Financial Coaches are individuals who work with clients to change behavior with respect to money. Coaches are not counselors. They do not judge you for the mistakes you made and dwell on what went wrong in the past, but, rather focus on the future. Just like most athletes, entertainers, and entrepreneurs hire coaches to improve themselves and their ventures, financial coaches can help individuals and families improve their personal financial situation through education, standard practices, guidance, and accountability. They also provide coaching on career, estate planning, insurances, mortgages and any other topics that lead to inflow or outflow of money in a household.
Here are a few ways they can help you, and also a list of what they cannot do for you.
- Break the paycheck to paycheck lifestyle – They educate, empower and provide accountability to stick to a proven and agreed plan for you to break the cycle. They will develop a cash flow management plan that works for your household. Remember, they work for you and your success is their success.
- Develop your financial number – Well, retirement is not an age anymore. It is a number. They will help you develop that number and work towards attaining the goal. They help you leave a legacy for generations.
- Optimize your investments – Since they do not sell any financial products, they can provide you with objective guidance, and will apprise you of the optimized path with minimized risk.
- Save money – They review your budgets and identify excessive/unnecessary daily expenses. They will then point out ways to save on your insurance premiums, mortgages, utilities and any other expenses.
- Decrease stress in your marriages – They are not marriage counselors. But, since statistics has shown that financial issues are a leading cause of increased stress in marriages in America, their timely financial help can decrease that stress.
- Set up your children’s college fund– They can inform you of all the available opportunities towards saving for your children’s college, and provide accountability to do the same.
- Career advice – They usually have a large network of recruiters and hiring managers that they can refer you to, in order to boost your career and income.
What they cannot do:
- Any work for you – That is correct. They believe in teaching you how to fish rather than providing you with fish. They are not interested in short term success.
- Manage your investments – Remember, financial coaches cannot sell you any products, nor manage those for you. They can guide you, but you have to directly correspond with your investment manager.
- Make any calls for you – Again, they teach you how and what to talk to your creditors, banks, collection agencies etc. They even provide role play to boost your confidence. But, they cannot make those calls for you due to liability issues.
- Perform miracles.- If your goal is to have a quick and easy fix, financial coaching is not for you. What they do is change behavior and help you attain financial success in the long term. They believe in changing your family tree forever.
There are countless success stories of those who have gone through financial coaching with us. If you need help, please contact us.