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Psychology of Financial Planning
book

Psychology of Financial Planning

by Brad Klontz, Charles R. Chaffin, Ted Klontz
December 2022
Beginner content levelBeginner
208 pages
2h 22m
English
Wiley
Content preview from Psychology of Financial Planning

Introduction

Many of us know what we should be doing around money, but we fail to put this knowledge into action. Consider the following examples:

  • Our epidemic of overspending and undersaving
  • Buying when the market is high and selling when it is low, doing the exact opposite of what's in their best interest
  • Trying to get rich quick
  • A lack of diversification
  • Saying they want one thing but failing to follow through
  • Having trust issues around money
  • Blowing a bonus, inheritance, lottery win, or even a big sports contract
  • Failing to put a Will or Trust into place
  • Getting rid of money out of feelings of guilt
  • Providing financial support to adult children when the client can't afford it and/or the children misuse the money
  • Having trouble saying “no” to requests for money from family and friends, even when they know they should
  • Chronic money conflicts with spouses, partners, and family members
  • Lying about, or hiding, financial actions from a partner or spouse around money
  • Failing to follow through on financial advice, even when they requested it
  • Feeling too anxious to spend money even when they can afford to
  • Sacrificing health, relationships, and emotional well‐being in the pursuit of more, even when by all objective evidence they have enough
  • Avoidance around money issues
  • A lack of motivation, creativity, and passion in occupational pursuits

Many of these difficulties are due not to a lack of financial literacy, but to a client's psychological conditioning. As such, a basic knowledge ...

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Psychology of Financial Planning

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Brad Klontz, Charles R. Chaffin, Ted Klontz

Publisher Resources

ISBN: 9781394153343Purchase Link