The Power of Financial Counseling

What if the key to financial success isn’t just a better budget, but a better understanding of your relationship with money? In this episode of the Rational Reminder Podcast, Ben and Dan sit down with Jessica Moorhouse to delve into the ins and outs of personal finance. Jessica is a money expert, Accredited Financial Counsellor Canada®, speaker, and bestselling author of Everything but Money. She is also the host of the More Money Podcast, one of Canada’s leading personal finance shows. During today’s conversation, Jessica unpacks the difference between a financial planner and a counsellor and why empathy is the missing piece in personal finance. Find out how different emotions and early memories of money can influence our perspective on personal finance, hear why understanding your relationship with money is so important, and learn about common financial behaviours to avoid. Jessica also delves into the value of understanding past traumas, the power of intergenerational money experiences, and whether mental health or a financial foundation is more important. Tune in now!

Key Points From This Episode:

(0:02:50) Uncover the difference between a financial counsellor and a financial planner.

(0:05:55) Her approach to working with clients and meeting their non-financial needs.

(0:09:15) Find out what is missing in personal finance and why it is essential.

(0:11:39) How shame impacts financial decision-making and common sources of shame.

(0:14:50) Ways relative financial well-being and privilege shape our perspective of money.

(0:19:46) Hear how to overcome financial shame and how it differs from feelings of guilt.

(0:22:35) Rational versus irrational guilt and how fear affects financial decisions.

(0:25:46) Learn about jealousy and envy as well as their impact on personal finance.

(0:27:31) Early money memories and pragmatic money exercises to help frame your mindset.

(0:36:54) Explore the power of understanding your money story for better financial decisions.

(0:39:04) Unpack the common money habits to break and examples of toxic behaviours.

(0:43:34) The interconnection between trauma and money and why it is important.

(0:48:01) Jessica shares how learning about trauma informed her counselling approach.

(0:53:05) Navigating mental health challenges and intergenerational money experiences.

(0:58:11) Discover why spending money will not lead to long-term happiness.

(1:02:33) Tips to begin rewriting your money story and Jessica's definition of success.

Links From Today’s Episode: Meet with PWL Capital: https://calendly.com/d/3vm-t2j-h3p

Rational Reminder on iTunes — https://itunes.apple.com/ca/podcast/the-rational-reminder-podcast/id1426530582. Rational Reminder Website — https://rationalreminder.ca/ 

Rational Reminder on Instagram — https://www.instagram.com/rationalreminder/

Rational Reminder on X — https://x.com/RationalRemindRational Reminder on TikTok — www.tiktok.com/@rationalreminder

Rational Reminder on YouTube — https://www.youtube.com/channel/

Rational Reminder Email — info@rationalreminder.caBenjamin Felix — https://pwlcapital.com/our-team/

Benjamin on X — https://x.com/benjaminwfelix

Benjamin on LinkedIn — https://www.linkedin.com/in/benjaminwfelix/

Dan Bortolotti on LinkedIn — https://www.linkedin.com/in/dan-bortolotti-8a482310/

Canadian Couch Potato — https://canadiancouchpotato.com/

Jessica Moorhouse — https://jessicamoorhouse.com/

Jessica Moorhouse on LinkedIn — https://www.linkedin.com/in/jessicaimoorhouse/

Jessica Moorhouse on YouTube — https://www.youtube.com/c/jessicamoorhouse1

Jessica Moorhouse on TikTok — https://www.tiktok.com/@jessicaimoorhouse

Jessica Moorhouse on Facebook — https://www.facebook.com/jessicaimoorhouse

Jessica Moorhouse on Instagram — https://www.instagram.com/jessicaimoorhouse/

More Money Podcast — https://podcasts.apple.com/za/podcast/more-money-podcast/id996219697

Everything but Money — https://www.amazon.com/Everything-but-Money-Barriers-Financial/dp/1443472174