226 What Do Finances, Relationships, and ADHD Have in Common? with Financial Therapist Christine Hargrove
Aug 29, 2023
51:31
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Christine Hargrove, a PhD candidate specializing in ADHD and finances, discusses the intersection of ADHD and financial therapy. They explore the impact of ADHD on self-efficacy and making grounded financial decisions. The importance of recognizing the connection between financial and overall wellbeing is emphasized. Additionally, they touch on organizational plans for individuals with ADHD and the role of ADHD in couples and finances.
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Quick takeaways
Financial therapy combines financial planning and mental health therapy to help individuals improve their relationship with money.
Financial therapists collaborate with professionals trained to work with neurodiverse clients to provide support for individuals with ADHD.
Deep dives
Financial Therapy as a Combination of Financial and Mental Health Fields
Financial therapy combines elements of financial planning, counseling, coaching, and mental health therapy. It recognizes that emotions and behaviors around money play a significant role in financial well-being. This approach aims to understand the emotional aspects of money, explore past experiences and beliefs related to finances, and address any challenges or issues that arise. It focuses on working with individuals, couples, and families to improve their relationship with money and develop healthier financial habits and strategies. Financial therapists strive to provide support, guidance, and resources tailored to the specific needs of their clients.
Recognizing and Addressing Emotions About Money
Financial therapy places a strong emphasis on understanding emotions and thoughts about money. It acknowledges that many people experience anxiety, shame, fear, overwhelm, and judgment when it comes to their finances. Therapists help clients explore their emotional responses, identify triggers, and develop strategies to manage these emotions effectively. Through discussions and exercises, clients can gain a better understanding of their emotional patterns and learn how to navigate difficult financial situations with greater ease and confidence.
Creating Personalized Financial Solutions
In financial therapy, the focus is on developing personalized and tailored financial solutions for clients. Rather than applying a one-size-fits-all approach, therapists work with individuals to determine specific strategies that align with their unique circumstances and goals. This may involve assessing financial literacy, analyzing spending habits, setting realistic goals, and implementing practical tools and techniques. The aim is to empower clients and help them build self-efficacy in managing their finances and making informed financial decisions.
Collaborating with Financial Professionals
Financial therapists collaborate with financial planners, accountants, and other professionals to provide comprehensive support to individuals with ADHD. They understand the importance of finding professionals who are knowledgeable about ADHD and its impact on financial management. By collaborating with professionals who are trained to work with neurodiverse clients, individuals with ADHD can access the specific guidance and expertise they need. Therapists actively seek to identify and establish referral networks to ensure their clients receive the necessary support and resources.
Christine Hargrove is a a Ph.D. candidate at the University of Georgia whose primary focus is on exploring financial therapy and ADHD relationships - an important and rare combination! We very quickly realized one episode was not enough, so stay tuned for part two with practical tips.
Before we dive into money talk, Christine shares her own story about how she came to receive her own ADHD diagnosis. It was missed for years because people told her she was “too smart” to have ADHD. I especially love this part of the episode because I think it will click with a lot of people regarding the fear and feelings of defeat that can come with receiving or not receiving a diagnosis due to ignorant stigmas and misconceptions that have followed ADHD for years.
When it comes to finances, mental health experts often avoid the topic, deeming it too controversial or because they’re simply not money experts. And money managers are nowhere near equipped to support clients through the emotions, trauma and complicated feelings surrounding finances that many people have.
As we’ve discussed throughout this podcast, so much of the work with ADHDers is in encouraging them to trust their own authority and ability to make decisions. This is one of Christine’s main focus areas in financial therapy - equipping adults to get comfortable with calculated risk and understanding that you don’t have to wait to make a decision until it’s perfect.
To follow Christine’s incredible research and work, visit her website at ChristineHargrove.com. And if you’d like to gain some confidence in decision-making with other ADHD adults, come join my group coaching program FOCUSED.