Wealth Psychologist: Helping High Net Worth Individuals and Families
Do you know what a wealth psychologist is? Licensed psychologists have a specialty in helping high-net-worth individuals and families cope with wealth stressors. Wealth psychologists will provide their clients with tools and insights that help them navigate concerns, enhance their relationships, reduce and manage their stress levels. And consult on inheritance concerns, struggles, and obstacles.
It is one of the niches of psychology. Wealth psychologists will empathize with the struggles of wealthy individuals and families. Working with them to improve their life quality and the satisfaction that money brings instead of carrying a burden of guilt. For people who either earn significant amounts of money or come from highly wealthy families. Talking to a wealthy psychologist will bring tremendous benefits over undergoing regular therapy.
Money & Your Wellbeing
We are taught to think that having money solves all problems. Naturally, we work hard to get better at our jobs and earn more money. However, as we start making more money and advancing on that career ladder, we notice that our problems are not going away. Yes, you will probably be able to buy a nicer car or a bigger house. Yet money doesn’t guarantee more happiness or lack of problems in our lives.
If money is not affecting positively your wellbeing, it will bring a set of unpleasant feelings and experiences. Oftentimes, when an individual starts earning enough money to cover their basic needs and certain conveniences, we start being driven by other desires that most of the time decrease our wellbeing.
Wealthy individuals have surpassed that earning limit and are trying to understand what would enhance their well-being and how to leave behind everything that will affect them negatively. As simple as it sounds. It is actually quite challenging to build a healthy relationship with money and not allow it to control you in any way. This is what wealth psychologists help with.
Psychology & Wealth
Most of us are not taught to have a healthy relationship with money. Either we are saving too much because of fear of losing it or we’re spending more than we can afford. Besides these two extreme poles, there are dozens of unhealthy ways we approach money in our lives. For instance, many people who become high earners overnight will forget what makes them happy and will not know how to contribute to their wellbeing.
There are numerous examples of poor relationships with money, and they don’t all involve poor money management. On the contrary, wealthy individuals are noticing their well-being is being decreased as their bank account numbers continue growing.
As said, money doesn’t guarantee happiness. That is why wealth psychologists tap into self-knowledge, self-awareness. And self-acceptance to help these individuals understand both their strengths and weaknesses. When working with a wealth psychologist, high-income earners start exploring the complexities of their thoughts, feelings, and emotions involving money.
Most of the time, these high-net-worth individuals seeking help from wealth psychologists will be:
- Business leaders struggling to confide in others and need help with safely examining their thinking, assumptions, emotions, fears, and suspicions.
- Families seeking to reduce tensions between partners by improving their communication skills and family dynamics.
- Individuals wishing to improve their life-satisfaction levels, self-empowerment, and confidence, or reduce isolation, loneliness, anxiety, or sadness.
- Inheritors trying to reduce feelings of guilt due to inherited wealth and begin with self-actualization and creating their own legacy.
Although these four categories are most common in wealth psychology, other individuals might also feel they are not improving their well-being with money. In situations such as divorce, business sales, or an unexpected windfall. Most individuals will find it challenging to build a healthy relationship with money. Which might even affect the emotional impact of stressors and the way they make their decisions. If not dealt with in the right way, a person might even lose all their money because they felt unworthy of it. Guilty of inheriting it or simply spent it on things that didn’t benefit their wellbeing.
Mental Health & Money
Mental health issues and disorders can affect literally anyone, and money cannot protect you from them. In fact, many high-net-worth individuals will face mental health disorders such as bipolar disorder, generalized anxiety disorder, and major depressive disorder. A wealth psychologist can bring numerous benefits to these individuals and help them improve their life quality and satisfaction.
For instance, high-earning individuals who have started working with a wealth psychologist have noticed their feelings of depression and anxiety have decreased. With the right therapy, the individual will learn valuable coping strategies and relaxation techniques that will help them manage stressful situations and preserve their mindfulness.
Also, wealth psychologists help reduce feelings of guilt associated with wealth. Many times, when a person inherits wealth from another family member, they will feel like they don’t deserve this money. A wealth psychologist will help them explore what they wish to do with the inherited money. While also taking away the feeling of guilt associated with it.
When someone is experiencing problems involving money or their relationship with it, they are unable to see anything outside their perspective. However, when in therapy, a person is gaining new perspectives and mapping their relationship with wealth, which helps them strengthen their wellbeing as well.
Wealthy therapy also improves communication and teaches individuals how to improve their relationships with families and close friends when discussing topics around money. Whether that is inheritance or philanthropy.
Just like it is with any event occurring in our life, being a high earner, inhering money. Or coming from a wealthy family, comes with its set of issues. These individuals will often struggle to find the right support as most people see wealthy people as more happier and fulfilled than themselves. This is why a wealth psychologist can help these individuals by understanding the challenges, emotions, and feelings they deal with and teaching them how to improve their well-being and feel good about their lives, regardless of their money.
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