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Navigating the Money Fog: Strategies for Financial Clarity and Control

Navigating the Money Fog: Strategies for Financial Clarity and Control


Welcome to the NewRetirement podcast. Today, we are delighted to have Mikelann Valterra, an author, speaker, and master money coach, who has dedicated over two decades to helping people rise above the money fog, transform their relationship with money, and design their ideal lives. Mikelann’s work is grounded in financial psychology, and she has been a thought leader in developing practical ways to reduce money anxiety. Join us as we delve into the concept of money fog, its impact on financial decision-making, and how to navigate through it to reach your financial goals. So with that, Mikelann, welcome to our show. It’s great to have you join us.

Mikelann’s Journey

Mikelann Valterra, a trailblazer in the field of financial coaching, shares her fascinating journey to becoming a coach and building her practice. Over 25 years ago, when she started her coaching practice, the concept of money coaches and financial coaches was virtually unknown. Mikelann spent years explaining her role to people because it was a novel idea at the time. While credit counselors and financial planners existed, they didn’t fully address the emotional side of money management.

Mikelann’s background in economics and her passion for understanding money led her to pursue a master’s degree in psychology. She found herself torn between becoming a financial planner or a psychotherapist, two seemingly opposite fields. However, her path became clear when she met Karen McCall, one of the pioneers of financial coaching. Inspired by Karen’s work, Mikelann embraced the concept of money coaching, bridging the gap between financial literacy and emotional well-being.

The Concept of Money Fog

Money fog refers to the state of confusion and uncertainty that individuals experience when making financial decisions. It can cloud their judgment, leading to poor choices and missed opportunities. Mikelann explains that money fog often stems from a lack of clarity and understanding about one’s financial situation, goals, and values.

One common cause of money fog is the absence of a comprehensive financial plan. Without a roadmap, individuals may feel overwhelmed and unsure about how to make progress towards their retirement goals. Mikelann emphasizes the importance of gaining clarity by creating a clear financial plan that aligns with one’s values and aspirations.

Navigating Through Money Fog

Mikelann shares strategies for gaining control over finances and navigating through the money fog. One key strategy is understanding one’s money personality type. Each person has a unique relationship with money, and identifying their money personality can shed light on their spending habits, saving patterns, and overall financial behaviors.

Another crucial aspect of navigating through money fog is addressing the financial challenges faced by women. Mikelann highlights the unique obstacles that women encounter, such as the gender pay gap, career interruptions, and longer life expectancies. By recognizing and addressing these challenges, women can take proactive steps to secure their financial future.

Mikelann also emphasizes the importance of seeking support and guidance from professionals, such as financial advisors or money coaches. These experts can provide personalized advice and help individuals make informed decisions that align with their goals.


Money fog can be a significant barrier to achieving financial security and retirement goals. However, with the right strategies and support, individuals can rise above the fog and gain clarity and control over their finances. By understanding their money personality, creating a comprehensive financial plan, and addressing unique challenges, individuals can navigate through the money fog and design their ideal lives.

Thank you, Mikelann Valterra, for sharing your insights and expertise on this important topic. We hope our listeners have gained valuable knowledge and feel empowered to take charge of their financial futures.

Source: New Retirement

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