Financial Challenges of Adults with ADHD

Managing money can be a difficult task for anyone however for someone with Attention Deficit Hyperactivity Disorder (ADHD) the task can be even greater. To help understand what are some financial challenges that someone with ADHD can have and for tips on what someone with ADHD can do to overcome those financial challenges, I have interviewed ADHD Coach and therapist Rudy Rodriguez, LCSW.

Tell me a little bit about yourself?

"I am an ADHD Coach, a Licensed Clinical Social Worker (28+yrs), and personally diagnosed with ADHD. I initially began working with ADHD in 1981 before there was awareness of adult ADHD. As an adult with ADHD, I too have experienced challenges with ADHD, including finances."

What are some financial challenges of adults with ADHD?

"It is well documented that adults with ADHD have problems with finances, money management, debt, high credit card balances and problem loans. It should not be surprising that financial challenges are a leading cause of problems of ADHD relationships. The basis of these problems is most often rooted to ADHD traits of poor attention, distractibility, lack of structure and routine, clutter and impulsivity.

For the most part, adults with ADHD lack and often avoid structure and routine. We struggle with attention to certain details and tasks that we perceive as mind numbing, challenging or lacking stimulation. For instance, math is frequently a subject that ADHD children and adults struggle with, in part because math is a 'linear' process. In school, teachers want to see on paper how students arrived at the correct answer. ADHD people frequently avoid those linear, seemingly mundane tasks.

In general, it's not uncommon for many adults with ADHD to spend money without careful and detailed accounting and management of their money. We often have a vague sense of available funds in our bank accounts. Balancing bank accounts is perceived as tedious, unnecessary and a task to avoid or worthy of procrastination. Worse yet, once we get behind on finances and bills the task becomes overwhelming, leading to further procrastination. Thus, disorganization of thoughts and space (clutter) easily adds to financial hardships for adults with ADHD. During my seminars I often discuss how poor paper management, clutter and procrastination result in last minute filing of income tax returns. Finally, there is the issue of impulsive spending resulting in high credit card debt and impulsive decisions which may lead to high risk loans.

How can someone with ADHD overcome those financial challenges?

"The first step is to get serious about your finances. Two questions I frequently ask my coaching clients: 1. What is the payoff or benefit for doing or not doing a task i.e. balancing checkbook? Hint- there is always a '˜payoff'. 2. What is the price or consequence for your doing or not doing a task? What's your life going to look like in 2-5 years if you do not learn to manage your finances? "

Here are some additional strategies:

Delegation - More often than not, finances become the domain of the spouse or significant other to adults with ADHD. Alternatively, one might consider obtaining the assistance of a bookkeeper or accountant to help manage their finances.

Organization '" Seek assistance to sharpen your organizational skills, reduce clutter and help to establish systems that you can live with. Any system should include routine and structure. Systems may also include computer money management software .

Education '" Continually educate yourself about ADHD, organizational skills and financial management."

What type of professional help is available for someone that is ADHD and is having a difficult time overcoming those financial challenges?

"Professional accountants and bookkeepers are skilled at creating order out of chaos and disorder.

Professional organizers can help to build effective systems, create order and reduce clutter. However, not all organizers fully understand ADHD, thus the well intended assistance can easily become frustrating and produce negative results and hurt feelings.

Virtual Assistants are trained to assist you with most any deed, including finances. VA's frequently work from long distance via telephone, computers, fax, etc.. Some VA's are trained and certified to work with adults with ADHD.

ADHD/Life Coaches, many of whom also have ADHD, may be a life saver for the adult with ADHD regarding finances, relationships and all aspects of their life. Research supports the value of having an ADHD coach in one's corner."

Thanks Rudy for doing the interview on the financial challenges of adults with ADHD. For more information on Rudy Rodriguez or his work you can check out his website on www.adhdcenterforsuccess.com/blog .

Recommended Readings:

http://www.associatedcontent.com/article/5833042/how_to_cope_with_your_teens_attention.html?cat=25">How to Cope with Your Teens Attention Deficit Disorder

http://www.associatedcontent.com/article/5701314/how_to_help_your_child_get_control.html?cat=25">How to Help Your Child Get Control of Their Attention Deficit Disorder

http://www.associatedcontent.com/article/5611130/attention_deficit_disorder_relationship.html?cat=70">Attention Deficit Disorder Relationship Challenges