Knowing When to Change Direction
Managing crisis is as much about prevention as it is about the cure. Let`s take a look at situations that typically land a renter in eviction court with a rental judgement.
Crisis Type 1: Income Loss
Foundation: For starters, it doesn`t help that most renters live pay check to pay check. You`ll be surprised to learn how many renters recognize they spend too much, but feel powerless to control it. Lack of substantial savings is the groundwork for disaster and many renters have become accustomed to living on thin ice.
Cause1: Break-up/Divorce is expecially hard for renters to deal with. Sure, there`s emotional trauma, but to add to that there`s financial trauma. Renters start hemorrhaging tears and cash, and that`s a slippery slope to disaster.
Cause2: Job/Income Loss is a lot like a break-up. Confidence killer, and devastating financially. You`re probably thinking Unemployment Money! Not so fast. Staying out of work for longer than 1 month makes a potential employee look less desireable to employers. Unemployment income just isn`t that great, and for most of us, rent is just as expensive after job loss. For most contractors, unemployment isn`t even an option.
Solutions: Strangely enough, the solution is stupid simple. Spend less, save more. How to arrive there, however, is a journey. Finding better jobs, controlling spending, and having the self-control to not touch the money that was saved is all difficult advice to follow, but nothing worthwile is ever easy.
Stay tuned to our next blog post to learn how to manage:
Crisis Type 2: Deadbeat Roommates
Crisis Type 3: Victim of Violence
Crisis Type 4: Living Conditions
Call 224-360-TENX (8369) or go to https://360TenX.com to get started.
360TenX at RE/MAX "10", 360TenX is a service of TenX, Inc., ALL RIGHTS RESERVED