Financial Counseling : An Educative Counseling Process

“Counseling’s focus on development, prevention, wellness, and treatment makes it attractive to those seeking healthy life-stage transitions and productive lives” (pearson). In the early 1900’s, there was a movement within the counseling profession that centered on promoting the prevention and the objects that provided purpose in a person’s life. The idea was to help individuals avoid problems and “focus on wellness, development, mindfulness, meaningfulness, and remediation of mental disorders” (pearson). This was the beginning of one of the three philosophies that comprises the key philosophies of counseling.

In this society, some of the most important things in your life have to deal with money. In Chad Foster’s book, Financial Literacy for Teens, he taught his readers how to save, spend, invest and give away your money. Reading this book has taught me to start saving when I’m young, know the differences of what I need to buy rather than what I want, to make money while I sleep and giving away some of your money will not only help yourself, but help many others as well.

As the standards of the counseling profession are continuously being shaped, I desire to play a role in the educating

Identify with an individual the resources, support and assistance required to access and use selected services and facilities

Opportunity cost means giving up something of value or importance to you to achieve a particular goal or outcome. It is a chance that causes you to miss out on something you want, but an individual can benefit by gaining something for the opportunity they accepted.

Let Client know what is happening, at all times, the client should know what is going to happen, to help them understand and reduce their anxiety, and maintain their dignity.

7. Opportunity costs refer to time, money, and other resources that are given up when a decision is made.  TRUE

Today I will creating a memo that guides my client Casey Blount. As her financial advisor I will get her through this rough patch of her life. Ms.Blount s a native of Knoxville, Tennessee, graduated last June from North Carolina State University with a major in Communications and a minor in business. Soon she will begin her first job as a junior account executive at an advertising firm called Profound Advertising, in downtown Raleigh on January 2, 2017. Even though she minored in business, she needs my help in advising her financial life. In my memo to her I will need to guide her through student loans; housing; transportation; credit card usage and credit score; retirement plans; and basic budgeting issues. Ms.Blount is working with a tight

(5) "Counseling" means one or more consultations as necessary between a state licensed psychiatrist or psychologist and a patient for the purpose of determining that the patient is competent and not suffering from a psychiatric or psychological disorder or depression causing impaired

According to author Kendra Cherry, “professional counseling is an application of mental health, psychological or development principles, through cognitive, affective, behavioral or systemic intervention strategies, that address wellness, personal growth, or career development” (Cherry - Paraphrase). Many counselors specialize in specific forms of therapy. Generally, counselors who focus on specific types of counseling methods usually require advanced knowledge in the specific field. Counseling can be described as guidance of an individual by utilizing psychological methods especially in collecting case history information, using various techniques of the personal interview and testing interests as well as aptitudes. Cognitive behavioral

Opportunity costs are a critical part of discounted cash flow analysis, the capital investment analysis, and it’s considered a tried-and-true economic principle. It is referred to as an alternative benefit a business could have received, but decided against due to an equal or better course of action. An example of where the economic concept of opportunity costs could be used in the analysis of a healthcare organization is if a large hospital were to receive a $100 donation. This hospital would like to improve the satisfaction of their employees and patients, hence the hospital decides to either add a colorful mural to a part of the hospital or some speakers for soothing, slow music. Each would cost the same but one of these options may attract

In this writer’s opinion, opportunity cost is the cost of an action that is given up by choosing a different path. With choosing Bethel’s on-line program, costs that have been given up include time spent with family and time spent on hobbies. A new approach to everyday activities had to be devised in order to accommodate all tasks necessary to continually accomplish everything within this writer’s expectations. Rather than leaving work, going home, enjoying a nice walk in the yard, and preparing dinner, longer hours are spent at work in order to utilize the computer and the company’s internet so that necessary homework is completed. It seems easier to stay later hours at work rather than going home and trying to discipline actions in order

Opportunity cost is the value of the next best alternative in a decision. Imagine that you have $150 to see a concert. You can either see "Hot Stuff" or you can see "Good Times Band." Assume that you value Hot Stuff's concert at $225 and Good Times' concert at $150. Both concerts cost $150 per ticket, but it would take you a couple of hours to drive to Hot Stuff's concert and you have to be in school (the next) morning for an exam. Good Times' concert is right here in town. Explain how you would assess the opportunity cost of seeing Good Times in concert. What is the opportunity cost of going to Good Times' concert?

Opportunity cost is the highest valued, next best alternative that must be sacrificed to obtain something or to satisfy a need or want. An easy way to remember what opportunity cost is that when you choose to do something whether it be homework, sports, tv, etc. you lose something else. And what you lose is being able to appoint in your next best alternative.

After looking over your financial information, the counselor might determine that more extreme measures than budgeting and reworking the payment plan are necessary. A for profit service will make suggestions that are often useful and that