Why you need a financial coach
If you find yourself thinking about money and stressing over how to eliminate debt, pay bills, or buy your next car, you're a good candidate for financial coaching. No matter where you are, a financial coach can take you to the next level. So what does a financial coach do and what makes a good one?
What is a financial coach
Typically, when people think of financial professionals they picture a salesman pressuring them into investments they don't need or understand. However, a financial coach is not a financial advisor and that distinction is very important. Advisors invest on behalf of their clients and sometimes are compensated based on how much their clients buy. A financial coach is completely different. In fact a financial coach can't and shouldn't be investing any money on behalf of their clients. A fee-only financial coach reviews and discusses your financial situation with you, answers questions, and is only compensated for their time. So there is no conflict of interest and no sales pressure of any kind.
What makes a good financial coach?
This is where it can get tricky. A lot of people call themselves a financial coach but don't have any relevant experience or education. In my opinion, a good coach would have the following qualifications;
- A history of building personal wealth
- A certification acknowledging personal finance knowledge and coaching ability
- At least a college level degree in an applicable field (Finance/Accounting/Economics)
- Experience in personal finance
- Experience coaching people like you
Why you need a financial coach
A coach with experience and knowledge can bring anyone to the next level. Much like a personal trainer, a financial coach will show you what you need to do to improve your current position. The benefits to your finances, mental health, and physical health will be substantial. Most importantly, you can stop worrying about money and start focusing on the things you enjoy in life. To inquire about financial coaching from a qualified coach and get your money questions answered, book an appointment.
