Charles EstherThe Great Recession of 2008 devastated countless families, but for some, like mine, the real damage was not immediately visible.
At the time, I thought life was good.
I was wrong.
And I am still paying for those mistakes today.
Living in a Bubble of False Security
In the late 2000s, my financial life appeared stable.
I had a good-paying job as a technical writer at Citigroup.
My wife and I owned a four-bedroom house, two vehicles, and had money to spare.
We were comfortable, and I thought we were secure.
When the 2007 subprime mortgage collapse happened, I didn’t panic.
We had a 30-year fixed-rate mortgage, so I felt immune.
Even as the stock market crashed in 2008, wiping away fortunes overnight, I stayed calm.
I believed the chaos only affected greedy corporations, not regular families like mine.
And surely, Citigroup, a multinational giant, was too big to fail.
Then reality hit.
Denial Led to Bigger Problems
I watched in shock as Citigroup’s stock plummeted to less than a dollar in late 2008.
Fear crept in, but I buried it deep.
Instead of facing the growing storm, I pretended everything was fine.
I didn’t sit down with my wife to discuss budgeting.
I didn’t reduce expenses or look for ways to save.
Instead, we kept spending like nothing had changed.
We splurged on a family trip to Disney World.
We renovated the kitchen, replaced appliances, and even welcomed a fifth child — all while piling up credit card debt.
Our spending was reckless, but I kept telling myself it was okay.
After all, I had a good job — until I didn’t.
Hitting Rock Bottom
Ignoring the economic crisis cost me dearly.
When Citigroup faltered, so did my illusion of stability.
Debt mounted.
Stress strained my marriage to the breaking point, leading to divorce.
For a time, I even found myself homeless, living out of a minivan.
It was a brutal fall from the life I once knew.
Every glance at my credit report reminds me of the consequences of my financial denial.
Looking back, I realize that undiagnosed bipolar disorder played a role in my impulsive spending.
But I also know that personal responsibility cannot be ignored.
Lessons I Learned the Hard Way
It wasn’t until my bipolar diagnosis in 2020 that I began to fully confront my past.
I learned that honest communication about finances is essential.
Ignoring problems only makes them worse.
Today, I understand the importance of emergency funds, strict budgeting, and debt management.
I no longer spend recklessly.
I no longer lie to myself about money.
Now, as the economy teeters once again, I am cautious and prepared.
I know that pretending everything is fine doesn’t protect you — it destroys you.
A New Approach to Life and Money
Today, I live in Northern Colorado and work every day to build a solid financial future.
Recently, I lost my job again, but my mindset is different now.
I give 100% to finding a new position instead of falling into despair.
It’s a balancing act, especially in my mid-50s, but I am determined.
I choose to live in abundance, not scarcity.
The mistakes of 2008 nearly ruined me, but they also taught me lessons that I carry every single day.
This time, I won’t make the same mistakes again.
