Brad klontz and Ted Klontz are clever and insightful. The book has acuity on the use of money from a clinical standpoint. It taught me a lot about how money effects the mind, body, and spirit. It help me heal from my money worries after years of debt and lost money opportunities. I told my friends about this book. Its a great conversation starter. I read up to page 82 but stopped because I got extremely busy. I will read the book again soon.
There is strong anecdotal evidence that financial success is linked more to behavior than income. We see this all the time in our office; people with high income and low net worth, or, alternatively, people with low income and high net worth. What accounts for those differences? Is it the money or is it the mind?
Drs. Ted and Brad Klontz - father and son psychologists - recently authored Mind Over Money. It's a breakthrough of sorts, and it offers both clinical and personal insights. The book features considerable research and a detailed bibliography.
Their premise is simple. Financial issues are clouded by psychology. Money evokes emotions such as stress, fantasy, irrationality, and fear (among others). Powerful feelings, all, and they can distort the best possible financial intentions. Why is it, they ask, that we know the right things but do the wrong things?
In fact, Drs. Klontz identify twelve common disorders by name and recount both observations and explanations. To add some gravity to this discussion, they note that American Psychological Association surveys show Americans rate money as life's number one stressor - higher than work, health, or children. Some research suggests that money disorders may be more prevalent than anxiety or depression.
I'll not list all the disorders here, but most will seem familiar. Hoarding, dependency, enabling, denial, rejection, and - of course - the spending disorders are witnessed frequently. They fall into three broad categories - Money-Worshipping, Money-Avoidance, and Relational disorders.
Symptoms are easy to spot. Constant financial anxiety or despair. A lack of family savings or excessive debt. Multiple bankruptcies or defaults on loans. Financial conflicts with family or friends. Clearly, it's not an occasional bout with these issues, but long-term, recurring, and unresolved problems which signal a disorder.
* Hoarding - A Money-Worshipping Disorder. Where is the line between hobby and obsession? When the new Lamborghini or another exotic vacation robs resources from the kids' college account, that's a legitimate problem. * Enabling or Dependency - Relational Money Disorders. How many times must we toss a financial lifeline to adult siblings or children? It takes at least two people to play this game, and it's financially destructive for both. * Denial - A Money-Avoidance Disorder. I don't deserve to have money. Financial things - retirement, education, and career - will take care of themselves. All money is bad. Success might ruin me. * Rejection - Another Money-Avoidance Disorder. That uncle was evil, and I don't want anything to do with his money. All rich people are greedy. I need to spend lottery winnings quickly. Inherited money is poison.
The daunting challenge with any disorder is a pattern of continuing behavior. Without intervention - either personal or clinical - destructive patterns rarely stop on their own. It's that over-and-over-again cycle that wreaks havoc.
Thankfully, there are exercises and techniques to address problem areas. Obviously, dramatic cases might require clinical intervention, but enlightened self-treatment can be effective. A growing number of financial and mental health professionals train or research in this field. The Financial Therapy Association [...] and the Financial Therapy Journal offer cutting edge research and knowledge.
The importance of this book is that money really matters. Financial health is critical to both patients and our own families. People need money for daily expenses, but they also need money for a healthy life and retirement. Financial health is one important component of overall wellness.
As a financial advisor for 30 plus years with a background as a therapist everyone should read this book. If you are wealthy or struggling financially it is the Foundation for not repeating the same mistakes financially. I have reviewed the literature on the psycho social nature of money and finance and this book is the clearest, most reader friendly and most actionable read out there. I have given it to clients and prospects and recommended it to other money managers, financial planners and consultants. Clearly written, backed up with empirical data, yet focusing on things most people do not even acknowledge, their feelings about money, wealth and their repeated and sometimes destructive patterns. A great present for young and old! Charlotte Mabry, Ed.D. Worthhealing
This book is really great and will be life changing if you are in trouble financially. It deals with the roots of why we get ourselves in financial trouble in the first place. This book is NOT something you want to read though on a leisurely afternoon for a good entertainment and then tick it off as a cool book you just read. This book is most effective if you work through all the exercises and really take time to apply what the authors suggest.
If it's so great, why didn't I give it 5 stars? Because it felt like it's written for the age group of 50+ who are Americans (not recent ones either), who like "safe and secure" investments and who work a W2 or professional consulting jobs. That probably and understandably is their target market for this book because most people before midlife crisis don't look into these type of issues and most people work for someone else of as self employed and since they're Americans they understandably write from that perspective. However, for a non-American New York City resident who belongs to a millennial age group and has a startup company in entertainment industry the book just got hell lot of annoying. For me personally toward the end the book felt like between the lines it promotes everything "safe and secure" and "accepting things as they are". It became very dull starting Chapter 10. Also, the authors suggest "clergy" as a valid source of trust and support for financial matters. what?? Bottom line: the book serves its purpose and is extremely helpful even if you are not their target audience. It's worth the hassle of sorting through the information and writing style to apply to one's own situation.
This is by no means a "quick and easy fix" kind of book. You really need to invest time and energy into understanding the complex layers of your money history, issues and the reasons they exist, before REAL change can be made. This book is GREAT if you are serious about understanding your own money 'wiring', and want to learn how to rewire your beliefs, habits and impulsive financial behaviors/choices.
Informative book that sheds light on why we all view and handle money the way we do. Really helpful to sort through my own history, suss out the cause and help me to figure out a way to stop the negative patterns.
I am a therapist wanting to delve more into Financial therapy and found this was good at framing the issues although I would have liked a little bit more in depth focus on the different kinds of money scripts. They did a good job of covering them I had just hoped for something a little more clinically deep.