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Working Hard vs. Addicted to Work

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My quote in my high school yearbook was the same as my father’s: “Hard work fascinates me, I could sit and watch it all day.” While the nature of work continues to evolve over time, my fascination is with the individual worker and not the actual work. Being a workaholic is not the same as being a smart worker, a strategic and efficient worker, or a creative thinker. Too many entrepreneurs think that working more will lead to greater success, but this is not true — instead, it may lead to becoming obsessed with the work, rather than the results.  …

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VIDEO: Goals and Dreams Are Powerful Motivators

jacobted Behavioral Finance, blog, Financial Planning, Your Loved One Has An Addiction Leave a Comment

Recovery teaches us “take one day at a time”. When we introduce goals and dreams into the conversation, we not only convey belief that long-term recovery will happen, we replace emotional purchases with purposeful spending.

The Language of Finance: Communication without Emotion

jacobted Behavioral Finance, blog, Your Loved One Has An Addiction Leave a Comment

As parents, all we want for our child suffering with addiction is to make it stop. We will do anything to make the pain and suffering go away. If we are fortunate and our loved one begins their journey on the road to recovery, we desperately want to help them transition from becoming sober to living a sober life. We know what they need to do; if only they would listen! This is delicious irony. We want them to listen, and they want to be heard. In my experience the reason there is no communication is due to emotion. The …

The Various Forms of Financial Stress

jacobted Behavioral Finance, blog, Your Loved One Has An Addiction Leave a Comment

As a financial professional dedicated to serving those families suffering from stress associated with addiction and recovery, I found the following information provided by Rick Kahler, MSFP, ChFC, CFP extremely helpful. The information he provides describes the multitude of ways people bring upon themselves financial stress and the role a financial advisor AND counselor such as myself can play in addressing these complex issues. Rick is a long-time advocate of blending financial planning with counseling, He has years of seeing the benefit for clients. Like Rick, I see financial counseling as an investment: one that can pay greater dividends than investments in a home, retirement …

The Link Between Anxiety and Sobriety

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On September 30 – October 3 I attended the Moments of Change Conference in West Palm Beach Florida. This year the hot topic was Addiction Treatment Outcomes. I was fortunate to attend a presentation delivered by Joanna Conti, CEO of Vista Research Group, Inc. Right now, families looking to place a loved one in treatment have little evidence to guide them in evaluating one facility from another. Insurance covers a small percentage of the total cost of recovery. Most families must rely on anecdotal evidence or their own limited research to determine the best facility and modality. Costs can skyrocket …

Budget Busters 3

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“Those who do not learn history are doomed to repeat it.” Winston Churchill Previously, we saw how both Mitchell and Martha progressed from denial to action. They are now faced with the task of developing a plan to achieve their goals. Mitchell is ready to get down to business. “I need to live on 1,200 calories per day. What is a calorie? How many calories do I currently consume? What else should I pay attention to?” Martha is ready to get down to business. “I make $10,000 per month. I want to save $2,000 per month. That leaves me $8,000. I need $5,000 …

Budget Busters 2

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“If you don’t know where you are going, any road will get you there.” Lewis Carroll In my previous post, I demonstrated how difficult it is to acknowledge the need for discipline. Let’s see what happens when Mitchell and Martha are ready to act. Mitchell is stoked. “I am going on a diet. Not only am I going on a diet, I’m going to hit the gym. I will start tomorrow. In a month, I’ll be a new man.” Martha is stoked. “I am going on a budget. Not only am I going on a budget, I’m going to save …

Budget Busters 1

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“What a fool believes, he sees.” Doobie Brothers Many of us have no idea how to go about creating and living within a budget. Yet many of us have been on a diet. Why does budgeting scare so many of us? Money influences our behaviors in ways we are not aware of. In a series of posts, I will demonstrate how many of the skills required to create a diet are the same as those required to build a budget. Skills that can be learned. Meet Mitchell. Mitchell just returned from his annual physical. Seems Mitchell put on some additional …

Financial Rehabilitation: It’s All About the Conversation

jacobted Behavioral Finance, blog, Your Loved One Has An Addiction

This week I gave a financial awareness presentation to a group of young men and women in recovery at a renowned treatment program in Southern Florida. I quickly realized that everyone in the room had no idea what their parents were thinking or feeling about their being in treatment – then I thought back to my family’s situation years ago and remember having the exact same feelings and concerns. Empathy for this is what I think continues to allow the work I do to have an impact, I care because I understand. Over the course of his active addiction we …

Budgeting vs. Planning: It’s About Time

jacobted Behavioral Finance, blog, Budgeting, Financial Planning

For most people in recovery, budgeting is an exercise that in the end confirms what they already know. Their expenses are too high, and their income is too low. They are then consumed by feelings of helplessness, hopelessness, and despair. Budgets focus on the here and now. They are merely a snapshot in time. And for those in the early stages of recovery, from a financial perspective the picture is bleak. Early recovery emphasizes living one day at a time, which conflicts with the long-term perspective required to live a sober life. Dreams are big and take a long time …