Hi there, my name is Joyce Marter. I’m a licensed psychotherapist, national public speaker, and the author of The Financial Mindset Fix: A Mental Fitness Program for an Abundant Life. Thank you for joining my presentation called Mental Wealth: How to Promote Both Mental Health and Financial Health.
As a therapist, I am a passionate advocate for removing the shame and stigma surrounding mental health challenges and financial struggles. You’ll hear about how I became deeply interested in the psychology of money through my journey as an entrepreneur and the founder and owner of Urban Balance, a national outpatient mental health company.
In this first video, we will explore the intrinsic relationship between mental health and financial health. I noticed something fascinating in my practice. As my clients started making progress in therapy, regardless of their initial issue—whether it was depression, anxiety, relationship problems, addiction, or work-life balance—they began to earn more money. Client after client reported getting a raise, a promotion, starting a business, or launching a side hustle. I wondered why this was happening, especially since I wasn’t directly addressing their finances in therapy. I realized it was because therapy works on underlying self-worth and self-esteem. As people feel better about themselves, they approach the world with more confidence, expand their comfort zones, try new things, communicate more assertively, and set healthier boundaries, including financial ones. All of this impacts financial wellness.
In my own journey, when I started graduate school at Northwestern University in the mid-90s, I was terrified that my professors would notice my anxiety disorder. I would wring my hands in class, petrified to be called on, and I had a massive fear of public speaking. Thankfully, our professors recommended that we, as therapists in training, seek personal counseling, which transformed my life. Therapy gave me tools to manage my anxiety, take better care of myself, and function more effectively, both personally and professionally. A major part of this work was fostering emotional intelligence, which is why I feel so aligned with Equip to Achieve. In this presentation, you’ll learn how to improve your emotional intelligence to enhance both mental and financial health.
Growing up, my father, who lived through the Great Depression, had a scarcity mindset about money. When I was an adolescent, he was unemployed, and his financial shame and anxiety were palpable. I inherited that mindset and avoided talking about money due to shame, which later affected my business. When I started Urban Balance, I had $500 and $50,000 in student loans, and I made countless mistakes that led to what I call “cash flow hell.” I had difficulty paying my staff and rent, and I suffered from insomnia and panic attacks. Eventually, I used the strategies I learned in therapy to turn things around, and four years ago, I sold my business for more money than I ever thought I would make in a lifetime.
I share everything I’ve learned from my clients and my entrepreneurial journey in my book, The Financial Mindset Fix, which lays out a program for mental and financial wellness. Through this series, you’re getting an overview of the principles in the book. I’ve identified 12 mindsets that lead to holistic success. Each mindset is empirically proven to improve both mental and financial health. My program is step-by-step and includes exercises to build the skills needed to cultivate these mindsets.
Some of these mindsets include having an abundance mindset (rather than a scarcity mindset), self-awareness (which is part of emotional intelligence), staying present in the moment (since peace and our best financial decisions are found there), and showing compassion for ourselves and others. Supportive relationships, mental resilience, and financial resilience are also key elements. These mindsets create a life of mental well-being, supported relationships, work-life balance, and financial prosperity.
I’m happy that my book was released in 2021 because the world needs mental and financial health resources now more than ever. The COVID-19 pandemic has wreaked havoc on both our mental and financial health. We are living through a global trauma, and trauma affects us in ways that ordinary life events do not. We might experience PTSD symptoms, which is a common response to the pandemic.
I want you to think about yourself and the children you’re raising or teaching, and honor the stressors caused by the pandemic. We’ve faced concerns for our health and safety, reduced social support, isolation, and relationship conflicts. The challenges of working and living from home have been immense, and managing work-life balance has become even harder. Additionally, many of us have experienced financial stress due to job losses or business closures, which deeply impact both mental and financial health.
Common conditions we’ve faced during the pandemic include anxiety, grief, loss, depression, and PTSD. Financial trauma is real, and for many, finances can be as traumatic as any other hardship. Whether it’s living in poverty, facing bankruptcy, or experiencing discrimination, these experiences leave a lasting impact on both our mental and financial health.
Even before the pandemic, 23% of adults and 36% of millennials experienced financial stress levels that met the criteria for PTSD. Financial distress also accounts for 16% of suicides. The increase in suicidal ideation, particularly among adolescents and young adults, has been alarming. This makes it even more critical for parents and educators to focus on mental health and understand how financial stress affects children.
The connection between mental health and financial health is significant. When we experience mental health issues like depression or anxiety, it can impair our productivity, which affects our finances. Our self-worth impacts our finances, and relationship issues can also create financial strain. Conversely, financial stress can worsen mental health, leading to anxiety, depression, and even suicidal thoughts.
In my presentations, we’ll explore your psychology of money. You’ll have an activity to reflect on your family of origin, financial traumas, and how these have shaped your thoughts, emotions, and relationship with money. Money management isn’t rocket science—we need to earn more than we spend and save for the future. But our psychology makes this difficult. Fear, lack of confidence, and scarcity mindsets limit us. By working on shifting to an abundance mindset, we can transform our financial reality.
Self-esteem plays a big role in this transformation. Healthy self-esteem exists between diva and doormat. A diva is entitled, aggressive, and disrespectful of others’ boundaries, often overspending. A doormat doesn’t respect their own boundaries, including financial ones, often under-earning. Both struggle with low self-esteem, but it manifests in different ways. Healthy self-esteem recognizes strengths and weaknesses, takes responsibility, and communicates assertively while respecting boundaries, including financial ones.
I encourage you to align with your deeper self, overcome imposter syndrome, and practice self-love. Doing so will help you cultivate prosperity in your career, family, and community. Promoting self-esteem and financial wellness isn’t selfish—when you have more, you can help more. When we earn more, we can give more, support others, and be philanthropists.
It all starts with you and your relationship with yourself. You are always enough—period. I’ll help you turn down the volume of your inner critic and become your own best advocate. Remember, you are enough.
I’m not the only one who noticed the link between self-worth and net worth. Financial advisor and author Suze Orman said, “Your net worth will only rise to the level your self-worth rises to accept what can be yours.” In the next module, we’ll dive deeper into improving your mental health and self-worth so you can build resilience in both your mental and financial life.
Don’t forget to download the resources from Equip to Achieve or use the QR code to access my landing page with slides and other materials. I look forward to seeing you in the next module. Thank you.
