When Caruana found out about money coaching, something lit up in his eyes.

“Unlike financial coaching, money coaching starts from the psychological side before going to the practical side, which makes the transition easier.”

A new paradigm developed by Price herself, ‘money coaching’ utilises behavioural psychology to theorise that people’s relationship with money is conditioned by unconscious patterns and beliefs.

It categories people into eight different money archetypes, or ‘money types’, ascertained through a simple questionnaire.

For example, I was classified as mainly a ‘Creator’, an archetype with a love/hate relationship towards money, someone who “wants to be financially free but may reject materialistic values that come along with it” due to a fear that they won’t be authentic if they pursue prosperity.

Accurate? Perhaps…

Caruana stresses that his venture doesn’t offer specific investment advice, but aims to improve people’s mindsets in a world with so many pitfalls that can see them lose their money.

“The media gives so much importance to banal things nowadays. For example, when the crypto stock markets were going strong, there was so much talk about how people who buy Bitcoin will do well and people fell for it.”

Moreover, he warned that many investment salespersons don’t explain to their clients exactly what it is they’re investing in and what the risks are, and some don’t even understand what they’re selling.

“I wanted to invest in a pension fund but when I challenged the salesperson on what he was selling, they got lost and, when I told them that I want to speak to someone who can actually guide me, they told me to speak to their manager.”

Caruana believes that everyone has their own ‘money story’ and that negative childhood encounters with money could create long-lasting bad habits that block people from properly saving, investing, or reaching their full financial potential.

“Money has an influence on all the decisions we make in life,” his website explains.

“We spend more time worrying about it than trying to solve it. Since a young age most of us are taught not to talk about money, which is why we find it difficult to speak up and talk. Some of us have even been brought up with negative money memories and connections.”

Caruana gave concrete examples of people he spoke to who taught their talents were worthless from a financial point of view.

“One woman told me she knows how to write stories but thought her talent was only good to write fictional novels and didn’t know she could also be a brand storyteller, but she’s now exploring that job on a part-time basis. Others tell me that they like music but never got involved in it; they’re suppressing their imagination because they don’t know how to monetise it.”

Caruana offers sessions for individuals and couples alike and is open to collaborate with educational institutes to expand on the topic. He said some banks and investments firms have already reached out to him to discuss the concept.

“It’s a new concept and with the right push, I think it will help people who have problems with money, or who may be financially established but have something bothering them.”

Do you think ‘money coaching’ can help people improve their relationship with money?