Money Shrinks Soothe Souls Of The Tragically Rich

LORINDA TOLEDO

LOS ANGELES (AP) — Psychologist James Gottfurcht specializes in coaching people about their money woes, and as his affluent clients' fortunes sink in these recessionary times, he's getting richer.

The L.A.-based shrink is busier than he's been in 30 years of practice. He's even had to hire an extra assistant and get his psychologist wife to help out.

And Gottfurcht is not alone. Across the country, so-called wealth coaching has never been more profitable than in the current economy because rich people have never been more frightened.

"And the reason they're more afraid is that more of them believe this time is different," Gottfurcht said. "They believe this (recession) is more semi-permanent."

Money and the economy top the list of sources of stress for eight out of 10 Americans, according to an American Psychological Association survey last year. And the ultra-rich are not exempt.

Wealth coaches typically help them cope with addiction to money, guilt for having wealth, and family tensions over inheritance. Now, they're also dealing with clients who fear they're on the brink of financial ruin.