Description

Many of us are not prepared emotionally to handle a change in circumstances, whether that is a windfall or if we hit financial hardship. That’s where a financial therapist like Magdala Adeleke can come in. Magdala is the owner of Financial TheraPeace, a resource that people can use to transform their relationship with money. She joins Nana this week on Build Value By Choice to share her six steps for achieving financial freedom. 

KEY TAKEAWAYS

• Financial therapy looks at money from a psychological and emotional standpoint. It’s aim is to help people process their emotions around money so they can understand them and eventually make better financial decisions. 
• There are two fields of work which would allow you to become a financial therapist. Firstly a mental health professional who gains financial training, secondly a financial professional who gains training with mental health and wellbeing. 
• The biggest misconception around money most people have is that we don’t understand what money actually is. We all have our own belief that it might be something you have to work hard for, something that’s not important, something we can’t attain, that money is evil. But the truth is that money is neutral and only takes on whatever we project onto it. 
• We think money is more logical than it actually is. 90% of financial decisions are made based on emotions. 
• A lot of the time we think our self worth is connected with a monetary amount. Our true needs are more important and will never be fully taken care of by money. 
• A millionaire with bad financial behaviors can end up being worse off than someone who earns $30,000 a year with good financial behaviors. 

BEST MOMENTS

‘A financial therapist is either a mental health professional or a financial professional’ 

‘Once you take that step, freedom is on the other side’ 

‘What is true financial freedom for you?’

EPISODE RESOURCES 

Leave a comment or question on the Build Value By Choice Facebook community page 
Get more resources on infhorizons.com/podcast
Know Your Current Valuation: https://bit.ly/get-free-valuation
https://www.linkedin.com/in/magdala-adeleke-10760812/
https://financialtherapeace.com/
Don’t forget to subscribe to the podcast and share it.

ABOUT THE GUEST 

“Hello there! I’m Magdala Adeleke, a natural born number cruncher. I guess I’ve been training to be a financial therapist my entire life and just didn’t know about it until July 2020. It’s fascinating that I studied both Finance and Psychology only because they were two subjects that I loved and wanted to learn about. It seemed completely unrelated then and I can’t tell you how many times I’ve had to defend this choice because others thought it was so random. To be honest, I thought it was as well. I ended up pursuing a career in finance (banking and financial management) and I came up with a nice spiel to explain the choice of my field of studies in interviews since it was the one question that I was sure to get asked.

Unbeknownst to me, 20 years later, that spiel will come into existence when I finally realized that I was right all along when I explained that having an...