First of all, let me start by stating this as loudly and clearly as I possibly can.  DO NOT PANIC!

If you are an IndyMac depositor, there is no need for you to line up at the bank as many others have done and demand the return of your money.  This is a pure waste of your time and only contributes to the unnecessary drama and fearmongering happening out there.

IndyMac Bank has been put under the control of the federal government and deposits are insured by the Federal Deposit Insurance Corp. (or FDIC).

You should read this from the FDIC to IndyMac depositors to determine what you will need to do to submit a claim for your funds.

As long as you had less than $100,000 in the bank, all of your deposits should be fully covered by the FDIC insurance.

In some cases, like if you have a properly drafted and funding living trust, you may qualify for even more insurance coverage.  This is exactly the type of situation where you want to contact your Personal Family Lawyer to make sure you’ve done everything right to maximize the protection of your assets.

In fact, Personal Family Lawyers throughout the country are providing trust reviews for a limited number of non-customers at no charge.  Contact your Personal Family Lawyer to determine whether you can get on the calendar for a free FDIC-coverage review of your estate plan.

There’s no need for you to start withdrawing deposits from other banking institutions either.  Your mattress is NOT the safest place for your money.

Here’s what you should do to make sure your money is as safe as possible.

1.  Use the FDIC online calculator to determine the amount of insurance coverage on your accounts.  If you need help with this (it is a bit complicated), contact your personal lawyer for guidance.

2.  Maximize your FDIC insurance coverage!  A properly drafted and funded trust can get you a whole lot more insurance coverage than an account owned in your name.

3.  If you have more than $100,000 in cash accounts, talk with your Personal Family Lawyer about how you can protect the excess in case your bank fails too.

More than anything, do not panic.  Be proactive and get the information you need to be smart.  And, don’t act from fear.

Many of you out there are in fear of facing foreclosure.  Interest rates are rising, your adjustable rate mortgages (ARMs) are resetting.  And you are scared.

What should you do?

Well, before we talk about that, let’s talk about what you absolutely shouldn’t do.  And that’s just to bury your head in the sand, leave your keys on the counter and walk away!

It’s not only the chicken way out, it also leaves you in the worst possible situation because you have options and, if you don’t seek them out, you are making a bad situation worse.

So, here’s four steps to take if you are facing foreclosure or think you might be in the future:

1.  Ask for help!

There is no better way to get what you want than to ask.  Most of us are too afraid or ashamed to ask for help and so we give up and give in before exploring all of our options.

You have nothing to be ashamed of and you don’t need to be afraid.  When you ask for help, you will get the help you need.  But, you’ve got to ask first.

2.  Don’t get conned.

You do need to be aware of people who will try to prey on your circumstances.  This can be a time of confusion, worry and fear for you.  And you must not allow this fear to cause you to make bad decisions.

But how do you know what’s a bad decision?

Well, first off, never sign any legal documents without having them reviewed by a trusted lawyer.  While you may think having a personal lawyer is not accessible or affordable to you, it’s not true.  A personal lawyer can save you tens or even hundreds of thousands of dollars over your lifetime by saving you from bad decisions.  Find a lawyer who won’t bill you hourly and you can turn to throughout your lifetime before making important financial and legal decisions here.

And never, never, never sign over the deed to your home without talking to a lawyer.  Doing so could cost you and your family dearly.

3.  Get help from trustworthy sources.

There are some trustworthy sources to turn to if you are facing foreclosure.  Start with these:

Gold Cross of America

USA Freedom Corps

Neighborhood Assistance Corporation of America

Homeowner’s Hope

Acorn Housing

And, even when working with a trusted resource, don’t enter into any agreement without first talking to your own personal lawyer first.  This is a scary time for you, but with good advice and trusted guidance, you can come through the other side in a better position than before and ready for massive success in your life.

4.  Keep your chin up!

I know this seems like the worst thing that could possibly happen to you, but you can choose to see it a different way.

Look at this as an opportunity for growth and learning and see it as the first step on your journey towards the life of your dreams.

Many famous and very successful people have experienced bankruptcy and faced foreclosure.  And several of them have even been heard to say that it’s a rite of passage.

The real test is whether you can get back up, brush yourself off and create something even more amazing.  You can, but not if you bury your head in the sand, don’t take responsibility and act like a chicken!

Hold your head high, take responsibility, ask for help and make this the turning point of your life.

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If you are not currently experiencing financial freedom, now is the time to start.  No matter what your current circumstances are, you can enjoy freedom from worrying about money.  But, before you can, you’ve got to change your mind.

And, before you can do that, you have to want to.

So, ask yourself right now how your financial fears are holding you back in your life.  I know that for me, financial fears have impacted my life in a number of ways.

When I was in financial fear, I didn’t feel worthy of everything the world had to offer.  I found myself waiting in long lines, sitting in middle seats in the back of the airplane, hiring the wrong people, or - even worse - doing everything myself, associating with the wrong people, even marrying the wrong guy.  How are your fears holding you back?

You see, my fear of not having enough resulted in me feeling as if I was not enough.

As a result of this fear, I often felt grumpy, impatient, and frustrated.  I imposed these feelings on everyone around me, from my kids to my team members to my spouse.  I was resentful and angry.  All because I was afraid of running out of money.

Financial fear is one of the most insidious fears there are because from the outside it can seem justified.  The whole world seems to be screaming RECESSION, GAS PRICES, GROCERIES, TAXES.  Conserve your money, hoard it, save it for a rainy day.  Cut your expenses.  Financial fear is not only supported, it seems to be encouraged.

You watch the nightly news, and all they can talk about is the doom and gloom.  And, like I did, you are buying into it.

Over the next few weeks, I’ll share how I broke free of the lack and limitation mentality that was holding me back.  Today, I feel at peace, confident, secure, and free of worry about not having or being enough.  I’m not saying it was easy.  To the contrary; it required a huge reprogramming of the junk that’s been drilled into my head since I was born.  But, if I could do it, you can too.

Let today be the day you stop buying into the propaganda and recognize that he sky is not falling.  You are not going to run out of money.  You are resourceful and live in a time of abundance and plenty.

For the balance of July (hereby declared freedom month!), my Family Wealth articles will center on your financial freedom.  First, we’ll talk about financial freedom if you are facing foreclosure, then financial freedom if you are drowning in debt, and last how to start your financial freedom now and retire the right way, sooner than you think possible.

If you have particular financial fears you want addressed during this series, be sure to post on my blog so I can personally help you.

For now, I recommend you stop watching the news and reading the newspaper.  And, if you just can’t do that, look for the good in what you read.  It’s out there.

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