Is there such a thing as financial therapy?
Financial decisions, rather, a financial indecision can make people suffer from something called ‘financial stress’. Financial therapy works to alleviate individuals and/or couples out of that situation.
Financial therapy is designed to enhance your financial well-being by focusing on the emotional, relationship, economic, and behavioral aspects of wealth. Whether it’s a couple or an individual, we all have relationships to money which can prevent us from being truly happy.
Dealing with current financial issues, financial non-transparency between couples, and making logical financial decisions are some of the positive outcomes of a seeing a financial therapist nearby.
What is Financial Therapy?
Did you know that often we are our own biggest enemy when it comes to wealth and abundance? Many of our self-limiting beliefs prevent us from breaking through to the next level of financial success, or just feeling content with where we are.
Consider the following life changes:
Marriage or divorce
Sale of a business
Insurance or legal settlement
Company stock options
Money brings major life changes, and the right coaching can make all the difference for the recipient’s emotional and financial success.
Financial Therapy for Couples
Mental health is connected to your financial wellbeing. Agree? That’s truer when it comes to funds being managed by couples – whether newly-marrieds or the ones approaching their retirement years.
Here’s why financial therapy for couples becomes crucial at times. Unscrupulous financial behavior could let you in some deep trouble. That could again take a toll not only on your mental health but also on your relationships.
Signs to tell that a financial therapy for a couple is required:
One partner hiding some number of financial details from the other
Compulsive spending by one or both the partners
Couples deciding to keep their finances separate even after marriage
Incapability in sticking to a fixed budget or even an approximate one
Feeling stressed while going in for estate planning
What causes financial stress?
Financial stress, sometimes, might have dire consequences – mental breakdowns, strokes, and even heart attacks! Financial stress mostly emanates from overthinking about money. Constantly thinking about making more money, how to deal with a financial crisis, or even, how to make both ends meet could put you under some sort of financial stress. Continuous checking of your investment apps or immersing yourself into all sorts of financial news and updates all the time could result in a financial stress as well!
Individual Financial Coaching
Having the right type of financial coach or therapist enables you to diagnose what is causing you stress or fear and then laser focus on how to break through it, in order to achieve true financial happiness.
Whether it is the stress of business, spouse, or a sudden inheritance, people often need some guidance on how to handle the emotions that come with money.
Individual financial coaching focuses on people who would like to improve their personal relationships with money and wealth.
Sam Rad is a Certified Financial Planner and uses a multidisciplinary approach in helping people solve their financial obstacles and create peace and harmony within relationships. Sam has multiple licenses in the investments, real estate, and insurance fields, and he teaches at UCLA.
He even goes a long way in helping people overcome behavioral and relationship issues by conducting financial counselling for couples in Los Angeles.