Navigating Financial Growth and Security for Middle-Income Families in California
Middle-income earners and families in California often find themselves balancing the need to save for future goals while managing current financial obligations such as mortgages, car payments, child education, and extracurriculars. Additional strain or stress on finances can include communicating about or navigating finances in relationships or marriages, within families, or financial caregiving for parents. Financial therapy can help middle-income earners and families in California by providing support and skills to create a clear foundation for your financial relationship as well as help you navigate the emotional, relational, and cognitive aspects of money. However, some earners may not know how to access or feel that financial therapy is not accessible due to income limitations. Below are expert guidance and resources for middle-class families who are interested in accessing financial therapy or other financial wellbeing supports.
Licensed Mental Health Clinicians with a Certification in Financial Therapy in California
If you have financial stress and symptoms of or have a mental health disorder such as adjustment disorder, Generalized Anxiety Disorder, or Major Depressive Disorder, Money Disorders such as Hoarding Disorder, Financial Infidelity, Excessive Risk Aversion, Financial Denial, Workaholism, Overspending, Compulsive Spending, Compulsive Spending, Pathological Gambling, Financial Behaviors, Financial Enabling, and Underspending; a licensed mental health clinician with a Certification in Financial Therapy in California blends mental health and money to provide you assessment, treatment and diagnosis for your mental health condition while at the same time tending to the cognitive, relational, and emotional aspects of money.
Many mental health services are supported by insurance or health savings accounts, making it easier to access the help you need.
Related: Your Financial Therapist is Out of Network, Now What?
Sliding Scale Fees
If your insurance is limited or you choose to pay for financial therapy privately, some financial therapists offer sliding scale fees based on income, making it more affordable for individuals, couples, and entrepreneurs to receive personalized financial wellbeing support.
Financial Therapists, Financial Coaches, and Financial Counselors
For those who can afford it, hiring a professional financial therapist, financial coach or counselor can help tailor strategies to personal circumstances, debt, savings, and managing lifestyle inflation. Read this blog to learn about the different types of financial professionals and how they support at different life stages. If accessing these supports still feels like a burden, less tailored approaches are available.
Financial Therapy Support or Skills Groups
Financial Therapists may offer Support or Skills Groups particular to money concerns including financial wellbeing and impulse spending. The benefits of Financial Therapy Support groups are numerous and can be more cost-effective for middle-class incomes.
Peer Support Groups
Engaging in community support groups or online forums can provide mutual encouragement and share practical advice among peers who face similar financial challenges. There are numerous peer only groups that can be found on Meetup or Facebook.
Employer Programs
Financial Planning/Advising
Employers have looked to reduce employees' financial stress and navigate life’s financial decisions by offering financial planning and advising services through their retirement plan vendor. For example, some large employers may offer financial planning benefits through their selected retirement plan vendors such as Fidelity, Vanguard, or Schwab. These are typically associated with larger organizations but smaller organizations may have options as well. Contact your Human Resources Department to see what or if any financial planning services are available as one of your benefits.
Financial Wellness Programs
Financial wellness programs include sessions with financial counselors as part of employees’ benefits package. Contact your Human Resources Department or Employment Assistance Program (EAP) to learn if financial coaching sessions are offered. There may be general financial wellness programs offered through your company.
Advice-Only Financial Planning
Independent of employer benefits, and for earners looking for financial advice, there are advice-only financial planning options available where you pay per hour for services. Advice-only financial planning, such as Advice Only Network and Hello Nectarine, offer unbiased guidance as advisors are not incentivized by product sales or commissions, ensuring their recommendations are solely in the client's best interest. This approach provides a holistic, personalized financial strategy, fostering trust and transparency, which can lead to more effective and tailored financial outcomes for clients.
Financial Planning and Wealth Management Firms
Financial planning or wealth management firms offer middle-income earners comprehensive financial guidance, helping them make informed decisions on budgeting, saving, investing, and retirement planning. With access to expert advice, clients can set realistic goals and develop actionable plans to achieve financial success. These firms also assist in risk management and provide strategies for long-term financial security, ultimately improving overall financial wellbeing and ensuring a secure financial future. These firms can be found by referral or doing a local search.
Financial Technology (FinTech)
FinTech is making financial literacy, budgeting and saving, banking, and investing more accessible, automated, and cost-effective to all. Essentially, a democratization with some limitations, this technology aims to make personal finance more understandable and user-friendly for advice and tools.
Conclusion
Financial therapy is a versatile tool that can be adapted to suit the needs of individuals across all income levels. Whether through free community services, employer benefits, or specialized wealth management advisors, everyone has the opportunity to improve their financial health and mental wellbeing. Remember, the first step towards financial wellness is seeking the appropriate guidance to navigate the complexities of personal finance, regardless of your income level.
Interested in learning how to take control of your financial future with Koru Financial Therapy?
Middle-income earners face unique challenges in balancing growth and security. Don't navigate this journey alone. Whether you're dealing with financial stress, managing family obligations, or planning for the future, Koru Financial Therapy in California offers the support and expertise you need. Explore our range of services.
Explore the Koru Financial Therapy BLOG which offers information, support, and tips on how to build a healthy relationship with money with a financial therapist in California.
To access Koru Financial Therapy services which include individual, couple, family, or group sessions, follow the steps below:
Reach out to schedule a free 20-minute phone consultation.
Speak with Mariah, a certified financial therapist.
Start your journey to growth, strength, and peace.
Financial Therapy topics can include financial life transitions , money management, and financial independence amongst many others.
Other services offered by Koru Financial Therapy in California
At Koru Financial Therapy, we offer a comprehensive suite of services designed to address various financial and emotional needs including premarital financial counseling, ADHD and Money Therapy, and Ecotherapy Financial Therapy in California. By integrating financial expertise with therapeutic approaches, we strive to empower our clients to achieve both financial stability and emotional well-being.
About the Author
Mariah is a certified financial therapist and founder of Koru Financial Therapy in California. With a unique blend of expertise in financial planning and mental health, Mariah specializes in helping middle-income individuals and families navigate the complexities of financial growth and security. As a Manifesting Generator with a passion for empowering clients, Mariah combines insightful financial strategies with compassionate support, ensuring a holistic approach to financial wellbeing. Through tailored guidance and innovative solutions, Mariah is dedicated to fostering financial stability and peace of mind for clients.
