Wealth Psychologist

What Is a Wealth Psychologist?

A wealth psychologist is a licensed psychologist who has a specialty in helping high-net-worth and ultra-high-net-worth individuals and families. They help their clients cope with wealth stressors and provide tools and insights that help navigate concerns, improve relationships, reduce and manage stress, and advise on inheritance concerns, obstacles, and struggles.

Wealth psychology is a niche within the psychology field. A wealth psychologist empathizes with the struggles of the wealthy, helping them improve their quality of life and life satisfaction and experience the freedom that comes with money rather than carrying a burden of guilt.

Wealth, Well-being, and Life-Satisfaction

Many people think that money is the solution to all of life’s problems. While it certainly does help to have money in your bank account, having wealth also poses its own unique set of challenging stressors. The belief “the more money you have, the happier you are” is not accurate. According to research by Purdue University, after an individual reaches a specific monetary threshold, their emotional well-being and life satisfaction are no longer positively affected. 

So, at what point does money no longer positively affect your well-being? According to the research, money stops affecting emotional well-being when an individual reaches $60,000 to $75,000 and stops affecting life satisfaction at $95,000. It’s theorized that that amount of money helps with basic needs and certain conveniences, but once we reach those thresholds, we may become driven by other desires that may decrease our well-being. High and ultra-high-net-worth individuals surpass those thresholds and may experience problems associated with wealth and increased complexity. 

Wealth and Psychology

The Wealth Psychology is at the intersection of psychology and wealth. If  we are talking about Wealth? it is complicated, and if we are not mindful, our emotions can influence our financial decisions. Wealth, within itself, does not guarantee happiness or emotional well-being. 

Wealth psychology leads to the exploration of the psychological impact of wealth in all its realms. It brings forth a psychotherapeutic process that helps make the invisible visible. It’s akin to having a trusted advisor who offers the feasibility of self-knowledge, self-awareness, and self-acceptance, helping you understand your true capacities, including strengths and weaknesses. 

Working with a wealth psychologist may help high, and ultra-high-income earners explore the complexities of their thoughts, emotions, and feelings related to money, helping them reach their objectives.

High-net-worth people who may seek assistance from wealth psychologists may include:

Business Leaders:

  • It may be challenging to confide in others. A wealth psychologist can serve as a confidant with psychological and business skills to safely examine thinking, assumptions, fears, emotions, and suspicions. 
  • Explore flexible thinking for enhanced decision-making and problem-solving skills
  • Improve relaxation skills, efficiency, mindfulness, and effectiveness.


  • Reduce tensions between partners or spouses. 
  • Explore your goals and visions to help determine how you want to raise your children
  • Improve communication skills amongst family members to communicate openly about money and responsibility
  • Improve family Dynamics


  • Increase life-satisfaction levels
  • Work on self-empowerment, confidence, and self-worth 
  • Reduce feelings of loneliness, isolation, sadness, or anxiety


  • Reduce feelings of guilt due to inherited wealth
  • Move towards self-actualization and create your own legacy
  • Explore the challenges and Opportunities of inheriting money

Life Changes and Transitions:

  • Overcome and smoothly navigate difficult life transitions like divorce, selling a business, or an unexpected windfall.
  • Reduce the emotional impact of stressors that may affect your decision-making capabilities and financial well-being

New High-Income Earners:

  • Reduce the negative emotional impact that significant income raises may bring, e.g., guilt, isolation, and loneliness.
  • Explore the psychological impact of money
  • Navigate changes that may occur within your family, friendships, or social circles.
  • Understand and move through imposter syndrome


  • Normalize and validate being a powerful and dignified woman.
  • Strengthen self-awareness and make conscious, empowered decisions
  • Identify your relationship with money and how it influences your life
  • Develop comfort in with your status and wealth

Money and Mental Health

Mental health concerns and disorders do not discriminate against race, age, or socioeconomic status. High-net-worth and ultra-high-net-worth individuals also face mental health disorders like Major Depressive Disorder, Bipolar Disorder, and Generalized Anxiety Disorder, to name a few.

Stressed girl

How can A Wealth Psychologist Help with Mental Health Concerns

Working with a wealth psychologist may bring many benefits, including but not limited to:

Decreased Feelings of Depression and Anxiety

  • Reduce feelings of depression and anxiety through improved coping strategies, relaxation techniques, and modalities such as CBT

Reduced feelings of guilt

  • Reduce feelings of guilt associated with wealth.

Gaining New Perspectives

  • Mapping out your relationship with wealth
  • Gaining insights about your attitude and perceptions about wealth concerning your emotional and mental health

Improved Communication:

  • You may learn new communication strategies to help improve your relationship with your family and communicate about wealth and topics such as inheritance, philanthropy, and financial performance.

Reduced Stress:

  • Develop new coping strategies to manage and reduce internal or external stress, which may help with work performance

Improved Coping and Resilience:

  • Improve resilience and coping to help manage everyday stressors, maintain life balance, and navigate financial distress

Improved adaptation and problem-solving:

  • Financial loss and gains may be inevitable; it may feel like a roller coaster. With a clear mind, we may better manage these stressors, problem-solve, and cope with change.

Improved Relationships:

  • Working towards gaining new perspectives and empathy, reducing stress, and improving communication strategies may help you improve relationships with your loved ones and colleagues. 

Overcome defeating mindsets:

  • Young entrepreneurs may deal with defeating mindsets. Whether they stem from an unhealthy relationship with money or trying to find their purpose and make their own legacy, identifying, defining, and facing these barriers may help you move forward.

Advice on Inheritance concerns:

  • Estate planning can be complicated. While other professionals help with estate planning, tax laws, etc., a wealth psychologist can help you work out emotional and mental issues regarding your goals and objectives.

Coping with Inheritor Stress

  • Inheritors often deal with the emotional impact of money and define the purpose they want money to hold in their life. The Wealth psychology may help you establish your goals, values, and vision.

Wealth Psychology and Holistic Planning

Wealth psychologists may be part of a client’s advisory team engaged in a holistic financial planning process. Rather than focusing on the numbers, wealth psychologists will focus on their clients’ emotional health concerning money. They help them explore their values, beliefs, and attitudes about money while helping their clients overcome self-imposed obstacles.

Wealth Psychologist – Financial Therapist, Wealth Counselor, or Money Psychologist

A wealth psychologist can also be known as a financial therapist, wealth counselor, or money psychologist. However, most states protect the use of the word “psychologist.” In Florida, a person cannot call themself a psychologist unless they have a doctorate and are licensed in their state. When hiring a wealth psychologist, make sure to check their credentials. Of note, a financial therapist or wealth counselor does not need to have a doctorate.

What to expect during your First Session:

The first session will always be an intake session. In this structured interview, Dr. Raeburn will learn about your concerns and collect background information, such as occupational, social, medical, etc., allowing her to gain a gestalt view of your situation. During the first session, Dr. Raeburn will also discuss the therapeutic process, structure, policies, and procedures. 

Following the intake session, a treatment plan begins to take effect where you and Dr. Raeburn start to work through presenting issues to help you reach your objectives.

Wealth Psychology Therapy in Miami, Florida

Dr. Carolina Raeburn specializes in the emotional impact of wealth on inheritors, women, men, and young adults. She works to help you improve your emotional well-being, develop your vision for your future, and identify your values to live to your fullest potential. 

Hello, I’m Dr. Carolina Raeburn, a licensed Clinical Psychologist with a subspecialty in neuropsychology in Miami. I help people with emotional concerns, adjusting to life changes, or those who want to improve their quality of life. I offer coaching and bespoke psychotherapy for individuals and couples, providing cognitive behavioral therapy, depression treatment, anxiety treatment, panic attack treatment, stress management, as well as help those going through life changes, such as grief and loss, chronic and terminal illness, injuries, retirement, perfectionism, and much more.

If you have any questions about my services, please feel free to reach out through the contact form. Or, if you’re ready to start your path to a better tomorrow, please make your appointment today.

*All the information published in this article is for informational and educational purposes only and is not a substitute for professional medical advice or treatment. Any information provided here is offered in generic form. Please consult your healthcare provider if you have any questions or concerns. 


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