Is a financial planner better than a therapist? In his October 2015 article, financial columnist Lou Carlozo listed 7 Reasons Your Financial Planner Can Replace Your Therapist. Here’s my video analysis followed by some written content below:
Financial Planner Better Than a Therapist – Analyzed
In my video, I analyze the 7 ways listed by Carlozo. And if you watch, you will see that I agree with his points and have experienced all of them with clients over the years. often money is a problem. And fighting over money is a big cause of marriage strife.
Couples everywhere contend with money issues. Sometimes one spouse is a spender. And the other spouse is a saver. Credit cards play into this issue also.
Not for Serious Mental Issues – Just Money Problems
In no way am I (or Carlozo) saying a planner can replace a licensed medical therapist for people who have serious mental health issues. But more for anxiety that comes from lack of direction, lack of goals and lack of visibility into the future.
Certainly some people have a hard time seeing how small actions lead to big long term results. But this is the same in many endeavors. In sales, in sports, in fitness and in money. How do you eat an elephant? One bite at a time as the saying goes.
Financial Planners Help with Vision and Goals
In financial planning specifically, things like debt and lack of savings easily cause mental anguish. And not seeing things like how saving $300/month for 20 years would compound or how paying an extra $200/mo toward debt in the right order can knock out big balances over time limits financial success.
Indeed if people could see how taking small steps would lead to success, it’s likely they wouldn’t worry so much. And if two spouses don’t agree on how to spend vs save, finding small mediating steps can go a long way to repairing relationships.
Summary: Is a Financial Planner Better than a Therapist?
Watch my video and find out! For you it just might be. Also for my linchpin clients and readers, if you have kids who are starting to save or have a relative struggling with bills, feel free to ask me to provide some financial counseling. Perhaps I can help them see the big picture. Whereas they may not want to hear it from you!
If you’d like to discuss this issue more, drop us a note in our contact form or schedule a time to talk using our online scheduling system by clicking the blue box:
Thanks for reading!