Who is this episode for?

Whether you’re thinking about making a career change, starting something of your own, or just trying to make a positive change in your life, this conversation is for you. It’s also for anyone who has ever struggled with asking for help or who would like to better understand the different modalities available when it comes to therapy and coaching.

About our guest

Our guest for this episode is Patrick McDonough, LCSW, CAADC, founder of McDonough Counseling & Coaching in Dunmore, PA. Pat has spent his career working with people dealing with addiction, mental health, and the many challenges that come with life. He also has his own story of recovery, which has had a significant impact on how he approaches his work today.

In this conversation, we start with Pat’s own inflection point: the decision to stop being an employee and start his own practice shortly after he and his wife, Alicia, welcomed their first child. We talk about what went into that decision, the uncertainty and doubt that came with it, what he underestimated about running a business, and what he has learned since taking the leap.

From there, our conversation moves into Pat’s work with addiction and mental health, including a timely discussion about his work helping people struggling with gambling. We also discuss the explosion of sports betting, and how everything from gambling to investing has become increasingly focused on instant gratification and how access has been made easier than ever with the help of technology.

One of the things both of us realized while talking was how Pat’s work has similarities to the way people think about money, and how our earliest experiences can shape our beliefs. We talk about how easy it is to chase the quick win rather than doing the small things consistently over time. Whether you’re working through recovery, building a business, managing your finances, or investing for the future, the long game of small boring decisions tend to work a lot better than looking for the next short-term thrill. We also get into why our financial behavior can sometimes be a reflection of what is going on in our lives, and the importance of having someone in your corner who can help you see things differently.

This was a wide-ranging conversation, and we had a lot of fun throughout. Thanks to Pat for sitting down with us and sharing his story authentically, and we hope you enjoy the episode.

Disclosures: Alliance Wealth Advisors, LLC (“Alliance”) is an SEC Registered investment advisory firm that is independently owned and operated. The information in this interview is provided for informational purposes only and should not be taken as investment, legal, or tax advice. Opinions expressed in this interview are subject to change without notice. It is important to remember that investments in securities involve risk, including the potential loss of principal invested. Past performance is no guarantee of future results and diversification does not guarantee a profit or protect against loss in a declining financial market. Alliance does not guarantee the suitability or potential value of any particular investment or strategy and accepts no liability for reliance on this presentation. Alliance also does not make any representations as to the accuracy, timeliness, suitability, completeness, or relevance of any information prepared by any unaffiliated third party mentioned in this communication and takes no responsibility. Our guest, Patrick McDonough did not receive any compensation for this interview, not otherwise affiliated with, the firm and is not a client of Alliance Wealth Advisors at the time of this publication. For more information regarding Alliance, please visit alliancewealthadvisors.com/legal-disclosures.