching can provide valuable guidance.

Keywords
bankruptcy recovery, financial stability, mindset, support network, personal growth, financial education, emotional well-being, values assessment, celebrating wins, coaching

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Disclaimer: The information contained on today’s podcast has been provided as general advice only. The contents have been prepared without taking into account your objectives, financial situation or individual needs. Before making any decision regarding the information, strategies or products mentioned on today’s episode, please consult your own financial advisor or other professional first.

Chapters

• 0:00 Bankruptcy Recovery
• 3:37 The Importance of Mindset
• 6:34 Building a Supportive Network
• 7:58 Reassessing Values and Priorities
• 8:56 Leveraging Resources for Growth
• 11:06 Celebrate Wins

Transcript

Welcome to Bankruptcy to Bliss. I'm your host, Louisa Larado, and I'm really excited today because I'm talking about something that I'm really passionate about, and that is helping people getting themselves back on track after bankruptcy. Now, if you're not aware, in a few days, I'm holding a live virtual workshop that you can attend from anywhere in the world. And it's all about giving you the roadmap and the fast track way to

Get your finances back in order, create some more financial stability, build your confidence after bankruptcy or financial hardship. And I'm so excited about it because it's really going to be a game changer for a lot of people. And while I've been preparing it, I came up with some of the content that I'm going to be covering. And I thought I'd share a bit of a sneak peek with you today. And what I want to talk to you about is the five strategies you need to be starting to take action on to really help you bounce back.

after bankruptcy so stay tuned for that.

Thank you so much for joining me today. Like I said, I'm so excited for sharing this with you today because my passion now is really helping people get back on track after their bankruptcy because I know what it's like having gone through it before. And it is such a challenging time and it's not just your money that it affects and your bank balance, but it's your whole.

like psychological effect that it has on your life and the emotional impact and the relationships. There's so many different things at play. So I'm a big believer that it's not just a sort your money out situation to get yourself back on track because that's what I tried to do originally when I went bankrupt and nothing changed. weren't getting ourselves ahead in any way or having any savings. And it wasn't until I took a more holistic approach

to recovering from my bankruptcy where I wasn't just focused on, you know, making more money or investing money better. But it was more about how I was working on my emotional side, my physical side, my relationships, all of those components together had to come into play in order for me to really not only recover from the bankruptcy and be back where we were prior to bankruptcy, but absolutely thriving now.

at a whole nother level that I don't even dreamed about before. So I really hope that you can join me in this workshop because I'm actually going to be giving you a lot of the tools and strategies that I personally have used and it's really going to help take things to the next level. So if you want to join us, you just have to go to louisalorado .com forward slash register and you can find the details to save your seat. Now,

What I want to share with you today is five strategies that you need to really help you fast track that recovery. And the first one that I want to share, you may have guessed already because it's the main thing that I talk about because it is the most important thing that you just can't avoid. You can't miss this step. the crazy thing is the majority of the people completely forget about this step. They just focus on the practical side of things and not the other parts of it.

And that is your mindset. Now, this is the absolute key. You might've heard me describe it before as if you're building a house, you know, all those strategies and the practical tools, they're like the walls on the roof. You don't put that before you lay the foundation and your foundation is your mindset. If your mindset is not on track and is not supporting all those other practical things you're doing, then you're just going to find yourself going around in circles. And I don't want that for you.

It doesn't serve anyone for you to be stuck on that cycle. So what I want you to start thinking about is where your current mindset is to do with money. And a really simple way to explain it is how do you feel about your money? how are you tuning in with your mindset normally is tuning into your feelings. So if money is causing you a lot of stress, worry, anxiety, if you feel like you're really over cautious with your money,

Maybe you feel like you can't afford things. Maybe you're jealous of other people who have appear to have more things than you. Then you're probably in a lack mindset right now. And that sort of mindset is not going to help you succeed. Now, this has zero to do with the amount of money in your bank account. There are people that have nothing in their bank accounts and they are so in such a better head space than those people that are millionaires.

your mindset, your money mindset has nothing to do with how much money is in your bank. It is how you feel about your money. And the awareness is the very first thing. Now in the workshop, I'm going to give you some really great practical strategies to go through those limiting beliefs and help you reframe them and help you start fine tuning your mindset. But for now, I want you just to think about how do you feel about money? Every time you go to tap your card or

spend your money or buy something for someone if you get a bill in the mail. How do you feel when those things happen? Is it causing you stress, worry, anxiety or do you feel like yeah I can pay for this that's fine I feel great that I can buy these things. Now if it was the first thing if you're worried or stressed or it's a bad feeling then you're very likely to be in that lack mentality and this is not going to help you in any way. So you really need to look at

how you can change your mindset with money first before you do anything else. So that is the most important strategy that I really want you to do. Now the next one is you need to build a supportive network. Network is a key to success and this can be anyone. It doesn't have to be a professional person. It can be family members or friends.

but you don't need to go through your bankruptcy alone because it can be quite an isolating thing. It can be something that can cause a lot of stress or worry. And people might feel ashamed of their bankruptcy. I know for it took us a while to speak to it about other people because, know, we sort of like failures after our bankruptcy or after filing for our bankruptcy, going from having all this great stuff to then losing it all. It's hard to admit to other people. But when we started speaking openly about

about it to other people and we allowed others to offer us that emotional support, then that really helped us. It helped us with our mindset, but it also helped us just start to feel good and more comfortable with our current situation and see that there was any insight. And some people can offer you some really great advice or help or just be there to listen if you need to have a vent. So make sure you have a supportive network. Now, the third thing is

you need to really look at your values and what your priorities are. Now, I found our bankruptcy is a great way to sort of reflect on what's really important because one of the things was we didn't have a credit card anymore. So prior to our bankruptcy, we would just shop mindlessly and we would not even give a second guess about how much money we might have been spending on eating out or clothes or shoes or groceries or whatever. But when we went bankrupt,

We didn't just have this endless supply of cash anymore. We really had to think about what was important to us and what we actually needed and what was a priority for us to spend our money on. And the funny thing was we still, by reassessing our priorities, we still had money for all the things that we really wanted to do. So we still had money for family holidays and eating out and those important things, but we may have not spent so much, you know, doing mindless shopping and things like that. So.

really need to get clear on what your priorities are and how you can make your money sort of work for you and what's really important to you. So it's a really good time to reflect. Now, the fourth thing is you need to start leveraging the resources that are available to you now, whether it's coming to a workshop like I'm offering or going to the library and getting some books or watching some YouTube videos or listening to more episodes of this.

podcast, there is so much information to help get you back on track that you have access to. We are so lucky that we live in this digital age where we can have instant access to endless information, endless education. So access what's available to you and find strategies that work for you.

I'm a big believer that you need to be constantly learning and growing to get to the next level, to get to where you want to be heading. So if you're just stuck doing the same things and you're not challenging yourself, you're not learning new things, then you're not going to be moving from where you are. You're going to be staying where you currently are. And I'm guessing if you're listening to this, then you might not be happy with where you are. You're looking at ways to improve. So

take advantage of different services on offer to you and opportunities that come up that will help you fast track your recovery. The best thing that I did was learning from other people who were where I wanted to be. So I tried to do for myself for ages. For the first few years after my bankruptcy, I tried to learn, figure it all out for myself and made a lot of mistakes. But then it...

like the game changer, like I started improving when I started educating myself and reading books and watching videos and listening to podcasts and things. But the game changer was when I started actually getting my own coaches and mentors who were where I wanted to be so I could model their steps and take me to that next level. And the last thing I want you to start focusing on right now, the last strategy is start focusing on your wins.

Too often we just go through day to day to day and we don't acknowledge all the little wins. And this is a really good strategy actually to help you change your mindset around money. But it's also a really handy tool just to make you rebuild your confidence. And it's something I think we all should be doing. So, you know, we're all good to congratulate other people when we see them succeed, but we very often forget ourselves or we

don't think it's a big deal or we think we might, you know, be big headed if we are celebrating ourselves all the time, but it is so important. And the little wins are the big thing. So it might've been getting your bills paid on time. It might've been having enough money for your rent. It might've been putting a bit of money aside for some savings or treating your family to dinner one week. Every little win is important because it

All the little wins make up to the big stuff, okay? All these little things. So don't underestimate the power of celebrating all your little wins. Now, I hope I've given you a bit of an overview of some of these strategies today, and they should be able to help you get yourself back on track. At least start looking at each of those five areas that I spoke about today and see...

where you think you're at in your life. And if you do want a bit more support and if you want the specific strategies and tools and some coaching from me, then feel free to join the workshop Bankrupt and Broke Now What that is on, it's on Sunday if you're in the US or Monday if you are in Australia. Just head over to my website, louisalarado .com forward slash register to save your spot or you'll find the link in the show notes below.

Now, I hope you enjoyed today's episode. If you did enjoy it, then feel free to leave me a rating and review this podcast. And I can't wait to hopefully see you at the workshop. If not, I'll see you on the next episode. Thanks for listening.