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

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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 …

Is College Worth Going into Debt For?

jacobted blog, Budgeting, Financial Planning, Your Loved One Has An Addiction

One of the most impactful decisions many recovering addicts face is College. The financial implications should not be ignored. College is but one step in the road to recovery. There are many more unknowns that lie ahead. As families begin to comprehend the investment of time required heal as a family, it is important that they also comprehend the financial investment required to heal as a family. For many families, there is a sense of urgency, whether real or imagined. Before families make decisions that they may regret in the future, they need to plan, a unique plan reflecting their …

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 …

The Hidden Costs of Addiction

jacobted blog, Budgeting, Financial Planning, Your Loved One Has An Addiction

Several weeks ago, a rehabilitation center in New Jersey invited me to speak at their weekly family group meeting. They believed that my combination of a successful Wall Street career combined with 15+ years (and counting) of life with a child in recovery could be both educational and inspirational. If I said I wasn’t nervous it would be a bold face lie; to do a presentation like this successfully would require my being open and vulnerable about the rollercoaster of pain and pleasure that comes with the journey. Reflecting back on the time, I came to the realization that as …

Financial Control: One Step at a Time

jacobted Behavioral 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 …