WTF Fun Fact 13321 – Wealth Psychologists

Have you ever been so rich that you needed a therapist to deal with all of the pressure and anxiety that comes with your wealth? We haven’t either. Sure, we know the old saying “money can’t buy happiness,” but in our experience, it can surely help! Still, for some people, the challenges of wealth are a burden for which they need the assistance of “wealth psychologists.”

The role of wealth psychologists

Immense wealth can come with unexpected challenges and even psychological issues, especially for ultra-rich individuals. For them, the burden and stress of managing their wealth can be overwhelming. So, to help them cope, some banks and financial institutions have started offering the services of wealth psychologists.

Wealth psychologists are trained therapists who specialize in helping wealthy people deal with the psychological and emotional issues that come with their fortunes. They work with clients not only to help manage their money but the family conflicts, guilt, and anxiety it may present.

The concept of wealth psychology is not new. The term was coined in the early 1980s by Dr. Stephen Goldbart and Joan DiFuria, who founded the Money, Meaning, and Choices Institute in California. It was one of the first organizations to offer counseling and therapy services to ultra-wealthy clients.

What do these professionals actually do?

The job description of a wealth psychologist varies depending on the needs of the client. It can be financial planning assistance or more personal. After all, it must be a challenge to manage relationships with family members or even deal with guilt depending on the amount of money you have and its original source.

Wealth psychology encompasses a range of techniques, including cognitive-behavioral therapy. This helps the ultra-rich change negative thought patterns and behaviors. Things like mindfulness-based stress reduction can help the wealthy manage stress and anxiety. Of course, family therapy may also be necessary for clients who have conflicts and communication issues within their families.

The greatest fear of the ultra-rich

One of the biggest challenges ultra-rich people face is the fear of losing their wealth, also known as “affluenza.” This fear can even cause people to make bad financial decisions or take unnecessary risks to protect their wealth.

Wealth psychologists can help address these fears and steer clients towards healthy attitudes towards their money. Another common issue that wealthy individuals face is guilt, particularly when they have inherited it or feel that they have not earned it.

Some critics have argued that wealth psychology is a waste of professional resources and that therapists should focus on helping people struggling with poverty or financial insecurity. But, let’s face it, we all need a little emotional support sometimes. And by helping the ultra-rich manage their wealth, wealth psychologists may even contribute to the common good.

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Source: “Wealth Psychologists” — Investopedia