Debut psychology book highlights the negative impact of financial stress and how individuals can recover.
Los Angeles, CA – June 1, 2022 – In his debut book, Dr. Alex Melkumian, a pioneering psychologist in the growing field of financial psychology, provides a definitive guide to financial psychology and how it can be used to deal with the modern, overbearing challenges of financial stress.
With financial stress a major public health issue (APA, 2017), it is crucial that mental health practitioners begin to assess for and treat financial stress in conjunction with comorbid symptoms. If theorists, researchers, and clinicians adapt techniques of various modalities to treat financial stress, clients and patients will benefit from a more qualified, educated workforce of those in the helping professions. The eclectic combination of theories outlined in this book serves merely as a starting point for the evidence-based treatment of financial stress.
The sad truth is, even though financial stress is pervasive and omnipresent, few people understand where their financial challenges are coming from. They are riddled with shame and guilt that they can’t just manage money better. Even though financial stress can come from money mismanagement, our ability to work with money stems from our deeper relationship with money. This relationship with money is complex, encompassing all our experiences with money leading up to this point.
In his new book released today, Financial Psychology: Restoring Financial Wellness in a Post-COVID Economy, Dr. Alex Melkumian, founder of the Financial Psychology Center, explains why many times we aren’t in control of our financial lives and the motivations that drive us, particularly around money. In fact, we are often so busy believing a particular money narrative that we are unable to see the opportunities around us for greater financial peace. Dr. Melkumian highlights how our unconscious mind with its roots deep in our personal histories is driving our money story, making the rich man feel a pauper and the poor man feel wealthy.
Does that mean the solution is just thinking positive?
“Unfortunately, not,” says Dr. Melkumian. “The foundation of our financial behavior is so intrinsically tied up in our beliefs and emotions stemming from the past that its crucial for the individual to really unwrap their financial story if they want to discover true and lasting financial wellness. If you have a positive mantra, that’s great, but it’ll only get you so far. You need to start with the foundation of your finances and realize that every decision you make is guided by your financial beliefs, emotions and values, embedded in your history with money from your first encounter of it at an early age. This is the root we need to get to using financial psychology.”
Dr. Melkumian draws on a decade of helping people resolve their money issues in order to share with readers some of his groundbreaking work in the field of financial psychology. This work has helped clients uncover the foundations of their self-defeating financial behaviors, focus on their relationships with money, and transform their financial lives.
The book starts by looking at the macrocosm of our current society. How the pandemic, the gig economy, and new trends such as “Work From Home” are impacting how we think about our own survival, income, and wellness. Financial Psychology demonstrates several ways to navigate this new normal to relieve the emotional stress of economic insecurity and to succeed in our new reality. Part Two of the book examines the practice of financial psychology as it relates to healthy and unhealthy financial behaviors. Part Three is a deep exploration of Financial Therapy—a long-term solution to the reactive emotional turmoil, distress, and hopelessness caused by dysfunctional and limiting financial beliefs and behaviors. As a guide to clinical financial psychology, this book also offers an Appendix, with case histories illustrating Financial Therapy in action for individuals and couples.
Financial Psychology isn’t just a book about “understanding money”. It’s about understanding our relationship with money and how to heal it. For more information, please visit www.FinancialPsychologyCenter.com. The book is available in print and ebook versions from Amazon: https://www.amazon.com/Financial-Psychology-Restoring-Wellness-Post-COVID-ebook/dp/B09WWYYC5W
About the Author
Dr. Alex Melkumian, Psy.D., is the Founder and CEO of Financial Psychology Center. He is a clinician, addictions specialist, consultant, peak performance coach, researcher, and recognized expert in financial psychology. As a practicing clinician for the past 15 years Dr Melkumian has worked with populations ranging from the chronically acute, dually diagnosed patients to highly motivated individuals committed to self-improvement. He is an author and public speaker who works to bring people harmony and ease in their lives, no matter what the issue.
Dr. Melkumian is considered a leading expert in the emerging field of financial psychology and has been featured in Forbes, CNN, CNBC, The Wall Street Journal, Washington Post, MarketWatch, Fox Business and USA Today.