This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

For Phelps, Millionaires: The Doctor Is In

After winning an unprecedented eight gold medals at the summer Olympics, swimmer Michael Phelps may earn as much as $50 million a year in endorsement deals. Of course, he wasn't headed for the poorhouse before: He's been collecting about $5 million a year in endorsements since the 2004 Olympics.

Still, on the heels of his record-breaking performance, Phelps has joined the rarified realm of the multi-millionaire. To ensure the emotions surrounding his newfound fortune are as smooth as his stroke, Phelps might consider consulting one of a new breed of professionals catering to the ultra-rich: wealth psychologists.

Wealth psychologists, also known as money psychologists or wealth counselors, help people like Phelps -- as well as the more monied mortals among us -- cope with emotional issues surrounding money. Wealthy individuals may need help identifying and controlling spending patterns. Some may have an extreme fear of losing their money, while others may put their desire to make money above all else, sacrificing relationships with family and friends.

Phelps, for example, might want to consult a specialist in one of wealth psychology's most popular diagnoses: "sudden wealth syndrome," or SWS. The Money, Meaning and Choices Institute in Kentfield, Calif., coined the term to describe the increased anxiety, moodiness and identity confusion often experienced by people who come into money, whether by winning the lottery, receiving an inheritance or striking it rich in business or sports. Wealth psychologists say they help individuals recognize and appreciate their windfalls, reconnect with themselves and understand how to manage and use their newfound fortune.

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,279.74 +13.75 0.08%
S&P 500 2,010.40 -0.96 -0.05%
NASDAQ 4,579.7890 -13.6380 -0.30%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs