Title: What It's Like To Be ... A Financial Therapist
Headings: What It's Like To Be ... A Financial Therapist
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What It's Like To Be ... A Financial Therapist
LearnVest: So how is “financial therapy” different from regular therapy?
What types of financial-psychological problems do you typically encounter in your work?
How can you tell if someone might need financial therapy? Are there certain red flags?
Are there any personality types that tend to be more susceptible to financial-psychological issues?
Is financial therapy recognized by the psychiatric establishment?
What about financial literacy education? Could that work as a substitute for financial therapy?
Are there risks in allowing financial-psychological issues to go untreated?
Can you share an example of how you helped a patient overcome psychological issues related to money?
Are there any strategies that people can use to strengthen their own financial psychology?
What, to your mind, comprises a healthy approach to finances?
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Content: The manner in which someone approaches financial decisions can also be a warning sign. For example, is money management a consistent part of a person’s life—or does she only deal with money when a crisis arises? Is she able to tolerate the emotions that arise when she's trying to process options, make choices and follow through? Are there any personality types that tend to be more susceptible to financial-psychological issues? It’s important to note that no one is perfectly balanced or completely rational when it comes to money—and that isn’t unhealthy. However, highly anxious people often have a hard time building calm, deliberate money-management habits. To act reasonably, you must first neutralize the effects of stress—you can't work through money challenges in the throes of anxiety because you aren't thinking rationally. That being said, people who have difficulty with self-regulation are also more prone to financial issues. Money can easily become one of the various tools—just like food, alcohol, drugs, sex and exercise—that enable dys-regulation. In the case of money, that can mean spending too much and saving too little.