Ken Ntiamoa |

Even for the most astute, it is not so difficult to face financial difficulties, even if it is a temporary difficulty. You can lose your job all of a sudden. That certainly can put you in a financial bind, if you don’t have a nest-egg of savings to rely on and your EI benefits run out before you find a new job.

You can face financial difficulties, even if you find a new job but your income is lower than you are accustomed to and you are not able to adjust quickly to the new reality. 

You can face difficulties if you experience prolonged sickness and you don’t have insurance to fall on. You can fall into financial bind, no matter how huge your family income is, if you and your wife cannot sit down and budget your cash in and cash out.

So, what do you do when you face financial difficulties?

1. If you lost your job, try as much as possible to find a new job as quickly as possible. Even if you don’t like your new job, it is better than nothing.

2. If your income is not enough to meet your expenses, find a part-time job; start a home-based business or learn a new career on a part-time basis.

3. If your financial woes become a crisis, and your creditors are on your back, then you may do any of the following:

a.) Approach your creditors, by mail or by appointment at their offices. Explain your situation and ask them directly as to how they can help you in the interim. You will be surprised that a good banker will offer suggestions that you may not have thought about because you are overwhelmed.

b.) It is worth noting that, no matter how intelligent you are, most people are not cut to solve their own problems. A barber sometimes needs another barber for a good hair-cut. A medical doctor has his own medical doctor. A lawyer needs another lawyer to help him with his legal entanglements. So, do not hesitate to seek professional advice when you face financial difficulties.

c.) Consult a Credit Counsellor, Insolvency Counselor or a Family Counselor. The worst thing to do is to rely on the advice of friends. Even though friends may mean well, they may not have the knowledge to solve your problems. They may use how they solved their problems as a yard-stake in helping you solve yours; but, remember, your problems may not be exactly the same as theirs. Your circumstances may not be the same as his.

d.) Open up to professionals. Tell them the whole story. Having a financial problem is much like having a headache. If you have a headache, you are not going to call your doctor and tell him on the phone and expect him to tell you on the phone to take “APC.”  Maybe, you need Phensic; maybe, Codeine – it all depends. You have to go see your doctor in person. Your doctor will then, use his knowledge to diagnose your kind of headache and determine whether you have stress, a migraine or even a tumor, before he prescribes what you should take.

e.) In any case, most financial headaches can be cured and in the next series, I will be discussing the various options available to you in solving those problems.

In the mean time, if you have any such problems, do not hesitate in calling me at 416 398 1877 ext 201


Ken Ntiamoa, MBA

Mortgage Broker and

BIA Insolvency Counsellor