5 Ways to Turn Setbacks Into Greenbacks

The following commentary comes from an independent investor or market observer as part of TheStreet's guest contributor program, which is separate from the company's news coverage.

By Willie Jolley

NEW YORK (TheStreet) -- Many Americans are living in poverty according to a new census data report released this week. And many have the capacity to turn their situation around but are literally depressed and unable to see past the gloom and doom. The nation's poverty rate rose to 15.1% in 2010, its highest level since 1993. About 46.2 million people are considered in need. Tough times are still having an impact on people everywhere, but the focus now needs to shift to changing thinking so they can change their fortunes. It is time to make a come back and to focus on turning setbacks into greenbacks.

Many have the capacity to turn their situation around but are literally depressed and unable to see past the gloom and doom.

How do we come back and turn it all around? The first thing to understand is that stuff happens in life and everyone is going to have tough times, but tough times don't last...tough people do! Many people are thinking differently and therefore acting differently and are creating success, even in these tough times. What are they doing? They are re-focusing their thoughts and getting past the fear-based thinking. They realize if they don't, it is a never-ending circle and keeps them from focusing on the many financial opportunities that are actually out there.

Here are a few tips for starting the process of turning setbacks into greenbacks:

Stop Commiserating!

People who sit around and commiserate are the people who would rather complain about problems than do anything to fix them. Make up your mind that you will not willingly participate. You have a choice: sit around, talk about and keep repeating all the bad news, or go about making a difference and being a light in a dark world. Make a point that you will not sign up, line up or whine up about your finances. Standup and fight for your dreams.

Don't Let Your Pride Poison Your Prosperity

Stop trying to put up a facade of success and get real. Any work that is moral and legal is honorable. To turn setbacks into greenbacks will take some new thinking and new actions. If you keep doing what you have been doing, you'll keep getting what you have been getting. Often, what stops people from success is not their ability but their pride.

Stop Waiting For Your Ship to Come In

Financial success is a choice that you must make happen, not a chance that you sit around and wait for. The best way to grow your future is to first grow yourself. Success is not a thing to wait for; it is a thing to be achieved. Make a commitment to take action today on your dreams and goals.

Don't Just Look For A Job; Make A Job!

Financial success is linked to thought, so get creative. What need do people have that you can fill? How can you use your expertise and get paid for it? I recommend that you start thinking like the CEO of Y.O.U., Inc.

Stretch Your Financial Goals

Stretch your financial goals way beyond what you think you are capable of earning. This puts you in the right frame of mind to make more money. One of the ways to do this is by being open to ideas from others and making a commitment to build a network of people who are big thinkers. It is your network that often determines your net worth! Who are you hanging out with? Who are you talking to and sharing your ideas with? Make a commitment to hang with people who will inspire ideas and encourage your entrepreneurial spirit, because these people will have a major impact on helping you turn setbacks into greenbacks.