We all have an invisible slip of paper tucked inside our pockets—the one that whispers, “People would think I was crazy if they knew…” Maybe yours says, “If they knew how much debt I’m drowning in,” or “If they knew I’m barely holding things together after losing my job.”
In a powerful TEDx talk, Taryn Stejskal explores how sharing our stories of resilience not only helps us heal but also empowers others. Her message applies not just to emotional trauma but to financial trauma as well. Financial resilience—our ability to withstand financial hardships and come back stronger—is built through the same five key practices of particularly resilient people.
Watch the talk:
The 5 Practices of Financial Resilience
Life throws financial curveballs—retrenchment, business failures, unexpected medical bills, or mountains of debt that feel impossible to climb. How we navigate these moments determines our ability to rebuild, adapt, and thrive. Let’s explore how Stejskal’s five resilience principles apply to financial setbacks.
1. Vulnerability: Owning Your Financial Truth
Vulnerability isn’t weakness; it’s the foundation of resilience. Just as Stejskal encourages people to share their resilience stories, financial resilience begins when we acknowledge our financial struggles rather than hide them.
- If you’re drowning in debt, seek support—whether from a financial coach, a trusted planner, or a debt counsellor.
- If you are going through a life transition, for example, being retrenched, own your situation and seek professional support. Rember, you’re not alone.
Financial shame keeps us stuck. Owning our reality is the first step to changing it.
2. Productive Perseverance: Knowing When to Hold On and When to Pivot
Resilience isn’t just about pushing through—it’s about knowing when to change course. In financial terms, this means:
- If your income stream has dried up, pivot to upskilling, start a side hustle, and cut unnecessary expenses instead of waiting for things to improve.
- If you’re in deep debt, know when to negotiate, consolidate, or adjust your budget rather than blindly persevering with a failing strategy.
Not every financial goal is worth chasing indefinitely. Resilience means adapting when the old path no longer serves you.
3. Connection: Building Financial Support Networks
One of the most powerful resilience strategies is connection—not just with others but with yourself. Financial resilience thrives in communities where people share advice, encouragement, and knowledge.
- Talk to those who’ve navigated similar challenges. Whether it’s learning from someone who paid off a massive debt or bounced back from retrenchment, community support is invaluable.
- Surround yourself with financial mentors. Connect with a financial coach or financial planner:
- Trust your own instincts. If an investment or financial decision doesn’t feel right, listen to your gut and get an opinion from an expert.
No one succeeds alone. Your financial resilience grows stronger with the right people around you.
4. Gratiosity: Turning Financial Setbacks into Growth
Stejskal coins the term “gratiosity” (gratitude + generosity), which means finding gratitude in challenges and sharing our experiences to help others.
- If you’ve overcome a financial hardship, share your story. Someone out there is where you once were.
- If you’ve learned financial lessons the hard way, pass them on—whether to your kids, colleagues, or community.
- If you’ve recovered from a financial disaster, find gratitude in what it taught you. The experience, however painful, made you wiser and more resilient.
Financial growth isn’t just about numbers—it’s about perspective and generosity.
5. Possibility: Seeing Financial Setbacks as New Beginnings
Financial resilience isn’t just about surviving—it’s about thriving in uncertainty. We can’t eliminate risk entirely, but we can manage and embrace it.
- Lost a job? Maybe this is the push you needed to start your own business.
- Crushed by debt? This could be your wake-up call to adopt a new financial mindset and habits.
- Struggling financially? Instead of seeing it as a failure, view it as the moment where you rewrite your financial story.
The most financially resilient people aren’t just those who avoid setbacks—they’re those who turn them into stepping stones.
Breaking Free from the Financial Struggles
Many people stay stuck in financial hardship because of what Stejskal calls the “vulnerability bias”—the belief that admitting financial struggles will make others think less of us. But the opposite is true. When we own our financial struggles, seek guidance, and share our stories, we break free from financial shame and step into empowerment. So, what’s your financial resilience story?
- Did you overcome a mountain of debt?
- Have you rebuilt your wealth after a financial setback?
- Are you currently facing a financial challenge that will one day become your comeback story?
By sharing, you’re not just healing yourself—you’re becoming someone else’s financial survival guide.
Your financial resilience is already inside you. Now, it’s time to own it.
