The Psychology Of Money and Wealth Financial Advisor A Dow Interviews Dr Lami

Hello everyone. Welcome back to our YouTube channel. In this video, I’m happy to present “The Psychology Of Money and Wealth Financial Advisor A Dow Interviews Dr Ronit Meshie Lami”

Welcome today we’re having a conversation with salamé a clinical licensed psychologist in california and also a uk chartered psychologist as well we you’ve been doing this for 20 years and you really help families family offices family businesses to talk about the non fiscal side of wealth management so what when we talk about the non-financial aspects of wealth

What do you mean by that so it’s a good question because most people don’t know are not aware that well it can create different challenges yeah and so people can come to me usually i can probably we can divide it into three different areas one is because they’re concerned about their children yeah and they want to make sure that they parent them well so the children

Grow to be responsible odorous responsible stewards of their world yes another aspect is relationship because money does tend to create disagreements amongst family members yeah yeah so they come to me to resolve that yes so me to make sure that they can communicate better that they can resolve disagreements another aspect is to do with the estate planning and quite

Often parents don’t know the impact i want to know the impact that setting up a trust or will in a certain way how would impact their children in the long run and they have questions about how much should they leave for the children yes yeah at what age should they receive it should they setup milestones should they put certain conditions in place and so those are

The main three areas and also for family businesses in order to challenges there were family members sometimes don’t see eye to eye about certain decision-making and how to run the business and the challenges family businesses is that because they all come from they grew up together and they all you know bring their own emotional baggage into the relationship it’s

Harder to run the business in and separate that from let’s say a regular cooperate the people and the employers come from all different parts of life and and they come together and they have an understanding that this is a corporate environment when you’re dealing with family members oh you know oftentimes it happens that i hear people say yes but we’re brothers so

I can yeah there’s a dynamic there yeah which is so you know how them to work through the difficulties or the emotion emotions they’re interfere yes their management successful management of their business but there’s a term for this it’s company you’ve done a lot of research and is it what’s what is the temperament so i think what you’re referring to is affluenza

Yes exactly yes yes so let me just explain what it is yes lee and so affluenza relates to unbalanced or dysfunctional relationship with money okay and in if i want to use a more professional term because i think people should really know about that yeah it’s the effect the money wealth or materialism hasn’t individual unconscious which manifests itself in unbalanced

Or dysfunctional relationship with money yes with oneself and with others good so it’s not just about money it’s really affluenza will affect your relationship with yourself with others and with how you deal with money and wealth amazing so it sort of seeps into all aspects of the of your of your life if you don’t have a healthy relationship but yes and it’s not

It’s with it’s not related only to people who have achieved financial success it relates to people who would like to yes yeah it affects everyone so he gave me some examples or symptoms of affluenza that you’ve seen yes for example when having more yes it’s not it’s never satisfying or enough so it doesn’t matter how much you have accomplished or how much you have

You always want more and you’re always already you know what’s what’s next so you’re not able to sit really and enjoy what you have you know concurrently on the go another aspect is when you have when you develop a false sense of entitlement because you think that because you have or because if they are successful then you’re entitled to and others aspect can we

Be worrying or thinking too much about money so is every decision making in your life is governed by money you can go to the supermarket you can go somewhere and show up thinking oh maybe i can get it somewhere else cheaper or doesn’t matter how much money you have you always think i don’t have enough i need to have more it governs your financial decision-making

Your lifestyle your saving and spending habits let me give you one more important example of affluenza is when you place high regard for outer self and low regard for laura so for inner self which means that you value more external achievements success and materialism over over relationship or inner qualities that the person have so this whole celebrity for example

Phenomenon the people admire celebrities is part of that well is such an interesting issue and we’ve seen you know some huge major celebrities maybe major wealthy people who appear fantastically wealthy and successful but i’ve got very dysfunctional and unhappy life’s and it’s you know it’s sad to see so it’s is a very interesting interesting topic can you give me

Some examples of how you how you can help people within these circumstances well basically the way i how people is through coaching and my clinical experience and my background i had the resolve the challenges that we have that are just express so for example i have families that i’ve helped with have learned the appropriate parenting for the children appropriate

Parenting for families of wealth because they are not aware of the negative effects that the affluent world has on their children so we you know we talk about that and we come up with guidelines and you can call it even like a family constitution or yes to a parent your children and other things that i help with family businesses when for example siblings have

Conflicts and they don’t get along with the business anymore then i heard them overcome that and really come together and are there they are able to have conversations without anger or without someone leaving the the room i have people to that and that may be surprising to many a lot of beneficiaries or even entrepreneurs or world create or feel guilty or shamed

About having money and wealth and and some things they need the guidance on how to step into the role in a well balanced way yeah interesting and how to make sure they don’t eliminate themselves from their family members or their environment actually on the contrary bring them in and and use the money in in a better way to help others as well interesting and you

Mentioned the clinical side of a psychology how do you feel you’ve got an edge because you’ve got you feel you’ve got an edge because you’ve got the clinical training in psychology as well yes i see a lot of my clients have been working with other professionals who don’t have that clinical experience yes and still some some aspects have not been resolved so having

The clinical knowledge and experience helps really get to the root of the problem and sometimes even faster than and i not have that experience you

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The Psychology Of Money and Wealth Financial Advisor A Dow Interviews Dr Lami By The Psychology of Money \u0026 Wealth