Budgeting vs. Planning: It’s About Time

jacobtedBehavioral 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 …

Financial Control: One Step at a Time

jacobtedBehavioral Finance, blog, Your Loved One Has An Addiction

I recently began providing personal financial coaching services to a group of women who are currently at a rehab facility in Utah. I was extremely nervous, afraid if I could not gain their attention and trust, that this would be my first and last class. I became frozen with fear, and not knowing exactly what I was afraid of made matters worse. And then it hit me. I was setting unrealistic expectations of myself. And I realized that my real fear is that I did not want the group to be so overwhelmed, that doing nothing would seem like the …