Answered: Your Most Burning Questions About Financial Thearapy
Money is the number one cause of stress. It’s the number cause of divorce. Money is also freeing. Money can move and flow, it’s all a beautiful and as women we have the unique opportunity do something about our money habits....
Just think a few decades men used to “take care” of our money. Yikes!
Because money is such a touchy subject with women and women of color, it is really hard to figure out who are the right people to talk to about our behavioral, spiritual, ancestral, and generational patterns/trauma when it comes to our money.
Our Ancestry. Our identity. How we feel about our bodies. Our money ideology dictates how we look at money and wellness.
As someone who has had thousands of dollars in my savings account to someone who has been kicked out of their own apartment, to paying off all undergrad debt and making the decision to become a Certified Financial Planner®️. I recognize the powerful impact money plays. Plus did y’all know if we teach a woman how to be financially stable we can eliminate half of poverty? And who doesn’t want to do that?
Oh wait! I forgot to tell you what financial therapy is!
Financial therapy is the process that takes money concepts and therapeutic techniques to improve financial behavior.
It’s a practical use of understanding people’s money habits. This is different from financial planning or coaching. Financial therapy looks at what is the root cause of money behavior, yes you can do that for coaching or planning, but it’s one of the few times the woo meets actionable items.
After trying several different tools, books and therapy I’ve composed a list of people that can help us manifest our money dreams. Some of them of the items are free and some of them require an investment, but all and all this is a complete guide of where to go and who to talk to.
This may be one of the BEST well-kept secrets, because like Alcoholics Anonymous it changes lives.
Most people are not allowed to talk about it or their money recovery in public. At this point, if this can help people I would rather not be allowed to go than not tell people about this.
Debtors Anonymous (DA) is probably the most accessible way of going to financial therapy and is a good place to start. In a nutshell, DA offers group, one-on-one, and phone calls around the world to break the habit of overspending and debt. They use the AA Twelve-Step principles. There are huge communities in big cities.
The key to DA success is understanding how unsecured debt causes problems and suffering. One of the hardest things that one must attempt to stop doing is creating any new debt.
Pros: This program is free
Cons: If you live in a rural area or some cities, it’s hard there are no in person meetings
Conversing with a financial therapist is a systematic approach to understanding your behavior around money? We all know our weakness and where we spend too much money on. I’m looking at you Mrs. Avocado Toast... But we don’t know the how and the real WHY. Financial therapy looks at the nuts and bolts of behavior patterns.
Even money experts have ancestral behavior and habits that they don’t even realize that they are making. Without being with someone trained it’s difficult to pin point the financial competencies.
Pros: Has a systematic approach
Cons: Only 41 people in the United States that are registered as FTs and for what I gather I haven’t seen a Women of Color that are registered
Financial Therapist E-courses:
E-course are very difficult to find especially when it comes to breaking down mental and behavioral habits when it comes to our money with actual financial therapist. Webinars and online options can be tricky but the one e-course that breaks down habits is Bari Tessler’s Art of Money program. After participating in several courses, Bari is a financial therapist that looks at couples and individual money patterns.
Currently this is the only program that I’ve seen which is year-long process, and when it comes to dealing with our lives we breaking some habits we might need a little be longer than the average 3 month course.