Recently I wrote that I’m lucky that my work as a college prof affords me ample opportunities to learn about myself and become a better person. That doesn’t stop me from daydreaming about other work.
Depending upon the day, I’d like to be Dustin Johnson’s caddy, write a newspaper column, be a subsistence farmer, have a radio talk show. The alternative work that loops the most in my peabrain is money counselor by which I mean a hybrid of a financial planner and a financial therapist. I enjoy managing money a lot and I’m always intrigued by people’s disparate thinking about money’s relative importance and how those differences complicate partnerships. Most of all, I’d enjoy helping people reduce the gaps between what they think about money and how they live their lives.
I didn’t know shit about investing thirty years ago when my parents gifted me some money to save on their federal taxes. Somehow, as a modestly paid school teacher, I knew the gift was an exceedingly rare opportunity to build a little bit of a financial cushion, that is, if I didn’t blow it. So I started reading John Bogle’s books, the first step in my personal finance self education. Today, I’m a good money manager for at least two reasons—my independent studies and I internalized some of my dad’s self discipline.
What I’d like to do for an alternative living is listen to individuals or couples talk about their dreams, their finances, their greatest challenges and then help them clarify their priorities, adjust their spending, restructure their portfolios, and enjoy more open and honest communication about money. There’s gotta be people interested in that doesn’t there?
There’s only one problem, to do that work I’d need a long list of personal finance and counseling licenses and certificates. Absent an alphabet soup of credentials, my self education and life experience don’t count in the formal economy.
Licenses and certificates are required in many sectors of the economy. They are designed to help consumers know they can trust that the holders of the licenses and certificates are competent. Take my work with teachers-to-be. Often people bemoan the fact that a Ph.D. can’t teach elementary, middle, or high school without first completing a formal teacher education program that typically lasts 1-2 years, not to mention passing related requirements including content area exams and a student-teaching based performance assessment.
Similarly, if you want to work on people’s nails or hair, you can’t simply rent a space and hang out a shingle, beauty schools offer formal training that culminates in licenses that enable you to “join the club”. Sometimes, when work is complex and requires specialized expertise, the Credential Industrial Complex contributes to public trust. Other times though, when the related work isn’t terribly complex, like working on nails or driving a cab, they can be used to limit competition.
Money counseling is on the “complex, requiring specialized expertise” end of the continuum, but wouldn’t it be nice if our job gatekeepers, the credentialing officials, devised intelligent ways to give some credit to individuals for self study and life experience. Absent that, everyone has to start from scratch, meaning people on the back nine of life, like myself, are less likely to switch things up.