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With Mayo Clinic oncologist Edward T. Creagan, M.D.

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October 11, 2008

Take care of yourself and each other to weather perilous times

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By Edward T. Creagan, M.D.

We are humbled each day by the insight, the courage, and the perseverance shown by you, our community. Yes, we do learn from each other.

These are perilous economic times. Markets around the world are unraveling. Comfortable retirement plans are dissolving. Some financial analysts comment that many of us have lost at least a third of our portfolio value. But this is not simply a question of numbers. It is a question of lives and dignity. Let me explain.

One of our colleagues had relied upon 403(b) investments to provide a comfortable retirement for his aging mother. An appropriate rest home had been picked out with excellent resources. The mother was looking forward to this transition. Now, however, all plans are on hold and where she may go is unclear. Just think about the anguish of that situation.

Many of us have little insight into this financial crisis and why it occurred and I for one do not have any financial expertise, so what do we do? What we can do is focus on what we can control. In other words, if we take care of ourselves, recognize a "higher power however we may call that power," and recognize that there are global financial events over which we have no control, perhaps the days will be less fretful.

I am certain that to some extent these financial upheavals occurred in the past, but in the days prior to globalization and the Internet, most of us were not aware of them. I monitor my accounts, but certainly do not become completely fanatical and log on several times a day. It is not good for my health.

Some wise individuals have stated that attitude creates reality. As we think, so we become. To be appropriately optimistic, to seek out the counsel of family and friends, and to take care of ourselves will help each of us weather these perilous times.

Is there anything that I am missing?

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10 comments posted

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October 27, 2008 12:37 a.m.

Dear Dr. Creagan, thanks alot for your lesson. it has helped me very much as far as am a graduate but without a job. but i always thanks GOD for what he give every day and i believe things will be achieved very soon. taking care of my self is what i real acquired from you Dr. be blessed always

- cathbert

October 25, 2008 2:29 p.m.

Dear Dr. Creagan, I'm saving yourinspiring message regarding handling stress in these times of ups and downs. When my husband returns from pheasant hunting with our English Setter puppy, I hope your message will give him some peace. We lost thousands about 5 yrs. ago due to a financial advisor not watching all we had trusted in him-a hard lesson for us. Since then my husband acts like we are sinking, but I'm very positive and tell him to be thankful for little things and the fact that his leukemia (cll) hasen't worsened. God is still good to us and when you try to be there for others, you are blessed over and over. "Things" don't make us happy. I've never seen a U Haul behind a hearst on the way to burial. Sincerely, Arliss

- Arliss

October 21, 2008 9:48 p.m.

dr. creagan, i always read your articles with interest, and find a kind and wise man behind the words each time. please consider how special you are to others. sincerely, cynthia

- cynthia

October 21, 2008 9:10 p.m.

We are slowing our lifestyle with great success. We are retired and with less money to spend (and all the other financial stresses) we are only going shopping once a week, plus going to church on Sunday(except in emergencies). We are enjoying the extra time at home to work at things we love. We also spend a lot less on impulse purchases. We enjoy spending time enjoying life together - even more than spending money! Worrying doesn't help - conserving money and having fun does help. It's time to remember to pay off debts as you can; don't spend what you don't have; save as much as possible. And remember to help others as much as you can. Maybe the people who are in control of the financial mess will straighten it out - maybe not - but we are in control of our happiness (if we allow God to lead us).

- Retired Susan

October 21, 2008 4:29 p.m.

Ah yes these times do bring out our sheep mentality, but what if there is no flock. Misery loves company and sometimes there is no where to go where you can still hear the birds sing. Some of us, with hard work have tried to set aside a comfort nest egg and are terrified to see there are tiny cracks in the surface. Nothing has spilled yet. I don't think there is anything that each of us as individuals can do when this involves a universal monitary downswing. Just because we want something does not mean that we will get it. Some find comfort in their religeous beliefs and some who already are at rock bottom have learned how to go on. We have made our lives so complicated and yet so simple. It's us who wake up and go back to work everyday knowing that someone else's desk will be vacant the next day. I have no solution. I have some hope. We can brainwash ourselfs into false promises but the future is just that. Really what would we do if we knew what the future would bring. Would it help? Would it conquer us? What about our youth? I have no answer. I used to tell my kids that good works will be repaid. Now I doubt that but for their sakes I wear a smile. The starving are already starving, the wars are still fighting. Where will it all end? Susan

- Susan

October 15, 2008 8:28 p.m.

My husband has been laid off from his job for almost 10 months so we've been going through this, as a family, for quite awhile. We've canceled our cable to spend more time together and to stress less. What news we want to know about, we read from the internet. We walk more, talk more, pray more, play more, in other words, get back to the basics of life which doesn't cost us anything but reaps far more than money! God's Blessings to us all, Shawn

- shawn

October 15, 2008 3:28 p.m.

I believe gm, Renee and Grace all make good points. It is tempting to watch every newscast and market tremor, but spending time with family and friends is more satisfying. One thing this crisis has helped me do is refocus on what are needs and wants in my life. I think I have been living a self-indulgent life. So I am reassessing what my priorities are and how I should be spending my resources and time. Gail

- No name given

October 14, 2008 2:37 p.m.

Avoid obsessing over the news. Turn off the news channel that monitors and analyzes every blip of the DOW.I struggle with this daily. News is important. Check it once or twice a day. Checking every 10 minutes won't change the outcome, just your blood pressure.

- gm

October 13, 2008 1:37 p.m.

I try to make sure as you say to "take care of myself." I try to make sure to make time to "be in the moment," to take long walks and enjoy the present. Tomorrow will happen no matter what we do. All we can do is prepare as best we can and then hold on tight. Too often I think we focus so much on the future, we forget to enjoy the present.

- Renee

October 13, 2008 11:43 a.m.

I think what you have said is true, that we must move closer together to weather this storm, just as we have weathered others. So much is outside of our control, so much. I don't know what I'd do without faith. I'd like to hear from others too. Two things from my bag of tricks are: gather weekly with friends for a little bit of centering worship and then dinner. Another with other friends is to get together with some friends about monthly for "game night". Sometimes we play games; always we talk. Social isolation is not good for me.

- Grace