Wendel Abel - I AM WHAT I THINK
Some 'alternative finance schemes' are in limbo and, from where I sit, many pensioners, professionals and people from all walks of life are in a state of depression and grieving.
The stages of grieving
As people experience the loss of their money (in some cases the loss of their life's savings and pension fund) and the possible loss of possessions such as their motor vehicles and homes, we expect them to have a number of psychological experiences.
1. They will experience disbelief as they grapple with the thought that all their money has gone down the drain. Some people will ask themselves, "Is this for real, is this really happening ?"
2. Many people are still in a state of denial. They cannot bring themselves to accept that their money is gone, forever lost. Denial is sometimes useful as it helps us to cushion pain.
3. People will soon feel angry. There will anger at themselves and friends or family members who encouraged them to invest unwisely in these financial schemes. They will also feel anger towards the scheme operators.
4. Many people will move from anger into depression. They will be overcome by feelings of sadness, have difficulty sleeping and experience excessive worrying and anxiety.
5. As time goes by, beyond the anger and pain, people experiencing loss will go through a period of acceptance. They will begin to console themselves and accept the reality that their money is lost. They will tell themselves that 'as long as there is life, there is hope' and that 'it could have been worse'.
These experiences are natural and real and occur whenever individuals experience losses of any kind.
How did we allow this to happen?
I have heard the question asked: 'Why did so many people allow themselves to go down this slippery slope?' Here are some possibilities:
1. The bandwagon effect: We like to jump on a bandwagon. They may have heard the people around them boasting about the large earnings and were tempted to partake. You see, as human beings we do love money and the things it can afford us.
2. Get-rich-quick mentality: I am not judging anyone but, based on the number of persons who have lost money in these schemes and based on the large sums of money lost, clearly many people had money that could be otherwise invested.
As a nation, we have clearly created a culture in which we either are afraid to invest, or have a passion for getting rich quickly at any cost. Be guided by the adage, 'by the sweat of your brow, you shall eat bread'.
As we move on
Moving on means accepting the losses, dealing with the grieving and putting closure to the pain. Here are some tips:
1) Talk about your losses: Many people are still feeling ashamed or stupid; you are not alone. Talk over your problems and come to terms with your feelings.
2) Accept the reality and deal with the denial. The quicker you move on, the better it is for you.
3) Seek professional help. If is too difficult for you to manage on your own, you may need professional help to go through these difficult times.
Dr Wendel Abel is a consultant psychiatrist and head, Section of Psychiatry, Dept. Of Community Health and Psychiatry, University of the West Indies; email: yourhealth@gleanerjm.com.
