How a Financial Therapist Can Ease Your Money Worries
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What is the main topic discussed in this episode?
and how they may affect your finances and portfolio. Listen at schwab.com slash Washington Wise.
Here's your Money Briefing for Wednesday, May 22nd.
What is a financial therapist and why are people seeking one?
I'm J.R. Whalen for The Wall Street Journal. There are lots of resources available to help you better manage and think about money. Books, TikToks, even podcasts. But some people are enlisting the help of financial therapists.
They're usually helping an individual who's facing a financial turning point in their lives. Maybe they just lost a job, just started a really high-paid job. They've gone through personal bankruptcy, divorce, inherited a large amount of money, or won that big lottery ticket we all dream about.
When do money anxieties typically prompt someone to see a financial therapist?
We'll talk to Wall Street Journal contributor Joanne Lublin after the break.
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How long do financial therapy engagements usually last and what is the format?
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What kinds of personal finance issues do financial therapists help couples and individuals resolve?
To help manage their money, some people have turned to a financial therapist. Wall Street Journal contributor Joanne Lublin joins me. Joanne, why do people need therapists for their finances?
Well, the idea is that if you do go through financial therapy, that maybe you'll make fewer financial mistakes and maybe in the long run you'll actually make more money. The idea is that through such therapy that people become more aware of how their emotions and their unconscious beliefs have affected their prior experiences with money and therefore can better understand how to handle money issues in the future.
So the thought here is that achieving your goal starts in your head, not necessarily in your wallet.
And the idea here is to manage money anxieties and therefore be better at managing your money.
Tell me about the anxieties. What sorts of anxiety are the therapists hoping to solve?
They're usually helping an individual who's facing a financial turning point in their lives.
What training or background do financial therapists have and how do they differ from planners or counselors?
Maybe they just lost a job, just started a really high-paid job. They've gone through personal bankruptcy, divorce, inherited a large amount of money, or won that big lottery ticket we all dream about.
Is it typically a one-time session with the therapist, or do people meet with the person several times?
As with all therapy, you meet with a financial therapist multiple times. But we're not talking about years and years. Typically, these financial therapy counseling sessions only last a couple months.
You spoke to a couple of therapists. What areas of personal finance do they often help others in?
issues that have come up and caused people to rethink their attitudes and upbringings and experiences with money, particularly if it turns out they've had some bad experiences in the past and now they're dealing with some financial issues or changes in their lifestyle that kind of brings this to a head. In the case of this young couple, she feared that their marriage might not last if they couldn't work out their disagreements over financial issues. Another issue they struggled with was trying to decide whether to take an expensive vacation in Hawaii.
How much does a session with a financial therapist cost and what affects the total price?
Seems like these therapists wear a couple of hats, almost like a relationship counselor in addition to financial counselor. What kind of training do they have?
Most financial therapists either come from a therapeutic background or a financial-slash-money management background. They're typically individuals who perhaps have already gotten their certificate as a financial advisor or a financial planner. And they want to specialize in helping their clients deal with money issues, often because they find when they give people a good financial plan, they don't act on it. They don't carry it out.
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Chapters
7 chapters
1
What is the main topic discussed in this episode?
0:01–0:31
2
What is a financial therapist and why are people seeking one?
0:31–1:09
3
When do money anxieties typically prompt someone to see a financial therapist?
1:09–1:45
4
How long do financial therapy engagements usually last and what is the format?
1:45–1:57
5
What kinds of personal finance issues do financial therapists help couples and individuals resolve?
1:57–3:04
6
What training or background do financial therapists have and how do they differ from planners or counselors?
3:04–4:24
7
How much does a session with a financial therapist cost and what affects the total price?
4:24–7:19
Speakers
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