Episode•July 8, 2022•18 min

Sound Financial Therapy with Kate Dorman | Ep. 120

Kate Dorman joins Tiffany this episode to discuss all things money and psychology, diving into the different factors that impact our beliefs about money. Kate shares her experience as a Financial Therapist, and how she helps her clients navigate financial behaviors. About Our Guest Kate Dorman is a Licensed Social Worker and Mental Health Professional. She is also a self-proclaimed personal finance nerd. After working for years as a mental health therapist, Kate now works with individuals and couples as a Financial Therapist. Kate loves exploring the roles that early experiences, relationships, values, culture, social media, and feelings play in one’s relationship to money and financial behaviors. Connect with Kate Instagram: https://www.instagram.com/soundfinancialtherapy/ Website: https://www.soundfinancialtherapy.com Connect with Tiffany on Social Media Facebook: Money Talk With Tiff Twitter: @moneytalkwitht Instagram: @moneytalkwitht LinkedIn: Tiffany Grant This podcast uses the following third-party services for analysis: Podcorn - https://podcorn.com/privacy OP3 - https://op3.dev/privacy

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Key Takeaways

1
Financial therapy explores the psychology behind money beliefs and behaviors, not just the numbers.
Money decisions are shaped by upbringing, culture, gender, race, age, social media, and emotions.
Even small habits like turning off lights reflect early financial conditioning.
Many people view money as purely numerical, which creates intimidation and avoidance.
2
Financial infidelity and mismatched money definitions often strain relationships.
Couples may disagree on what counts as financial infidelity (e.g., secret credit cards, undisclosed debt).
Approaching conversations with curiosity instead of defensiveness helps resolve conflicts.
Statistics show money issues are a leading cause of breakups and divorces.
3
Social media distorts financial reality and fuels FOMO-driven spending.
Platforms show highlight reels, not the stress or setbacks behind the scenes.
Influencers often receive free products, creating unrealistic spending expectations.
Algorithms reward aspirational content, reinforcing comparison and poor financial choices.
4
Early childhood experiences and family money conversations shape adult financial behaviors.
Lack of open money discussions at home leads to avoidance or conflict patterns later in life.
Inviting children into age-appropriate financial decisions builds healthier habits.
Siblings from the same household can internalize opposite lessons from the same experiences.

Intro

In this episode, Tiffany explores the intersection of money and psychology with financial therapist Kate Dorman, unpacking how beliefs, emotions, and external influences shape our financial behaviors.
Kate Dorman is a Licensed Social Worker and Mental Health Professional turned Financial Therapist who helps individuals and couples understand the emotional and psychological roots of their money habits.

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– What Is Financial Therapy?

Kate explains that financial therapy goes beyond budgets and math to examine the beliefs and emotions driving financial decisions.

We oftentimes think money is just numbers... really it's about our feelings and our beliefs about money.
– Kate Dorman

Factors like upbringing, gender, race, culture, and social media all shape these beliefs and resulting behaviors.

– Who Seeks Financial Therapy?

Clients include individuals and couples dealing with financial abuse, infidelity, gambling addiction, or repeated debt cycles.

Many couples avoid money conversations until problems arise, leading to explosive conflicts when issues finally surface.

– How Couples Can Improve Money Conversations

Approach a conversation with each other with curiosity... seek understanding as opposed to trying to convince the other person of what you believe.
– Kate Dorman

Instead of immediately rejecting ideas like vacations, ask clarifying questions to understand needs and explore options together.

– Social Media's Impact on Money Behaviors

Social media creates FOMO by showcasing curated highlight reels while hiding financial stress and setbacks.

Even if you're not consciously having these thoughts, just seeing it as you scroll through your phone, it is impacting you.
– Kate Dorman

Influencers often receive free products, making their lifestyles appear more attainable than they are for paying consumers.

– Early Experiences and Teaching Kids About Money

Open, age-appropriate conversations about money at home help prevent avoidance or conflict patterns in adulthood.

Two siblings can grow up in the same household yet internalize completely opposite lessons about money.

Resources

Topics

Financial TherapyMoney PsychologyFinancial InfidelitySocial Media & MoneyCouples & MoneyFinancial EducationEarly Money HabitsFOMO Spending