For Phelps, Millionaires: The Doctor Is In

Airing dirty laundry

Money psychologists also help families tackle the pressures and feelings of inadequacy and guilt that can accompany an inheritance. Some people may feel guilty if they receive a larger inheritance than other family members or by thinking that someone had to die for them to receive such a gift. And many beneficiaries are plagued by the idea that they must use the money the way their benefactor would have wanted.

Wealth psychologists help families deal with a host of family-business issues, including the pressure to continue the business, sibling rivalries within the business and the stress of passing the business on to the next generation. Perhaps a wealth psychologist could have helped the family behind Sweet'N Low. According to Richard Cohen's 2006 tell-all memoir about his family's business, his mother, Ellen, was her father's favorite. After the father died, Ellen's jealous mother disinherited Ellen and her children.

Chicago-based wealth psychologist Gary Shunk says wealthy families typically are most concerned about the effect their wealth will have on their children. Counselors like Shunk and James Grubman aim to help wealthy parents raise "normal," un-spoiled children. Counselors encourage parents to be honest with their children and teach them to respect their wealth and manage money responsibly.

Money psychologists can teach couples from different economic backgrounds to build trust and learn to understand each other in working together toward a shared financial future. Counselors can redirect individuals who feel inadequate because their partner is wealthier, as well as those who fear that others love them only for their money. Nevertheless, money psychologists are not miracle workers: Multi-millionaire Britney Spears and ex-hubby Kevin Federline probably would have called it quits even if he matched her earnings.