Financial Coaching: What it is and how it can help you
Q: What is a financial coach? How is it different to a financial adviser?
A: A financial coach helps you build wealth though education on money principles such as budgeting, investing, saving, and debt reduction. Alternatively, a financial adviser helps you manage your wealth by advising you on investment strategies and estate planning.
Q: How can a Financial Coach help me?
A: As a financial coach my goal is to understand your situation, provide information, and inject hope. Personal finance is personal, and sometimes the cookie cutter approach doesn't fit everyone's needs. Given the opportunity, I will be able to provide options, and remind you that where you are right now is not where you will end up. Financial coaches do not judge, they show individuals what is possible through devising a tailored plan to help them achieve their financial goals.
Q: How can a I afford a Financial Coach? I'm broke.
A: For someone who is drowning in debt or doesn't have a financial plan, it is one of the best investments you can make. Most individuals are struggling to manage their money (78% are living paycheck to paycheck, CareerBuilder '17). These individuals may consider themselves broke, but rarely are they poor. I have had numerous clients earning over six figures each year and couldn't foot a $400 emergency. Anytime I consider an investment or purchase, I think about the alternatives and return on investment (ROI). Alternatives? The cost of bankruptcy could be anywhere from $500-$2,000 in legal fees alone. ROI? You will have a trained and experienced financial expert in your corner to devise a financial plan for you and hold you accountable until your life is turned around. Lastly, if you want the help badly enough you will become creative to afford the help. For example, you can take on overtime at work, sell some stuff, drive for Uber or Lyft, babysit, etc. Anything is possible if you put your mind to it.
Q: What have your former clients found beneficial about financial coaching?
A: I have posted testimonials throughout my social media presence (website, Instagram, Facebook). Please review their personal testimonials around the services I have provided for them. From my perspective, clients have prospered when they are fully committed to changing their behaviors and views on money. If a client chooses the 'Budget creation & 90 day accountability package', I provide a list of recommendations if I were in their shoes. Those who truly consider these recommendations get out of debt faster and begin to build wealth.
Overall, financial coaches give you the tools and confidence you need to succeed with money. Depending on which service you choose, I will follow up with you on a regular basis to hold you accountable to your budget and/or financial plan. Remember that just like when you hire a personal trainer, I can only show you what to do, I can not do it for you. Set up a free consultation and we will see if my services can help you build wealth.