Thirteen Thoughts For the Next Generation of Financial Therapists

As a financial therapy supervisor, I have the honor of getting to know some of the leaders in the financial therapy field, as well as the up-and-coming folks who are carrying the torch to make financial therapy more accessible for various populations around the world. In every monthly group supervision meeting, we start with a check-in question. In April, I posed “what would you tell the next generation of financial therapists?” Here is what these wonderful financial therapist professionals had to share:

1. Do your own work - I couldn’t agree more! How can we ask clients to do emotional heavy lifts with money if we haven’t looked at our own edges too?

2. Find community - where do you find community? Is it through FTA, the upcoming conference, financial therapy supervision, networking events, coffee chats, or something else?

3. Specialize or niche down - Even though the field is still relatively small, it’s helpful to niche down to make it easier for your ideal client to find you, not to mention having colleagues happily refer to you because they know exactly who you serve!

4. Don’t rely on this full-time -This piece of advice doesn’t surprise me because of the variability of financial therapy clients. Unlike mental health clients, financial therapy clients typically are with us for a shorter time span due to factors like out-of-pocket cost, budgeting, and accessibility. Having other income streams sounds like a solid idea to account for busy and slow seasons as a financial therapist.

5. Be comfortable with not having a clear structure - As someone who is happy to speak to peers about financial therapy, this feels like sound advice. The financial therapy community has only been around since 2008, and oftentimes, collectively, we feel like we are building the plane as it’s flying.

6. Know your role/lane -understanding your scope or role is important, especially as we have financial therapists coming from two different home disciplines of mental health and financial planning. Knowing your bumpers and building a solid referral network can help clients connect with the right professionals should they need something you cannot provide within your role with them.

7. Find a mentor - I personally love this one! Did you know you can connect with many financial therapists at the annual conference or through the FTA’s directory to see about fit?

8. Be comfortable with taking your own path to get here - Another solid validation that there is no one way to become a financial therapist. It’s why Ed Coambs and I had the pleasure of interviewing 20 financial therapist leaders in our book Becoming a Financial Therapist to help our community see the variety to how they arrived in this space.

9. Be comfortable with no one knows what they are doing - Similar to #5, a common discomfort is not having a clearly defined framework. Is it permission to take your place at the table? Absolutely! For creatives and trailblazers, this can also serve as an invitation to help shape the field!

10. Keep your day job - similar to #4 above, there are very few financial therapists who do financial therapy full time. So having other income streams or employment could be necessary for financial peace of mind.

11. Excavate your bias -aligned with #1, staying curious about your own biases is critical to helping clients of diverse backgrounds. What work can you engage in to uncover your biases and explore them further?

12. Never judge - the financial therapist who shared this advice went on to explain that judgement in the space of financial therapy and people’s choices or behaviors with money can actually cause more harm. Embrace curiosity rather than judgement to better understand why clients “do what they do” with their money.

13. Be compassionate - I imagine this recommendation applies both to self as a financial therapist as well as the clients you serve. Money remains emotional for many, so compassion is welcome when doing this hard and meaningful work.

What advice did you need to hear most from the list above as you consider your own path within the financial therapy space? What advice would you share from your lived experience? Come say hi at the upcoming conference in Austin, I’d love to hear your story!

The Psychology of Money and Your Secondary Income Streams

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In financial therapy, it’s common for us to talk about how money is emotional. Very emotional. Some would even say that money is 90% emotion, 10% logic. With this in mind, we can lean into what we know about money for our secondary income streams, which includes your ideal consumer’s investment in your trainings, courses, and retreats. Let’s explore three key points of the psychology of money in your therapy practice and offerings below.

1. People like smaller numbers over larger numbers.

Folks love a good sale, and they like to see the value of what they are getting (i.e. on sale for $75, $150 value). However, when it comes to bigger purchases like groups, masterminds, and coaching programs, people prefer to see the breakdown of what it costs per meeting for an ongoing commitment. For example, $40 per one hour meeting for six weeks versus $240 total per person. There’s something approachable about the smaller number that gives us self-permission to invest in a bigger purchase rather than balking at a larger number and having the immediate thought of “I can’t afford that.” It might be the best of both worlds to offer the weekly/monthly breakdown and then an upfront, full cost that saves your ideal consumer some money. This practice is very common with other products we’ve purchased, with an example being $20/month (option #1) or $220 up front, saving the buyer $20 for making the bigger, one-time purchase as option #2.

2. Certain numbers are comforting.

Have you ever experimented with exploring what numbers feel good to people wanting to buy from you? Although this is subject to change as things evolve, folks currently are most comfortable with odd numbers or round numbers when making a purchase because these numbers are familiar. Think about it. From the days of advertising on TV, consumers are comfortable seeing $19.99 or $19.95 over $20. Or $47 over $44. Or $15 over $14. How about $199 compared to $200? In the therapy world, seeing $165 over $162 or $185 over $174? Notice what comes up for you. Every human has a purchase amount that gives them pause, and so setting rates or pricing below that number could be a way for them to find their enthusiastic yes to what you have to offer. For example, does your ideal audience balk at $800 but feel comfortable with $600? Do they like to see $99 instead of $100? This is your invitation to get curious and start experimenting with pricing, which can be helpful tool when launching your secondary income streams.

3. Know your ideal audience.

I may sound like a broken record to some folks in my community for this one, but it continues to be true! Knowing your audience and what they are comfortable paying for is key. What’s the market for offerings similar to yours? Are the entities or other professionals who’ve set the bar on pricing? Are you competing with big mental health entities that set the precedent on prices for trainings, as one example? By doing a little market research, you can do a temperature check on the range of prices that your ideal audience prefers. Take that a step further and ask them to tell you what they’d pay for your offering. It could be an anonymous survey or a poll in a social media group. By asking your ideal audience what they’d pay, you can get a better sense of people’s willingness to invest in what you are passionate about building!

What would you add to the psychology of money and secondary income streams? There are so many other working pieces to consider, but hopefully these three tips give you a place to start when launching secondary income streams in 2025! Happy New Year!

Khara Croswaite Brindle is a Certified Financial Therapist serving other therapists to help them launch secondary income streams as part of burnout prevention.

Why Financial Therapists Like Loud Budgeting

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Have you heard the term “loud budgeting” in 2024? It’s trending and describes the phenomenon of naming out loud when you can’t afford something, or more accurately, when you have enough money but don’t want to spend it on the thing that’s being asked of you.

Financial therapists know that words have power, so we aren’t about asking people to keep saying “I can’t afford this. I can’t afford that.” That self-talk has a negative effect on mental health and often keeps people living in scarcity. In contrast, loud budgeting is about saying no to spending.

So how do financial therapists see loud budgeting working? What if it can serve as an empowerment tool? What if it names out loud your values and priorities for saving and spending. Loud budgeting from this perspective could sound like:

I don’t want to prioritize that right now.

I don’t want to spend money on that.

That’s not a priority.

I have other goals in mind right now.

I’m saving my money for xxx.

I’ve already met my budget this month for (coffee/eating out/shopping/etc).

No thank you.

Meeting your money goals AND practicing boundaries with others sounds pretty good doesn’t it? So here’s your invitation to experiment with loud budgeting from a place of owning where you stand. It can serve as tool that isn’t about reinforcing your ability to afford something but focuses on not wanting or choosing to afford something, stating it isn’t a priority right now. It’s a new response to financial peer pressure, and I think financial therapists couldn’t be more excited for folks to try it out.

Four Problems of Financial Gatekeeping

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What is Financial Gatekeeping and what are the problems it brings to relationships? We first defined Financial Gatekeeping in June 2023 as “preventing a partner from having an active role in shared finances.” Financial Gatekeeping holds some similarities to Maternal Gatekeeping in that it feels one-sided, signifies one partner’s decision-making role, and has a negative impact on the other partner or the family system. Instead of mom’s refusal to allow dad to participate in caregiving or activities with their child, we want to explore the experience of refusing to allow a partner to participate in household finances. Let’s take a look at the problems Financial Gatekeeping can cause:

1.     It disempowers one partner

This challenge of Financial Gatekeeping probably feels pretty straightforward in that decision making resides with only one partner. This could look like one partner being solely responsible for the finances, such as having access to bank accounts or reconciling the family expenses each month. This could also mean that the one partner with access to finances makes all purchase decisions big or small, or is responsible for paying the bills for the family. Although there may be an initial agreement to have one person responsible for the finances in thinking it makes things “easier” on the family or couple, it prevents the second partner from having any autonomy or decision making for purchases they may find valuable or in alignment with the family’s goals.

2.     It prevents collaboration on shared financial goals

Shared financial goals are an important part of being a couple who has a healthy relationship with money, according to colleague and fellow Financial Therapist Nathan Astle. So how can we support shared financial goals? Financial Gatekeeping prevents goals from being formed because one person makes the decisions, possibly with minimal or zero input from their partner. That second partner may feel they don’t get a say, based on power dynamics, not contributing income to the household, or having a partner who makes more income than them, which can falsely serve as a justification for one person to continue making the decisions and setting the financial goals.

3.     It can lead to Financial Abuse

If one person continues to exert power over the other, this looks and sounds like Financial Abuse. Behaviors that can embody Financial Abuse include things like having one partner require permission from the other to spend, restricting their access to bank accounts or shared income tools, giving them a limited amount of money or allowance for the things they need, or requiring all purchases to go through the partner who holds all the power and control over household finances. It’s an unhealthy dynamic with increased possibility if Financial Gatekeeping is occurring in a couple or family.

4.     It reinforces negative money beliefs

For the person who is disempowered and restricted from financial decision-making, the messaging they receive from the experience of Financial Gatekeeping can reinforce their negative money beliefs. Perhaps they already have money beliefs like:

I’m bad with money

I can’t be trusted with money

I make poor decisions with money

I spend too much money

Having a partner or spouse enforce Financial Gatekeeping can then amplify these negative beliefs about ourselves, making it that much harder to have a healthy relationship with money.

If you feel like you are stuck in a pattern of Financial Gatekeeping with a partner, the good news is that things can change for the better. Perhaps you start with your own money healing to explore any anxiety or beliefs that could be driving your behaviors. Maybe you engage in couples work around money to increase your connection and communication with one another. Or maybe you start with a mini money date to identify a shared goal you can work on together. Financial Gatekeeping doesn’t have to stay a part of your partnership and money, it can evolve into something empowering to both partners with some intentional work and motivation to change!

Exploring Enneagram Types and Money

So many of us are fans of the Enneagram because it explores the possibilities of connecting and relating to others. It also helps us understand our edges and think about ways of growing and adapting. So why not explore how the Enneagram connects to money beliefs and money behaviors within the scope of Financial Therapy? Of course these are considered generalizations based on what I’ve seen in my therapy practice, so they shouldn’t be seen as one-size-fits-all. The intention behind this blog is to get each of us thinking about our Enneagram edges as they relate to money, in order to begin crafting our healthiest relationship with money! I welcome your thoughts as you take a deeper dive into each of the nine types below.

Type 1 Perfectionist: There's only one right way to save money.

Potential Problem: Rigidity and commitment to money decisions may lead to poor outcomes.

Could Enneagram Type 1s be more likely to experience sunk-cost fallacy, which is the phenomenon of being reluctant to abandon or change a money decision because of a diligence and commitment to the decision, even when ending it might be in their best interest? The rigidity of embracing only one way to manage money could present problems of poor investments, a lack of a diverse portfolio, or problems pivoting when money needs to be spent in ways that weren’t the original plan.

Type 2 Helper: I must give others money to be helpful

Potential Problem: Encourages financial dependence in others.

Enneagram Type 2s have a need to be needed. Supporting loved ones, strangers, or even nonprofit causes can reinforce their desire to be financially supportive and thus valuable to others. Their generosity could become a target for manipulation or dependence from others because of their willingness to follow through when helping others in need. They may struggle with saving for their own futures while wanting to help others with theirs.

Type 3 Achiever: I must make more money to be seen as successful.

Potential Problem: Workaholism. Limited joy in money. Feelings that money controls them.

Enneagram 3s may have a difficult time separating their self-worth from their net worth. Their success is measured by what they do and by what they accomplish, so making more money would mean they were more successful in their own eyes and in the eyes of others. This belief encourages workaholism, poor boundaries, and a hustle-mentality. They can also struggle to find joy in money due to their focus on making more of it, with a common belief of feeling controlled by money in their rumination on how much they are making, by what means, and how often.

Type 4 Individualist: Money is bad/corrupt/capitalism.

Potential Problem: Underearner, struggle with meeting money goals, poverty 

Our Enneagram 4s tend to be feelers and creatives. They enjoy deeper conversations, which can include conversations about how money hurts or helps others. Prior to doing their own money work, they may believe that money is bad or corrupt, which can lead to a conscious or subconscious rejection of money, resulting in underearning due to not wanting to hold onto money. Once they do their own money work, 4s may experience a healthy shift from “money is bad” to “money is a tool” or some other neutral belief that changes their relationship with money for the better.

Type 5 Investigator: I must master money and how to invest it.

Potential Problem: Missing understanding of emotional components to money in self and others.

Enneagram 5s tend to be very logical, left-brain individuals. In a quest to best understand money, they may invest time and funds into educating themselves on money matters, including understanding investments and the stock market. Some 5s track money as if it were a job, with a serious commitment to checking their numbers or watching money news daily. Because of their focus on how money works, they may miss opportunities to understand the psychology of money in themselves and others, questioning the emotional decisions of others as incomprehensible or irrational.

Type 6 Loyalist: I must be responsible with my money.

Potential Problem: Deprivation from savings only. Guilt when spending.

Anxiety can plague Enneagram 6s when they are in an unhealthy state, which would include worries about money. 6s may struggle to spend money, fearing consequences or money emergencies where they wouldn’t have enough. They seek to be responsible with their money, and can feel guilt when making purchases without the space for thorough analysis of the consequences, or when making bigger purchases that have a bigger impact on their budget or bank account.

Type 7 Enthusiast: I will spend money to feel happy.

Potential Problem: Limited or no money for retirement or emergencies.

Our Enneagram 7s love to live life to the fullest. This may mean pursuing new experiences or by seeking dopamine through purchases. Others can view them as chasing the next shiny object, which results in judgement. Due to their passion and various interests, 7s can struggle to save money, whether that’s a vacation next year or retirement in 20 years. They live for the moment, which can have a negative effect on their emergency or retirement accounts.

Type 8 Challenger: I will do what I want with my money.

Potential Problem: Conflict in relationships in wanting sole decision making around money. Financial gatekeeper.

Enneagram 8s don’t like to be told what to do, so to tell them to save, spend, or use their money a certain way doesn’t bode well. 8s like to be the boss, which can include managing the money in a business, with their partner, or as a family. Their passionate personalities spur them to want to be sole decision makers with money, which puts them at risk of Financial Gatekeeping and resulting conflict with a partner or spouse.

Type 9 Peacemaker: Money upsets people so we don't have to talk about it.

Potential Problem: Money avoidance or accumulating debt.

Due to their natural role as a mediator, Enneagram 9s don’t voice their wants and needs very often. Their primary goal is to see all sides of an issue and to help keep the peace. Since money is a hot button issue for many people, 9s are more likely to agree to not talk about money, encouraging avoidance to prevent a conflict. As you can imagine, this can lead to money problems where money isn’t talked about, including increasing debt, poor management of money, and a lack of clarity about the future of money since it isn’t talked about.

How do these money challenges and potential problems land with you? Do they resonate with what you know of the Enneagram? By exploring our current relationship with money, we can continue to grow as individuals and partners in relationships, marriages, and communities. I’m a huge fan of knowing our edges, and encourage you to share your thoughts with me in the comments!

A Caution When Setting Different Rates in Private Practice

Disclaimer: I am not a lawyer. This content does not replace a professional consultation with a legal representative.

What do I need to consider when setting my rates?

It’s a common question I’m asked as a Financial Therapist to therapists. Although there are multiple factors to explore when raising your rates (join us in our upcoming workshop!), there is another piece to the puzzle that’s been on my mind lately.

For therapists in private practice who take insurance, there are parameters they agree to as part of signing a contract and being in-network. One of which is that Balance Billing is illegal in Colorado. Balance Billing describes billing your full rate to insurance, being paid your contracted rate by insurance, and billing the client the difference. This is a no-no in Colorado.

An example:

Your private pay rate is $150

Insurance pays you $121

You invoice your client for the difference, which is $29

Seems pretty straight forward that this won’t fly. But what about in private-pay practices? Are you allowed to charge different clients different rates?

Yes and no.

For different services, it is common and accepted to have different rates. For example, your individual therapy rate may look different than your couples or family therapy rate, EMDR intensive rate, or 60 versus 90 minute session rates. Some folks are charging a higher rate for “premium times” like evenings, which feels a little sticky unless it’s in writing and known to all clients when scheduling for them to make an informed decision regarding their therapy.

What about charging a client a “supply fee” for being in-person? This feels like a gray area in private pay practices.

What feels even more sticky to me is setting different rates for in-person versus telehealth sessions, which has come up more often as professionals explore hybrid practices where they offer both.

For example:

A therapist charges $150 for a 50 minute telehealth individual session.

They charge $175 for a 50 minute in-person individual session.

The cost difference is that they want to charge more for in-person to offset costs like office space or rent, or gas and supplies like coffee and tea that are utilized for in-person services. As a business owner, I understand that thinking. And yet, the bottom line is that those expenses are tax deductions and part of doing business.

Here are two reasons I would caution a therapist against having different rates for telehealth and in-person sessions.

1.     It feels discriminatory

That’s right, this could put you at risk of being accused of discrimination. What if your client has a disability that requires or prevents them from in-person sessions? Does in-person at a higher rate convey a message to an able-bodied person? There are aspects here to think about as a private practice therapist.

2.     It encourages insurance companies to follow suit with wanting to pay providers less

I can tell you how upset the therapist community was when certain insurance companies suggested a lower reimbursement to therapists for telehealth after the pandemic. The argument against this? We are still doing quality work via telehealth and continue to support meaningful client outcomes towards their goals via video. So if we support a different fee structure for in-person vs. telehealth in private practice with private-pay clients, are we not encouraging insurance to reignite this initiative too? As you can imagine, this would have a negative ripple effect on therapists who want to be paid fairly by insurance, and in response, might limit their number of telehealth sessions which reduces access to care for clients.

So what can you do? Rather than charging different rates for telehealth vs. in person, consider raising your rates overall to address the added expenses of in-person services. Not sure what this needs to look like? Join us August 15th from 12pm-130pm MT to engage in a live webinar workshop on raising your rates.

Raising Your Rates Workshop Objectives

1)    Remove money blocks to raising your rates

2)    Identify factors for raising your rates

3)    Explore strategies for implementing new rates

I hope I can convey that my goal in writing this is to support you as a business owner AND therapist. To hold space for multiple views while also owning that I’m risk-adverse. Raising rates is one aspect to consider in response to added expenses in practice, while knowing that things are constantly changing, which means revisiting ideas often to support your business growth.