Learn From The Smartest Millionaire Minds in Business

How to Stop Worrying Despite the Financial Debt Crisis

For many people striving to increase their wealth, the current (and seemingly everlasting) financial debt crisis has led to much worry and stress, and future similar events are likely to do the same.

Like effort, thought, and resources, money is also a form of energy and one that is used as an exchange when trading one form of value for another form of value.

Wealth Strategist and Author of Secrets of the Millionaire Mind, T. Harv Eker has learned quite a bit about the value and leverage of energy in its various forms, which is why we’re exploring what he says about how to stress less during a financial debt crisis.

In challenging times, awareness is key and that’s why we’re sharing with you what Harv imparts to his students - only the principles and strategies that work really well, and those that also work for him - so that you may choose whether you wish to model his example.

Almost every U.S. citizen has heard about the government reaching its debt ceiling at $14.294 trillion on 2 August 2011.

Harv simplifies by mentioning that essentially, what this meant is that the government would no longer be allowed to owe any more than that specific amount.

The economic crisis taught two things to those wanting to work towards a more affluent future, as well as those simply wanting to avoid financial problems.

The first thing people learned, according to Harv, is that as US citizens, the general population does not have any power to change the outcome of this crisis.

The second thing, he says, is that this situation offers an excellent lesson in how to manage your personal finances.

Succeeding in a Time of Financial Debt Crisis

On one hand, Harv states that when you begin to research and understand the dynamics of the debt crisis as well as the views of all parties involved, there is much peace of mind in the fact that you should not worry about the financial crisis.

The main reason for this is that historically, the situation is not unlike the large number of times that the government has voted in order to increase the debt ceiling since it was developed in 1917.

Ultimately, this is a routine process that has largely gained publicity from the debates between two parties.

On a personal level, however, Harv feels that these circumstances (the national debt crisis) can be applied to your own financial situation.

He compares it to how you could think of the scenario like maxing out your store and credit cards, and then trying to decide if you should increase your credit limit even further or keep it as it is.

This decision affects whether you will go for broke and avoid serious debt, or to sink further into debt but keep yourself solvent for now.

Harv warns that this is a short-term solution, but as anyone who has reached their financial goals knows, it is definitely not the answer to growing your wealth.

Why Attitude is the Biggest Part of Success

At the end of the day, Harv asserts that what this means for most financially-minded people is the much-debated question: ‘Is the glass half empty, or half full?’

Harv reminds everyone that if you choose to focus on the problem rather than the solution, you may never learn how to change your current situation.

On the other hand, if you think like most wealthy folk do and focus on the opportunities in the situation, you may find that you can build your wealth despite the circumstances.

‘Surviving’ people tend to see the obstacles, says Harv, while ‘thriving’ people tend to see the potential and this is evident among successful people.

Whatever your political beliefs may be, there is no doubt that economic crises such as the 2011 debt ceiling, can create a huge deal of doubt and stress.

The outcome of such a situation may affect the country, economy, currency, and people, but Harv explains that  if your current outlook isn’t changing things in your personal economy, then perhaps it is time to look at other ways of thinking.

Conclusion: What You Focus On Expands

‘Practice makes permanent’ is a line Harv often echoes to his students and it encompasses the notion that if you fail to plan, you plan to fail.

Because we are conditioned from a young age to think and believe a certain way, most people live in constant fear and uncertainty, paralyzed from taking action.

With awareness, you can make confident and calculated decisions, which is why staying informed is necessary.

Predicting where these financial ups and downs will take us, is much harder than planning for the rainy days we - know by now - should anticipate if we'd like to maintain a certain lifestyle or in many cases, keep our heads above water.

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Frequently Asked Questions About the Financial Debt Crisis

Has your Mind ever wondered...

What is meant by debt crisis?

When government imposes a debt ceiling on citizens due to being unable to pay back debts. 

Either the country pays back governmental debt or the general expenditure of the country has declined meaning tax being paid to government has decreased. 

Generally, a financial debt crisis means over-indebtedness.

Since we are not politicians and bankers, think of debt crisis in terms of your personal finances.

When you know you would cripple yourself if you make any more debt than what you already have, you will limit your expenditure and in doing so, prevent going bankrupt but also, you would have to adjust your lifestyle.

Seems like a no-brainer, right?

What causes a debt crisis?

Over-indebtedness, loss of income, increase in costs & expenditure fluctuations by citizens or a country result in a debt ceiling being imposed as the majority of people cannot afford to spend as much as they used to which in turn, means the government can’t pay their own debts due to receiving less revenue from taxes.

Again, in terms of your personal finances, irresponsible splurging of resources results in mismanagement teaching you a lesson to learn to control yourself and your actions.

Adopting millionaire money habits will help you improve your relationship with your money.

When was the debt crisis?

There have been multiple, but our most recent ones include The Great Depression in 1932, The Global Economic Recession from 2007 - 2009 and of course the collapse of many businesses due to the CV-19 Pandemic which started in 2020.

In the U.S. the legally set amount has been suspended or increased over time to make allowance for further borrowing necessary to fund the operations of government. 

In December 2021, lawmakers made the decision to raise debt limits by $2.5 trillion, so as to accommodate a sum of $31.4 trillion.

But remember that being afraid, remaining in limbo, and staying stuck in the past will bring you no joy, instead, learn how to manage your money by using the 6 JARS Money Management System so you can be prepared for rainy days.

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