Psychology of Money Consultants

The Psychology of Money Profile

Coaching

The Psychology of Money Profile increases self-awareness and empowers your relationship with money. It enhances self-discovery by revealing your strengths and challenges on ten core psychological money skills. Exercises and tools are provided to enable you to do self-coaching, to follow-up with your own coach or therapist, or to work with us.

THE PSYCHOLOGY OF MONEY PROFILE - gives scores on ten core Psychological Money Skills relating to financial success and sabotage. The Profile has been used since 1982 to coach individuals, couples, and families; and financial advisors, therapists, coaches and their clients. It helps to understand their Poverty Thinking and irrational behavior, and to replace it with Prosperity Thinking and rational, effective action. It includes a one hour telephone or in-person consultation with feedback, behavioral exercises and coaching. This instrument is described in-depth in an article in the January, 2000 issue of The Journal of Financial Planning—See Media/Testimonials.

THE PSYCHOLOGY OF MONEY PROFILE

In 1982, James Gottfurcht, Ph. D., created The Psychology of Money Profile, a forty-four item assessment that measures ten major Psychological Money Skills. Higher scores on each money skill are associated with Prosperity Thinking and self-made financial success while lower scores are related to Poverty Thinking, financial disappointment, and obstacles. To increase success with relationships and life, it is important to know where you stand on each Psychological Money Skill and how to strengthen your less developed skills.

Dr. Gottfurcht has given the Profile to thousands of people of different backgrounds. He also has developed a series of behavioral exercises and coaching programs that teach people how to increase their Psychological Money Skills and rational behavior.

A New Way to Enhance Financial Success and Empowerment

Dr. Gottfurcht or a trained associate provides INDIVIDUALIZED FEEDBACK on the Profile in a one hour appointment, either in person or via telephone. Debriefing, feedback and coaching include the following type of information emphasizing what is most important to each unique client:

1) Definitions and scores on the two Psychological Money Skills most related to self-made financial, relationship, and life success,
2) Definitions and scores on the eight remaining money skills associated with the same outcomes,
3) Guidance and exercises to enhance your skills,
4) A new way to understand personal risk tolerance and
5) How to increase realistic expectations and resolve six key life and money traps

Six Types of Clients with whom we Specialize:

1)	Desire to enhance wealth, relationships, or to fulfill Life Dreams – These people are motivated to enhance their financial and life success, personal development, and peak performance. Coaching leverages and accelerates their progress.
2)	High levels of financial, relationship or life stress – Such people tend to feel overwhelmed, stressed out, nervous, worried, or fearful. These feelings usually come from a significant loss, increase in responsibility, and/or from irrational or Poverty Thinking.
3)	Insufficient career / financial guidance / obstacles to financial or life success – These people lack knowledge or have barriers blocking business, career, or financial success.
4)	Marital, family, or relationship conflict – These people have conflict, stress, or power struggles with one or more important relationships that interfere with life or financial success.
5)	Suddenly acquired wealth – These people tend to be vulnerable to psychological blind spots and irrational financial behavior because they usually have little or no guidance with handling large sums of money. Psychologically, they may feel overly stressed, unworthy, guilty, or afraid of loss. They may not possess the psychological skills necessary for managing the money, or they have a high amount of Poverty Thinking. Examples of suddenly acquired wealth include major business successes, huge entertainment or sports contracts, stock options, wealth transfers like an inheritance or trust fund, and other windfalls like a divorce settlement or the lottery.
6)	Intergenerational values and wealth transfer – These people have large estates and concerns about how to pass on their family values, businesses, and wealth. Psychological issues and family dynamics provide major challenges. In the next 45 years, the largest intergenerational wealth transfer will occur in the U.S. (over $41 trillion). In families that create new wealth, 60% of the wealth will be depleted by the end of the second generation and 90% will be depleted by the end of the third generation.