Five things not to do when you’re newly single or divorced

What not to do when you divorce

You’re in a situation where you’ve sold your house, your cash is split and you’re out on your own.  Now what?

There’s so much to think about. But don’t let the overwhelm stop you from making the right decisions. You’ve got this far. It’s time to put the battle behind you, start moving forward, and take control of your finances so they work the best they can for you long-term.

You are in the driver’s seat. Keep your hands on the wheel, and don’t look back.

WHAT NOT TO DO WHEN YOU DIVORCE

1. DON’T GO ON A SHOPPING SPREE

Tempting isn’t it.  But err on the side of caution with this one. It’s OK to treat yourself.  It’s OK to live a little. But be self-aware and shop sensibly. Beware of the emotional purchases now you’ve got this wad of cash.  Think things through and make this money work for you instead.

2. DON’T GO IT ALONE

In between navigating the rocky road of separation and divorce, juggling kids, and finding your new self, too many people put their finances last. It’s so important to get yourself some help and advice and overcome the fears you may have or obstacles that are creating roadblocks leading up to investing in or purchasing your next property.  You deserve a fresh start and having someone who knows what they’re doing in your corner is empowering and minimizes decisions you may regret later.

Get support from someone

3. DON’T FORGET TO RE-ESTABLISH YOUR CASHFLOW PLAN

Your life has changed. So you need to re-establish what your cashflow plan is going to look like going forward and sticking to that. Getting organized and really understanding where you are at is empowering.

4. DON’T FORGET ABOUT YOUR GOALS

Your goals are different now.  The focus in your life is different.  It’s time to re-establish what they are and start from scratch. Dig deep and think about where you want to be in 6 months, 1 year, 5 years.  Put it in writing and start taking the action steps and develop the habits to get there.

5. DON’T LISTEN TO EVERYONE

Emotion advice is not necessarily sound advice. There’s always a family expert that will tell you what to do. Not always the best outcome. Make sure you seek the right advice and help that’s going to give you the best steps going forward. Advice should clear of emotion and family and friends are not always the best option.

John Pidgeon

John Pidgeon

John Pidgeon is Solvere's Director and Head Property and Finance Educator. He has been coaching and teaching people in sport, education and property for 20 years and seriously investing in real estate for 17 years.

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