Rick Kahler
Kahler Financial Group in Rapid City, S.D.
Whether markets are behaving well or badly, all of us could use a little financial therapy, says Rick Kahler, who has co-authored four books on the subject and runs weeklong seminars. Kahler's firm integrates his clients emotions about money into their financial plan. "Most people understand the basics of money and what we should be doing," Kahler says. "What's amazing is such a small percentage are doing it."
Kahler has found that most people have 150 to 200 "money scripts," or delusional thoughts about money that leave them in a financial situation. One of the most common scripts is "more money will make my life better." However, money cannot buy happiness. In fact, he has worked with many high-income people that have difficulty handling the responsibility and the social stigma that comes with having money. "Many wealthy people and celebrities are very isolated," he says. Other scripts include "the stock market is gambling (or risky)" and "I can't spend money because the markets are bad and will get worse."
Once people have identified and understand their "money scripts," Kahler recommends that they find a financial therapist and have that person work with their financial adviser. (Kahler provides a list of financial advisers that have been through his training at www.consciousfinance.com/endorse.php.) "Any of us can go on a budget for 30 days, but then we revert back to our behaviors," Kahler says. "If we want permanent behavioral change we need to get to the core of what the issue really is."
