Therapist Financial Stress

First, you are not alone.

Financial stress is alive and well amongst the therapist community. I don’t know about you but I thought a master’s degree would guarantee a certain level of income, however according to Business Insider, mental health counselors are the second lowest paying job that requires a master’s degree (TLDR: school counselors, medical social workers, rehab counselors, and marriage and family therapists are also on the list <insert annoyed face and comment “hmmm I’m seeing a trend”>.

Second, there are some things we can do.

Financial Feminist, Tori Dunlap, states we can control about 20% of our financial situation. The remaining 80% is based on the society rules and structures we live in. While this number should enrage you and encourage us to advocate for better systems in our country, it should also decrease that loud ass shame voice stating that you are doing something wrong to be experiencing financial stress.

We are only going to focus on the 20% within our control.

1) Get to know your financial script: what does money mean to you? Brad Klontz, PsyD, CFP identified four categories of money scripts, which one are you?

2) Increase financial understanding: I love podcasts, my favorite one on this topic is Journey to Launch

3) Face your own financial situation: Jenny Schottmiller. LMFT, CPA has a good article on what to look for in a financial expert.

So to sum it up, you are not alone and it is not a hopeless situation. Focus on the things you can control.