The Financial Therapy Podcast - It's Not Just About The Money cover image

The Financial Therapy Podcast - It's Not Just About The Money

#51 – The Characteristics of Financial Dependency

Apr 19, 2022
This podcast explores the characteristics and impacts of financial dependency, including fear, anxiety, anger, and resentment. It emphasizes the importance of viewing individuals beyond diagnostic labels and understanding the effects on motivation and self-esteem. The speaker reflects on their own journey as a financial advisor and the significance of not claiming to have all the answers.
27:28

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Quick takeaways

  • Financial dependence can create fear, anxiety, anger, and resentment, stifling motivation and drive to succeed.
  • Financial professionals should empower clients and avoid assuming full control, while individuals should take responsibility for their financial decisions.

Deep dives

Financial dependence and its impact on motivation

Financial dependence, defined as reliance on others for non-work income, can create fear, anxiety, anger, and resentment. It stifles a person's motivation, passion, and drive to succeed. Financial dependence can be seen in various forms, such as parents enabling adult children financially or generational wealth impacting self-esteem and development. Additionally, becoming financially dependent on financial advisors can lead to over-reliance and anxiety. The need for being taken care of is different from pathological dependence, and healthy individuals should communicate their needs.

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