BREAKDOWNS IS A CALL TO ACTION

INTRODUCTION

Breakdowns, viewed through the lens of ontology as expounded by the influential philosopher Martin Heidegger, represent a profound philosophical exploration of human experience. Heidegger’s ontology delves into the nature of being and how individuals confront moments of existential crisis or “breakdowns.” These breakdowns are far from being negative. They are seen as opportunities for authentic self-discovery and transformation. Heidegger posits that by confronting the inherent uncertainties and limitations of existence, individuals can attain a deeper understanding of their being and, in the process, find the potential for profound breakthroughs in their lives, ultimately leading to a more authentic and meaningful existence (Sieler, 2007, pp. 317-318):

“Breakdowns are part of the texture and fibre of our everyday lives (Alan Sieler)”.

BREAKDOWNS OBSERVED AS A FINANCIAL COACH

Breakdowns in financial coaching encompass a broad spectrum of challenges, each presenting unique obstacles on the path to financial well-being. On one end, there are sudden interruptions, such as unexpected expenses like a malfunctioning fridge or a car repair, which can disrupt financial stability and necessitate immediate attention and planning. These crises demand quick problem-solving skills and budget adjustments, highlighting the importance of financial preparedness and emergency funds.

In the middle of the spectrum lie major life transitions, like marriage, divorce, parenthood, or retirement. These events come with their own financial complexities, requiring individuals to adapt their financial strategies to align with new goals and responsibilities. Effective financial coaching during these times can provide guidance, helping individuals navigate the complexities of financial decision-making and ensuring a smoother transition.

However, some breakdowns are less apparent and insidious. These stem from ingrained biases, behavioural patterns, and cognitive blind spots that can hinder financial progress. People may unknowingly succumb to impulsive spending, risk aversion, or inertia in managing their finances. Recognising and addressing these hidden breakdowns often necessitates self-awareness, education, and a coach’s guidance to break free from these habitual constraints.

In all cases, financial coaching plays a pivotal role in helping individuals not only respond to unexpected interruptions and navigate significant life transitions but also uncover and mitigate the subtle breakdowns rooted in their behavioural patterns. By doing so, individuals can move closer to their financial goals, fostering resilience and prosperity in an ever-changing financial landscape. As financial coaches, we help clients to have more choices and deal with these challenges or breakdowns.

DIFFICULTY OF SEEING

In Heideggerian philosophy, “Transparency” signifies the unconscious way we engage with the world, often remaining unaware of its pervasive presence. Allan Seiler’s observation that “Transparency is the unconscious manner of our engagement with the world, and a form of blindness” resonates profoundly in the context of financial coaching. Many financial breakdowns stem from these cognitive blind spots, hidden behind the veneer of familiarity (Sieler, 2007, pp. 323-325).

THE ROLE OF THE FINANCIAL COACH

Financial coaches are critical in helping clients peel back this layer of transparency, revealing the underlying biases, behaviours, and thought patterns contributing to breakdowns. By shining a light on these unconscious aspects, clients can gain a new awareness of their financial decision-making processes. This newfound insight prompts a shift in perspective, encouraging individuals to view breakdowns not as insurmountable obstacles but as opportunities for growth and transformation.

The process of raising awareness and encouraging clients to embrace a new attitude and approach to breakdowns is a central tenet of effective financial coaching. It empowers individuals to confront their financial challenges with greater clarity, resilience, and adaptability, ultimately fostering positive change and financial well-being. In essence, financial coaching helps clients transcend the blindness of transparency, allowing them to see breakdowns as stepping stones toward breakthroughs.

A financial coach will bring awareness to the client concerning breakdowns as their breakdowns are assessments shaped by their moods, language, and body within the ontological framework. By guiding clients to examine their emotional states (moods), linguistic expressions (language), and physical reactions (body), the coach helps them recognise the subjective nature of their observations. Through this introspection, clients can reevaluate their assessments, develop a more objective perspective, and make informed, empowered decisions, ultimately fostering greater financial understanding and resilience.

OBSERVING FOR MORE CHOICE

Moving from transparency to knowing is a fundamental aspect of addressing breakdowns, especially in the realm of financial coaching. It involves a profound shift in how we and our clients observe and respond to challenges, particularly those related to financial breakdowns.

Instead of externalising the problem, the process begins with an introspective examination of our relationship with the breakdown. For instance, when facing excessive debt, it is essential to delve into the underlying motivations, triggers, and concerns that lead to this financial situation. It is about asking meaningful questions like, “What values or desires are so important that we continually accrue debt?” This self-inquiry sheds light on the emotional and psychological aspects driving financial decisions.

Emotions play a pivotal role in this transformation. By recognising and understanding the emotions involved, individuals can consciously choose which emotions will serve them best in overcoming the breakdown. This shift from passive transparency to active knowing empowers clients to take responsibility, declare their intentions, and take purposeful actions to address their financial challenges. Ultimately, this shift in perspective and engagement with breakdowns is a call to transformative action, leading to greater financial resilience and well-being.

SOME QUESTIONS TO REFLECT ON:

How many breakdowns are you living with that we do not recognise or do not want to acknowledge? What is the potential long-term cost of this blindness?

What is the breakdown? What specific breakdowns in your life are you not acknowledging?

Why is it a breakdown for you? What critical concerns of yours are not addressed? What is at stake for you?

What have you done to address the concern(s)? What have you not done?

What stories are you telling yourself? What interpretations are you holding on to? What is true about them? What are the standards you are viewing the breakdown(s) from?

What stories about yourself might hinder you from dealing with the concern?

How are you feeling emotionally about the concerns?

What are you holding on to, and will you not let go of it?

What boundaries do you have or do you not have? What request have you made? What promises were made to you or not?

What breakdowns or challenges may you face in the future that you need to plan for?

(Sieler, 2007, pp. 328-341)

CLOSING THOUGHTS

In the world of financial coaching, breakdowns are not just stumbling blocks; they are the catalysts for personal and financial growth. By embracing Heidegger’s philosophy of ontology, financial coaches can help clients unearth the hidden layers of their financial decisions, guiding them from unconsciousness to awareness. This transformation empowers clients to navigate life’s financial challenges with newfound clarity and resilience. It is a call to action, a journey from transparency to knowing, and ultimately, a path to greater financial prosperity and fulfilment.