Financial therapy is a relatively new area of psychology that is designed to treat money disorders. After squandering most of her fortune, Wynonna Judd sought out financial therapy and says of her experience, "If I can do it, anyone can. I’m in absolute financial recovery. I live by cash only, by cash budget. I’ll go into Target with a money envelope." According to the New York Times, money disorders treated in recent years have included the following conditions.
- Overspending
- Underspending (Depression mentality)
- Serial borrowing
- Financial infidelity
- Workaholism
- Financial incest (lording money over relatives to control them)
- Financial enabling (for example, throwing large sums at adult children who then are not motivated to support themselves)
Hussein Chalayan
Rag and Bone
J by Jasper Conran
i have to say that it's something that people should really be aware of - their financial health and having some type of therapy for this isn't as outlandish as it may have once seemed. i think that people should treat spending and a lack of budgeting in the same way that they treat addictions since this is something that could hurt you in the long run in the same way that an addiction can.
1I do this, too.
2I totally agree with ilanac...
but can I just say, is the term "Financial Incest" really weird? Could you maybe do a post that goes into more detail on that? Because I for one have never heard of it...
3I agree with Ilanac13, too.
4Need this sooo bad. The last one runs amuck in my family - fortunately not with us, but other siblings.
Where would one find a financial therapist?
5I only pay for things with cash. It makes me even more proud of what I buy for my family and myself.
(I don't really care for credit, but it is needed in some cases.)
6Paying cash helps reduce spending. I think it is a great idea!
7For financial infidelity you can have investigators run asset searches or surveillance to find out what's going on. Usually if you think there's something wrong - there really is! There's this website called http://www.pinow.com that is a directory of pre-screened investigators. I've used it before (because it's free!) and really liked the investigator I found on there.
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