Explore the concept of financial therapy and the role of a financial planner in addressing the emotional aspect of finances. Discuss trends in the well-being industry, including preventative healthcare and creating a wellness refuge at home. Discover how the wellness industry has evolved to address deeper issues and integrate financial planning with emotional well-being. Explore the emerging field of financial therapy and its roots in psychology and financial planning, emphasizing the importance of continued education and understanding of financial therapy.
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Quick takeaways
Financial therapy integrates emotional and psychological aspects with traditional financial advice.
The wellness industry predicts the expansion of financial therapy as a wellness trend, addressing the emotional and psychological aspects of money.
Deep dives
The Blending of Financial Advice and Emotions
Financial therapist Rick Kaler stands out from other financial experts by integrating emotional aspects with traditional financial advice. He emphasizes that good money decisions require addressing not only the nuts and bolts of finances but also the emotional aspects that drive them. By combining financial planning with therapy, Kaler fills the gap between financial planners and therapists, helping clients make better, more holistic money decisions.
The Expanding Boundaries of Wellness
The wellness industry is predicted to expand its focus beyond superficial vanities to address taboo topics like sex, money, and death. Within this expansion, the panel suggests that financial therapy will become more prominent as a wellness trend. Financial therapy, which explores the emotional and psychological aspects of money, has already gained momentum within the financial planning industry. As the connection between emotions, money, and well-being continues to be recognized, the hope is for financial therapy to gain wider acceptance in the mental health profession and higher education institutions.
"What do you do for a living?" is a common question when we're introduced to someone new. If there's no time for conversation I’ll answer, "I am a financial advisor." The discussion is usually over. If the social situation allows for more of a dialogue, I’ve increasingly begun to answer, “I am a financial therapist.” This typically elicits a puzzled look and a response of, “What’s that? I have never heard of a financial therapist.”
Research tells us that 90% of all financial decisions are made emotionally, not logically. For nearly four decades, Rick Kahler, CFP®, CFT-I™, has helped people make better money decisions. What makes his financial world view different from most financial experts? He blend the nuts and bolts of financial advice with the emotions that drive making them. Every financial behavior, whether it appears illogical to you or others, makes perfect sense when we understand the underlying beliefs, feelings, and thoughts. Good money decisions are not just about money. Check out https://thefinancialtherapypodcast.com/ for more information.
A podcast that blends the nuts and bolts of financial advice with the emotions that drive making them. Rick Kahler, CFP®, CFT-I™, has helped people make better money decisions by integrating financial planning. He blends the nuts and bolts of financial advice with the emotions that drive making them and shares them on his financial therapy podcast.
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