Yup, you read right. Not a financial adviser or planner, but a psychologist. Not one who looks at your assets and debts, budgets and portfolio, but one who looks at why you manage money the way you do.
My boyfriend’s cousin mentioned this to me recently, after I told her of my financial woes. She has a right to lecture me – she earns less than I do, but she’s debt free and she’s currently paying for her very own condominium unit =P
Anyway, she says she can recommend a financial psychologist who will look at, say, why I have a tendency to spend as much as I do on certain things, or why I find it hard to say no to certain expenses. Hmm… sounds interesting. Since I’ve basically pinpointed the root of my financial woes to lack of self-discipline, this sounds like it can actually work.
I did some Internet research, and apparently, financial psychology is an emerging field. One website said that “experts believe that an individual’s beliefs about money are formed between the ages of 5 and 12”. For those who are out of debt and are looking into investment options, financial psychology can also show they why behind investment decisions.
Hmm, interesting… Have any of you guys heard of this? Or know someone who practices this? Or have actually consulted with one?