Beyond Finance is a next-generation fintech company created to move people beyond debt and help transform their lives. And every day, the Beyond Finance team supports clients by offering individualized care, financial counseling and education, and customized solutions to improve their circumstances. Pulse 2.0 interviewed Beyond Finance Client Financial Therapist Dr. Erika Rasure to learn more.
Thoughts About Financial Literacy
What are your thoughts about financial literacy? Dr. Rasure said:
“‘Financial Literacy’ has become a buzzword, so what’s the importance of creating awareness about ‘financial practice?’”
“Financial practice means intentionally applying the knowledge gleaned from literacy initiatives and ‘doing something with it.’ Practice brings you one step closer to mastering the aspects of personal finance that are important to you and aligned with your financial values and goals.”
Financial Wellness Practice
Do you feel Americans need to practice to experience financial wellness? Dr. Rasure replied:
“Often, we learn about financial wellness in a vacuum—one-off experiences of a shorter duration. Whether it’s from a workshop or class at school, unless that knowledge is being integrated into applying what we have learned, it becomes almost futile. It’s like taking a French class in high school for a couple of semesters. You’ll probably forget quickly unless you’re on Duolingo and practicing with friends and family.”
What would you recommend they practice doing to help them better manage their finances? Dr. Rasure continued:
“They can work on foundational pieces in bite-size areas with plenty of room for trial and error. Budgeting is a good example. We learn why keeping track of what comes in and out of the budget is essential. Yet, getting into the swing of the practice requires curiosity, flexibility, and commitment to figure out how to apply it to your life.”
“Also, most financial practices are person-specific, as are goals and values. Accepting that financial literacy in practice is not a one-size-fits-all experience can take pressure off someone struggling in this area. Oracticing personal finance in the best way that suits you to allow momentum and confidence to build over time.”
Role At Beyond Finance
In your role at Beyond Finance, you provide financial counseling and therapy. Is there a distinction between the two? If so, what is it? Dr. Rasure explained:
“Whereas counseling focuses on a single issue, Financial therapy looks at the human side of money. Financial counseling can only go as far as discovering the ‘what’ behind the matter. Financial therapy investigates the ‘why’ and seeks to help people understand their emotional and mental well-being around their bank accounts and unsecured debt. Someone must be able to look at their economic values concerning who they are as a person, which will help them grow to understand why they do what they do with money.”
“By propelling individuals into a transformative process that completely shifts their relationship with their money, they will grow as individuals over time. Financial therapy is much more thanbudgeting finances and other technical personal financial practices and mastery thereof—that’s only a part.”
“Authentic financial therapy tasks people with inner work. It attempts to heal some of the issues in a person’s life that have impacted them financially and clear a pathway in both head and heart to allow them the needed space to take even the most minor steps forward and make the significant transformative changes they envision for their lives.”
Finding Financial Therapy
Where can someone look for financial therapy and practice? Dr. Rasure concluded:
“I highly recommend checking out the Financial Therapy Association. They have a brilliant directory of financial therapists, coaches, and mental health professionals with the expertise to help you navigate your heart, head, money, and relationship with yourself and others.”
“The Association for Family Counseling and Planning Education (AFCPE) is also a fantastic place to find solid help with the practicing piece. An accredited financial counselor can help you pinpoint the areas where you are strong. With their assistance, a person growing their relationship with their finances will be able to detect areas to shore up with resources to correct previous economic situation and learn.”
