Episode 6: Keep Rising (Part B) - Expert Interview with Dr. Megan McCoy, Certified Financial Therapist and Licensed Marriage and Family Therapist

How can financial therapy change your view on money and relationships?

Dr. Megan McCoy, the nation’s first financial therapist and a licensed marriage and family therapist, talks about how financial therapy can help when dealing with financial abuse in domestic violence cases, especially in military families. With her expertise in both mental health and financial well-being, Dr. McCoy breaks down the complexities of financial abuse and its impacts on individuals and relationships.

Listen in as she explains how to spot financial abuse and find your way to financial independence. She shares practical tips for dealing with financial trauma, talking openly about money in relationships, and taking control of your finances. You'll also learn about the emerging field of financial therapy, why financial literacy is so important, and the resources available to help those facing financial abuse achieve financial healing.

What You’ll Learn:

• What is financial therapy?
• The role of financial therapy in managing money-related stress.
• How to talk to kids and partners about money.
• The impact of financial abuse and how to recognize it.
• Strategies for balancing joint and separate accounts in relationships.
• How financial flashpoints can influence long-term financial behavior.
• The importance of financial literacy and regular financial check-ups.
• How to plan for financial security in uncertain times.

Ideas Worth Sharing:

• “Money fears are nastier. They last longer, and they mean your sense of power, control, and autonomy, so they are difficult to manage, to say the least.” - Dr. Megan McCoy
• "There's no right way to do money. There is a right way to feel happy or feel safe, and that's what's important." - Dr. Megan McCoy
• "You don't have to be the expert. You just need to be aware of your finances." - Dr. Megan McCoy

Resources:

• NurtureShock: New Thinking About Children by Po Bronson, Ashley Merryman
• Milton the Money Savvy Pup: Brings Home the Bacon by Jamie A. Bosse, CFP®
• The Four Money Bears by Mac Gardner, CFP
• The Art of Allowance Podcast – The Money Mammals
• Dr. Brad Klontz (Researcher/Financial Psychologist who discusses “financial flashpoints from our life”)
• CFPB (Consumer Financial Protection Bureau) “Money As You Grow” (tool for age-appropriate money discussions with kids)
• Greenlight Sample of websites that allow children to track save/spend/allowance/chores (for older children)
• Piggy Bank for Kids
• “Shame vs. Guilt” by Brené Brown
• Find a Financial Therapist Tool by Financial Therapy Association
• Find a Therapist Tool by Psychology Today
• Reputable Credit Agencies to run credit: Experian & Free Credit Report