Gresham’s Model of aHealthy Relationship with         Money          Dr. Mary Gresham   2801 Buford Highway Suite 260     ...
What is your   definition of ahealthy relationship   with money?
Why define it? Your model influences your work  beyond your awareness Your clients will benefit by  looking at their own...
Mathematical/Rational  Values/Spiritual Emotional/Relational       Process
A Whole Relationship with           MoneyGives a theoretical framework for ahealthy relationship with money thatis easily ...
Mathematical/Rational
Rational/Mathema       tical This type of discourse is  purely rational and  numerically based Where many financial  pro...
ExamplesYour portfolio decreased 4% in the first quarter of the year. The primary contributor was the poor performance of ...
Mathematical/Rational   Must have skills to track spending, savings,    net worth, make investment choices, plan    for r...
Mathematical/RationalValues/Spiritual
Values/Spiritual   Refers to important and enduring    thoughts, beliefs, ideals and    attitudes towards money.
Values/Spiritual Refers to important and enduring  thoughts, beliefs, ideals and  attitudes towards money. Determines gu...
Values/Spiritual Refers to important and enduring  thoughts, beliefs, ideals and  attitudes towards money. Determines gu...
“See? Isn’t this better than being happy?”
Values Conversations How much of your eligiblecontribution will you be putting inyour retirement fund this year? Are you ...
Values conversations   Safe, non-judgmental, structured
Values conversations   Safe, non-judgmental, structured   Differences acknowledged and    integrated
Values conversations   Safe, non-judgmental, structured   Differences acknowledged and    integrated   Related to age, ...
Money and Meaning   Project done at the Ackerman Institute    in New York with financial advisers    and therapists colla...
Examples   Personal            Recreational    Spiritual          Material   Economic            Public Service   P...
Benefits of values work   Using values helps guide decisions   Identification of discrepancy between    behavior and val...
Exercise   How did your values apply to your    most recent financial decision?This exercise opens the door to discuss a ...
Mathematical/Rational    Values/Spiritual  Emotional/Relational
Emotional/symbolic           conversations Non-verbal cues are most important    indicators that the person is operating ...
Emotional/Symbolic   Where many financial professionals    become uncomfortable   Lack of framework makes it harder to  ...
Connecting at the    emotional/symbolic level Where you can differentiate  yourself and your practice Develop skills and...
Emotions signal core concerns   Appreciation   Affiliation   Autonomy   Status   Role
Mathematical/Rational  Values/Spiritual Emotional/Relational       Process
Process   Learning how to step out of an    interaction and comment on what is    happening   A learned skill   Reduces...
Process commentary   There seems to be a lot of tension in    the room when we talk about    implementing a spending plan...
Process values cards   Inclusive: all included   Exclusive: some excluded based on    age, gender, bloodline   Collabor...
Process Values Cards   Transparent: open to all   Hierarchical: one individual    dominates, autocratic   Empowerment: ...
Types of process   What are other process descriptions    you have noted in working with    clients?
All levels are important   Example: certain financial decisions    may work well at the math level but    not at the valu...
Financial health   When all levels are addressed   When conflicts are acknowledged    between levels and worked through...
Greshams Model for Financial Health
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Greshams Model for Financial Health

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Dr. Mary Gresham of Atlanta Financial Psychology describes the conceptual model of a healthy relationship with money. This model addresses the mathematical/rational, values and spiritual, emotional/symbolic/relational and process levles of a rleationship with money. All areas need to be addressed and integrated to develop a health sense of money.

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Greshams Model for Financial Health

  1. 1. Gresham’s Model of aHealthy Relationship with Money Dr. Mary Gresham 2801 Buford Highway Suite 260 Atlanta, Ga. 30329 404-320-6510 www.atlantafinancialpsychology.com
  2. 2. What is your definition of ahealthy relationship with money?
  3. 3. Why define it? Your model influences your work beyond your awareness Your clients will benefit by looking at their own definitions If you don’t, someone else will. This works helps you connect with your clients at a deeper level.
  4. 4. Mathematical/Rational Values/Spiritual Emotional/Relational Process
  5. 5. A Whole Relationship with MoneyGives a theoretical framework for ahealthy relationship with money thatis easily understood by clients.When asked about, defines the clientrelationship.Helps us define the strengths andweaknesses of clients in a non-judgmental way.
  6. 6. Mathematical/Rational
  7. 7. Rational/Mathema tical This type of discourse is purely rational and numerically based Where many financial professionals are most comfortable and prefer to connect.
  8. 8. ExamplesYour portfolio decreased 4% in the first quarter of the year. The primary contributor was the poor performance of the XYZ fund but that was partly offset by the performance of the ABC fund
  9. 9. Mathematical/Rational Must have skills to track spending, savings, net worth, make investment choices, plan for retirement For some clients, this is the last level of development For some clients, this is level at which they want to connect first and/or the only level of interest
  10. 10. Mathematical/RationalValues/Spiritual
  11. 11. Values/Spiritual Refers to important and enduring thoughts, beliefs, ideals and attitudes towards money.
  12. 12. Values/Spiritual Refers to important and enduring thoughts, beliefs, ideals and attitudes towards money. Determines guidelines for behavior
  13. 13. Values/Spiritual Refers to important and enduring thoughts, beliefs, ideals and attitudes towards money. Determines guidelines for behaviorOften assumed but not articulated
  14. 14. “See? Isn’t this better than being happy?”
  15. 15. Values Conversations How much of your eligiblecontribution will you be putting inyour retirement fund this year? Are you giving to a charity this year? What kind of trust do you wish to set up for your children?
  16. 16. Values conversations Safe, non-judgmental, structured
  17. 17. Values conversations Safe, non-judgmental, structured Differences acknowledged and integrated
  18. 18. Values conversations Safe, non-judgmental, structured Differences acknowledged and integrated Related to age, gender, culture, behavior
  19. 19. Money and Meaning Project done at the Ackerman Institute in New York with financial advisers and therapists collaborating to identify a values framework for money conversations Card sort activity that is fun and engaging
  20. 20. Examples Personal  Recreational Spiritual  Material Economic  Public Service Philanthropy  Financial Relationships,  Physical Culture  Ethical. Work Educational
  21. 21. Benefits of values work Using values helps guide decisions Identification of discrepancy between behavior and values can be addressed Looking at the areas of discrepancy promotes working on the underlying issues
  22. 22. Exercise How did your values apply to your most recent financial decision?This exercise opens the door to discuss a discrepancy between beliefs and behavior.
  23. 23. Mathematical/Rational Values/Spiritual Emotional/Relational
  24. 24. Emotional/symbolic conversations Non-verbal cues are most important indicators that the person is operating on the emotive level: Voice tone Breathing Body language Facial expression
  25. 25. Emotional/Symbolic Where many financial professionals become uncomfortable Lack of framework makes it harder to deal with emotions about money Where women can be most engaged in the issues about money Men are socialized to avoid this realm
  26. 26. Connecting at the emotional/symbolic level Where you can differentiate yourself and your practice Develop skills and a model for this area Look at your own money issues or develop a relationship with a counseling professional
  27. 27. Emotions signal core concerns Appreciation Affiliation Autonomy Status Role
  28. 28. Mathematical/Rational Values/Spiritual Emotional/Relational Process
  29. 29. Process Learning how to step out of an interaction and comment on what is happening A learned skill Reduces conflict and gives a framework for the interaction
  30. 30. Process commentary There seems to be a lot of tension in the room when we talk about implementing a spending plan. Although you say you are happy with this plan, I notice that you are not following it. Can you help me understand that?
  31. 31. Process values cards Inclusive: all included Exclusive: some excluded based on age, gender, bloodline Collaborative Egalitarian: equality is the defining principle Transparent: open to all
  32. 32. Process Values Cards Transparent: open to all Hierarchical: one individual dominates, autocratic Empowerment: other members authorized for decisions Dialogue: encourage discussion and hear all points of view Reflective: research and gather info, contemplate and explore
  33. 33. Types of process What are other process descriptions you have noted in working with clients?
  34. 34. All levels are important Example: certain financial decisions may work well at the math level but not at the values or emotional level Example: certain decisions may work well at the process level but not at the values level
  35. 35. Financial health When all levels are addressed When conflicts are acknowledged between levels and worked through A process that never endsMary Gresham, Ph.D. Atlanta Financial Psychology

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