Written By: Heidi Clemons, MA, AFC®, MQFP®
Erika Wasserman breaks down awkward money conversations into financial dialogue opportunities in “Conversations with Your Financial Therapist.” Throughout the book, she encourages the reader to explore their money mindset to better understand how their upbringing, cultural influences, personal experiences, and more play a key role in shaping money decisions and conversations. The book is written in a storytelling tone, making it easier for the reader to soak up the content, become more self-aware, embrace money conversations, and improve their financial well-being.
In Chapter One, Wasserman lays out the Money Mindset Method, “the framework to help guide you through financial conversations that you can use for any type of financial decision with yourself, a partner, family members, or even your financial advisor.” She uses the MONEY acronym to break down the five actions suggested to guide the reader from the beginning of a conversation through the decision point. Using these steps as the structure will build trust and improve communication, ultimately creating healthier relationships with money.
M – Make conversations comfortable
Consider your location, tone of approach, openness, and more in order to create a comfortable environment from the beginning.
O – One by one
Talk about only one topic at a time so that you can stay focused during the conversation and make progress. Trying to tackle too much at once may lead to frustration, stress, and overwhelm.
N – Nurture shared goals
Try to align your goals with the other person, focus on what you have in common, and use that as a strength.
E – Evaluate practical solutions
Make sure that the solutions that you offer are based on your values, realistic, and actionable for both parties.
Y – Yes to compassion
Be gentle and kind in conversation, especially since talking about money can be emotional, stressful, and challenging.
This framework can be used in most money conversations, even when navigating larger or more complex financial decisions. It helps both parties stay focused and grounded when it may otherwise feel overwhelming.
Throughout the book, Wasserman follows seven characters through major life experiences where financial decisions often play a significant role. She uses their stories, challenges, and solutions as they navigate beginning and ending relationships, death, health challenges, job loss, adult children, and more. Through these vignettes, she teaches the reader how the MONEY acronym offers conversational scripts to support real-life situations. Wasserman often presents two or three potential solutions with an example, and invites the reader to reflect on “What Would You Do?”—allowing space to explore different perspectives and outcomes.
In the bonus chapter, Wasserman addresses selecting and changing financial advisors and provides a helpful guide to deciphering the alphabet soup of financial professionals and their roles. The table she includes outlines each role, certification (if any), typical client fees , and area of focus. This is a great resource for readers who want clarity about which professionals might fit their needs. An Accredited Financial Counselor® is often lumped in with other financial professionals, and their roles are misunderstood, so this breakdown helps readers see the distinctions more clearly.
Overall, “Conversations with Your Financial Therapist” presents a strong approach to navigating difficult financial conversations. Wasserman leads with the MONEY acronym and offers scripts the reader can return to again and again. Her storytelling approach helps readers see themselves in the characters, understand their own tendencies, and feel hopeful that their own conversation can also lead to positive and workable solutions.
Heidi Clemons is an Accredited Financial Counselor®, Military Qualified Financial Planner®, Financial Therapist and Money Coach with Managed Expectations, LLC. She is dedicated to restoring people’s hope that they can achieve their money goals by creating a plan getting out of debt, and investing in the future. Visit Heidi’s FindAnAFC profile to view her services along with her LinkedIn profile.
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