Whenever I blog about things it is usually from questions, comments, or experiences I’ve witnessed or am concerned with as a therapist. Lately, I’ve recently merged my skill set (relational /behavioral psychotherapy) with my friend, and now partner Sibyl Slade, CRPC (financial advisor/strategist) to address the challenges couples face regarding communication, partnership, and finances. Over the years I often assist and aid individuals and couples struggling with communication (of course), trust, and financial differences. These situations and circumstances will be highlighted and addressed by Sibyl or myself using behavioral finance therapy (BFT). Now, there are so many ways to look at this topic, therefore our blogs will focus on different scenarios, experiences, and challenges that provoke and or contribute to relationship mayhem and effective solutions to resolve and/or improve these situations.
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Why would a person/couple need Behavioral Finance Therapy? There are many benefits in obtaining this knowledge. When we fall in love, too often we think with our hearts and leave all wisdom and rationale aside. Financially successful people are planners, strategist, and always mindful of ways to build, enhance, and extend the reach of their financial position. Money and Love rarely, if ever blend well together initially. There are various emotions, cultures, and personal perceptions regarding money. Unfortunately, these perceptions are uncomfortable/ difficult or not even thought of to convey to one’s partner.
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So who would benefit from using these processes?
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- Individuals who want to advance their perspectives regarding finances and enhance their psychological well-being pertaining to finances.
- Couples who are interested in lifelong relationships, marriage, or planning to start a family.
- Couples who are blending a family.
- Couples who are care-giving for adult children or extended family members.
- People seeking to effectively plan for kid’s college and retire in style.
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In 2002, the Nobel Peace Prize in Economics was awarded to psychologist Daniel Kahneman and economist Vernon Smith for their work and perspectives of behavioral finance. Their studies and theories supported the connection of people’s emotions and their economic decision making. What they were able to prove was the connection of behavioral/cognitive psychology with conventional economics and finance and the effectiveness or failure when utilized appropriately or inappropriately.
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These theories and processes offer a more effective and successful way for individuals and couples to build better financial futures all while increasing their level of trust, intimacy, and overall relational bond. In the following bimonthly posts we will discuss and examine effective ways from BFT’s approach to improve your relationship with emotions and money to ultimately enhance your overall life.
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There are various reasons for anyone to learn more about their emotional connections to money and the decisions they make as a result. Sibyl and I are inviting you to shift your current connection or lack thereof with emotions and finances to one that can provide what we call a lavish/love-style #LivingALavishLovestyle. A lifestyle reflecting effective emotional awareness which leads to successful financial planning and lifelong rewards. We are so excited to share with you what we’ve lived and learned over these past two decades regarding love, relationships, and finances.
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n ~Peace and Love, Torre Prothro-Wiley PhD ,LPC
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“Treat your relations and your money in the same way….because both are hard to make and easy to lose!!!” ~ Quotes2Image.com n n
