Financial coaching will benefit you, no matter where you are in your financial journey. Here’s why coaching is for everyone.
Let’s be honest, you could use a little help.
Given our current economy, there’s a good chance you’re working hard to make your ends meet, getting very little in the way of raises, and with not much end in sight.
Or perhaps you’re doing okay, but you’re still concerned about your future. You worry that you’re not prepared enough for retirement, or for the unexpected.
A few of you might be doing really well, confident about the future. But still, you might wonder if your situation could be even more solid.
I have been doing financial coaching for years now, and no matter what your situation, no matter how successful or struggling you are, I believe you could benefit from a financial coach. Here’s why:
1. You will gain accountability
You can be the most reliable person you know, but external accountability is always always a more powerful motivational tool.
You say you want to save more, or only spend a certain amount, or that you want to never go by that certain store because you know you can’t restrain yourself? Telling someone else your plans makes them feel bigger, more real. And it’s a lot harder to lie to someone else than it is to lie to yourself.
2. Verbalization creates organization
Have you ever had a great idea, only to express it and it just sort of falls apart in your saying it? Or had what seemed like an air-tight argument become full of holes when you tell it to someone else?
So too with your financial plans. A financial coach can help you express your desires and goals more effectively than you could just in your own head. In the expression of these goals, the goals become clearer and more examined.
3. You will gain new ideas and strategies
You may think you’ve read all there is to know about personal finance, and that you are confident that you’re doing all you can to improve your position. But you’re probably wrong.
A financial coach can steer your existing ideas into new places, giving you context you might not have had before, and providing a contrary position to your assumptions. Of course, you are never forced to abide by a coach’s suggestions, but it might make you think twice about your current ideas.
4. You get access to unbiased information
(Not every financial coach offers this, but the only ones you want to talk to do.)
A coach doesn’t have a financial stake in your positions, so they will never suggest a move that will provide kick-backs. A coach accepts a fee for service and that’s all, so you know that your coach has your best interest at heart.
5. You get to do the work, so you learn
This might not be in the plus-side column for everyone, but it should be. A financial coach does not give financial advice (which is a different legal category) and so isn’t in charge of any decisions made. Because you need to do the work, you must understand what you are doing. You are never just blindly following along with what some “expert” says. This is a good thing.
6. You will be more motivated when you pay for services
I charge for my services. And I believe that paying money is a benefit for clients.
For starters, I believe that the amount of money I charge is dwarfed by the amount of money you could yourself earn by following better financial principles. But in addition, the fee provides a strong motivation. Since people don’t willingly part with money unless they are getting something for it, the fee will force you to take the work seriously. You will work to justify the payment. And doing the work is what we want.
(I do offer sliding scale under certain conditions, as I know that not everyone can afford full price.)
I believe the skills and plans you put in place with help from a financial coach can set you up for success both now and in the future. Why not see for yourself?
Note: I do not provide investment or any other advice. Any steps taken based on any conversations will be your own. Please read my disclosure policy.
I offer a free phone consultation to anyone who is interested in changing their money story. Are you ready? Click here for details.
Latest posts by Mike Pumphrey (see all)
- I am not me: Capital One and the failure of Know Your Customer - January 13, 2020
- Time to be intentional with your accounts - January 6, 2020
- Reflect on how much progress you’ve made - December 30, 2019